DOC Compass — Offers, decoded

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Offer at a glance

Maximum bonus amount: $400
Availability: Nationwide. Must live in U.S. Bank’s footprint
Direct deposit required: Yes, two deposits totaling $2,000 or more
Additional requirements: Use promo code and online/mobile banking
Hard/soft pull: Soft
ChexSystems: Mixed data points
Credit card funding: Can fund up to $50 with a credit card
Monthly fees: $6.95, avoidable
Early account termination fee: None
Household limit: One
Expiration date: January 10th, 2020

The Offer

Direct link to offer

U.S. Bank is offering a bonus of up to $400 when you open a new checking & savings accounts when you use promo code FREND19. Bonuses are as follows:
- $200 checking bonus:
  - Open a new Platinum, Gold or Easy checking account
  - Complete two or more recurring direct deposits that total a minimum of $2,000
  - Enroll in either U.S. Bank online banking or the U.S. Bank Mobile App within 60 days of account opening
- $200 savings bonus:
  - Open a new Platinum Select Money Market Savings or Elite Money Market account
  - Have total deposit(s) of $10,000 or more by January 10, 2020 and maintain a balance of $10,000 or more through March 10, 2020

The Fine Print

To earn the $200 bonus offer, you must open a new U.S. Bank consumer checking account (excluding Student Checking and Safe Debit Account) between and including December 5, 2019 and January 10, 2020. Additionally, you must complete recurring direct deposits of two or more that total $2,000 or more and be enrolled in either U.S. Bank online banking or the U.S. Bank Mobile App within 60 days of account opening. Talk to a banker for assistance in enrolling. The checking bonus will be deposited into your new checking account within 60 days of direct deposit verification, and verification of enrollment in either U.S. Bank 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 six months, or received other U.S. Bank bonus offers within the past 12 months.]
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Easy Checking

his account has a $6.95 monthly fee and is waived if you meet any of the following requiremnets:

Combined monthly direct deposits totaling $1000+ – or –
Average account balance of $1,500.- or –
Account holder(s) age 65 or greater.

Gold Checking

This account has a $14.95 monthly fee but is waived if you have a U.S. Bank credit card. Many of us have a U.S. Bank personal credit card like Altitude, Flexperks, or Cash+ which would work to keep the account fee-free. Another option is to get the Gold account and get the fee waived if you have a good credit score and join the Because You’ve Earned It program.

Early Account Termination Fee

There is no early account termination fee to worry about

Our Verdict

You can frequently do the checking bonus but it’s normally $300 (although we recently saw $400 in branch), so the savings bonus is really only $100. Basically need $10,000 invested for ~60 days to trigger the savings bonus, that works out to be roughly 6% APY for that 60 day period. Worth doing and I guess slightly better than the standard bonus. If you’re not going to do the savings portion of the offer I’d recommend just waiting for the $300 bonus to return. I will add this to our best checking & savings bonus.

Hat tip to jojool

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