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US Bank has a promotion for new Bank Smartly checking accounts that offers up to a $600 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 two direct deposits totaling within the first 90 days. The total of the direct deposits will determine the bonus amount. In order to get the full $600, your direct deposits must total $10,000 or more.
The Deal
- US Bank is offering a bonus of up to $600 when you open new Bank Smartly checking account using promo code 2023MAR 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 $200 when your direct deposits total $3,000 to $5,999.99.
- Earn $400 when your direct deposits total $6,000 to $9,999.99.
- Earn $600 when your direct deposits total $10,000 or more.
- Expires 4/11/23
- $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
- Earn a $200, $400 or $600 bonus by opening a new U.S. Bank Smartly® Checking account (excluding Safe Debit Account) online, in a branch or over the phone through April 11, 2023.
- Additionally, you must enroll in online banking or the U.S. Bank Mobile App 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: $3,000 to $5,999.99 to earn the $200 bonus, $6,000 to $9,999.99 to earn the $400 bonus, or $10,000 or more to earn the $600 bonus
- 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 a good bank bonus opportunity that comes around regularly; we covered the $400 version last year. It’s actually been available for a bit (hence the 2023MAR promo code), but I hadn’t seen it until DDG posted about it earlier today.
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 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 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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