I love a good bank promotion!
I first heard about U.S. Bank from a business partner (they don't have a location in Maryland). They had a good relationship with their business banker so when we started a new venture, we got just added a new U.S. Bank business account.
It was pretty streamlined and while we didn't get a bonus, I did learn later that U.S. Bank has some pretty solid new account bonuses!
About U.S. Bank
U.S. Bank National Association, the bank common referred to as U.S. Bank, is owned by U.S. Bancorp, a holding company based out of Minnesota. It's a publicly-traded company, under ticker USB, and are FDIC insured certificate number 6548.
They have about three thousand locations in 27 states and their bank charter class is National Bank. As a bank, they've been in business since the 1800s!
You have to be in a state where they do business to be able to open an account. Those states include Arkansas, Arizona, California, Colorado, Florida, Georgia, Iowa, Idaho, Illinois, Indiana, Kansas, Kentucky, Minnesota, Missouri, Montana, North Dakota, Nebraska, New Mexico, Nevada, Ohio, Oregon, South Dakota, Tennessee, Texas, Utah, Washington, Wisconsin, and Wyoming.
Consumer Checking Offer – $300
Their richest offer for a consumer checking account is currently $300.
The requirements are that you:
- Open a new U.S. Bank consumer checking account by the deadline,
- Make at least two direct deposits that total $2,000 or more within 60 days of account opening,
- Enroll in U.S. bank online banking or the U.S. Bank mobile app.
Several checking accounts work for this offer including the Platinum Checking Package, Gold Checking Package, or Easy Checking Package.
The Platinum Checking Package is their highest tier checking account that pays a little bit of interest. There are no ATM transaction fees for non-U.S. Bank ATMs and you also get no-fee overdraft protection transfers. There is a $24.95 monthly maintenance fee that is waived if you have $25,000+ in combined personal deposits, credit balances with U.S. Bank (or investments with U.S. Bancorp Investments) or you have a personal trust relationship with U.S. Bank Wealth Management.
The Gold Checking Package doesn't pay interest but you get you won't get charged ATM fees on the first two non-U.S. Bank ATM transactions. You also get reduced overdraft protection fees. There is a $14.95 monthly maintenance fee unless you have an open U.S. Bank personal loan, line, mortgage or credit card.
Finally, Easy Checking is the most basic of the checking accounts and has a $6.95 monthly maintenance fee unless you have combined monthly direct deposits totaling $1,000+ or you maintain an average balance of $1,500+ or you are an account holder who is 65 or older. You want to make sure you're enrolled in eStatements to avoid a $2 fee on paper statements (this is waived if you are aged 65+).
Since every checking account package qualifies for the bonus, it seems to make the most sense to go with the Easy Checking package!
Learn more about this offer
(Offer expires 6/29/2020)
Business Checking – Not Active
As far as I know, U.S. Bank does not have a public business checking offer anymore.
They did have one earlier in the year that was available only in branches. You could get $400 for opening up a new business checking account with a special promo code and deposit $5,000 in new money within thirty days. This was available only to new U.S. Bank business customers and you couldn't have had an account within the last 12 months or received a promotion within the last 24 months.
If you are interested in a business checking offer from U.S. Bank, I recommend visiting a branch and seeing if they might have one that isn't being publicized. They have branches in AR, AZ, CA, CO, FL, GA, IA, ID, IL, IN, KS, KY, MN, MO, MT, ND, NE, NM, NV, OH, OR, SD, TN, TX, UT, WA, WI, and WY. You can use their branch locator to find one near you.
U.S Bank Cash+ Visa Signature Card – $150 Bonus
The U.S Bank Cash+ Visa Signature Card will give you a $150 bonus after you spend just $500 in eligible net purchases in the first 90 days of opening your account. It's one of the simplest bonus offers available now.
It also lets you earn up to $550 bonus cash back in the first year. The card is structured like a bonus cashback card, where you pick two special categories. On those, you get 5% cashback on your first $2,000 in two categories you choose ($100 per quarter) – that's up to $400 a year extra. This is on top of 2% cash back on an everyday category, like gas stations or grocery stores, plus 1% cash back on everything else.
No annual fee.
How Does This Offer Compare?
This is a pretty solid offer if you're looking for a basic checking account. The direct deposit requirements are a little high at $2,000 in total but the $300 bonus is on par with some of the ones you'll see on our list of bank bonuses. If you have your heart set on U.S. Bank, this is a good offer.
If you don't, Wells Fargo will give you $400 to open a checking account but the direct deposit requirement is slightly higher requiring you to receive a total of $4,000+ in qualifying direct deposits in the first 90 days. There is not a monthly direct deposit requirement, it's cumulative.
We also have Citibank and its $700 offer on the Citi Priority bank account. The $700 is quite rich but it requires that you open Citi Priority Account Package and deposit $50,000 in new to Citibank funds and maintain that balance of $50,000 for 60 consecutive calendar days – that's a tall order.
The U.S. Bank promotion is comparable but it's not the absolute best out there. I think that you may find a better offer if you dig a little bit more.