U.S. Bank Is Offering New Customers Up to $700 Until June 27. Should You Go for It?

For bank account bonuses, $100 is pretty average, and anything over $300 is pretty good. When you come across a $700 offer, like the one U.S. Bank is running through June 27, 2024, that's pretty hard to ignore.

But you have to consider more than the dollar amount when deciding whether a promotion like this is a good deal. Here's what you need to know to decide if you should pursue this offer.

How to get up to $700 from U.S. Bank

This offer is only available to new U.S. Bank customers who open a U.S. Bank Smartly® Checking account and a U.S. Bank Standard Savings Account by June 27th and complete qualifying activities. The checking account comes with a bonus worth up to $500, while the savings account has a $200 bonus. You can choose to just open one of the accounts if you'd like.

U.S. Bank Smartly® Checking account: Bonus worth up to $500

To claim this bonus, you must open a new U.S. Bank Smartly® Checking account from this page or using the code 2024APR online, by visiting a U.S. Bank branch, or by calling the bank on the phone. You'll need an opening deposit of $25 to do this.

Then, within the next 90 days, you'll need to enroll in the U.S. Bank Mobile App or online banking and make at least two direct deposits. The amount of the direct deposit determines your bonus:

• Earn $100 when the combined total of your direct deposits is between $3,000.00 and $4,999.999.
• Earn $300 when the combined total of your direct deposits is between $5,000.00 and $9,999.99.
• Earn $500 when the combined total of your direct deposits is $10,000.00 or more.

If you succeed in earning a bonus, U.S. Bank will deposit that money within 60 days of the end of the calendar month you earned it in. So if you earn the bonus in June, you might not get your cash until the end of August. This is a little longer than the typical payout time for bank bonuses.

U.S. Bank Standard Savings Account: $200 bonus

To claim the U.S. Bank Standard Savings Account $200 bonus, you'll need to open your savings account from the page linked above or using the code 2024APR. You can also contact U.S. Bank by phone or visit a branch. Again, you'll need a $25 minimum opening deposit.

After that, you must complete two steps to get the bonus:

• Deposit at least $15,000 in new funds by July 17, 2024.
• Maintain a minimum total account balance of at least $15,000 until Oct. 31, 2024.

Those who earn this bonus will get their cash within 30 days of completing all offer requirements.

Is the bonus worth it?

Claiming the full $700 bonus requires a lot of extra cash to deposit, and that alone will put it out of reach for some. But even those who could afford to claim the bonus might not want to. An extra $700 is nice, but you have to remember that you'll still own the account after the bonus period ends.

Both the U.S. Bank Smartly® Checking account and the U.S. Bank Standard Savings Account have monthly maintenance fees -- $6.95 and $4, respectively. There are several ways to waive each fee, but if you can't qualify, this account is going to cost you money over time.

In addition, the U.S. Bank Standard Savings Account has an APY (annual percentage yield) of 0.01% (as of 3/24/2023). That would only pay you $1 per year for every $1,000 you have in the account. By contrast, the best high-yield savings accounts right now offer close to 5.00% APY. That would add $50 to a $1,000 balance in a year.

If you put the $15,000 required to earn the U.S. Bank $200 bonus in your savings account, you'd only earn $0.37 between July and October. If you'd put that money in a high-yield savings account with a 5.00% APY, you could make over $184 in that time -- nearly as much as the bonus. Those with larger savings account balances could walk away with a lot more than the $200 U.S. Bank is offering.

While it's true that high-yield savings account rates are expected to drop this year, they're not going to fall to 0.01%. And it's not likely that U.S. Bank is going to raise its rates to match what the top savings accounts can offer. So in the long run, these U.S. Bank accounts probably aren't a good fit for most people.

That said, there are still plenty of other great bank account bonuses out there for those who are interested in getting rewarded for opening a new account. Compare a few of these to what U.S. Bank has to offer before deciding which is right for you.