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US Bank has a promotion for new checking accounts that offers a $400 bonus with very easy requirements. This deal is available in most states and only requires signing up for online banking and making two direct deposits totalling $4,000 within the first 60 days.
The Deal
- US Bank is offering a bonus of $400 when you open new checking account using promo code 2022JUL and complete the following requirements within 60 days
- Enroll in online banking or the U.S. Bank Mobile App.
- Complete two or more direct deposits totaling $4,000 or more.
- Expires 9/2/22
- See here for a list of what counts as direct deposits with US Bank (it’s a lot)
Terms and Conditions
- Earn a $400 bonus by opening a new U.S. Bank consumer checking account, excluding Student Checking and Safe Debit Account, by September 2, 2022. The checking account can be opened in a branch, online or over the phone.
- Additionally, you must enroll in online banking or the U.S. Bank Mobile App within 60 days of opening your account.
- You must also complete two or more direct deposits within 60 days of opening your account totaling $4,000 or more.
- The checking bonus will be deposited into your new checking account within 60 days of direct deposit verification and verification of enrollment in online banking or the U.S. Bank Mobile App as long as your account is open and has a positive balance.
- Bonus will be reported as interest earned on IRS form 1099-INT and recipient is responsible for any applicable taxes. Offer may not be combined with any other checking account bonus offers.
- Offer is not valid if you or any signer on the account has an existing U.S. Bank consumer checking account, had a U.S. Bank consumer checking account in the last two years, or
Quick Thoughts
This is an easy checking account bonus to get as the requirements are very simple: make at least two “direct deposits” totalling $4000+ within sixty days of account opening and sign-up for online banking. That’s it. US Bank is one of the easiest 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).
If you don’t have a US Bank credit card, the Easy Checking account is the simplest 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 on Gold Checking is waived, making it the more attractive option.
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 seems to be 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 is easy money.
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US Bank has always paid bonuses as promised, unlike some others, over the years to me.
Thank you, Tim (and rest of FM team). I took the plunge on this since this post made it seem so easy. I had a couple of hiccups (of my own making) along the way, but the bonus just posted today. The roadmap laid out here was solid. This is the content I keep coming back here to read, keep up the great work.
What triggers the DD? Does ACH push/pull or PayPal work?
See here.
Can you open in-branch?
Yes
Thanks Tim! Any reason why I couldn’t sign my 15 year old up?
None that I’m aware of…just don’t enroll in student checking as that’s specifically exluded.
Thank you Tim!
Does anyone know which states are eligible? I couldn’t fit it.
Yep, see here.
I live in Maryland. Is that mean that I am NOT eligible ?
Very confused
“We appreciate your interest in a U.S. Bank account. Based on the information you provided, we’re unable to grant your request for the following account:
U.S. Bank Easy Checking
The decision was made as a result of additional verification attempts made to protect your identity. In review of your application, there were inconsistencies in the information provided. As a result, an account cannot be opened for you at this time. Please visit a U.S. Bank branch in person to provide proper identification. We take our customer’s identity and privacy very seriously and appreciate your understanding.”
They found something that wasn’t an exact match (which could be many things) and so want to be able to verify your identity via ID. I’ve had this happen before as well. Some banks will let you send a photo, but don’t know about US Bank.
Got the same. I don’t understand what that’s about.
Does US Bank pull your credit for new checking accounts? What about chex systems?
Soft pull only. There’s a couple of DP’s saying Chex Systems, but most say no.
How long do you have to keep the account open without incurring early termination fees? Thank you!
6 months IIRC
Grab the bonus and then punt. It’s a rotten bank.