U.S. Bank, the fifth-largest bank in America, was founded in 1863 in Cincinnati, Ohio, but is now headquartered in Minnesota. It boasts 2,900 brick-and-mortar locations in 25 states and 4,700 ATMs nationwide. U.S. Bank prides itself on its commitment to helping communities and corporate social responsibility. This in-depth review can help you gauge whether its accounts are a good fit for your needs.

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Pros
  • Extensive network of ATMs and physical locations

  • Different types of CDs

  • Wide selection of deposit accounts and financial products

Cons
  • Primarily on the West Coast

  • Interest rates not competitive

  • Minimum balance requirements to avoid monthly fees

Pros Explained

  • Extensive network of ATMs and physical locations – With more than 3,000 brick-and-mortar branches and 4,700 ATMs in the U.S., you won’t have a problem setting foot in a bank or pulling money from an ATM.
  • Different types of certificates of deposits (CDs) – If you’re looking for a place to tuck your money away for a longer duration, U.S. Bank offers an expansive swath of CDs with different features and rates.
  • Wide selection of accounts and financial products You won’t find a shortage of deposit accounts and financial products here. U.S. Bank offers everything from mortgages and credit cards to RV and boat loans and retirement accounts.

Cons Explained

  • Physical locations are only available in 25 states While U.S. Bank touts a vast network of physical branches, they’re only available in 25 states, most of which are located in the Western half of the country.
  • Interest rates not competitive Across the board, the interest rates for different deposit accounts are very low. You’d probably want to look elsewhere for more-competitive rates.
  • Minimum balance requirements to avoid monthly fees Whether you’re trying to get the monthly account maintenance fee dropped or want to earn a higher interest rate, you’ll need to keep the required minimum balances. Otherwise, expect very low rates or to pay for those pesky money fees.

Who Is U.S. Bank Best For? 

U.S. Bank should appeal to most customers who want a reputable, long-standing bank with a full range of deposit accounts and financial services. It might be a particularly good fit if you:

  • Want a lot of different options to park your money in a CD 
  • Live in the West or Midwest and prefer to set foot inside a physical location 
  • Prefer a wide range of deposit accounts and services 
  • Plan to open different types of accounts or use financial services with a single bank

What Does U.S. Bank Offer?

As U.S. Bank is one of the largest banks in the nation, you can expect an extensive range of deposit accounts, financial products, and services. What’s more, it offers accounts and products for businesses and also wealth management services. Its personal accounts and services include:

  • Savings Accounts 
  • Checking Accounts 
  • Money Market Accounts 
  • CDs 
  • Credit Cards

Savings Accounts

U.S. Bank offers a total of five savings accounts. Here are the particulars of each.

Standard Savings

Designed for those with low balances and who might be opening their first savings account, Standard Savings features a low $4 monthly maintenance fee. To get the fee waived, you’ll need to maintain one of these two requirements:

  • $300 daily minimum balance 
  • $1,000 average monthly balance

However, don’t expect to earn a lot in interest by parking your money in U.S. Bank’s savings account. The annual percentage yield (APY) is a measly 0.1%, no matter your balance.

Platinum Select Money Market Savings

If you have a Gold Checking account, you’re eligible to open a platinum select money market account. You’ll need at least $25 to open an account, and there’s no monthly account fee. While the interest rates vary depending on where you live, currently the rates aren’t faring much higher than the standard savings.

U.S. Bank's Platinum Select Money Market Savings Rates
Daily Balance Required APY
Under $1,500  0.01%
$1,500 to $9,999 0.01%
$10,000 to $49,999 0.01%
$50,000 to $99,999 0.01%
$100,000 to $499,999 0.05%
$500,000 + 0.05% 

Package Money Market Savings

Just as the Platinum Select Money Market Savings is linked to the Gold Checking account, the Package Money Market Savings is linked to U.S. Bank’s Gold Checking package. The minimum required deposit and monthly account fee are on par with the Platinum Select Money Market Savings. You’ll need at least $25 to open an account, and you won’t have to worry about maintaining an average balance to drop the monthly fee. There’s no monthly account fee. The savings rates are as follows:

Package Money Market Savings Rates
Daily Balance Required APY
Under $1,500  0.01%
$1,500 to $9,999 0.01%
$10,000 to $49,999 0.01%
$50,000 to $99,999  0.01%
$100,000 to $499,999 0.05%
$500,000 + 0.05% 

Elite Money Market Savings

The Elite Money Market Savings account requires a minimum of $100 to open, and to waive the $10 monthly maintenance fee, you’ll need to keep a $10,000 minimum daily balance. The interest rates for the Elite Money Market Savings are:

Elite Money Market Rates
Daily Balance Required APY
Under $10,000 0.01%
$10,000 to $24,999 0.01%
$25,000 to $49,999 0.01%
$50,000 to $99,999 0.01%
$100,000 to $499,999 0.05%
$500,000+ 0.05%

Retirement Money Market Savings 

Geared for those with an individual retirement account (IRA) with the bank, the Retirement Money Market Savings account has no monthly maintenance fee. To open an account, there’s a minimum of $100 to open or a $25 automatic deposit. While it’s advertised as a way to diversify your U.S. Bank investment portfolio, it’s not entirely apparent how it stands out against other saving or investing for retirement vehicles.

