U.S. Bank vs. Bank of America: Convenience or Accessibility?
Thomas J. Brock, CFA, CPA, Financial Advisor
At a Glance
When choosing a bank, it’s essential to consider convenience, accessibility, fees and other features. U.S. Bank and Bank of America (BoA) are two prominent institutions that offer a variety of products and services to meet different banking needs. In this comparison, we delve into the key differences between U.S. Bank and Bank of America, helping you decide which bank is right for you.
In this article, you’ll learn:
- U.S. Bank vs. Bank of America – Overview
- Why you should choose U.S. Bank
- Why you should choose Bank of America
- U.S. Bank vs. Bank of America– Checking accounts
- U.S. Bank vs. Bank of America– Savings accounts
- U.S. Bank vs. Bank of America– Certificates of Deposit
- U.S. Bank vs. Bank of America– Fees
- U.S. Bank vs. Bank of America– Credit cards
- U.S. Bank vs. Bank of America– Banking experience
- Bottom line
- FAQs
U.S. Bank vs Bank of America – Overview
| Category | U.S. Bank | Bank of America |
|---|---|---|
| Checking Accounts | U.S. Bank’s Smartly Checking account allows you to earn interest on your balance. It has overdraft protection and a $6.95 monthly maintenance fee that can be waived. With just a $25 minimum deposit, it offers access to mobile banking, and many other valuable features. Plus, earn up to $400 by opening an account, enrolling in online banking, and depositing a certain amount. You can also get discounts and rewards through their Smart Rewards program. | Bank of America’s Advantage Banking is also a checking account that allows you to earn interest. It has no fees on select banking services, monthly maintenance fees are waived on eligible accounts (otherwise, pay up to $25). No overdraft protection is offered. |
| Savings Accounts | U.S. Bank’s Standard Savings account can be opened online in a few minutes, with a minimum deposit of $25. You can waive the $4 monthly maintenance fee and get other benefits, overdraft protection, account alerts, automated savings, and more. The APY and interest rates for any balance are 0.01%. | Bank of America’s Advantage Savings account gives you access to financial planning advice, Preferred Rewards, and cash back opportunities. The account requires $100 as an opening deposit and has a monthly maintenance fee of $8, though there are ways to waive it. Standard APY is 0.01%, though Gold, Platinum, and Platinum Honors tiers can earn up to 0.04%. |
| CDs | U.S. Bank currently has CDs with term lengths ranging from 7-15 months and APYs from 4.20% to 5.05%. Start with a deposit between $1,000 and $250,000. All deposits are FDIC insured (up to $ 250,000 for individual accounts and $500,000 for joint accounts), and rates are guaranteed (though vary by location). | Bank of America has three CD options: A featured CD, a fixed-term CD, and a flexible CD. The minimum deposit is $1,000 for each, and the terms ranges from 28 days to 37 months (depending on the type). APY ranges from 0.03% to 4.85%, again, depending on the kind of CD you choose. |
| Fees | Monthly maintenance fees (with the ability to waive), paper statement fees, non-U.S. Bank ATM fees, overdraft fees, returned check or deposit fees, wire transfer fees, cashier’s check fees | Monthly maintenance fees (with the ability to waive), paper statement fees, non-U.S. Bank ATM fees, overdraft fees, returned check or deposit fees, wire transfer fees, cashier’s check fees |
| Other features | Branches: More than 2,000 branches in 26 states ATMs: More than 4,000 Customer service: Contact via phone; rated 2.2/5 stars on Consumer Affairs |
Branches: More than 3,800; services clients in the U.S. and more than 35 countries ATMs: More than 15,000 Customer service: Contact via chat, email, or phone; rated 1.07/5 stars on Better Business Bureau |
Why you should choose U.S. Bank
Choosing a bank is a significant decision that impacts your financial transactions, savings, and overall banking experience. As outlined below, there are several compelling reasons U.S. Bank it may be the right choice for you.:
- Wide range of products and services: U.S. Bank provides a comprehensive suite of banking products and services, including checking accounts, savings accounts, credit cards, loans, and investment options, catering to diverse financial needs.
- Convenience: With an extensive network of branches and ATMs across the country, U.S. Bank offers convenient access to those that prefer in-person transactions and digital banking.
