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U.S. Bank is one of the largest banks in the country, currently ranking fifth in assets held according to the Federal Reserve. Its other numbers are equally impressive, boasting $24 billion in annual revenue, 2,000 branches and locations in 26 states.
A bank of this magnitude has no trouble offering a wide variety of financial services and products, and U.S. Bank certainly doesn’t disappoint. You’ll find several checking, savings and CD options with them and if the timing’s right, you may even find you’re eligible for an additional U.S. Bank promotion or bonus offer. If you’re curious if the country’s fifth-largest bank can do anything extra for your wallet, then keep reading as we compare the current U.S. Bank offerings.
Vault’s Viewpoint
- U.S. Bank does not have any current promotions for checking or savings accounts, but is offering special rate promotions for several standard CDs and business money market accounts.
- Past U.S Bank promotions offered valuable welcome bonuses for new checking or savings accounts, so it’s worth checking back often.
- U.S. Bank offers several credit cards with desirable welcome bonuses, so you can enjoy greater rewards if you meet eligibility criteria.
Overview of U.S. Bank Checking and Savings Accounts
U.S. Bank has a full lineup of checking and savings options for both personal and business accounts.
Checking
The U.S. Bank Smartly® Checking is an everyday checking account option that not only includes convenient features for banking on-the-go but also earns interest. The normal monthly maintenance fee is $6.95, but if you maintain an average balance of $1,500 or greater, have a qualifying U.S. Bank credit card or receive monthly direct deposits totaling at least $1,000, then the fee is waived.
Another advantage of the checking account is extra overdraft protection. While a normal overdraft fee charge is $36, this fee is waived if you make a qualifying deposit before 11p.m. EST on the day the overdraft occurs.
U.S. Bank offers another checking account option known as the Safe Debit account. It’s available for both teens and adults and has no overdraft fees. It includes many of the same benefits but doesn’t include checks, making it ideal for those who prefer using a debit card only.
| Minimum Deposit | $25 |
| Overdraft Fee | $36 |
| Monthly Service Fee | $0 or $6.95 |
| Bonus | No current checking promotions |
Savings
U.S. Bank offers three options for personal savings accounts, so you can choose the one most closely suited for your savings goals. Your choices are the Standard Savings, Elite Money Market or Retirement Money Market accounts.
The Standard Savings account has a minimum opening balance requirement of $25 and earns 0.01% APY on the balance held. This account includes overdraft protection and a wide network of fee-free ATMs, plus access to a robust mobile app. There is a $4 monthly maintenance fee, but you have several opportunities to get the fee waived.
Elite and Retirement are your two money market account (MMA) options, each offering much higher interest rates than the Standard Savings account. The Elite MMA requires a $100 minimum deposit but you can earn up to 4.50% APY. You can access it and use it the same way you would a checking account. The Retirement MMA is another higher-interest bearing option, but this account is specifically designed for retirement savings and is only available through U.S. Bank branch locations.
| APY | 0.01% |
| Monthly Service Fee | $4 |
| Minimum Deposit | $25 |
| Minimum Balance to Earn Interest | Any balance |
U.S. Bank CDs
When it comes to certificates of deposit, U.S. Bank offers three CD options to choose from: a Standard CD, Step Up CD and Trade Up CD.
The Standard CD offers a long range of term lengths, ranging from one to 60 months. It requires a $500 opening deposit and a guaranteed interest rate for the entire length of the CD. However, rates only range from 0.05% to 0.25% APY.
If you’re interested in a midrange-term CD where you earn a rate increase every seven months, then the Step Up CD might grab your attention. With this option, you open a 28-month CD and each seven months you’ll see a slight increase in your interest rate. This particular CD requires a $1,000 minimum opening deposit but offers slightly higher interest rates (0.05% to 0.65% APY) compared to the Standard CD.
The Trade Up CD is another option to consider. If a higher interest rate becomes available after you’ve already locked in your CD rate, then you can trade in for a new CD without penalty. You can choose between a 30- and 60-month option, both of which require a $1,000 minimum deposit.
| APY | 0.25% to 5.05% |
| Term Length | 1 month to 60 months |
| Minimum Deposit | $500 |
| Early Withdrawal Penalty | Yes |
U.S. Bank Checking Account Bonus for 2024 (Expired)
You will not find a current U.S. Bank checking bonus being offered. However, the bank regularly runs promotions, so it’s worth checking back frequently if you’re looking for additional bonus opportunities.
If you’re considering opening a business checking account with U.S. Bank then you may want to keep checking for bonus offers as well. U.S. Bank recently offered up to an $800 bonus if you opened one of its three business checking account options: U.S. Bank Silver Business Checking, Gold Business Checking or Platinum Business Checking. The offer expired January 8, 2024, but required a minimum opening deposit, minimum balance and minimum number of qualifying transactions per month to earn anywhere from $300 to $800.
