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U.S. Bank is currently offering some of the best promotions for new checking and savings accounts. To see if you qualify, check out the details below.
U.S. Bank Silver Business Checking
The U.S. Bank Silver Business Checking account is a good fit for small business owners who aren't ready to pay for a business checking account. Its feature list may not be as robust as some of its competitors, but it comes with all the tools you need to manage your funds as well as a decent number of free monthly transactions.
Earn up to a $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q2AFL24 and complete qualifying activities1, subject to certain terms and limitations. Offer valid through August 30, 2024. Member FDIC.
Earn up to a $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q3AFL24 and complete qualifying activities, subject to certain terms and limitations. Offer valid through September 16, 2024. Member FDIC.
How you earn it:
How you qualify: You must live in a U.S. service area, and you cannot already have a U.S. Bank business checking account, nor have had one in the last six months. You also won't be eligible if you got a bonus from a U.S. Bank savings account or money market account in the last 12 months.
Where to open an account: Online, in person, or over the phone.
Monthly fees: None.
Offer expires: After Sept. 16, 2024.
U.S. Bank Smartly® Checking
U.S. Bank is the fifth-largest bank in the U.S. in terms of assets. With its Smartly checking account you can earn special benefits when you enroll in the Smart Rewards™ program. With its digital security coverage, you are not liable for unauthorized transactions that are initiated online at usbank.com or through the U.S. Bank Mobile App as long as you let it know right away.
The monthly maintenance fee can be waived for customers who meet certain criteria. U.S. Bank also provides security alerts, personalized financial insights, and financial goal setting through its award-winning app.
How you earn it:
How you qualify: To qualify, you must live within a U.S. Bank service area (you can verify online by using your ZIP code). Additionally, you cannot currently have a U.S. Bank personal checking account, nor have had one in the last two years. This also applies to anyone listed on the account, like a spouse. Finally, your account must still be open with a positive balance at the time when the bonus is deposited.
Where to open an account: Online, in a U.S. Bank branch, or over the phone.
Monthly fees: $6.95, which can be waived through one of the following:
Offer expires: After June 27, 2024.
U.S. Bank Standard Savings Account
The U.S. Bank Standard Savings Account is a great choice for savers who are more concerned with ease of access and a top-notch digital banking experience than maximizing the interest earned in their account.
Earn up to $200 with a new U.S. Bank Standard Savings Account.
How you earn it:
How you qualify: Like the U.S. Bank Smartly® Checking account, you must live in a U.S. service area to open a savings account. In addition, you cannot already have a U.S. Bank Standard Savings Account, nor have had one in the last six months. You also won't be eligible if you got a bonus from a U.S. Bank savings account or money market account in the last 12 months.
Where to open an account: Online, in person, or over the phone.
Monthly fees: $4 maintenance fee, which can be waived in the following ways.
Offer expires: After June 27, 2024.
The biggest thing to keep in mind is account fees. With the exception of the U.S. Bank Silver Business Checking account, all of the accounts listed above have a monthly fee, along with options to waive it. As long as you meet the criteria to waive the fee, you'll have nothing to worry about. However, if fee waivers are a hassle, you might be better off looking at free checking or savings accounts.
U.S. Bank currently offers some of the most competitive bonuses for its checking accounts. While other banks offer $200 to $400 as welcome bonuses for new customers, U.S. Bank will give you up to $500 for U.S. Bank Smartly® Checking and up to $200 for a new savings account. That said, the criteria aren't exactly low (you need at least $3,000 in direct deposits, or $15,000 to hold in savings). If you can't satisfy the requirements, you might be better off looking at other bank bonuses.
As far as the U.S. Bank Standard Savings Account goes, the $300 bonus is on par with what most banks offer. That said, your money will grow at a rock-bottom APY of 0.01% (as of 3/24/2023). That means, if you were to keep $25,000 in your account for 90 days, your effective APY would be something like 4.80%, assuming you get the $300 bonus. That's not a competitive rate at all, especially with some high-yield savings accounts and CDs paying out at 5% or higher. That doesn't necessarily mean you should pass up this offer, but it is something to consider if you want a savings account for the long term.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
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Yes, bank bonuses are considered taxable income, so it's wise to set some of your bonus aside for taxes. During tax season, U.S. Bank will likely send you a 1099-INT form, which you can use to report your interest income on your taxes.
Yes, as long as you're considered a new account holder, you can qualify for multiple promotions. For example, if you open a U.S. Bank Smartly® Checking and U.S. Bank Standard Savings Account at the same time, you could technically earn $800 by meeting all the criteria.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.