- Personalized service: U.S. Bank is known for its personalized customer service, ensuring you receive tailored financial solutions and assistance to meet your needs.
- Advanced online and mobile banking: U.S. Bank’s online and mobile banking platforms are user-friendly and feature-rich, allowing you to manage your finances, pay bills, transfer funds and more – quickly and securely from anywhere.
- Strong community presence: U.S. Bank is deeply involved in its communities, supporting local initiatives and fostering economic growth.
- Innovative products: U.S. Bank regularly introduces innovative banking products and services to enhance customer experience and meet evolving financial needs.
- Financial stability: As one of the largest and most established banks in the United States, U.S. Bank offers financial stability and security for deposits and investments.
Pros and cons of U.S. Bank
| Pros | Cons |
|---|---|
| Wide range of banking products and services | Branches are only available in 26 states |
| Strong focus on personalized customer service | Some fees may be higher compared to purely online banks |
| Convenient online and mobile banking platforms | Interest rates on savings accounts may be lower |
| Extensive ATM network | Limited international presence and services |
| Financial stability and security;, FDIC-insured | Restricted promotional offers compared to some competitors |
| Smart Rewards program through Smartly Checking account |
While U.S. Bank offers a comprehensive suite of banking products and personalized services, there are better choices for customers seeking the higher interest rates on savings accounts and/or extensive international banking services. Nevertheless, its financial stability, convenient access, and commitment to customer satisfaction make it a solid choice for many consumers.
Why you should choose Bank of America
Bank of America is a leading financial institution that offers a range of banking products and services tailored to meet the diverse needs of its customers. Below are several reasons you might choose Bank of America.:
- Wide range of products and services: Bank of America provides a comprehensive suite of banking products, including checking accounts, savings accounts, credit cards, loans, and investment options, allowing you to manage your finances conveniently.
- Customer rewards programs: Bank of America offers various rewards programs for its credit card and banking customers, providing opportunities to earn cash back, points, and other benefits for eligible transactions.
- Extensive branch and ATM network: With thousands of branches and ATMs nationwide, Bank of America offers convenient access to those that prefer in-person transactions and/or digital banking.
- Strong online and mobile banking platforms: Bank of America’s online and mobile banking platforms are user-friendly and feature-rich, enabling you to manage your finances quickly, pay bills, transfer funds, and more from anywhere.
- Financial stability: As one of the largest and most established banks in the United States, Bank of America offers financial stability and security for your deposits and investments.
Pros and cons of Wells Fargo
| Pros | Cons |
|---|---|
| Range of banking products and services | Lower CD rates than other banks |
| Extensive branch and ATM network; international presence | Some reports of poor customer service |
| Customer rewards program | Some fees may be higher vs. other banks |
| Online and mobile banking platforms | |
| Interest rates on savings may be higher than competitors |
Bank of America offers a comprehensive range of banking products and services, with a strong focus on customer convenience. However, the bank’s fees are generally higher than purely online banks, and the interest rates offered on savings accounts may be lower. Mixed reviews regarding customer service are another area of concern.
Nonetheless, given its financial stability, innovative banking solutions, and commitment to social responsibility, Bank of America is a popular choice for many customers.
U.S. Bank vs. Bank of America– Checking accounts
| U.S. Bank Smartly Checking | Bank of America Advantage Relationship Banking | |
|---|---|---|
| Overview | Apply online in under 5 minutes for the Smartly Checking account, which earns extra perks and discounts through the Smart Rewards program. Get overdraft protection and forgiveness and access to automated financial tools and mobile and online banking. Smartly Checking has mobile check deposits, automatic bill pay, Zelle instant transfers, and more. | The Advantage Relationship Banking checking account is a comprehensive banking solution that unlocks additional benefits, including money management tools, spending and budgeting tools, overdraft protection, and more. Apply online in minutes for this interest-earning account. |
| Monthly fee | A $6.95 monthly maintenance fee can be waived by keeping an average account balance of $1,500 or more, having an open qualifying U.S. Bank consumer credit card, or having combined monthly direct deposits totaling $1,000. You may also qualify if you’re age 13 to 24, 65 or older, or military personnel. | A $25 monthly maintenance fee can be waived by maintaining a minimum daily balance of $20,000 or more or being a Preferred Rewards program member. |
| Minimum deposit | $25 | $100 |
| Sign-up bonus | Earn up to $700, if you open a new Smartly Checking account and, within 90 days of opening the account, enroll in online banking or the U.S. Bank Mobile App and make two or more direct deposits. | Get up to $200 by opening a new checking account online and setting up and receiving qualifying direct deposits totaling $2,000 or more within 90 days. |
| APY | $0 – $24,999.99 earns 0.01%; $50,000+ earns 0.05% | $0 – $50,000 earns 0.01%; $50,000+ earns 0.02% |
| ATM network | More than 4,000 across the country | More than 15,000 across the country |
| Apply now | Apply Now |
Winner – U.S. Bank
In the checking account contest U.S. Bank is the winner, largely because the Smartly Checking has lower (and easier to waive) monthly fees than BoA’s Advantage Relationship account. banking.
