[Targeted] U.S. Bank $400 Checking + $200 Savings Bonus

Update 6/29/23: Deal is back, not as good as the $600 checking offer. Terms state ‘This offer is valid for the intended recipient only and is not transferable’

Update: Looks like you can also get 2,500 on Swagbucks or 4,000 on MyPoints. Should stack fine as it takes you to the $600 bonus page. Most people should still wait for the $500 checking bonus to return. Hat tip to ShawntheShawn

Offer at a glance

• Maximum bonus amount: $600
• Availability:  Nationwide (excludes NY & FL and any other state without a branch unless you have an existing relationship)
• Direct deposit required: Yes
• Additional requirements: None
• Hard/soft pull: Soft
• ChexSystems: Mixed data points
• Credit card funding: Can fund up to $250 with a credit card
• Monthly fees: $6.95, avoidable
• Early account termination fee:
• Household limit: None
• Expiration date: Feb. 7, 2023

The Offer

Direct link to offer

• U.S. Bank is offering a $400 checking & $200 savings bonus. Must use promo code 23DMP04. Requirements are as follows:
  • $400 checking bonus:
    • Enroll in the U.S. Bank Mobile App or online banking.
    • Complete two or more direct deposits.
      • Earn $200 when your direct deposits total $3,000 to $5,999.99.
      • Earn $400 when your direct deposits total $6,000 or more.
  • $200 savings bonus:
    • Deposit $25,000 or more in new money by Aug. 31
    • Maintain a minimum total account balance of $25,000 through and including Nov. 30

The Fine Print

• A minimum deposit of $25 is required to open a U.S. Bank consumer checking account. Earn a $200 or $400 bonus by opening a new U.S. Bank Smartly™ Checking account (excluding Safe Debit Account) from January 4, 2023 through and including Febuary 7, 2023.
• The checking account must be opened in a branch, online or over the phone. Additionally, you must enroll in online banking or the U.S. Bank Mobile App 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: $3,000 to $5,999.99 to earn the $200 bonus, or $6,000 or more to earn the $400 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, or received other U.S. Bank bonus offers within the past two years.
• A $25 minimum deposit is required to open a new U.S. Bank Standard Savings. Earn your $200 bonus by opening a new Standard Savings account from January 4, 2023 through and including February 7, 2023. Additionally, you must make deposit(s) of $25,000 or more by February 28, 2023, and then maintain a minimum total account balance of at least $25,000 through May 31, 2023. The $200 bonus will be credited to your new savings account within 30 days of final savings account balance verification. Standard Savings are variable rate accounts. The Annual Percentage Yield (APY) is accurate as of December 19, 2022: 0.01% Interest rates are determined at the bank’s discretion and can change at any time. Interest will be compounded daily and credited to your savings account monthly. Fees may reduce earnings on account. Offer may not be combined with any other savings account bonus offers. Offer is not valid if you or any signer on the account have an existing U.S. Bank savings account, had a U.S. Bank consumer savings account in the last six months, or received other U.S. Bank savings bonus offers within the past twelve months. Bonus will be reported as interest earned on IRS form 1099-INT and recipient is responsible for any applicable taxes.
• Limit one checking and savings bonus per person. Current U.S. Bank employees are not eligible. Offer may not be available if you live outside of the U.S. Bank footprint. Offer not available through Alliance partnerships. Offer not available with Trust Accounts. Other restrictions may apply. All standard account terms, conditions and opening procedures apply. For a comprehensive list of account pricing, terms and policies, see the and the disclosure.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

U.S. Bank Smartly has a $6.95 monthly fee, this is waived if you do any of the following:

• Have combined monthly direct deposits totaling $1,000 or more
• Keep a minimum average account balance of $1,500 or more
• Hold an eligible U.S. Bank credit card
• Qualify for one of the four Smart Rewards™ tiers (Primary, Plus, Premium or Pinnacle)
• Be a military member (requires self disclosure)
• Be under the age of 24 or over the age of 65

Standard savings account has a $4 monthly fee. This is waived if you do any of the following:

• Maintain a $300 minimum daily balance⁴
• Keep a $1,000 average monthly collected balance⁵
• Hold the account jointly with a youth

Early Account Termination Fee

There is no early account termination fee to worry about

Our Verdict

The $400 checking bonus isn’t as good as the recent $500 bonus. I’d recommend waiting for that $500 bonus to hopefully return if you missed out on it last time. It looks like you can just do the savings bonus or the checking bonus, no need to do both at the same time.

For the savings bonus you are tying up $25,000 for three months at minimum. If you put that into a basic savings account earning 4%+ APY you’d earn $250 anyway without having to open a new account. U.S. Bank only offers 0.01% so that doesn’t add anything to this bonus. Because of that I wouldn’t recommend this bonus either and won’t be adding these bank account bonuses.

Hat tip to reader Bob

Useful posts regarding bank bonuses:

• A Beginners Guide To Bank Account Bonuses
• Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
• PSA: Don’t Call The Bank
• Introduction To ChexSystems
• Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
• What Banks & Credit Unions Do/Don’t Pull ChexSystems?
• How To Use Our Direct Deposit Page For Bank Bonuses Page
• Common Bank Bonus Misconceptions + Why You Should Give Them A Go
• How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
• Affiliate Links & Bank Bonuses – We Won’t Be Using Them
• Complete List Of Ways To Close Bank Accounts At Each Bank
• Banks That Allow/Don’t Allow Out Of State Checking Applications
• Bank Bonus Posting Times