April 22, 2024
1,312 Comments
by William Charles
Update 4/22/24: The Swagbucks component has increased from $60 to $85. (ht Matt)
Update 4/4/24: Deal is back through 6/27/24 with code 2024APR. The checking part is the same; savings part is now $200/$15k instead of $300/$25k, updated below. This now stacks with a $60 Swagbucks bonus as well.
Offer at a glance
- Maximum bonus amount:$700 + $60 Swagbucks
- Availability: Nationwide (excludes NY & FL and any other state without a branch unless you have anexisting relationship)
- Direct deposit required:Yes
- Additional requirements:None
- Hard/soft pull:Soft
- ChexSystems:Mixed data points
- Credit card funding:
Can fund up to $3,000 with a credit card reduced to $250 - Monthly fees:$6.95, avoidable
- Early account termination fee:None
- Household limit:None
- Expiration date:
September 6, 2023June 27, 2024
Contents
- 1 The Offer
- 2 The Fine Print
- 3 Avoiding Fees
- 3.1 Monthly Fees
- 3.2 Early Account Termination Fee
- 4 Our Verdict
The Offer
- U.S. Bank is offering a $500 bonus when you open a new Smartly checking account and up to $250 when you open a savings account using promo code 2024APR. Requirements are as follows:
- Checking bonus:
- $200 Savings bonus:
- Deposit at least $15,000 in new money
- Maintain a minimum total account balance of $15,000
The Fine Print
- U.S. Bank Smartly® Checking bonus: To be eligible, you or any signer 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 bonus offers within the past two years. You must also use the promo code 2023JUL 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 July 12, 2023 through and including September 6, 2023. 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 interest will be credited to 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.
- Standard Savings bonus: To be eligible, you or any signer on your new Standard Savings account cannot have an existing U.S. Bank savings account or money market account, had a U.S. Bank consumer savings account or money market account in the last six months or received other U.S. Bank savings account or money market account bonus offers within the past 12 months. You must also use the promo code 2023JUL at account opening. To receive the bonus, you must open a new U.S. Bank Standard Savings account with a minimum deposit of $25 either online, in a branch or over the phone from July 12, 2023 through and including September 6, 2023. Additionally, you must make new money deposit(s) by September 30, 2023 totaling: $25,000 to $49,999.99 to earn the $200 bonus or $50,000 or more to earn the $400 bonus. Then, through March 31, 2024, you must maintain a minimum account balance matching your initial deposit: $25,000 for the $200 bonus or $50,000 for the $400 bonus. New money is considered money that is new to the customer or new to U.S. Bank where funds are coming from outside U.S. Bank. Funds cannot be transferred from another U.S. Bank product. Your savings bonus interest will be credited into your new savings account within 30 days of final savings account balance verification as long as your account is open and has a positive balance. Bonus will be reported as interest earned on IRS for 1099-INT and recipient is responsible for any applicable taxes. Standard Savings accounts are variable rate accounts. For Standard Savings, the Annual Percentage Yield (APY) is accurate as of July 12, 2023, any balance: 0.01%. Interest rates are determined at the bank’s discretion and can change at any time. Interest will be compounded daily and credited to your savings account quarterly. Fees may reduce earnings on account. Offer may not be combined with any other savings account bonus offers.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
U.S. Bank Smartlyhas a $6.95 monthly fee, this is waived if you do any of the following:
- Have combined monthly direct deposits totaling $1,000 or more
- Keep a minimum average account balance of $1,500 or more
- Hold an eligible U.S. Bank credit card
- Qualify for one of the four Smart Rewards™ tiers (Primary, Plus, Premium or Pinnacle)
- Be a military member (requires self disclosure)
- Be under the age of 24 or over the age of 65
Standard savings account has a $4 monthly fee. This is waived if you do any of the following:
- Maintain a $300 minimum daily balance4
- Keep a $1,000 average monthly collected balance5
- Hold the account jointly with a youth
Early Account Termination Fee
There is noearly account termination fee to worry about
Our Verdict
We have seen a $600+ checking bonus in the past. The savings bonus works out to be an APY of 1.6%, given basic savings rates are 4%+ currently this is not competitive at all making both bonuses not very good at all. We won’t add this to our best bank bonuses.
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
Deal History:
- Update 1/10/24: Deal is back and valid until March 12.
- Update 12/8/23: Deal is back until December 29. No targeted terms this time
- Update 11/10/23: The checking component of the deal for $300/$500 is back at this link through November 30 (ht YAR). Terms state targeted: This promo code and offer is intended only for the recipient of the mailer. It is non-transferable and can only be used once. The name on your mail piece must match what we have on file.