Additionally, U.S. Bank requires a smaller minimum balance, has a more significant sign-up bonus, and has higher interest rates than BoA. Moreover, by joining the U.S. Bank Smart Rewards program, you can earn additional discounts and rewards. BoA does not offer a program like this for its checking accounts.
On the other hand, BoA does have a more extensive ATM network, and the sign-up bonus may be easier to get (even though it’s smaller than U.S. Bank’s).
U.S. Bank vs. Bank of America– Savings accounts
| U.S. Bank Standard Savings | Bank of America Advantage Savings | |
|---|---|---|
| Overview | A U.S. Bank Standard Savings account offers fee-free transactions at U.S. Bank ATMs, overdraft protection, account alerts, automated savings options, and more. Plus, earn interest on your balance and combine your account with a Smartly Checking account to participate in the Smart Rewards program. | The BoA Advantage Savings account has various benefits, including financial planning tools, the opportunity to join the Preferred Rewards program, automatic round-up savings, and more. |
| Monthly fee | A $4 monthly maintenance fee can be waived by maintaining a $300 minimum daily balance, having a $1,000 average monthly collected balance, or opening a U.S. Bank Smartly Checking account and enrolling in the Smart Rewards Primary tier or above. It’s also waived if you’re younger than 12 years old. | An $8 monthly mainteance fee cab be; waived by maintaining a minimum daily balance of $500 or more, linking to another qualifying BoA account, or enrolling in the Preferred Rewards program. It’s also waived if you’re under the age of 25. |
| APY | 0.01%; +5% lift for Smart Rewards members | 0.01%; Preferred Rewards members can earn up to 0.04% |
| Minimum deposit | $25 | $100 |
| Sign-up bonus | Earn up to $300 if you open a new Standard Savings account, make a new money deposit totaling $25,000 or more, and maintain a balance of at least $25,000 until June 30, 2024. | N/A |
| Apply now | Apply Now |
Winner – Wells Fargo
When comparing U.S. Bank Standard Savings to Bank of America Advantage Savings, several factors appear to give the former account an advantage. First, U.S. Bank Standard Savings has lower monthly fees and a lower minimum deposit, making it more accessible to various customers. Second, it offers a more competitive APY, especially, for Smart Rewards members. Third, , assuming you meet specific requirements, U.S. Bank Standard offers a sign-up bonus, whereas Bank of America Advantage Savings does not.
That said, the BoA Advantage Savings account does allow you to join its Preferred Rewards program and offers useful financial management tools, including the ability to round up savings automatically.
U.S. Bank vs. Bank of America – Certificates of Deposit
| U.S. Bank | Bank of America | |
|---|---|---|
| Overview | With a U.S. Bank CD, you lock in a competitive interest rate, and, if you already bank with U.S. Bank, you may be eligible for a bonus rate. The rate is guaranteed; your deposit is FDIC-insured up to $250,000. | BoA has three CD options,: a featured CD account, a fixed-term CD account, and a flexible CD account. Each has varying terms available and auto-renewal options. The early withdrawal penalty is waived for the flexible CD account. |
| Available terms | Seven months, nine months, 11 months, 15 months | Featured: 7 to 37 months
Fixed Term: 28 days to 10 years Flexible: 12 months |
| APY | Seven months: 4.40%
Nine months: 5.05% 11 months: 4.30% 15 months: 4.20% |
Featured: 0.05% – 4.85%
Fixed Term: 0.03% – 4.00% Flexible: 3.51% |
| Minimum deposit | $1,000 | $1,000 |
| Apply Now | Apply Now |
Winner – U.S. Bank
U.S. Bank’s CD options are slightly superior to BoA due to their higher APYs and ability to be eligible for bonus rates (if you’re an existing U.S. Bank customer). You can earn up to 5.05% with U.S. Bank; with BoA, the most you can make is 4.85%. BoA does have a greater variety of terms available, but in some cases, you must deposit more to earn the higher rate (which is not the case with U.S. Bank).
