Only a few days left! The US Bank Checking $450 welcome bonus is back! The direct deposit requirement is very easy to meet, and I’ve also compiled the latest methods for making a fake direct deposit (Fake DD). You can complete the requirements and earn some money, while also building a relationship that may help with future credit card applications. You can earn this checking account bonus again 12 months after closing the account, so time it right and earn it multiple times. Offer expires November 10.
Here are the requirements for the checking account bonus:
- Complete at least 2 direct deposits within 90 days of opening the account. The bonus amount depends on the total amount of the deposits: $250 for $2,000–$4,999; $350 for $5,000–$7,999; and $450 for $8,000 or more.
- Enroll in US Bank online banking within 90 days of opening the account by logging in online or through the app.
- Deposit $25 within 30 days of opening the account. A regular deposit is fine; it does not have to be a direct deposit.
If you don’t want to, or can’t, use payroll to meet the direct deposit requirement, you can try some unofficial methods, such as transfers (ACH) or withdrawals. Add US Bank as an external bank account at another bank, then initiate an ACH transfer from that bank. Or link your US Bank account to an investment or PayPal account and withdraw money directly. US Bank is one of the most lenient banks when it comes to direct deposits: almost any transfer may count as a direct deposit. US Bank also has a bonus tracker, so you can check whether you’ve met the requirements. Just remember: don’t use instant transfers, and you need two direct deposits, not one!
- Bank ACH transfers: Ally Bank, Alliant Credit Union, American Express, Axos Bank, Bank of America, Capital One, Chase, Charles Schwab Bank, Discover Bank, PNC Bank, SoFi Bank, T-Mobile Money, Tech CU, Wells Fargo, and others
- Withdrawals from investment platforms: Charles Schwab, E*Trade, Fidelity, Robinhood, TreasuryDirect, Vanguard, Wealthfront
- Withdrawals from P2P payment services: Apple Cash, Cash App, Novo, PayPal, Relay, Square Cash, Venmo
This is a great bonus, and we’ve added it to our bank account bonus rankings.
This account has become especially important following changes to the Smartly 4% cash back credit card, so it’s still worth applying for both together.
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About US Bank
US Bank offers banking, investment, mortgage, trust, and payment services to individuals, businesses, government entities, and other financial institutions. It primarily operates in the western and Midwestern United States, with 3,106 branches and 4,842 ATMs. The company also owns Elavon, a processor of credit card transactions for merchants, and Elan Financial Services, a credit card issuer that provides credit card products to US banks and other financial institutions.
One feature of US Bank is that having a checking or savings account can make it easier to apply for its credit cards. Cards such as the Altitude Reserve also used to require an existing US Bank relationship (that’s no longer required). I’ve had an account for several years and found it pretty easy to manage. One month I was charged a monthly fee because I hadn’t been paying attention, but customer service waived it when I called. Pretty nice.
US Bank Smartly Checking
Welcome bonus
See the beginning of this article for the checking account bonus details and requirements.
You can check whether you’ve completed the account-opening requirements under “my progress.”
The restrictions have been loosened somewhat for people who have applied for this account before. Previously, you could not earn the bonus again if you had held a checking account or received a checking account bonus within the past 24 months. The lookback period is now 12 months. Time your application to take advantage of the offer. To qualify for the bonus, you must meet both of these conditions:
- You do not have a US Bank personal checking account when you open the new account.
- You have not received a checking account bonus in the past 12 months.
U.S. Bank Smartly® Checking bonus: To be eligible, you or any owner (s) 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 12 months or received other U.S. Bank consumer checking bonus offers within the past 12 months.
The 12/24-month rules are indeed being enforced, so be sure to take note and don’t assume you’ll get around them. If you want to time it carefully, the earliest option is to note when you receive the $450 bonus, wait until around this time next year, close the account, and then apply again. You could close the account as soon as you receive the bonus, but that’s generally not a good idea.
Direct deposit
If you don’t want to, or can’t, use payroll to meet the direct deposit requirement, you can try some unofficial methods, such as transfers (ACH) or withdrawals. Add US Bank as an external bank account at another bank, then initiate an ACH transfer from that bank. Or link your US Bank account to an investment or PayPal account and withdraw money directly. US Bank is one of the most lenient banks when it comes to direct deposits: almost any transfer may count as a direct deposit. US Bank also has a bonus tracker, so you can check whether you’ve met the requirements.
- Bank ACH transfers: Ally Bank, Alliant Credit Union, American Express, Axos Bank, Bank of America, Capital One, Chase, Charles Schwab Bank, Discover Bank, PNC Bank, SoFi Bank, T-Mobile Money, Tech CU, Wells Fargo, and others
- Withdrawals from investment platforms: Charles Schwab, E*Trade, Fidelity, Robinhood, TreasuryDirect, Vanguard, Wealthfront
- Withdrawals from P2P payment services: Apple Cash, Cash App, Novo, PayPal, Relay, Square Cash, Venmo
This account-opening bonus is taxable and is generally reported as interest on Form 1099-INT.
