Update 3/20/23: Credit card funding has been increased to $3,000.
Offer at a glance
Maximum bonus amount: $600 (plus, up to $49 from shopping portal)
Availability: Nationwide (excludes NY & FL and any other state without a branch unless you have an existing 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
Monthly fees: $6.95, avoidable
Early account termination fee: None
Household limit: None
Expiration date: April 11, 2023
The Offer
U.S. Bank is offering a $600 checking. Must use promo code 2023MAR.
To earn up to $600, open a Bank Smartly Checking account online, in a branch or over the phone with an opening deposit of $25. Then complete the following activities within 90 days:
Enroll in the U.S. Bank Mobile App or online banking.
Complete two or more direct deposits.
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.
You can also go through a shopping portal like Swagbucks or MyPoints for $35-$49 back. See all options here.
The Fine Print
Note: Use the Apply buttons above and we’ll enter the promo code for you. If you apply for your checking or savings account from a different page, you’ll need to manually enter this promo code to both account applications: 2023MAR.
A minimum deposit of $25 is required to open a U.S. Bank Smartly Checking account.
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 from February 21 through April 11, 2023 for the Charlotte, NC market, and from March 1 through April 11, 2023 for all other markets.
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.
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.
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 received other U.S. Bank bonus offers within the past two years.
Limit one checking bonus per eligible account.
Offer may not be available if you live outside of the U.S. Bank footprint. Current U.S. Bank employees are not eligible. Offer not available through Alliance partnerships. Offer not available with Trust Accounts. Other restrictions may apply. All standard account terms, conditions and opening procedures apply. For a comprehensive list of account pricing, terms and policies, see the Your Deposit Account Agreement and the Consumer Pricing Information (PDF) disclosure.
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 Smartly has 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 no early account termination fee to worry about
Our Verdict
The $600 checking bonus is best ever for someone who can max out the $10,000 direct deposit max. And the added $35-$49 from Swagbucks/MP is a nice little touch.
The prior offer maxed out at $400 (that one also had a separate $200 savings deposit component for $600 total). We’ll add this to our list of Best Bank Account Bonuses.
Hat tip to reader Brea
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
Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
What Banks & Credit Unions Do/Don’t Pull 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?
Affiliate Links & Bank Bonuses – We Won’t Be Using Them
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