$400 Bonus Offer – Forbes Advisor

Minneapolis-based U.S. Bank is America’s fifth-largest bank in terms of assets, and has more than 2,000 branches in 26 states. It offers a suite of personal and small business products, and often runs generous promotions to entice newcomers to bring their business to U.S. Bank. You can earn a cash bonus for opening either a personal checking account or a new business checking account after completing qualifying activities.  How Can You Earn a U.S. Bank Bonus?

Many banks use cash bonuses to entice prospective customers, and that group includes U.S. Bank. It dangles hundreds of dollars in sign-up cash to land new checking accounts.

U.S. Bank personal checking bonuses generally require you to:

• Open an account and complete a minimum amount of direct deposits or qualifying transactions in the first couple of months.
• Enroll in online banking or use the U.S. Bank mobile app.

Here are the U.S. Bank new-account promotions currently available. Offer details are accurate as of Nov. 30, 2022.

U.S. Bank Promotions for 2022

U.S. Bank Smartly™ Checking: Earn  $300

U.S. Bank currently offers a bonus on its U.S. Bank Smartly checking account. This interest-bearing account comes with overdraft protection, overdraft-fee forgiveness and access to the bank’s Smart Rewards program. You must deposit at least $25 to open this account, and you’ll pay a monthly fee of $6.95—but that can be waived. Account holders get unlimited free transactions at all U.S. Bank and MoneyPass network ATMs.

• What is the offer? Earn $300 after enrolling in online banking or the U.S. Bank mobile app and completing two or more direct deposits totaling $5,000 or more in the first 60 days.
• What is a qualifying direct deposit? Electronic deposits of a paycheck or government benefits, such as Social Security payments, qualify as direct deposits. Person-to-person payments don’t qualify.
• When do you receive your bonus? Your bonus will be deposited into your account within 60 days of completing the qualification requirements.
• Is this a limited-time offer? The offer is available through and including Dec. 19, 2022. You must use promo code 22WEB11 during the application process.
• Can you avoid the monthly service fee? The monthly service fee on this account is automatically waived for military members and anyone under 25 or over 64 years of age. It’s also waived if you receive $1,000 or more in total monthly direct deposits, keep a minimum average balance of $1,500, have an eligible U.S. Bank credit card or enroll in the Smart Rewards program with a combined checking and savings balance of at least $20,000.

U.S. Bank Small Business Checking: Earn Up to $500*

For business owners, U.S. Bank offers three business checking options, each requiring a $100 minimum opening deposit.

The U.S. Bank Silver Business Checking Account Package is basic with a $0 monthly maintenance fee and 125 free transactions—including deposits, check payments and PIN-based debit card purchases—per month. Additional transactions cost 50 cents.

For business owners with greater needs, the U.S. Bank Gold Business Checking Account Package offers 300 free monthly transactions and charges 45 cents per additional transaction. There’s a $20 monthly maintenance fee.

At the top end is the U.S. Bank Platinum Business Checking Account Package. It provides 500 free transactions per month, charges 40 cents for each additional transaction and has a $30 monthly maintenance fee.

• What is the offer? Earn a $400 bonus when you open a new Platinum, Gold or Silver business checking account and perform qualifying activities: Deposit $1,500 of “new money” within 30 days; enroll in the mobile app or U.S. Bank online banking within 60 days; and complete 10 qualifying transactions, such as debit card purchases and mobile check deposits, within 60 days. Earn an additional $100 if you accept and settle a U.S. Bank Payment Solutions Merchant transaction into your new checking account within 60 days.
• What is considered new money? U.S. Bank defines this as a deposit of money not already held by U.S. Bank and its affiliates.
• What is a qualifying transaction? These include debit card purchases, merchant deposits, ACH credits, wire credits and debits, mobile check deposits and bill payments.
• When do you receive your bonus? U.S. Bank says your cash will be delivered into your new business checking account within 45 days of deposit verification, but the account must still be open and have a positive balance.
• Is this a limited-time offer? The offer is available through Dec. 21, 2022. The bank says you must use promo code Q4BUS22 when you apply.
• Can you avoid the monthly service fee? Two of the business checking accounts have these fees, and they can be sidestepped:
  • Gold Business Checking. The $20 maintenance fee is waived when you: enroll in U.S. Bank Payment Solutions Merchant Banking; have a $10,000 average collected balance (funds deposited into the account during the month) have $20,000 in combined average collected business deposit balances across accounts; or have $50,000 in average combined collected business deposits and outstanding credit balances.
  • Platinum Business Checking. The $30 maintenance fee is waived if you have a $25,000 average collected balance or $75,000 in average collected business deposits and outstanding credit balances during the month

*Applicant must reside in AZ, AR, CA, CO, ID, IL, IN, IA, KS, KY, MN, MO, MT, NE, NV, NM, NC, ND, OH, OR, SD, TN, UT, WA, WI, WY to be eligible for Checking account.

Are These U.S. Bank Bonuses a Good Deal?

The U.S. Bank promotions currently available are competitive with those offered to new customers by many large national banks.

But because U.S. Bank has a presence in only about half the states, it may not be a great fit for everyone. If you use ATMs regularly but U.S. Bank’s ATM network isn’t convenient, you might consider a checking account that routinely provides fee reimbursements for using out-of-network ATMs.

What Else Should You Know About U.S. Bank Checking Promotions?

These Welcome Offers Are for New Customers

If you’ve had a U.S. Bank checking account or previously received a U.S. Bank sign-up bonus, you may not qualify for these offers.

You’re not eligible to receive a personal checking account bonus if you’ve held a U.S. Bank consumer checking account in the last two years or took advantage of any other U.S. Bank bonus offer during that time.

Similarly, you are not eligible to receive a business checking account bonus if you or any signer on the business checking account has held a U.S. Bank business checking account within the last 24 months.

Your Bonus May Be Taxable

U.S. Bank says it will report your bonus to the IRS on a form 1099-INT. The bank says the promotional cash is considered interest income for tax purposes, and you’ll be responsible for any taxes owed.

Bottom Line

A U.S. Bank account bonus offer could be a great incentive to switch banks or open a new account. The current U.S. Bank sign-up bonuses are very competitive compared to what other traditional banks offer.

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