Account opening requirements
- You must live in a state with a US Bank branch to open an account online. (Search here; just filter for “branch.”)
- Deposit at least $25 into the checking account when you open it.
During the application process, you can use a credit card to fund the account, up to $250. According to Doctor of Credit’s summary, most AMEX, Chase, Barclays, and Citi cards do not treat this as a cash advance. If you’re concerned, you can also fund the account with a bank transfer.
Non-U.S. citizens can also open an account online, but may need to provide additional documents, such as a driver’s license or State ID, student visa, passport, or credit card statement. When I opened an account previously, a customer service representative called and asked me to submit specific documents.
Dear xxxThank you for your application for a new U.S. Bank account.
Upon review of your application, it has been determined that we are in need of further identifiable information and are requesting a copy of your Driver's License/State ID and one of the following Resident Alien card, Work Visa , Student Visa or Work Authorization card. Please make sure you send over front and back of the requested documentation . Please email or fax the copies to my attention at 1-877-691-8492 (if you could please enlarge and lighten the copy so that it might be transmitted clearly it would be appreciated) .
*We may require verification of your current address. If the current address on your Driver's License/State ID does not match the address on your application, we will need additional proof of address in the form of a recent utility bill, pay stub, cable bill, cell phone bill, mortgage/credit card statement, or statement from another bank. Please fax or email the full page of the statement.
Once we receive it, we will proceed with processing your application. Please feel free to contact me with any questions or concerns.
Please note that we must receive this information to proceed with your request for a new account.
If we do not receive your information within 30 days, we will consider your application withdrawn.
If There Is No US Bank Branch in Your State
If there are no US Bank branches in your state, you cannot open a checking account online. One workaround is to have any US Bank product: when you apply, log in to your account, and the application will automatically retrieve your personal information, bypassing the state verification restriction. Here are a few ways to do this; you only need to complete one:
- Apply for a US Bank credit card first, and then you can apply online. However, it can be difficult to get approved for a US Bank card without a checking account, and applicants without a strong credit history may be denied.
- Open a US Bank investment account; afterward, you can apply online for a checking account. The investment account requires your SSN, but it does not result in a hard pull on your credit report. You do not need to deposit or invest any money. Self-directed investing is the best option.
- You can also use the application link for the US Bank and State Farm partnership. You must enter the promo code yourself to receive the account-opening bonus. If you see an error saying that your information cannot be found, try getting an insurance quote from State Farm first (you do not need to buy the insurance), then try again.
- You can open a US Bank business checking account; this option also has no ZIP code restriction.
- You can also open a US Bank CD. It requires a deposit of at least $1,000 for five months, but it is available to residents of any state.
- A US Bank savings account may also work; some readers have succeeded with this option.
Fees
US Bank has made some important changes to its checking account. The monthly fee is increasing from $6.95 to $12, and the benefit that waived the monthly fee for US Bank credit cardholders is also being discontinued. These changes take effect on May 19. If you currently rely on the credit card benefit to avoid the monthly fee, meet one of the requirements below as soon as possible. Keeping $1,500 in the account is the easiest option.
- Receive total direct deposits of $1,500 or more each month
- Have a US Bank small business checking account
- Be a customer with a higher relationship tier
- Maintain an average account balance of $1,500
- Qualify as a member of a special group, such as seniors, teens, or military personnel
There is no early account-closure fee, which means that in theory, you can close the account after receiving the account-opening bonus.
Customer Tiers
US Bank's customer tiers have also changed. Smartly Checking customers will automatically receive Bronze Tier benefits going forward.
US Bank Savings Account (No Current Bonus)
Account-Opening Bonus
Monthly Fee
This savings account has a $4 monthly fee, but you can avoid it by meeting any one of the following requirements:
- Maintain a daily balance of at least $300 (details)
- Maintain an average monthly balance of $1,000 (details)
- Have a joint account with a teen
Automated Investor Account (No Current Bonus)
The requirements are as follows:
- You must not have opened an automated investment account in the past 24 months.
- Open the account between March 1 and April 15.
- Transfer in $1,000 within 30 days of opening the account and keep it there for 120 days (only the principal counts; subsequent gains or losses do not affect the requirement).
If you meet the requirements, the account-opening bonus will be paid within 5–8 months of opening the account. If you account for the 120-day holding period, it will be roughly one month after you meet that requirement. The bonus is treated as interest for tax purposes, and you will receive a 1099-INT.
Applying With an ITIN
According to reports, you may be able to apply for a US Bank checking or savings account with an ITIN and a US address. You can try using my link. For more details, visit [details not provided]. There are many knowledgeable members in the Knowledge Planet community. If you share these interests, you can join and take part in the discussion.
My Take
This is a great bonus. If you are interested in other account-opening bonuses, consider these offers:
Checking account opening bonuses are taxable. The bank will send you a 1099-INT the following year; report the bonus as interest income.
