US Bank Checking Account Bonus Pays Up To $400

Now through June 13, 2022, US Bank is offering a $200 or $400 checking bonus when opening a new Platinum, Gold, or Easy checking account.

As stated on the bonus landing page, the following must be completed within 60 days of opening the new checking account

• Enroll in online banking or the U.S. Bank Mobile App.
• Complete two or more direct deposits within the first 60 days of opening your account. Your bonus amount is determined by the total amount of the direct deposits.
• Earn $200 when your direct deposits total $2,500 to $4,999.99.
• Earn $400 when your direct deposits total $5,000 or more.

US Bank considers a direct deposit to be,

an electronic deposit of your paycheck of 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 bonus will post to the new checking account within 60 days of direct deposit verification and verification of enrollment in online banking or the US Bank Mobile App, provided your checking account is open and has a positive balance.

Limitations

• There is a limit of one checking bonus per person, with current US Bank employees excluded.
• Not available to existing US Bank checking account customers.
• Not available to customers who have had a US Bank checking account in the last two years.
• Not available to customers who have received any other US Bank bonus in the last two years.
• Cannot be combined with any other checking promotion.

Checking Accounts

The Platinum, Gold, and Easy Checking accounts can all be opened with a $25 minimum deposit. Of the three, the Easy Checking (a basic checking account with standard features) is probably the best option, since it has the lowest monthly maintenance fee.

The $6.95 monthly maintenance fee can be waived if any one of the following applies to you:

• Your combined monthly direct deposits total $1,000 or more.
• You keep an average account balance of $1,500 or more.
• You are age 65 or greater.

For complete details on all three checking accounts, please refer to US Bank’s Compare Checking Accounts page.

Availability

Headquartered in Minneapolis, Minnesota, US Bank is offering the “Summer’s Just Around the Corner” bonus to U.S. residents, 18 years or older, who live in Arkansas, Arizona, California, Colorado, Florida, Iowa, Idaho, Illinois, Indiana, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oregon, South Dakota, Tennessee, Utah, Washington, Wisconsin, or Wyoming.

Although it sounds like an oxymoron, CSR stated the bonus is available “nationally but not nationwide.” He explained while the bonus is available to ALL residents in the above named 27 states, it is also available to residents of the other 23 states who have an existing relationship with US Bank. For example, if you have a credit card through US Bank that you opened while living in California and you now live in New York, you are eligible to apply for the $200/$400 bonus.

Opening a new checking account and applying for the bonus can be done online, using the 24-hour phone banker (866.506.5585), or in person at any of more than 2,200 full-service branches located in 27 states.

The promotion code 2022MAY must be used when applying for the bonus, whether online, by phone, or in person. If you apply online using the promotion page link, the 2022MAY code will be automatically entered. If you apply online using any other page on US Bank’s website, the 2022MAY code must be entered manually.

Bank Overview

US Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.19% (excellent), based on December 31, 2021 data. In the past year, US Bank has increased its total non-brokered deposits by $8.51 billion, an above average annual growth rate of 2.08%. Please refer to our financial overview of US Bank (FDIC Certificate # 6548) for more details.

Founded in 1863 as The First National Bank of Cincinnati, today’s US Bank has assets in excess of $564 billion and more than 41 million customer accounts. In 159 years of continuous operation, US Bank has acquired 58 financial institutions in 25 states to become the fifth largest bank in the nation.

Bottom Line

While not as lucrative as the $300/$500 bonuses from earlier this year, the $200/$400 are still quite competitive. There are no CDs or liquid accounts currently available that can return $200 or $400 in approximately two months. An online savings account earning the current top rate of 1.00% APY would require about $20k on deposit for a year to earn $200 and approximately $40k on deposit for a year to earn $400.

If you don’t qualify for the US Bank checking bonus, check our list of the best savings and checking account bonus offers for a bonus that’s the right one for you.

The above information and rates are accurate as of 5/5/2022.