At a Glance

U.S. Bank is one of the largest and oldest financial institutions in the U.S., consistently ranking among the top banks in terms of assets. It operates thousands of branches and ATMs across the country, serving millions of customers. It provides a wide array of financial products such as checking and savings accounts, loans, credit cards, and mortgages.It also has online and mobile banking platforms to provide convenient and efficient financial solutions for its customers.Read on to learn more about the promotions U.S. Bank is offering new customers for its Smartly Checking, Standard Savings, and Business Checking accounts.

In this article, you’ll learn:

Expert Verdict

Right now, U.S. Bank is offering a promotional bonus of up to $500 on its Smartly Checking account and up to $300 on its Standard Savings account. These offers are relatively strong compared to the competition. However, capturing them requires maintaining high account balances and completing multiple steps. Moreover, the bonuses are not available everywhere; you must live within U.S. Bank’s super-regional footprint to qualify. For these reasons, some consumers may find offers from competitors, such as Citigroup, PNC, and Wells Fargo, more appealing.

Thomas J. Brock
About the expert arrow-accordion

CFA, CPA, Financial Advisor

U.S. Bank Smartly Checking – Up to $500

Bonus Amount: Up to $500

Promotion Expiration: March 12, 2024

Qualifications:

  1. Must be at least 18 years old
  2. Must be a legal U.S. resident
  3. Cannot be an existing U.S. Bank customer or have had a U.S. Bank account within the past 24 months
  4. A qualifying deposit for U.S. Bank Smartly Checking typically refers to the minimum amount of funds required to open and maintain the account, subject to specific terms and conditions. Paychecks or government benefits, like Social Security payments, deposited electronically, are considered direct deposits, but person-to-person payments do not meet the criteria for qualification.

Apply now: U.S. Bank Smartly Checking

Learn more: U.S. Bank Smartly Checking Account Review

How to get the bonus

  1. Open a new U.S. Bank Smartly Checking account.
  2. Within 90 days of opening the account, enroll in online banking or the U.S. Bank Mobile App.
  3. Within 90 days of opening the account, make two or more direct deposits totaling between $3,000 and $4,999.99 to earn $100, between $5,000 and $9,999.99 to earn $300, or over $10,000 to earn $500.
  4. The bonus for your U.S. Bank Smartly Checking account will be deposited into your account within 60 days following the end of the month in which you fulfilled the qualification requirements, while your Standard Savings account bonus will be deposited within 30 days upon completing the offer requirements.

Restrictions and fees

  • Cannot be an existing client of U.S. Bank
  • Should live within the U.S. Bank footprint
  • There are no ATM transaction fees and no-fee overdraft protection.
  • U.S. Bank Smartly Checking has a monthly fee of $6.95. The fee will be waived if you meet certain criteria, such as having a combined monthly direct deposit totaling $1,000+, maintaining an average account balance of $1,500 or more, having an eligible U.S. Bank credit card, being 24 or younger or being 65 or older, being an active member of the U.S. military, or qualifying for one of the Smart Rewards tiers.

U.S. Bank Standard Savings Account – Up to $300

Bonus Amount: Up to $300

Promotion Expiration: March 12, 2024

Qualifications:

  1. Must be at least 18 years old
  2. Must be a legal U.S. resident
  3. Cannot be an existing U.S. Bank customer or have had a U.S. Bank account within the past 24 months.

Apply now: U.S. Bank Standard Savings Account

How to get the bonus

  1. Open a new Standard Savings account.
  2. Make a new money deposit totaling $25,000 or more by March 31, 2024.
  3. Maintain a $25,000+ balance until June 30, 2024.

Restrictions and fees

  • Should live within the U.S. Bank footprint
  • There are no ATM transaction fees and no-fee overdraft protection.
  • U.S. Bank Standard Savings charges a $4 monthly fee, which can be waived if the account holder maintains a daily balance of $300 or more, has an average monthly collected balance of $1,000 or more, or is under age 12.
Protip Expert tip from Thomas
I advise against opening a bank account merely to capture a promotional bonus. Embrace a longer-term perspective. Make sure the account offers appropriate features to effectively support your personal or business endeavors. Look at the fee structure, the minimum account balance requirement, the robustness of the bank’s online portal, the extent of its mobile technology and the competitiveness of its interest rate offering and accountholder perks.

U.S. Bank Business Checking Account – up to $800

U.S. Bank also offers a range of business checking solutions, starting with the U.S. Bank Silver Business Checking. This basic option requires only a $100 minimum opening deposit and comes with a $0 monthly maintenance fee. You’ll enjoy 125 free transactions per month, covering deposits, check payments, and PIN-based debit card purchases. Any additional transactions will cost 50 cents each.

For business owners with more extensive financial needs, the U.S. Bank Gold Business Checking Account Package is an excellent choice. With a $20 monthly maintenance fee, it provides 300 free monthly transactions and charges only 45 cents for each extra transaction. It all begins with a minimum opening deposit of $100.

For businesses seeking premium banking services, the U.S. Bank Platinum Business Checking Account Package offers more robust features. This top-tier option requires a $100 minimum opening deposit and a $30 monthly maintenance fee. You’ll receive 500 free transactions each month, and any additional transactions are billed at a competitive rate of 40 cents each.

How to get the bonus

Bonus Amount: Up to $800

Promotion Expiration: April 2, 2024

Qualifications: Must have:

  1. Employer Identification Number or tax ID number, or Social Security number if you’re a sole proprietorship.
  2. Articles of Incorporation, Articles of Organization, or a charter or similar legal document that indicates when your company was formed.
  3. Social Security Number for you and anyone else authorized to sign checks or make transactions on behalf of your company.
  4. Name, email address, and phone number for any additional owners with 25% or more ownership in the company.
  5. A qualifying transaction include debit card transactions, merchant deposits, ACH credits, wire transfers (both incoming and outgoing), mobile check deposits, and bill payments.

