U.S. Bank Smartly® Checking Review [2025]: Worth Moving for a Bonus

U.S. Bank Smartly® Checking details

Annual percentage yield (APY)	0.001%-0.005% (as of Jan. 31, 2025)3 <p>Variable rate account – Interest rates are determined at the bank’s discretion and may change at any time. Speak to a banker for current deposit rates, disclosures on rates, compounding and crediting and other balance information.</p>
Minimum deposit requirement	$25
Monthly maintenance fees	$6.95 (can be waived)2 <p>No Monthly Maintenance Fee for the U.S. Bank Smartly® Checking account with one of the following: Combined monthly direct deposit totaling $1,000+, an average account balance of $1,500 or greater, the presence of an eligible U.S. Bank credit card, are 24 and under, 65 and over, or a member of the military (must self-disclose), or qualify for one of the four Smart Rewards® tiers.&nbsp;</p> 1 <p>If you have linked eligible accounts and the negative Available Balance in your checking account is $5.01 or more, the advance amount will transfer in multiples of $50. If, however, the negative Available Balance is $5 or less, the amount advanced will be $5. The Overdraft Protection Transfer Fee is waived if the negative Available Balance in your checking account is $50 or less.</p> <p>Note: If you have Overdraft Protection and your account becomes overdrawn, Overdraft Protection funds will be accessed before the account is eligible for U.S. Bank Overdraft Fee Forgiven.</p> <p>Refer to <a href="https://www.usbank.com/dam/documents/pdf/Deposit-Account-Agreement.pdf">Your Deposit Account Agreement</a> (PDF) section titled Overdraft Protection Plans for additional information.</p>
Overdraft fees	$36 for each item Fee is charged when the overdraft item is $5.01 or more and your negative balance is $50.01 or more
Number of branches	2,000+ branches in 26 states4 <p>Applicant must reside in AZ, AR, CA, CO, ID, IL, IN, IA, KS, KY, MN, MO, MT, NE, NV, NM, NC, ND, OH, OR, SD, TN, UT, WA, WI, WY to be eligible for Checking account</p>
ATM access	40,000+ ATMs Fee for using a non-U.S. Bank ATM: $2.50
FDIC insured	Up to $250,000

Who should get this account?

Two groups will benefit most from a Bank Smartly Checking account:

• People who live near a branch and value having that access
• People who qualify for a promotional bonus U.S. Bank is offering (more details on qualifying below)

First, while I aim to never set foot in a bank, I know other folks need to deposit cash or otherwise value face-to-face interactions. So if one's convenient to you, I'd consider applying to open a checking account.

It's not a great account for earning interest, but checking accounts generally aren't. For example, I think SoFi®'s 0.50% (as of 01/24/25) APY on its checking account (if you have direct deposit) is a pretty good rate.⁵ <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) <b>OR</b> $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. See full bonus and annual percentage yield (APY) terms at <a href="http://www.sofi.com/banking#1">sofi.com/banking#1</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p> <p>SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Jan. 24, 2025. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.</p>

Let's face it — it's a hassle to change banks, especially if you like to put bills on autopay. Which is why I needed a bonus to nudge me into taking action and moving my banking.

The $600 bonus offered in April 2023 by U.S. Bank on its Bank Smartly Checking account made it worth the trouble to me. U.S. Bank frequently offers bonuses for opening this account, though the amount and exact requirements vary.

Read the fine print

That said, be sure to read the fine print on any bonus offer, including any offer from U.S. Bank. You want to be sure you can meet the qualifications before you put in an account application.

In general, bonus offers are paid based on how much you direct deposit in a certain time period, the balance you have over a certain time period, or both. You may also need to open a savings account.

One key factor to consider is the type of direct deposits you receive. Typically, only employer and government benefit direct deposits count, but some banks may allow other deposits to qualify.

You'll also have a specific timeframe to meet the bonus qualifications, so be sure to note that as well.

Here's the fine print on U.S. Bank's current offer, for example:

Earn up to $400 when you open a new U.S. Bank Smartly® Checking account and complete qualifying activities

• You earn $400 with a new Bank Smartly Checking account if you deposit a total of $5,000 or more within 90 days of account opening
  • To qualify, you need to enroll in the U.S. Bank Mobile App or online banking within 90 days of opening your account
  • You also need to make two or more direct deposits totaling $3,000 to $4,999.99 to earn $200, or $5,000 or more to earn $400.
    
