US Bank $600 Bonus for Checking and Savings Accounts

US Bank is offering a bonus of up to $600 for new customers who open a checking and savings account. There is a direct deposit requirement for this bonus. You can open the accounts at a branch, online or over the phone. But you need to be in US Bank’s footprint to do so. It is available in most states though. Check out the details of this offer below.

Offer

The $600 bonus comes in two parts. You can get up to $400 with a new checking account, and $200 with a new saving account.

U.S. Bank SmartlyChecking

To earn up to $400, open a U.S. Bank Smartly^™ Checking account online, in a branch or over the phone with an opening deposit of $25. Then complete the following activities within 90 days:

Enroll in the U.S. Bank Mobile App or online banking.
Complete two or more direct deposits.

Your bonus is determined by the total amount of your direct deposits:

Earn $200 when your direct deposits total $3,000 to $5,999.99.
Earn $400 when your direct deposits total $6,000 or more.

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. The checking bonus will be deposited into 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.

U.S. Bank Standard Savings

Earn $200 by opening a Standard Savings account online, in a branch or over the phone with an opening deposit of $25. Then complete the following activities:

Deposit $25,000 or more in new money by Feb. 28.
Maintain a minimum total account balance of $25,000 through and including May 31.

Eligibility

Offer is available almost nationwide. You must be in a state where they have physical branches.
Offer is not valid if you or any signer on the account has an existing U.S. Bank consumer checking account, had a U.S. Bank consumer checking account in the last two year(s), or received other U.S. Bank bonus offers within the past two year(s).
Current US Bank employees are not eligible.

Fees

Members of the military (requires self disclosure) and customers ages 24 and under and those 65 and over pay no monthly maintenance fee. All others can have the $6.95 fee waived by meeting any one of the following criteria:

Have combined monthly direct deposits totaling $1,000 or more; or
keep a minimum average account balance of $1,500 or more; or
hold an eligible U.S. Bank credit card; or
qualify for one of the four Smart Rewards™ tiers (Primary, Plus, Premium or Pinnacle).

The U.S. Bank Standard Savings account has no monthly fees.

Guru’s Wrap-Up

We have seen offers as high as $500 in the past the checking account, so that would be the better deal if it comes back again. You don’t have to do both offers. You can choose to do the checking or savings account separately. But the savings account offer is not that great either, now that interest rates have gone up. There’s also a US Bank business checking bonus for $400.

If this bonus is not for you, then you can check our full list of available bank bonuses. And, if you’re new to bank account bonuses, you can learn more about churning bank accounts here.

Offer Details

OFFER PAGE
Promo Code: 2023JAN
Bonus: $600
Account Type: SmartlyChecking & Standard Savings
Availability: Nationwide (only states that have US Bank branches)
Inquiry Type: Soft pull
Opening Deposit Credit Card Funding: Up to $250
Direct Deposit Requirement: Two direct deposits that total $6,000 or more (see what works)
Other Requirements: Enroll in online banking or mobile app. $25K balance for savings bonus.
Monthly Fee: $6.95 (can be waived)
Closing Account Fee: None
Expiration Date: 2/7/23