That said, BoA does offer shorter CD terms (as low as 28 days);, so, if that’s important to you, BoA’s offering could be a better option.
U.S. Bank vs. America – Fees
| U.S. Bank | Bank of America | |
|---|---|---|
| ATM fees | $2.50 per transaction | $2.50 per transaction; $5 outside of the U.S. |
| Overdraft fees | $0 for each item of $5,00 or less; $36 for each item of $5.01 or more
Overdraft protection transfer fees are $12.50 per day when a transfer of $50 or more occurs |
None of the card is declined due to insufficient funds |
| Other fees | Paper statement fee: $2
Returned check or deposit: $19 Wire transfers: $20 incoming domestic, $30 outgoing domestic, $25 incoming international, $50 outgoing international Cashier check: $10 |
Paper statement fee: $5
Returned check or deposit: $35 Wire transfers: $15 incoming domestic, $30 outgoing domestic, $15 incoming foreign (waived for Preferred Rewards clients), $45 outgoing foreign Cashier check: $15 |
Winner: Tie
U.S. Bank’s and BoA’s fee schedules reflect some modest differences. Both have monthly maintenance fees for checking and savings accounts; while BoA’s are higher, you can waive them with both banks. Non-bank ATM fees are the same.
U.S. Bank does have higher wire transfer fees, but returned check/deposit and cashier’s check fees are lower. Additionally, both banks have overdraft protection opportunities, but U.S. Bank charges fees if not enrolled in the protection.
U.S. Bank vs. Wells Fargo– Credit cards
As outlined below, both U.S. Bank and Bank of America have credit cards available for consumers.:
U.S. Bank credit cards:
- U.S. Bank Altitude® Go Visa Signature® Card: This card offers 4x points on dining, takeout, and delivery, 2x points on streaming services, grocery stores and delivery, gas stations, and eligible EV charging stations, and 1x points on other purchases. It also comes with a $15 streaming credit and no annual fee.
- U.S. Bank Visa® Platinum Card: This card offers a long introductory APR period on purchases and balance transfers, making it ideal for those looking to consolidate debt or make a large purchase.
- U.S. Bank Cash+™ Visa Signature® Card: This card allows you to choose your 5% and 2% cash back categories each quarter, giving you the flexibility to earn rewards on your preferred spending categories.
- U.S. Bank Shopper Cash Rewards Visa Signature Card: Earn up to 6% cash back each quarter with two retailers you choose, 3% back on one everyday category, and 1.5% on all other eligible purchases.
- U.S. Bank Altitude Connect Visa Signature Card: You can get 5x points on prepaid hotels and car rentals booked directly in the Altitude Rewards Center, 4x points on travel, gas stations, and EV charging stations, 2x points at grocery stores and delivery, dining, and streaming services, and 1x points on other eligible purchases. Plus, get a $30 credit for annual streaming service purchases.
- U.S. Bank Altitude Reserve Visa Infinite Card: Get 5x points on prepaid hotels and car rentals, 3x points on travel and mobile wallet purchase, and 1x points on other eligible purchases. This card also comes with a variety of luxury travel benefits.
U.S. Bank also has three secured credit cards to help you build and improve your credit score, the U.S Bank Secured Visa Card, the U.S. Bank Altitude Go Secured Visa Card, and the U.S. Bank Cash+ Secured Visa Card.
Bank of America credit cards:
- Bank of America® Customized Cash Rewards® Credit Card: Earn 3% cash back in the category of your choice, 2% back at grocery stores and wholesale clubs, and 1% on other purchases. Preferred Rewards members can earn 25-75% more cash back on their purchases.
