Update 11/11/23: Since DOC first wrote about this, the following terms have appeared on the landing page:
This offer is valid for the intended recipient only and is not transferable. Restrictions may apply. Address on new account must match address on the mail piece to be eligible for the bonus. Promotion code may only be used once. Bonus will not be paid if promotion code is retrieved by unintended recipient or if promotion code is retrieved from a deals website.
I don’t remember seeing that on a Bank Smartly promo before and it’s hard to know if, or how well, it will be enforced. US Bank has plenty of promos, so the best choice may be to wait until the next one comes around. Your mileage may vary. (h/t: reader Chris)
US Bank has another promotion for new Bank Smartly checking accounts that offers up to a $500 bonus with fairly simple requirements. This deal is available in states within US Bank’s footprint and requires signing up for online banking and making at least two direct deposits within the first 90 days. The total amount of the direct deposits will determine the bonus. In order to get the full $500, your direct deposits must total $10,000 or more.
US Bank used to allow $3,000 of credit card funding on new accounts, but that’s been reduced and is now only $250 (still, use it if you got it).
The Deal
- US Bank is offering a bonus of up to $500 when you open new Bank Smartly checking account using promo code 23DMC10 and complete the following requirements within 90 days:
- Enroll in online banking or the U.S. Bank Mobile App.
- Complete two or more direct deposits within the first 90 days
- Your bonus is determined by the total amount of your direct deposits
- Earn $300 when your direct deposits total $5,000 to $9,999.99.
- Earn $500 when your direct deposits total $10,000 or more.
- Expires 11/30/23
- $6.95 monthly fee (waived if you have a US Bank Credit Card or maintain a $1,500 monthly balance or have monthly direct deposits totaling $1000+)
- Check US Bank locations here
- See Doctor of Credit’s list of what counts as direct deposits with US Bank (it’s a lot)
Terms and Conditions
- 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 October 10, 2023 through and including November 30, 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
- 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. Offer may not be combined with any other checking account bonus offers.
- 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 years.
Quick Thoughts
This is a good bank bonus opportunity that comes around regularly; we’ve covered $400, $500 and $600 versions before. It’s actually been available for a bit, but I hadn’t seen it until DOC posted about it earlier today.
The requirements for the bonus are fairly simple: make at least two “direct deposits” within ninety days of account opening and sign-up for mobile or online banking. US Bank is known as one of the easier banks in terms of what’s considered a direct deposit and ACH transfers work from many common banks (you can see the full DOC list here). While the direct deposit totals are relatively high, there’s no requirement that the money stay in the account, so you should be able to transfer the money back out after it goes in.
If you don’t have a US Bank credit card, the Bank Smartly account is easy to keep free, requiring a $1500 annual monthly balance or monthly direct deposits totaling $1000+. If you have a US Bank credit card, the monthly fee is waived. Members of the US Military also get the fee waived.
The bonus is limited to those states that have a US Bank branch (which is a wide net…see locations here). That said, if you happen to live in one of the states that doesn’t have a branch, you can get around this requirement by opening a US Bank brokerage account first and then opening the checking account afterwards. There’s no need to have any activity on the brokerage account.
US Bank is fairly strict on its churning rules so I wouldn’t mess with it if you’ve had an account or received a US Bank bonus within the past two years. If you haven’t, this could be easy money.
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