• Paychecks and deposits of government benefits count
  
• Fund your new account within 30 days to start qualifying activities
  
• Other electronic deposits or person-to-person payments don't count
  
• You must open an account by May 6, 2025 with a minimum deposit of $25 online to qualify 
• It's not available if you live outside of the U.S. Bank footprint (see states served by U.S. Bank below)
  
• May not be available if you're a current U.S. Bank or State Farm customer

So do the math, check the details, and apply if it works for you.

Other key facts

Customer eligibility

You won't be able to submit an application if you don't live within U.S. Bank's service area. These are the states where U.S. Bank operates.

Arizona Arkansas California Colorado Idaho Illinois Indiana

Iowa Kansas Kentucky Minnesota Missouri Montana Nebraska

Nevada New Mexico North Carolina North Dakota Ohio Oregon

South Dakota Tennessee Utah Washington Wisconsin Wyoming2 <p>No Monthly Maintenance Fee for the U.S. Bank Smartly® Checking account with one of the following: Combined monthly direct deposit totaling $1,000+, an average account balance of $1,500 or greater, the presence of an eligible U.S. Bank credit card, are 24 and under, 65 and over, or a member of the military (must self-disclose), or qualify for one of the four Smart Rewards® tiers.&nbsp;</p>

Overdraft options

Unfortunately, U.S. Bank does charge overdrafts in certain circumstances. So if you're someone who runs their checking account pretty low, you may want to opt for an option that doesn't have overdraft fees. SoFi® and Discover both have checking accounts with no overdraft fees.⁶ <p>Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A.&nbsp; The 30-Day Evaluation Period refers to the "Start Date" and "End Date" set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the "30-Day Evaluation Period"). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking &gt; Savings &gt; Current APY or (ii) Banking &gt; Checking &gt; Current APY.&nbsp; Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.<br></p>

That said, U.S. Bank does come with an overdraft fee forgiveness program, where if you deposit enough to bring your balance up to $0 on the first day you're charged a fee, it will automatically waive the fee in most cases.

You can also link another account, like a savings account, to cover transactions that overdraw your checking account.

Monthly maintenance fees

There's a $6.95 monthly service fee. It's possible to waive this fee if you meet certain criteria, but it would be better if you didn't have to worry about a service charge at all. Especially since many banks and fintech companies have gotten away from service fees altogether.² <p>No Monthly Maintenance Fee for the U.S. Bank Smartly® Checking account with one of the following: Combined monthly direct deposit totaling $1,000+, an average account balance of $1,500 or greater, the presence of an eligible U.S. Bank credit card, are 24 and under, 65 and over, or a member of the military (must self-disclose), or qualify for one of the four Smart Rewards® tiers.&nbsp;</p>

Smart Rewards

As the name indicates, the Smart Rewards Program rewards you for your account balances. U.S. Bank will consider more than just your checking account balance, though. It will take checking, savings, money market, CD, and IRS accounts along with U.S. Bancorp investments and certain personal trust accounts.

Here are some of the benefits Smart Rewards offers and the balances you need to qualify:

	Primary	Plus	Premium	Pinnacle
Minimum total qualifying balances	$20,000	$50,000	$100,000	$250,000
ATM fees waived	First two non-U.S. Bank ATM fees waived	First four non-U.S. Bank ATM fees waived	All non-U.S. Bank fees waived	All non-U.S. Bank fees waived
Overdraft fees waived	N/A	N/A	One overdraft Paid Fee waived per statement period	All overdraft fees waived
Savings interest rate lift	5%	10%	15%	15%
Discount on Home Equity Line of Credit (HELOC) annual fee	$25	$50	No annual fee	No annual fee

Moving money

I've been able to move money into and out of my Bank Smartly Checking Account with no problems. I've done external transfers, but U.S. Bank also offers Zelle transfers and mobile check deposits using U.S. Bank's mobile app. And the mobile app is pretty user-friendly and has some useful features like tracking your spending.

Callout: The U.S. Bank Mobile Banking app has a 4.8 out of 5 rating with over 1.6 million ratings on the App Store. On Google Play, the U.S. Bank mobile app has a 4.7 out of 5 rating with over 400,000 ratings. I agree with that assessment. It's a solid app, but it hasn't changed my life or anything.

FAQ

Bottom line

I have no complaints about my U.S. Bank Smartly® Checking account. It does its job. And the bonus I earned when I qualified definitely came in handy. If you see a bonus for opening a U.S. Bank account, review the criteria carefully, and if you meet them, I'd consider submitting an application.

If this account doesn't seem like the right fit for you, though, check out our list of the best banks to find an account that makes more sense for you.