Contents
The Offer
No direct link to offer, sent out via e-mail. Subject line is ‘<name>, invest towards your goals and earn up to $450’
- U.S. Bank is offering some customers up to $450 when they use U.S. Bancorp Investments. Bonus is broken down as follows:
- Get $100 with a new Automated Investor account
- Open an Automated Investor account July 13 through September 30, 2022
- Fund the account with at least $1,000 within 30 days of opening
- Maintain the balance for at least 60 days
- Get $350 when you open and fund an investment account through an advisor at U.S. Bancorp Investments
- Open an account through an advisor July 13 through September 30, 2022
- Fund the account with at least $250,000 within 30 days of opening
- Maintain the balance for at least 60 days
- Get $100 with a new Automated Investor account
Our Verdict
The $350 bonus doesn’t seem that interesting due to the huge deposit requirement and likely high fees. The $100 bonus is much better as it only requires a $1,000 deposit for 60 days. Looks like you can also tweak your risk profile to have mostly bonds if you want as well.
Hat tip to reader Brett &
https://www.usbank.com/investing/online-investing/automated-investing.html
DP: Account opened on 7/13 with $1k deposit; $100 bonus posted 10/25.
I went as conservative as possible in the questionnaire at account opening and it put me in ~50% S&P + ~50% Vanguard Tax Exempt Bonds Index. I’m paying about 16 cents a month in fees and getting all of that and then some back through dividends and interest. Overall down $48 since opening (or up $52 after the bonus).
Called today to withdraw my funds. No issues or fees to speak of. Once the trades settle I’ll receive the account balance. The concerns below about fees seem unwarranted.
I had to wait on hold about an hour to get transferred from an advisor to a broker to liquidate the account. Might be worth trying to withdraw the funds online rather than call…tho it’d probably take 2 shots as doesn’t look like online you can withdraw by share amounts, only estimated dollar amount.
A couple points:
– I didn’t see an option to set the investment mix as pure cash or bonds
– There’s a 0.24% management fee that’s charged per month and the terms state the bonus will pay in 3-5 months after opening
– Couldn’t find any mention of transfer out or closure fees but something to keep in mind
This would be nice for those OOF or without a prior/current relationship with them IF a public link (fingers crossed) is available for the brokerage account. Once your relationship begins the gates are open.
Fees are trivia, some additional details…
– For every $1,000 you invest, pay only $0.20 a month in fees.
– Annual fees are 0.24% of invested assets, billed quarterly.
– Pay no commission or fees on individual trades.
https://www.usbank.com/investing/online-investing/automated-investing.html
At 5 months, the fee works out to $1, worth noting but not a deciding factor.
Annual account fee — $50 per account ??
https://www.usbank.com/investing/online-investing/self-directed-investing/brokerage-fees.html
Annual account fee.
The $50 annual fee is for the self-directed brokerage service while the Automated Investor service is a % fee.
Oh nice I only need to put in 250k
I’m targeted, but this offer is ridiculously bad, compared to offers from any other broker..
$100 for $1k? That’s about as good as it gets.
LOL, no. Check what account you need to open for that and what the fees of that account are..
I see the Automated Investor account, with a 0.24% annual fee…does that account type fall under the Full Service or Investment Advisory fee schedule too? its not clear
Lrdx
Haven’t been targeted (yet). Any other way to get the deal?
Not currently, sometimes the offers become public. We will be sure to repost if that happens
The $350 offer is obviously terrible, but the $100 also seems unworkable, because e.g.:
“Account transfers and IRA closeout fee: $95 per account”
https://www.usbank.com/investing/online-investing/self-directed-investing/brokerage-fees.html
Sad I see this reply too late… already open and transfer $1010 lol
That particular fee doesn’t apply to us. We aren’t transferring assets and we aren’t closing an IRA.
Annual account fee — $50 per account ??
That fee is after one year so it’s irrelevant.
I think the $50 annual account fee applies to full service brokerage accounts and not investment advisory accounts such as this.
With only $1000 in the account, you can just tell them to cash everything out and withdraw the cash. And don’t open an IRA.
Now would be an excellent time for anyone outside of their service area to begin a relationship with US Bank via the Investment Account method.
How easy is it to get the $1000 after the 60 days?
They charge $0.20 per month per $1000.
My post about this disappeared?!
It’s $95 to get out.
Can you explain?
Any source for your point? thanks!
Yes, the details are in my deleted post. I’m not going to waste any more time on it. I’m sure you can find the info online.
LOL
lol 250k parked no thanks though im piss poor resident doctor