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Article at a glance

Offer Details

  • This offer is valid until 02/07/23
  • Open a qualifying business account using promo code 2023JAN, then complete required activities to earn up to a $400 bonus for checking and a $200 bonus for savings.

Those who are looking for a new bank, but also want a little something extra for switching, may find a friend in U.S. Bank. This nationwide financial institution is offering new customers who complete qualifying transactions a bonus worth up to an eye-watering $600. This breaks down into a $400 bonus to open a checking account plus a $200 bonus to open a new savings account.

But keep in mind that you’re on the hook to pay monthly maintenance fees, unless you can take advantage of the option to waive. Here’s what you need to know about this limited-time offer, which is valid through February 7, 2023.

$600 U.S. Bank Bonus

New customers can earn an extra $400 when they open a new U.S. Bank SmartlyTM Checking account and complete the required activities. But you’ll need to act quickly — this bonus offer is only available for a limited time, through February 7, 2023.

While a $400 bonus is nothing to sneeze at, you can earn an additional $200 by opening a Standard Savings account. This brings the total potential value of the bonus up to $600.

Other Bank Bonuses to Consider

Chase Total Checking® Account

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at Chase

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  • Intro Bonus $200Expires April 19, 2023 More Info

    New Chase Total Checking customers can earn a $200 bonus when they open an account and set up direct deposit.

Chase Total Checking® is the bank’s beginner checking account. While it doesn’t include many of the special perks offered by more premium accounts, it still offers plenty of basic value. Plus, new customers can take advantage of the $200 new account bonus.

How to Earn the $400 Checking Account Bonus

Here’s how to earn the checking account bonus:

  1. Open a new U.S. Bank Smartly Checking account in-branch, online, or by phone. The bank requires a $25 minimum opening deposit.
  2. Use the promo code 2023JAN when opening your account. While the promo code will be applied automatically during online enrollment, you’ll need to present the code manually when opening an account at a branch location or over the phone.
  3. Deposit $6,000 in new money within the first 90 days of account opening. This new money cannot be held by U.S. Bank, nor any of its affiliates.
  4. Enroll in online banking or the U.S. Bank mobile app. This enrollment is in addition to account opening, and it must be completed within 90 days of opening your account.
  5. Complete two or more direct deposits within 90 days of account opening. These include electronic deposits of your paycheck or government benefits.

Note that if you can’t make the $6,000 deposit requirement but can make direct deposits between $3,000 and $5,999.99, you can still earn a $200 bonus.

How to Earn the $200 Savings Account Bonus

Here’s how to earn the savings account bonus:

  1. Open a new U.S. Bank Standard savings account in-branch, online, or by phone. The bank requires a $25 minimum opening deposit.
  2. Use the promo code 2023JAN when opening your account. While the promo code will be applied automatically during online enrollment, you’ll need to present the code manually when opening an account at a branch location or over the phone.
  3. Deposit $25,000 in new money by February 28. This new money cannot be held by U.S. Bank, nor any of its affiliates.
  4. Maintain a minimum balance of $25,000 through May 31, 2023. This includes keeping the funds in the account on May 31, so withdrawals would need to wait until June.

When Do You Get Your Bonus?

Once you’ve completed the eligibility steps above, your checking bonus will be deposited into your new checking account within 60 days. The bank will need to verify that you’ve successfully enrolled into either online banking or the mobile app and verify your direct deposits.

For the savings account bonus, the funds will be deposited into your account within 30 days of final savings account balance verification.

Be mindful that your account needs to be open and in good standing at the time U.S. Bank issues your bonus. If you have a negative balance or you’ve closed your account, then you may not be eligible for receiving your bonus cash.

Another note about account closing: Banks will often recover or “claw back” bonuses when accounts are closed too soon. Although U.S. Bank’s bonus offer page does not mention any such restrictions, it does state the umbrella term, “Other restrictions apply.” However, it does not elaborate on those terms. 

As a rule of thumb, you shouldn’t open a new deposit account just for the bonus and then close it. Plan on giving the account a proper test drive to see if its right for you.

Who is Eligible for the Bonuses?

Only new customers qualify for the checking account promotion. If you or any other signer currently has a U.S. Bank checking account account, you are ineligible. Similarly, you won’t qualify if you’ve had a checking account, or received other bonuses, with U.S. Bank in the past two years.

Only new customers qualify for the savings account promotion. You won’t qualify if you’ve had a savings account with U.S. Bank within the last six months or received other bonuses in the last 12 months.

Additional Terms and Conditions

U.S. Bank has a few other guidelines for new customers, including:

  • The bank will only grant one bonus per customer.
  • Bank employees are not eligible.
  • The bonus will be reported to the IRS as income, and it will issue you a 1099-INT
  • This promo cannot be combined with other offers.

Eligible Accounts

U.S. Bank branch
U.S. Bank

If you’re interested in these promotions, then you’ll need to open an eligible account (the U.S. Bank SmartlyChecking and/or the Standard Savings account).

One thing worth noting is that both accounts carry monthly maintenance fees. Luckily, there are ways to waive both, but it’s a good idea to make sure you qualify for the fee waivers before attempting to earn the bonuses. Even though this bonus is relatively high, you could end up paying $30 worth of fees while in the process of earning it, which makes it less valuable overall.

How to Waive the Checking Account Monthly Fee

The U.S. Bank Smartly Checking account monthly fee is $6.95. To get this waived, you need to do one 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 member of the military (requires self disclosure)
  • Be 24 or younger or 65 and older

How to Waive the Standard Savings Account Monthly Fee

The U.S. Bank Standard savings account monthly fee is $4. To get this waived, you need to do one of the following:

  • Maintain at least a $300 minimum daily balance
  • Have an average monthly collected balance of $1,000
  • Hold the account jointly with someone 17 or younger (these accounts must be opened in a branch)

Be sure to read through the terms and conditions of each to make sure that it’s right for your financial situation. 

Regardless of which account you choose, they all come with the bank’s standard features, which include options for online and mobile banking and a U.S. Bank Visa® Debit Card.

Are these Bonuses Right for You?

It’s rarely a good idea to open a bank account just to earn a bonus. Still, if you’re looking for a new bank to do business with, then U.S. Bank may be right for you.

Not only does it offer a wide range of financial products, beyond checking accounts, it has physical branches, 24/7 phone support and an online and mobile banking platform.Yet big banks are often known for charging lots of expensive fees, and U.S. Bank is no exception. You’ll find free checking accounts in the marketplace without monthly maintenance fees — some of which earn interest and also offer cash bonuses. So compare products with multiple banks before deciding what’s best for your personal finances.

RT

Ryan Tronier

Ryan Tronier is a personal finance expert and writer. His work has been published on NBC, ABC, USATODAY, The Mortgage Reports, Yahoo Finance, MSN, and more. Ryan is the former managing editor of the finance website Sapling, as well as the former personal finance editor at Slickdeals. Find him online at ryantronier.com.