U.S. Bank $500 + $85 Checking Bonus

Update 4/22/24: The Swagbucks component has increased from $60 to $85. (ht Matt)

Update 4/4/24: Deal is back through 6/27/24 with code 2024APR. The checking part is the same; savings part is now $200/$15k instead of $300/$25k, updated below. This now stacks with a $60 Swagbucks bonus as well.

Offer at a glance

• Maximum bonus amount: $700 + $60 Swagbucks
• Availability: Nationwide (excludes NY & FL and any other state without a branch unless you have an existing relationship)
• Direct deposit required: Yes
• Additional requirements: None
• Hard/soft pull: Soft
• ChexSystems: Mixed data points
• Credit card funding: Can fund up to $3,000 with a credit card reduced to $250
• Monthly fees: $6.95, avoidable
• Early account termination fee: None
• Household limit: None
• Expiration date: September 6, 2023 June 27, 2024

The Offer

Direct link to offer

• U.S. Bank is offering a $500 bonus when you open a new Smartly checking account and up to $250 when you open a savings account using promo code 2024APR. Requirements are as follows:
  • Checking bonus:
    • Earn $100 when the combined total of your direct deposits is between $3,000 and $4,999.99 ¹
    • Earn $300 when the combined total of your direct deposits is between $5,000 and $9,999.99. ¹
    • Earn $500 when the combined total of your direct deposits is $10,000 or more.
  • $200 Savings bonus:
    • Deposit at least $15,000 in new money
    • Maintain a minimum total account balance of $15,000

The Fine Print

• U.S. Bank Smartly® Checking bonus: To be eligible, you or any signer on your new Bank Smartly® Checking account cannot have an existing U.S. Bank consumer checking account, had a U.S. Bank consumer checking account in the last two years or received other U.S. Bank bonus offers within the past two years. You must also use the promo code 2023JUL at account opening. To receive the bonus, you must open a new U.S. Bank Smartly® Checking account with a minimum deposit of $25 either online, in a branch or over the phone from July 12, 2023 through and including September 6, 2023. Additionally, you must enroll in the U.S. Bank Mobile App or online banking within 90 days of opening your account. You must also complete two or more direct deposits within 90 days of opening your account that total: $5,000 to $9,999.99 to earn the $300 bonus or $10,000 or more to earn the $500 bonus. A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, from your employer or the government. Other electronic deposits or person-to-person payments are not considered a direct deposit. Your checking bonus interest will be credited to your new checking account within 60 days of direct deposit verification and verification of enrollment in online banking or the U.S. Bank Mobile App as long as your account is open and has a positive balance. Bonus will be reported as interest earned on IRS form 1099-INT and recipient is responsible for any applicable taxes. Offer may not be combined with any other checking account bonus offers.
• Standard Savings bonus: To be eligible, you or any signer on your new Standard Savings account cannot have an existing U.S. Bank savings account or money market account, had a U.S. Bank consumer savings account or money market account in the last six months or received other U.S. Bank savings account or money market account bonus offers within the past 12 months. You must also use the promo code 2023JUL at account opening. To receive the bonus, you must open a new U.S. Bank Standard Savings account with a minimum deposit of $25 either online, in a branch or over the phone from July 12, 2023 through and including September 6, 2023. Additionally, you must make new money deposit(s) by September 30, 2023 totaling: $25,000 to $49,999.99 to earn the $200 bonus or $50,000 or more to earn the $400 bonus. Then, through March 31, 2024, you must maintain a minimum account balance matching your initial deposit: $25,000 for the $200 bonus or $50,000 for the $400 bonus. New money is considered money that is new to the customer or new to U.S. Bank where funds are coming from outside U.S. Bank. Funds cannot be transferred from another U.S. Bank product. Your savings bonus interest will be credited into your new savings account within 30 days of final savings account balance verification as long as your account is open and has a positive balance. Bonus will be reported as interest earned on IRS for 1099-INT and recipient is responsible for any applicable taxes. Standard Savings accounts are variable rate accounts. For Standard Savings, the Annual Percentage Yield (APY) is accurate as of July 12, 2023, any balance: 0.01%. Interest rates are determined at the bank’s discretion and can change at any time. Interest will be compounded daily and credited to your savings account quarterly. Fees may reduce earnings on account. Offer may not be combined with any other savings account bonus offers.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

U.S. Bank Smartly has a $6.95 monthly fee, this is waived if you do any of the following:

• Have combined monthly direct deposits totaling $1,000 or more
• Keep a minimum average account balance of $1,500 or more
• Hold an eligible U.S. Bank credit card
• Qualify for one of the four Smart Rewards™ tiers (Primary, Plus, Premium or Pinnacle)
• Be a military member (requires self disclosure)
• Be under the age of 24 or over the age of 65

Standard savings account has a $4 monthly fee. This is waived if you do any of the following:

• Maintain a $300 minimum daily balance⁴
• Keep a $1,000 average monthly collected balance⁵
• Hold the account jointly with a youth

Early Account Termination Fee

There is no early account termination fee to worry about

Our Verdict

We have seen a $600+ checking bonus in the past. The savings bonus works out to be an APY of 1.6%, given basic savings rates are 4%+ currently this is not competitive at all making both bonuses not very good at all. We won’t add this to our best bank bonuses.

Useful posts regarding bank bonuses:

• A Beginners Guide To Bank Account Bonuses
• Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
• PSA: Don’t Call The Bank
• Introduction To ChexSystems
• Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
• What Banks & Credit Unions Do/Don’t Pull ChexSystems?
• How To Use Our Direct Deposit Page For Bank Bonuses Page
• Common Bank Bonus Misconceptions + Why You Should Give Them A Go
• How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
• Affiliate Links & Bank Bonuses – We Won’t Be Using Them
• Complete List Of Ways To Close Bank Accounts At Each Bank
• Banks That Allow/Don’t Allow Out Of State Checking Applications
• Bank Bonus Posting Times

Deal History:

• Update 1/10/24: Deal is back and valid until March 12.
• Update 12/8/23: Deal is back until December 29. No targeted terms this time
• Update 11/10/23: The checking component of the deal for $300/$500 is back at this link through November 30 (ht YAR). Terms state targeted: This promo code and offer is intended only for the recipient of the mailer. It is non-transferable and can only be used once. The name on your mail piece must match what we have on file.
• Update 9/8/23: Deal is back and valid until October 31, 2023.