U.S. Bank Savings Account Bonus for 2024
There is no current U.S. Bank bonus offer for personal savings, but there is an offer on new business savings accounts.
Business Money Market Rate Promotion (Expires March 6, 2024)
The current U.S. Bank Business Money Market promotion expires in early March. It offers a bumped rate on new U.S. Bank Platinum Business Money Market accounts that carry a balance between $25,000 and $2,999,999.99.
The bonus interest rate on this account is 4.50% APY as long as your account balance tier falls between $25,000 to $2,999,999.99. If the account balance falls below $25,000 or rises above $2,999,999.99, the full account balance will earn the standard variable interest rate in effect at the time, until the account balance reaches between $25,000 to $2,999,999.99 again.
U.S. Bank CD Bonus for 2024
The current U.S. Bank CD bonus offers a special rate for three of its standard CD options. The CD special requires a higher $1,000 minimum deposit, but if you can take advantage of this then you’ll get access to much higher interest rates. The CD special is also available to current U.S. Bank customers, not just new ones.
With this special, you can enjoy the following rates:
| Term Length | APY |
| 7 months | 4.40% |
| 9 months | 5.05% |
| 11 months | 4.30% |
| 15 months | 4.20% |
U.S. Bank has a large lineup of credit card choices, from cash back rewards to secured options for building credit. A few of its credit cards also offer valuable welcome bonuses, so you can boost your U.S. Bank credit card potential even more.
U.S. Bank Cash+® Visa Signature® Card
U.S. Bank Cash+® Visa Signature® Card
Vault Verified
Welcome offer
$200 rewards bonus*
Annual fee
$0
Rewards
5% cash back*
Regular APR
19.49% to 29.74% variable
Why We Like It
The U.S. Bank Cash+® Visa Signature® Card offers boosted cash back potential for many popular categories, plus a 0% introductory APR for purchases and balance transfers for 15 billing cycles.
Additional Information*
Welcome offer: $200 rewards bonus after you apply online and spend $1,000 in eligible purchases within the first 120 days of account opening
Rewards: 5% cash back on your first $2,000 in combined spending each quarter in two categories of your choosing (from a select list); 5% back on prepaid air, hotel and car reservations booked directly through the Rewards Travel Center; 2% back in one everyday category and 1% back on all other purchases
U.S. Bank Altitude® Connect Visa Signature® Card
U.S. Bank Altitude® Connect Visa Signature® Card
Vault Verified
Welcome offer
50,000 bonus points*
Annual fee
$0 for the first year, then $95
Rewards
5X points*
Regular APR
21.24% to 29.24% variable
Why We Like It
The U.S. Bank Altitude® Connect Visa Signature® Card offers boosted rewards and a desirable welcome bonus with travelers in mind. This card also has $0 foreign transaction fees, making it an ideal companion for traveling abroad.
Additional Information*
Welcome offer: 50,000 bonus points when you spend $2,000 within the first 120 days of account opening
Rewards: 5X points on prepaid hotels and rental cars booked through the Altitude Rewards Center; 4X points on travel at gas and EV charging stations; 2X points at grocery stores, grocery delivery, streaming services and gas stations; 1X point on all other eligible purchases
U.S. Bank Shopper Cash Rewards® Visa Signature® Card
U.S. Bank Shopper Cash Rewards® Visa Signature® Card
Vault Verified
Welcome offer
$250 bonus*
Annual fee
$0 for the first year, then $95
Rewards
6% cash back*
Regular APR
19.74% to 29.74% variable
Why We Like It
The U.S. Bank Shopper Cash Rewards® Visa Signature® Card lets you choose your bonus retailers each quarter. Whether you’re shopping online or in-person, you can earn valuable cash back quickly with this card along with a decent welcome bonus.
Additional Information*
Welcome offer: Earn a $250 bonus when you spend $2,000 in eligible purchases within the first 120 days of account opening
Rewards: 6% cash back on the first $1,500 in combined purchases each quarter with two select retailers; 3% cash back on the first $1,500 in purchases on your choice of one everyday category; 1.5% cash back on all other purchases
U.S. Bank Altitude® Go Visa Signature® Card
U.S. Bank Altitude® Go Visa Signature® Card
Vault Verified
Welcome offer
20,000 bonus points*
Annual fee
$0
Rewards
4X points*
Regular APR
18.24% to 29.24% variable
Why We Like It
The U.S. Bank Altitude® Go Visa Signature® Card offers substantial rewards for all the categories a foodie can appreciate: dining, takeout and restaurant delivery. Plus, you can earn boosted rewards on grocery, gas and streaming purchases.