To earn $800:

  1. Open a new Platinum, Gold, or Silver business checking account using the promo code Q1BUS24.
  2. Deposit at least $25,000 (direct, mobile check deposit, ACH, or wire transfer) within 30 days of account opening.
  3. Maintain a balance of at least $25,000 through 60 days after account opening.

To earn $350:

  1. Open a new Platinum, Gold, or Silver business checking account using the promo code Q1BUS24.
  2. Deposit at least $5,000 (direct, mobile check deposit, ACH, or wire transfer) within 30 days of account opening.
  3. Maintain a balance of at least $5,000 through 60 days after account opening.

U.S. Bank defines “new money” as any deposit of funds that are not currently held by U.S. Bank or its affiliates.

U.S. Bank specifies that your bonus will be credited to your new business checking account within 45 days after verification of deposit, contingent upon the account remaining open and maintaining a positive balance.

Restrictions and fees

  • Limit of one Business Checking bonus per business.
  • This offer is not valid if you or any signer on the new business checking account have an existing U.S. Bank business checking account or have had a U.S. Bank business checking account in the last 24 months.
  • Account must be opened online.
  • Gold Business Checking charges a monthly fee of $20. The fee is waived if you have a U.S. Bank Payment Solutions Merchant Account, an average checking balance of $10,000+, or have combined average business deposit balances of $20,000 or more.
  • Platinum Checking charges a monthly fee of $30, but it can be waived if you have an average checking balance of $25,000 or $75,000 combined average business deposits and outstanding business credit balances.
  • This offer is restricted to residents of the following states: 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.

Compare U.S. Bank Promotions

Promotion Bonus Promo Expiration Qualifications
U.S. Bank Smartly Checking

Apply now

 $100 – $500 March 12, 2024 Enroll in Online Banking, make the necessary minimum deposit, and maintain your balance.
U.S. Bank Standard Savings

Apply now

 $300 March 12, 2024 Make the necessary minimum deposit, and maintain your balance.
U.S. Bank Business Checking

Apply now

 $350 – $800 April 2, 2024 Make the necessary minimum deposit, and maintain your balance.

U.S. Bank Promotions: Pros and Cons

Pros Cons
Low fees High deposit requirements
High potential bonuses Multiple steps to complete
Limited footprint

Pro: Low Fees

U.S. Bank has relatively low fees for their checking and savings accounts ($6.95 compared to $10-12 fees at other banks for standard checking accounts), and there are several ways you can waive the fees such as maintaining a certain balance or average monthly deposit or having an eligible U.S. Bank credit card.

Pro: High Potential Bonuses

If you meet all of the requirements for the new accounts, you can earn up to $800 for a business checking account or up to $500 for an individual checking account.

Con: High Deposit Requirements

While the bonus promotions are generous, the bank has relatively high deposit requirements to qualify. For example, you may have to deposit a minimum of $3,000 to get any promotion or deposit as much as $25,000 in some cases. This is much higher than some other banks require. Note that in many cases you also have to maintain that balance for a certain period of time.

Con: Multiple Steps to Complete

Qualifying for a bank promotion may require multiple steps, such as opening a new account, meeting direct deposit requirements, enrolling in online banking or the mobile app, maintaining a certain balance, and others. This makes it easier to miss something and therefore not qualify for the promotion.

Con: Limited Footprint

U.S. Bank only operates in 26 states, and while you may qualify for a bonus if you live out of the bank’s operating area, it may not benefit you. This is because you won’t have local branches or ATMs to visit to perform regular banking activities.

U.S. Bank vs. Other Promotions

Bank Personal Checking Bonuses Business Checking Bonuses Savings Account Bonuses
U.S. Bank $100, $300, or $500 $350, or $800 $300
Bank of America $200 $200 $200
Chase Bank $300 $400 N/A
Citi $500, $1,000, $1,500, or $2,000 $300, $750, $1,500, or $2,000 N/A
PNC $100, $200, or $400 $200 or $500 $100, $200, or $400
Wells Fargo $300 N/A $525

FAQs

Finding promo codes for U.S. Bank or any other financial institution might be challenging because banks typically don’t offer promotional codes in the same way that retail or online businesses do. However, some banks may have promotional offers or special deals for new customers, and these are usually prominently featured on their official websites.

To find any current promotions or offers from U.S. Bank, you can follow these steps:

  1. Visit the official website: Go to the official website of U.S. Bank. Look for a section labeled “Promotions,” “Special Offers,” or something similar. This is where the bank would typically highlight any ongoing deals.
  2. Contact customer service: If you can’t find the information on the website, consider reaching out to U.S. Bank’s customer service. They can provide you with information on any current promotions or special offers.
  3. Subscribe to newsletters: Subscribe to U.S. Bank newsletters or promotional emails. Banks often send out promotional information to their subscribers.
  4. Check third-party websites: Occasionally, third-party websites may compile information on various bank promotions. However, exercise caution and verify any information with the official U.S. Bank website to ensure its accuracy.
  5. Visit a local branch: If you have a U.S. Bank branch nearby, you can visit in person and inquire about any current promotions for new customers.

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

Current U.S. Bank promotion bonuses are deposited within 60 days of meeting promotion requirements.

You may be able to benefit from multiple account bonuses if you open an individual account and a business account, as long as you meet all requirements and qualifications.

Typically U.S. Bank doesn’t offer promotions for existing customers. However, if you are an existing customer with an individual checking or savings account, you may be eligible for a business checking account promotion.