U.S. Bank Promotions of 2024

U.S. Bank is currently offering some of the best promotions for new checking and savings accounts. To see if you qualify, check out the details below.

How you earn it:

1. Open a U.S. Bank Smartly® Checking account by June 27, 2024. You can do this online, in person, or over the phone.
2. Enroll in online banking or download the U.S. Bank app. You must do this sometime within the first 90 days.
3. Make at least two eligible direct deposits within the first 90 days. The bonus you receive will depend on the total amount of your direct deposits
   1. Earn $100 with direct deposits totaling $3,000 to $4,999.99
   2. Earn $300 with direct deposits totaling $5,000 to $9,999.99
   3. Earn $500 with direct deposits of $10,000 or higher
4. Receive your bonus. The bonus will be credited to your account within 60 days of meeting the offer requirements.

How you qualify: To qualify, you must live within a U.S. Bank service area (you can verify online by using your ZIP code). Additionally, you cannot currently have a U.S. Bank personal checking account, nor have had one in the last two years. This also applies to anyone listed on the account, like a spouse. Finally, your account must still be open with a positive balance at the time when the bonus is deposited.

Where to open an account: Online, in a U.S. Bank branch, or over the phone.

Monthly fees: $6.95, which can be waived through one of the following:

• Maintain an average account balance of $1,500 or more
• Have combined monthly direct deposits totaling at least $1,000
• Have a qualifying U.S. Bank personal credit card that's in good standing
• Be 24 or younger or 65 or older
• Be a member of the military

Offer expires: After June 27, 2024.

Earn up to $200 with a new U.S. Bank Standard Savings Account.

• Make new money deposit(s) totaling $15,000 or more by July 17, 2024
• Maintain that balance until October 31, 2024

How you earn it:

1. Open a U.S. Bank Standard Savings Account with a $25 deposit by June 27, 2024.
2. Deposit $15,000 or more in new money by July 17, 2024. It has to be new money, or funds that are not currently held within a U.S. Bank account.
3. Maintain that total account balance until Oct. 31, 2024. Be careful of fees: If your account is reduced by any fees, you'll need to add money to keep your balance at or above $15,000.
4. Receive your bonus. The bonus will be credited to your account within 30 days after the requirements are satisfied.

How you qualify: Like the U.S. Bank Smartly® Checking account, you must live in a U.S. service area to open a savings account. In addition, you cannot already have a U.S. Bank Standard Savings Account, nor have had one in the last six months. You also won't be eligible if you got a bonus from a U.S. Bank savings account or money market account in the last 12 months.

Where to open an account: Online, in person, or over the phone.

Monthly fees: $4 maintenance fee, which can be waived in the following ways.

• Keep a daily balance of $300
• Maintain an average balance of $1,000 or higher for the month
• Have an account holder who is age 17 or younger
• Open a U.S. Bank Smartly® Checking account and enroll in Smart Rewards®

Offer expires: After June 27, 2024.

Earn up to $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q2AFL24 and complete qualifying activities, subject to certain terms and limitations. Offer valid through August 30, 2024. Member FDIC.

How you earn it:

1. Open a U.S. Bank Standard Savings Account with a $100 or more deposit by Aug. 30, 2024.
2. Deposit $5,000 or more in new money within 30 days of account opening. Deposits totaling $5,000-$24,999 earn $400; deposits totaling $25,000 or more earn $800. It has to be new money, or funds that are not currently held within a U.S. Bank account.
3. Maintain that total account balance for 60 days after account opening. Be careful of fees: If your account is reduced by any fees, you'll need to add money to keep your balance at or above the minimum threshold.
4. Receive your bonus. The bonus will be credited to your account within 30 days after the requirements are satisfied.

How you qualify: You must live in a U.S. service area, and you cannot already have a U.S. Bank business checking account, nor have had one in the last six months. You also won't be eligible if you got a bonus from a U.S. Bank savings account or money market account in the last 12 months.

Where to open an account: Online, in person, or over the phone.

Monthly fees: None.

Offer expires: After Aug. 30, 2024.

The biggest thing to keep in mind is account fees. With the exception of the U.S. Bank Silver Business Checking account, all of the accounts listed above have a monthly fee, along with options to waive it. As long as you meet the criteria to waive the fee, you'll have nothing to worry about. However, if fee waivers are a hassle, you might be better off looking at free checking or savings accounts.

U.S. Bank currently offers some of the most competitive bonuses for its checking accounts. While other banks offer $200 to $400 as welcome bonuses for new customers, U.S. Bank will give you up to $500 for U.S. Bank Smartly® Checking and up to $200 for a new savings account. That said, the criteria aren't exactly low (you need at least $3,000 in direct deposits, or $15,000 to hold in savings). If you can't satisfy the requirements, you might be better off looking at other bank bonuses.

As far as the U.S. Bank Standard Savings Account goes, the $300 bonus is on par with what most banks offer. That said, your money will grow at a rock-bottom APY of 0.01% (as of 3/24/2023). That means, if you were to keep $25,000 in your account for 90 days, your effective APY would be something like 4.80%, assuming you get the $300 bonus. That's not a competitive rate at all, especially with some high-yield savings accounts and CDs paying out at 5% or higher. That doesn't necessarily mean you should pass up this offer, but it is something to consider if you want a savings account for the long term.

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