U.S. Bank Review – Checking, Savings, CDs and MMAs

U.S. Bank overview

Expert tip from Thomas

With over $650 billion in assets and a super-regional footprint, U.S. bank is the fifth largest financial institution in the U.S.. Its parent holding company, U.S. Bancorp, trades on the New York Stock Exchange (NYSE) under the ticker USB.

Pros and cons

Deposits offered by U.S. Bank

Checking Account

Overview: U.S. Bank has two primary consumer checking accounts – the U.S. Bank Smartly Checking and Safe Debit account.

APY: 0.01%

Minimum deposit: $25

Fees:

1. U.S. Bank Smartly Checking: $6.95 monthly maintenance fee (can be waived)
2. Safe Debit: $4.95 monthly maintenance fee (can be waived)

Our verdict: If you’re looking for a checking account with overdraft protection, rewards for growing your money, and the option to write checks, choose the U.S. Bank Smartly Checking. If you are looking for tools to manage your money and build credit, no overdraft fees, and you don’t need checks, consider the Safe Debit account (great option for minors). The ability to earn more rewards is a bonus, as is the extensive ATM network; however, there are possible maintenance fees, and interest rates are pretty low.

Apply now: U.S. Bank Smartly Checking Account

Savings Account

Overview: U.S. Bank’s Standard Savings account has a variety of benefits, like $0 ATM fees and overdraft protection, automated savings options, account alerts, the ability to waive the monthly maintenance fee, and the option to enroll in the Smart Rewards Primary tier.

APY: 0.01%

Minimum deposit: $25

Fees: $4 monthly maintenance fee (can be waived)

Our verdict: U.S. Bank’s standard savings account provides a secure option for those seeking a traditional savings vehicle. However, interest rates may be comparatively modest, and while the bank’s widespread branch and ATM network enhance accessibility, potential monthly maintenance fees is a consideration. Overall, U.S. Bank’s standard savings account is a reliable choice for those prioritizing security and accessibility, but individuals seeking higher interest rates should explore alternative options in the competitive financial landscape.

Apply now: U.S. Bank Standard Savings Account

Certificates of Deposit

Overview: Earn guaranteed returns with APYs that are much higher than traditional savings accounts with the U.S. Bank CD accounts. There are four primary types of CD accounts: A special CD, a standard CD, a step-up CD, and a trade-up CD. Each account offers different minimums and APYs.

APY: 4.10% for 7 months; 4.20% for 11 months; 4.70% for 13 months

Minimum deposit: $500 – $1,000

Fees: N/A

Our verdict: If you’re looking for flexibility and guaranteed earnings, a U.S. Bank CD may fit your needs. With a variety of short- and long-term options, deposit amounts, and APY offers available, you can achieve a yield of up to 4.70%. However, early withdrawal penalties can be severe, and you may be able to find better interest rates elsewhere.

Open now: U.S. Bank CD

Money Market Account

Overview: Earn up to 4.50% APR with the Elite Money Market Account. You can enjoy the benefits of a traditional checking account, but with tiered interest rates that pay more for higher balances. Plus, access your funds at any time. Alternatively, open a Retirement Money Market Account to create diversity in your retirement portfolio and gain tiered interest rates and tax advantages with no monthly maintenance fees.

APY: 0.01% – 4.50%

Minimum deposit: $100

Fees: $10 monthly maintenance fee (that can be waived)

Our verdict:The Elite Money Market Account is a great way to boost interest-earning power, achieve benefits similar to a checking account, and ensure easy access to your funds. With up to 4.5% APR, overdraft protection, custom account alerts and more, this is a smart way to save. However, to earn the maximum rate, you must keep at least $25,000 in the account, which can be high for some.

Apply now: U.S. Bank Elite Money Market Account

Expert tip from Thomas

U.S. Bank prides itself on helping consumers and businesses manage for today, while keeping an eye on what the future holds. It does so by offering a flexible array of bank accounts and solutions and increasingly impressive digital capabilities. According to U.S. Bank leadership, more than 80% of banking transactions and 65% of loan sales currently take place online.

Bank fees

U.S. Bank has a variety of fees. While some can be waived, such as the monthly maintenance and overdraft fees, others are standard fare. A comprehensive breakdown of the fees is as follows:

• Overdraft fee: Up to $36
• Overdraft protection transfer fee: $12.50 per day
• Monthly maintenance fee: $4 – $10
• Out-of-network ATM fee: $2.50
• Outbound transfer fee: Up to $3 per transfer
• Returned deposited item or cashed check fee: $19
• Paper statement fee: $2

Banking experience

U.S. Bank provides a well-rounded banking experience, blending traditional accessibility with modern digital conveniences.

• Boasting an extensive branch and ATM network, customers enjoy easy physical access to their accounts.
• The bank’s commitment to customer service is evident, with knowledgeable staff available for in-person assistance. Customer support is also available 24/7 by phone and online.
• Additionally, U.S. Bank’s mobile banking platforms offer a seamless digital experience, allowing users to manage accounts, transfer funds, and pay bills with ease. The mobile app is highly rated on both the Apple App and Google Play stores.

However, some customers have expressed concerns about the bank’s fee structure, particularly, the monthly maintenance fees on certain accounts. While these fees can often be waived by meeting specified criteria, it’s a point of consideration for potential clients.

Customer reviews indicate mixed feedback on the digital experience, with some praising the user-friendly interfaces and features and others citing occasional glitches and slow response times.

U.S. Bank’s commitment to community engagement is noteworthy, with initiatives supporting financial education and community development.

How U.S. Bank compares to other banks

U.S. Bank vs Bank of America

U.S. Bank and Bank of America are major U.S. financial institutions with extensive branch networks and digital services. U.S. Bank emphasizes a blend of traditional and digital banking, offering a broad range of accounts. In contrast, Bank of America is known for its advanced online and mobile platforms.

Bank of America also has a variety of checking and savings account options, though their fees are higher and only one of their checking accounts earns APY on the balance. That said, you can earn cash back on purchases and additional rewards for everyday banking.

U.S. Bank vs Chase

Chase Bank also offers a variety of checking and savings accounts and CDs available. Compared to U.S. Bank, the CDs can earn a higher APR (5.00%) but the monthly maintenance fees can be higher. That said, there is no minimum deposit required for checking and savings accounts, and it’s easier to waive the monthly maintenance fee. However, U.S. bank has a larger network of ATMs and 24/7 customer support by phone.

Other products offered by U.S. Bank

In addition to its personal banking services, U.S. Bank also offers:

• Credit cards
• IRAs and 401(k) rollovers
• Retirement planning
• Investment management
• Personal loans
• Private seller vehicle loans
• Mortgages
• Home equity loans
• Home improvement loans
• Auto loans
• RV loans
• Boat loans
• Corporate and commercial services
• Small business services

Methodology

Credello’s dedicated editorial team engages in a meticulous and ongoing evaluation of data sourced from over a hundred leading financial institutions including brick-and-mortar banks, online banks, and credit unions. Our commitment lies in assisting users in identifying the optimal financial solutions for their needs. We employ a thorough analysis and review process, examining each bank across a spectrum of deposit products, ranging from savings and checking accounts to loans and investment vehicles. We consider interest rates, fee structures, regulatory compliance, security and privacy, accessibility and convenience, customer reviews, comparison and benchmarking. We also are continuously monitoring these institutions so we can update the review to account for changes in the financial landscape, industry regulations, or the bank’s offerings. By delving into the intricacies of these offerings, we strive to provide users with comprehensive insights, empowering them to make well-informed decisions that align with their unique financial goals and preferences.

FAQs