It’s officially summer, so it must be time for a US Bank checking bonus. In the past two years, US Bank offered its "Power Up Your Summer" ($150) and "Power Up 2015" ($125) bonuses. This year’s promotion is the "Summer Bank Bonus 2016", which earns $150 when opening a new checking account now through August 12, 2016.
Unlike the two previous promotions, there is no sweepstakes attached (like last year’s $50K "Power Up Your Home Sweepstakes"). Instead, US Bank is offering an additional $50 bonus if a US Bank Credit Card is opened in conjunction with the new checking account, with “two separate net purchases totaling at least $25 each within 60 days of credit card account opening.” Complete details are available on the promotion page.
The checking accounts connected to this promotion are the Silver, Gold, and Platinum Checking Packages ($25 minimum opening deposit). Each of these checking accounts has a monthly maintenance fee, but the fee can be waived. For complete details on these checking accounts, please refer to US Bank’s Compare Checking Accounts page.
$150 Bonus Requirements
- Use the promo code (emailed to you) when opening a new checking account.
- Complete one or more direct deposits totaling at least $500 within 60 days of account opening, OR
- Make two or more online bill payment transactions within 60 days of account opening.
- The bonus will post within 60 days of the above requirements being met, provided your checking account is still open.
- Minimum opening balance is $25.
- Not available to existing US Bank checking account customers.
- Not available to customers who have closed a US Bank checking account in the last six months.
- Not valid if another US Bank checking bonus has been received in 2016.
- Cannot be combined with any other checking promotion.
Complete details are available on US Bank’s "Summer Bank Bonus 2016" promotion page, but it’s worth mentioning that US Bank has removed the early termination fee on checking accounts.
The “Summer Banking Bonus 2016” promotional offer is valid between June 25 and August 12, 2016 and is available to any U.S. resident, 18 years or older.
A Promo Code must be used when applying for the bonus, whether online or in person. In the past, the promo code was listed on the promotion page, but in this instance, it will be emailed to the address you provide on the promotional page.
US Bank, (FDIC Certificate # 6548) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 5.11% (excellent), based on March 31, 2016 data. In the past year, US Bank has increased its total deposits by $17.74 billion, an excellent annual growth rate of 5.97%. Please refer to our financial overview of US Bank for more details.
Founded in 1863 as The First National Bank of Cincinnati, today’s US Bank has assets in excess of $423 billion. In 153 years of continuous operation, US Bank has acquired 58 financial institutions in 25 states to become the 5th largest bank in the nation.
How the $150 Bonus Compares
Assuming a Silver, Gold, or Platinum Checking Package is opened with the required minimum deposit of $25, and the minimum $500 in direct deposit, and is kept opened for three months to ensure the bonus being awarded:
- $525 for 90 days in a US Bank checking account = $150 bonus
- $525 for 90 days in a savings account earning 1% = $1.31 interest
The above rates are accurate as of 6/30/2016.
Other Bank Promotions and Bonuses
Not eligible for US Bank’s Summer Bank Bonus? Check out my latest bank and credit union bonus blog posts to find other promotions. In addition, DepositAccounts.com readers and I also post often on bonuses in the Bank Promotions Forum.