- Update 9/8/23: Deal is back and valid until October 31, 2023.
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1.3K Comments
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oldest most voted
R(@guest_1834768)
April 23, 2024 06:29
#1834768
I opened the Smartly checking account on 4/3. Will Swagbucks or MyPoints honor the $85 now if I click their links and claim the 8500 swagbucks (or 14450 points) with screenshots of opening emails from the US bank?
Reply
Mark(@guest_1834789)
April 23, 2024 08:39
#1834789
R
Their website has your click history. If you have not opened the account by clicking their link. They won’t honor it.
Reply
Mark
Besides the fact it was a $60 offer then, and not $85. Almost 0% chance of working…
Reply
Gd(@guest_1834647)
April 22, 2024 20:19
#1834647
I can’t seem to find it (new to swagbucks), but is there a way to find out how long the $85 SB bonus will last?
Gd
Usually there isn’t an easy way to know when the offers will change or disappear.
Reply
Matt(@guest_1834767)
April 23, 2024 06:18
#1834767
Gd
Reply
Dennis(@guest_1834578)
April 22, 2024 18:17
#1834578
I received a US Bank Credit card bonus in the last year. Will that make me ineligible for this offer? The fine print of the checking bonus states “…cannot have received other U.S. Bank bonus offers within the past two years.” This is NOT included on the savings account eligibility. Does this mean I’m only eligible for the savings bonus?
Reply
Dennis
No, credit card bonuses you have received do not affect your eligibility for deposit account promotions.
Reply
Really(@guest_1834503)
April 22, 2024 16:32
#1834503
Why posts are deleted????
Reply
Author
William Charles(@will)
April 22, 2024 17:46
#1834546
Really
They aren’t
Reply
Carlzjr(@guest_1834699)
April 22, 2024 22:37
#1834699
Really
The “automod” is pretty heavy handed, I cant find too much pattern for some automod killed posts but I do know it does not like you posting websites/emails. However, nobody is policing your posts and deleting them.
Reply
mangorunner(@guest_1834497)
April 22, 2024 16:15
#1834497
I closed my prior US Bank checking account on 4/22/2022, two years ago from today’s date. How granular is the two-year sit-out requirement? Would I be eligible for the new bonus if I applied tomorrow, 4/23? Or would it be advisable to wait until 5/1 to apply?
Reply
mangorunner(@guest_1834543)
April 22, 2024 17:45
#1834543
mangorunner
I figured it out – plenty of discussion about how the dates are calculated within the comments starting here:
https://www.doctorofcredit.com/u-s-bank-1000-checking-savings-bonus/#comment-1734639
Reply
mangorunner
I replied, and it went to moderation. Anyway, I cannot find the DP I was looking for…
I did find someone who was denied for being 1 day too early, so maybe I misread someone else’s DP.
https://www.doctorofcredit.com/u-s-bank-400-checking-200-savings-bonus/#comment-1527446
TL/DR, it’s day for day. I would just add one day, as you did. 4/23
Reply
mangorunner(@guest_1834615)
April 22, 2024 19:04
#1834615
Gadget - Bank Bonus Geek 🔗
Thanks, as always, Gadget - Bank Bonus Geek 🔗!
Reply
TRJ(@guest_1834459)
April 22, 2024 14:48
#1834459
I just closed my account using chat. It only took a few minutes.
Reply
Really(@guest_1834390)
April 22, 2024 12:56
#1834390
Check out the millions they have paid for ethics lapses!
Reply
Sam(@guest_1834640)
April 22, 2024 20:02
#1834640
Really
aren’t you the one making money off them?
Reply
Carlzjr(@guest_1834700)
April 22, 2024 22:38
#1834700
Really
Let your own ethics laps and take their money!
Reply
JOHN m(@guest_1834385)
April 22, 2024 12:45
#1834385
With the top tier waiting up to 7 months for this bonus to post. Not like the old days.
Reply
Shirley(@guest_1834410)
April 22, 2024 13:14
#1834410
JOHN m
I got my $500 bonus in 3 weeks after meeting the requirements last month so that’s not necessarily true for all.
3
Reply
Sunny(@guest_1834358)
April 22, 2024 12:07
#1834358
Am i still eligible for this if it’s been over 2 years since last personal checking was closed but got a business checking bonus in 2023 (and closed)?
2
Reply
Sunny
Terms say “consumer checking account” so you should be OK.
Reply
Matt(@guest_1834029)
April 21, 2024 15:23
#1834029
Anyone have any issues not being able to connect the checking account to other banks? Keep getting cannot verify account information. Just opened a short time ago so not sure if I have to wait any longer.
Reply