You can redeem Cash+ as a statement credit... I usually just do that and move money to "savings" out of my bill payment account in order to "save" my rewards. But if you'd rather cash out, there's a public offer for $300 signup bonus on a US Bank checking account, with no monthly fee if you have a good credit score (the "Because You've Earned It" program) and keep $15 in the account.

It's a good time to think about US Bank holistically... these days, I've found them easiest to get approval for sizable signup bonuses, given how restrictive Chase has become.