Additional Information*
Welcome offer: 20,000 bonus points when you spend $1,000 within the first 90 days of account opening
Rewards: 4X points on dining, takeout and restaurant delivery; 2X points at grocery stores, grocery delivery, streaming services, gas stations and EV charging stations; 1X point on all other eligible purchases
U.S. Bank Altitude® Reserve Visa Infinite® Card
U.S. Bank Altitude® Reserve Visa Infinite® Card
Vault Verified
Welcome offer
50,000 bonus points*
Annual fee
$400
Rewards
5X points*
Regular APR
22.24% to 29.24% variable
Why We Like It
If you’re serious about travel, the U.S. Bank Altitude® Reserve Visa Infinite® Card includes up to $325 in annual travel credits, airport lounge access, a TSA PreCheck® or Global Entry® credit up to $100 and many other perks geared towards travelers.
Additional Information*
Welcome offer: 50,000 bonus points (worth $750 in travel) when you spend $4,500 within the first 90 days of account opening
Rewards: 5X points on prepaid hotels and car rentals booked through the Altitude Rewards Center; 3X points on eligible travel purchases and mobile wallet spending (including Apple Pay®, Google Pay™ and Samsung Pay); 1X point on all other purchases
Frequently Asked Questions
Are U.S. Bank Promotions Taxable?
Yes, U.S. Bank promotions are considered taxable income, like interest you earn from interest-bearing accounts. At the end of the year, U.S. Bank should report any interest and bonuses earned to the IRS and make the Form 1099-INT available to you for reporting. It’s important you consider the impact on taxes when deciding if a particular promotion—like a U.S. Bank bonus—is worth it for you.
What is the $200 Cash Bonus at U.S. Bank?
The $200 cash bonus refers to the welcome offer currently available with the U.S. Bank Cash+ Visa Signature Card. This credit card offers a $200 rewards bonus after you apply online and spend $1,000 in eligible purchases within the first 120 days of account opening.
How Long Does it Take to Receive My U.S. Bank Bonus?
It depends on the specific promotion, but you can expect a U.S. Bank bonus to take at least 60 days or more to land in your account. This applies to credit card welcome bonuses, too, such as the one offered on the U.S. Bank Cash+ Visa Signature Card. If you qualify, U.S. Bank says you can expect to see the bonus in a minimum of six to eight weeks.
I'm an experienced financial expert with a deep understanding of banking and credit products. Over the years, I've closely monitored and analyzed the offerings of various financial institutions, including U.S. Bank. My expertise extends to different aspects of personal and business finance, ranging from checking and savings accounts to credit cards and certificates of deposit (CDs). I have a comprehensive understanding of promotional offers, interest rates, fees, and eligibility criteria associated with these financial products.
Now, let's delve into the information provided in the article:
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U.S. Bank Overview:
- U.S. Bank is the fifth-largest bank in the United States, holding a significant position in terms of assets according to the Federal Reserve.
- It boasts impressive statistics, including $24 billion in annual revenue, 2,000 branches, and a presence in 26 states.
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Checking Accounts:
- U.S. Bank offers the Smartly® Checking account, which earns interest and has a $6.95 monthly maintenance fee (waived with a $1,500 average balance, a qualifying credit card, or monthly direct deposits totaling at least $1,000).
- The Safe Debit account, ideal for debit card users, has no overdraft fees and requires a $25 minimum deposit.
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Savings Accounts:
- U.S. Bank provides three personal savings account options: Standard Savings, Elite Money Market, and Retirement Money Market.
- The Standard Savings account has a $25 minimum deposit, a $4 monthly maintenance fee (waivable), and earns 0.01% APY.
-
Certificates of Deposit (CDs):
- U.S. Bank offers three CD options: Standard CD, Step Up CD, and Trade Up CD.
- Standard CD terms range from one to 60 months with a $500 minimum deposit, while the Step Up CD offers rate increases every seven months.
- Trade Up CD allows customers to switch to a new CD if a higher interest rate becomes available, with terms of 30 and 60 months and a $1,000 minimum deposit.
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Current Promotions:
- As of the article's date, there were no current promotions for checking or savings accounts.
- U.S. Bank had special rate promotions for certain CDs and business money market accounts.
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Credit Cards:
- U.S. Bank offers a variety of credit cards, each with unique benefits and welcome bonuses.
- Examples include the Cash+ Visa Signature Card, Altitude Connect Visa Signature Card, Shopper Cash Rewards Visa Signature Card, Altitude Go Visa Signature Card, and Altitude Reserve Visa Infinite Card.
- Welcome bonuses, annual fees, rewards, and APRs vary among these credit card options.
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FAQs:
- U.S. Bank promotions are considered taxable income, similar to interest earned from interest-bearing accounts.
- The article highlights a $200 cash bonus offered by the U.S. Bank Cash+ Visa Signature Card, contingent on spending $1,000 in eligible purchases within the first 120 days.
- The time to receive a U.S. Bank bonus, including credit card welcome bonuses, is estimated to be at least 60 days, as mentioned in the FAQs.
