$300, $400 Bonus Offers – Forbes Advisor

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Minneapolis-based US Bank is America’s fifth-largest bank by assets and has more than 2,000 branches in 26 states. It offers a range of personal and small business products and often runs generous promotions to entice newcomers to bring their business to US Bank. You can earn up to $400 for opening a personal checking account or a new business checking account.

How can you earn a US banking bonus?

Many banks use cash bonuses to attract potential customers, and this group includes US Bank. He’s tossing out hundreds of dollars in sign-up cash to land new checking accounts.

US Bank personal check bonuses generally require that you:

  • Open an account and make a minimum amount of direct deposits or qualifying transactions within the first two months.
  • Sign up for online banking or use the US Bank mobile app.

Here are the new US Bank account promotions currently available. Offer details are accurate as of July 27, 2022.

US Bank Promotions for 2022

US Bank Check: Win $400

US Bank offers several alternatives for consumers who want a new personal checking account. A US Bank checking account can be opened online, over the phone, or at a branch, with a starting deposit of at least $25.

At the entry level, US Bank Easy Checking is a basic account with a monthly fee of $6.95.

If you’re looking for additional benefits, including lower ATM fees, there’s the US Bank Gold Verification Package. With this account, you’ll never pay any fees at the bank’s ATMs and pay zero fees on your first two transactions at non-US ATMs each statement period. There is a monthly maintenance fee of $14.95.

Finally, if you want a checking account with US Bank’s best rates and rewards, you can choose the US Bank Platinum Checking Package, which has a monthly maintenance fee of $24.95.

  • What is the offer? Earn a $400 bonus when you open a new Platinum, Gold, or Easy Checking account, sign up for online banking or the US Bank mobile app, and make two or more direct deposits totaling $4,000 or more within 60 days.
  • What is direct deposit? US Bank defines direct deposits as electronic deposits of paychecks from an employer or government benefits, such as Social Security. Other electronic deposits and person-to-person payments do not count.
  • When do you receive your bonus? US Bank says your money will be deposited into your new checking account within 60 days of direct deposit verification and US Bank online banking or mobile app enrollment verification. Your account must be open and have a positive balance to receive your sign-up bonus.
  • Is this a limited time offer? Yes. This US Bank checking account bonus promotion is valid until September 2, 2022.
  • Is there a promotional code? The bank says that if you are asked for a promotional code during your application, enter 2022JUL.
  • Can you avoid monthly service fees? Yes, for each of the personal checking accounts covered by the promotion.
    • Easy verification. The $6.95 monthly maintenance fee is waived if your combined monthly direct deposits total $1,000 or more, you maintain an average balance of $1,500 or more, or you are age 65 or older.
    • Gold verification package. The $14.95 monthly fee is waived if you have an outstanding personal loan, line of credit, mortgage, or credit card with US Bank.
    • Platinum Verification Package. The $24.95 fee is waived if you have $25,000 in personal deposits or credit balances with US Bank and/or investments through US Bancorp Investments, or if you have a personal trust relationship with US Bank Wealth Management.

US Bank Small Business Verification: Win $300

For business owners, US Bank offers three business verification options, each requiring a minimum opening deposit of $100.

The U.S. Bank Silver Business checking account plan is basic with a $0 monthly maintenance fee and 125 free transactions — including deposits, check payments, and PIN-based debit card purchases — per month. Additional transactions cost 50 cents.

For business owners with larger needs, the US Bank Gold Business Checking Account Package offers 300 free monthly transactions and charges 45 cents per additional transaction. There is a $20 monthly maintenance fee.

At the top is the US Bank Platinum Business checking account package. It provides 500 free transactions per month, charges 40 cents for each additional transaction, and has a monthly maintenance fee of $30.

  • What is the offer? Earn a $300 bonus when you open a new Platinum, Gold, or Silver Business Chequing Account and complete qualifying activities: deposit $3,000 in new funds within 30 days and hold your deposit for 60 days; Sign up for US Bank’s mobile app or online banking services Make five qualifying transactions within 60 days.
  • What is meant by “fresh money”? US Bank defines this as a deposit of money that is not already held by US Bank and its affiliates.
  • What is a qualifying transaction? These include debit card purchases, merchant deposits, ACH credits, electronic credits and debits, mobile check deposits, and bill payments.
  • When do you receive your bonus? US Bank says your money will be paid into your new business checking account within 45 days of deposit verification, but the account must still be open and have a positive balance.
  • Is this a limited time offer? The offer is available until July 29, 2022.
  • Is there a promotional code? The bank indicates that you must use the promotional code Q2BUS22 when applying.
  • Can you avoid monthly service fees? Two of the business checking accounts have these fees, and they can be avoided:
    • Checking gold business. The $20 maintenance fee is waived when you: Sign up for Merchant Banking US Bank Payment Solutions; have an average collected balance of $10,000 (funds deposited into the account during the month) have a combined average collected business deposit balance of $20,000 across all accounts; or have $50,000 in business deposits collected and credit balances on average combined.
    • Platinum Business Verification. The $30 maintenance fee is waived if you have an average collected balance of $25,000 or $75,000 in average collected trade deposits and outstanding credit balances during the month.

Are these US bank bonuses a good deal?

The US Bank promotions currently available are competitive with those offered to new customers by many major national banks.

But because US Bank only has a presence in about half of the states, it may not be for everyone. If you regularly use ATMs but the US Bank ATM network is inconvenient, you may want to consider a checking account that regularly provides fee reimbursements for using out-of-network ATMs.

What else should you know about US bank check promotions?

These welcome offers are for new customers

If you have had a US Bank checking account or previously received a US Bank sign-up bonus, you are not eligible for these offers.

You are not eligible to receive a personal checking account bonus if you have held a US Bank consumer checking account within the past two years or taken advantage of any other US Bank bonus offers during that time.

Similarly, you are not eligible to receive a business checking account bonus if you or any signatory of the business checking account has held a US Bank business checking account within the last 24 months.

Your bonus may be taxable

US Bank says it will report your bonus to the IRS on a 1099-INT form. The bank indicates that the promotional money is considered interest income for tax purposes and you will be responsible for any taxes owed.

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Conclusion

US Bank’s welcome offers for new customers are competitive, and if you live in its 26-state area near one of its 2,000 branches, the bank might be a good option for you.

You can choose from a range of personal checking accounts and earn $300 if you send a few direct deposits to a new account, sign up for online banking, or start using a mobile app. Business owners can raise $300 by opening a new business checking account and performing certain qualifying activities.

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