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US Bank has another promotion for new Bank Smartly checking accounts that offers up to a $500 bonus with fairly simple requirements. This deal is available in states within US Bank’s footprint and requires signing up for online banking and making at least two direct deposits within the first 90 days. The total amount of the direct deposits will determine the bonus. In order to get the full $500, your direct deposits must total $10,000 or more.
Note that there’s also an optional savings account component to this deal, but you get $300 for holding $25K in a 0.01% savings account for six months. I’d pass.
US Bank used to allow $3,000 of credit card funding on new accounts, but that’s been reduced and is now only $250 (still, use it if you got it). 
The Deal
- US Bank is offering a bonus of up to $500 when you open a new Bank Smartly checking account using the promo code 2024JAN and complete the following requirements within 90 days:
- Enroll in online banking or the U.S. Bank Mobile App.
- Complete two or more direct deposits within the first 90 days
- Your bonus is determined by the total amount of your direct deposits
- Earn $300 when your direct deposits total $5,000 to $9,999.99.
- Earn $500 when your direct deposits total $10,000 or more.
- Expires 3/12/24
- $6.95 monthly fee (waived if you have a US Bank Credit Card or maintain a $1,500 monthly balance or have monthly direct deposits totaling $1000+)
- Check US Bank locations here
- See Doctor of Credit’s list of what counts as direct deposits with US Bank (it’s a lot)
Terms and Conditions
- To be eligible, you or any owner(s) on your new Bank Smartly Checking account cannot have 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 consumer checking bonus offers within the past two years.
- You must also use the promo code at account opening.
- To receive the bonus, you must open a new U.S. Bank Smartly® Checking account with a minimum deposit of $25 either online, in a branch or over the phone from January 9, 2024 through and including March 12, 2024.
- Additionally, you must enroll in the U.S. Bank Mobile App or online banking 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: $5,000 to $9,999.99 to earn the $300 bonus or $10,000 or more to earn the $500 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.
- Your checking bonus (“adjusted interest”) will be credited to your new checking account within 60 days following the end of the calendar month during which you completed all of the offer requirements. Account must be open and have a positive balance to receive the bonus. Bonus will be reported as interest earned on IRS form 1099-INT, and recipient is responsible for any applicable taxes. This offer may not be combined with any other checking account bonus offers.
Quick Thoughts
This is a good bank bonus opportunity that comes around regularly; we’ve covered $400, $500 and $600 versions before.
The requirements for the bonus are fairly simple: make at least two “direct deposits” within ninety days of account opening and sign-up for mobile or online banking. US Bank is known as one of the easier banks in terms of what’s considered a direct deposit and ACH transfers work from many common banks (you can see the full DOC list here). While the direct deposit totals are relatively high, there’s no requirement that the money stay in the account, so you should be able to transfer the money back out after it goes in.
If you don’t have a US Bank credit card, the Bank Smartly account is easy to keep free, requiring a $1500 annual monthly balance or monthly direct deposits totaling $1000+. If you have a US Bank credit card, the monthly fee is waived. Members of the US Military also get the fee waived.
The bonus is limited to those states that have a US Bank branch (which is a wide net…see locations here). That said, if you happen to live in one of the states that doesn’t have a branch, you can get around this requirement by opening a US Bank brokerage account first and then opening the checking account afterwards. There’s no need to have any activity on the brokerage account.
US Bank is fairly strict on its churning rules so I wouldn’t mess with it if you’ve had an account or received a US Bank bonus within the past two years. If you haven’t, this could be easy money.
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wondering how strict they are on OOS? I opened a Biz checking acct no problems OOS earlier this year, and was getting ready to close it. I wonder if having several personal cards and the Biz checking would be enough. That 3k funding would really help meet the spend on this new ink card
I’ve heard similar things, so it might be that they’ve gotten less strict about it for cardholders. It’s good to know that you were successful earlier this year. FYI, the $3K funding no longer exists…it’s down to $250 now (that’s mentioned in the opening of the post). It stinks, that was a great way to get no cost spending done previously.
New to the US – is direct deposit just a term for a transfer of funds into the account (potentially from yourself from another one of your accounts)? It doesn’t have to be a salary payment or something?
Direct Deposit means salary/wage payment or something similar like a social security payment. They mean it to be a recurring payment by some 3rd party to you, but some times their systems for detecting which payments is 3rd party and which is just a secondary bank account isn’t very robust and you can fake a DD through a ACH transfer
I don’t think the brokerage account loophole works anymore. Anyone know another way to get in for footprint outsiders?
I’m seeing more and more DP’s of folks who are cardholders being allowed to open an account out of state. There’s a commenter above you that said that he was able to do it in 2023. It may be that USB is loosening up on this.
Add another. I was approved last night for USB Altitude Reserve with no prior relationship and out of state. Will probably go after this in a few weeks.
I am out of their area, and they wouldn’t open a brokerage account for me.
See my comment to Tim above. Try opening a credit card to get in the door.
Does it count as churning if I’ve had a business account?
Nope, you should be fine.
Is having a business credit card good enough for those of us not in the footprint? (Rather than the brokerage idea). They seem to have decent business cards with $600 or $750 bonus offers, and it seems they don’t report their business cards to credit agencies.
It might be. There’s someone in the thread above you who was able to do it last year, and I’ve seen scattered DP’s of folks who are cardholders being able to do it.