- Bank of America® Unlimited Cash Rewards® Credit Card: Earn unlimited 1.5% cash back on all purchases with no limit on how much you can earn, and rewards don’t expire. Preferred Rewards members can earn 25-75% more cash back on their purchases.
- BankAmericard: This balance transfer credit card offers 0% intro APR for 18 billing cycles for both purchases and balance transfers, and there’s no penalty APR if you make a late payment.
- Bank of America® Premium Rewards® Credit Card: This card offers 2x points on travel and dining purchases and 1.5x points on all other purchases. It also comes with a $100 annual travel credit and no foreign transaction fees.
- Bank of America® Travel Rewards Credit Card: This card offers unlimited 1.5x points on all purchases, with no annual or foreign transaction fees. Points can be redeemed for travel statement credits.
- Bank of America® Premium Rewards® Elite Credit Card: Get unlimited 2x points for every $1 spent on travel and dining and 1.5x points for every $1 spent on all other purchases. Plus, you can access premium travel benefits and more flexible redemption options.
When choosing a credit card, consider rewards structure, annual fees, introductory APR offers, and any additional benefits the card provides. Comparing the features of each card can help you determine which one aligns best with your financial needs and spending habits.
U.S. Bank Cash+® Visa Signature® Card
Bank of America® Customized Cash Rewards
Bank of America® Travel Rewards
U.S. Bank vs. Bank of America– Banking experience
A rundown of the banking experiences provided by U.S. Bank and Chase are provided below:
| U.S. Bank | Chase | |
|---|---|---|
| Branches | More than 2,000 branches in 26 states | More than 3,800 services clients in the U.S. and 35 countries |
| Customer service | U.S. Bank is known for providing excellent customer service, with a solid commitment to meeting the needs of its customers. The bank offers various channels for customer support, including phone, email, and live chat, ensuring that customers can quickly reach a representative for assistance. | Bank of America is recognized for its commitment to providing exceptional customer service across its wide range of banking products and services. The bank offers multiple avenues for customer support, including phone, email, and in-person assistance at its branches. |
| Banking app ratings | 4.8 out of 5.0 stars for iOS
4.7 out of 5.0 stars for Android |
4.8 out of 5.0 stars for iOS
4.6 out of 5.0 stars for Android |
Bottom line
In conclusion, both U.S. Bank and Bank of America offer a wide range of banking products and services designed to meet the diverse needs of their customers. U.S. Bank is known for its personalized service and strong community presence, while Bank of America boasts a vast network of branches and ATMs nationwide.
When choosing between the two banks, it’s essential to consider your individual banking needs and priorities. U.S. Bank may be better for those looking for lower fees, competitive APYs, and personalized customer service. On the other hand, Bank of America may be more suitable for customers who value a giant branch and ATM network, higher monthly fee waiver thresholds, and potential relationship benefits.
Ultimately, the best bank for you depends on your location, banking habits, and financial goals.
FAQs
The main differences between U.S. Bank and Bank of America are their geographical presence, fees, and account offerings. U.S. Bank is more regionally focused, with a strong presence in the Midwest, while Bank of America has a larger national presence, with branches and ATMs across the country. Regarding fees, U.S. Bank may offer lower fees and minimum balance requirements for some accounts than Bank of America.
The two banks generally differ in their account offerings, rewards programs, and customer service experiences. It’s essential to compare each bank’s specific features and benefits to determine which one best fits your banking needs.
You can earn up to $400 by opening a U.S. Bank Smartly Checking account and $300 by opening a U.S. Bank Standard Savings account, assuming you meet other requirements, such as making a specific deposit, maintaining a particular balance, and enrolling in mobile or online banking.
Learn more: U.S. Bank Promotions
Choosing Bank of America over other banks can yield several advantages. Bank of America provides comprehensive solutions to meet your financial needs with a wide range of banking products and services, including checking accounts, savings accounts, credit cards, loans, and investment options. Its extensive nationwide branch and ATM network ensure convenient access to your accounts. Bank of America’s online and mobile banking platforms are user-friendly, allowing you to manage your finances easily from anywhere. The bank also offers various customer rewards programs, providing opportunities to earn cash back, points, or other benefits.
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