U.S. Bank is currently offering a bonus of between $350 and $800 to open a new business checking account. How much you can earn will depend on the balance you maintain in the account.
Account details are accurate as of December 5, 2023.
U.S. Bank promotions overview
$350 or $800 bonus for opening a new Business Checking account
Until January 8th, 2024, U.S. Bank is offering either a $350 or $800 bonus for opening a new Business Checking account.
How to qualify
To qualify for the bonus for opening a new Business Checking account, you must:
- Not be an existing U.S. Bank customer or have had a U.S. Bank account within the past 24 months.
- Use the Q3AFL23 offer online.
- Open a new Silver-, Gold- or Platinum-level Business Checking account.
- Make a minimum opening deposit of $100.
- Deposit at least $5,000 within 30 days of the account being opened and maintain a balance of at least $5,000 until the 60th day of the account being opened to qualify for a $350 bonus. Money cannot be from an account at U.S. Bank or any of its affiliates.
- Deposit at least $25,000 within 30 days of the account being opened and maintain a balance of at least $25,000 until the 60th day of the account opening to qualify for an $800 bonus. Money cannot be from an account at U.S. Bank or any of its affiliates.
Fees
No fees are associated with this U.S. Bank promotion. However, these accounts come with monthly fees of $0 (Silver), $20 (Gold) or $30 (Platinum). The $20 and $30 fees are eligible for waivers.
In addition, transaction fees of $0.50 (Silver), $0.45 (Gold) or $0.40 (Platinum) are charged if the account holder exceeds the monthly transaction limit, which is between 125 and 500 transactions per month depending on the account.
Expiration date
January 8, 2024.
4.60% APY bonus for Platinum Business Money Market account
Until early December 29th, 2023, U.S. Bank is offering an APY bonus of 4.60% on qualifying balances for its Platinum Business Money Market account. The normal yields range between 0.05% to 1.15% APY.
How to qualify
To qualify for the APY bonus for opening a Platinum Business Money Market account, you must:
- Make a minimum opening deposit of $100.
- Maintain a daily balance of $25,000 to $2,999,999.99. For daily balances under $25,000, the APY is 0.05%. For balances of $3 million or more, the APY is 1.15%.
Fees
No fees are associated with this U.S. Bank promotion. However, a $15 monthly fee applies unless you maintain a daily ledger balance of at least $10,000.
Expiration date
December 29, 2023.
How U.S. Bank promotions compare
U.S. Bank’s current promotions for individuals generally aren’t that competitive with offers from rival banks, while its Business Checking deals stack up well.
*Bonus amounts displayed above may vary based on account type and/or deposit amount.
U.S. Bank review
Among major national banks, U.S. Bank enjoys a pretty good reputation among customers. In the J.D. Power 2022 U.S. National Banking Satisfaction Study, U.S. Bank earned an above-average score of 652 — above Citi, Bank of America, Wells Fargo and Truist.
However, U.S. Bank doesn’t fare well as in the J.D. Power 2023 U.S. Retail Banking Satisfaction Study, which breaks down customer satisfaction on a region-by-region basis.
In Illinois, for instance, U.S. Bank gets slapped with a below-average score of 617 in the retail banking study. And in the Midwestern region that encompasses Kansas, Missouri, Nebraska and Oklahoma, the bank receives a below-average score of 645.
But U.S. Bank redeems itself with an above-average score of 686 in the region that comprises Alabama, Arkansas, Louisiana, Mississippi and Tennessee, and an above-average score of 636 in the region that includes Arizona, Colorado, Nevada, New Mexico, Utah and Wyoming.
In the five-state territory that U.S. Bank calls home — Iowa, Minnesota, North Dakota, South Dakota and Wisconsin — ekes out an above-average score of 628 in the retail banking study.
U.S. Bank also shines in the J.D. Power U.S. Small Business Banking Satisfaction Study. It ranks second, behind Capital One, with a score of 713.
Based in Minneapolis, U.S. Bank ranks as the country’s fifth largest bank, with assets totaling nearly $670 billion as of September 30. 2023. It operates more than 2,000 branches in 26 states.
Frequently asked questions (FAQs)
You can open a U.S. Bank checking account either online or at a branch. (Although, U.S. Bank needs to operate in your area for you to successfully apply online. You’ll be asked for your zip code to check.) Be prepared to supply a Social Security or tax ID number, provide a valid government-issued photo ID and make a minimum deposit. To double-check what’s required to open a U.S. Bank checking account, call 800-872-2657.
You can find the promo code for a Business Checking account (Q3AFL23) on its offer page.
U.S. Bank says the bonus is reported on IRS Form 1099-INT as earned interest and may be subject to federal tax.
The bonus will be deposited into your new account within 30 days after the last day of the month that you complete all of the offer requirements — as long as the account is open and contains a positive balance.