Checking Accounts

U.S. Bank also offers five checking accounts. Here is what you need to know about them.

Easy Checking Account

U.S. Bank’s Easy Checking account is a standard checking account. If you’re thinking of applying with a loan through U.S. Bank, with a checking account you’ll be privy to its preferred rates on auto loans, personal loans, and home equity lines. There’s a monthly maintenance fee of $6.95, which can be dropped if you meet one of the following three criteria:

  • Combined monthly deposits totaling at least $1,000
  • An average account balance of $1,500 
  • Are 65 and up 

There’s a $2.50 ATM fee and a $2 paper statement fee, unless you’re enrolled in eStatements or are 65 and up. 

Safe Debit Account

This is U.S. Bank’s version of a prepaid debit card. The Safe Debit card offers more features than typically come with a standard prepaid debit card. For instance, mobile and online banking, as well as the ability to do a mobile check deposit. 

You’ll need $25 to open an account, and there’s a $4.95 monthly maintenance fee that can’t be waived. There are limitations. For instance, you might be able to link it to a checking account, and you can’t opt into overdraft. 

As U.S. Bank has quite an extensive network of ATMs in its MoneyPass network—more than 32,000—you won’t be hit with a surcharge. However, for ATM withdrawals outside of this network, there’s a $2.50 fee.

U.S. Bank also offers a free credit score. Through TransUnion CreditView, you can see your current score and how it might change if you take different actions, as well as have access to different resources.

Gold Checking Package

This is one of U.S. Bank’s premier checking accounts. The Gold Checking is worth considering, especially if you plan on also opening a U.S. Bank loan or credit card in the near future. If your checking is linked to another U.S. Bank deposit account, the overdraft protection fee will be dropped. You’ll be reimbursed for the surcharges on your first two non-ATM fees.

You’re entitled to up to 100 free trades per calendar year with a self-directed brokerage account through its affiliate, US Bancorp Investments. And if you’d like to make it a family affair, Gold Checking allows you to sign up to two family members for Easy Checking without the monthly maintenance fee. You’ll just need to be the co-owner of the accounts.

U.S. Bank also will reward you if you have a strong credit score. For instance, your monthly maintenance fee will get dropped, and you’ll get express delivery for replacement cards. The monthly maintenance fee is $14.95 and can be waived if you have a loan or credit card.

Platinum Checking Package 

The Platinum Checking package is U.S. Bank’s premier checking account. It essentially comes with all the perks of Gold Checking, plus a few other benefits.
For instance, you won’t have to pay a fee on the home equity line of credit. And if you open a credit card, there’s a signup bonus with certain cards.

This is the only checking account that offers interest rates. They are:

U.S. Bank Platinum Checking Rates
Daily Balance Required APY
Under $2,500  0.01%
$2,500 to $9,999  0.01%
$10000 + 0.01%

Student Checking

U.S. Bank’s student checking comes with all the usual features of a checking account. There’s no monthly maintenance fee, and your first order of checks is free. Another nice perk is that the surcharges on the first four non-network ATM withdrawals within a statement period are covered. Once you hit four withdrawals, however, the fees kick in.

In 2019 U.S. Bank settled a $2.67 million class action lawsuit. The allegations were that U.S. Bank had made unwanted calls and texts to consumers about its mortgages and home equity loans.

CDs

If you’re able to squirrel away a set amount of funds and leave them untouched for a set amount of time, a CD might be a good option. The interest rates are typically higher than in a savings or money market account. The downside is that if you need to pull money out before the maturity date, you’ll be pegged with an early withdrawal penalty. U.S. Bank offers four types of CDs.

U.S. Bank CD

If you have at least $500 to put into a CD, here are the APYs:

U.S. Bank Certificate of Deposit (CD) Rates
Term CD Amount APY
One Month $500 to $249,999 0.05%
Two Months $500 to $249,999 0.05%
Three Months $500 to $249,999 0.05%
Six Months $500 to $249,999 0.05%
Nine Months $500 to $249,999 0.05%
One Year $500 to $249,999 0.10%
18 Months $500 to $249,999 0.15%
Two Years $500 to $249,999 0.20%
Three Years $500 to $249,999 0.30%
Four Years $500 to $249,999 0.40%
Five Years $500 to $249,999 0.60%
(As of June 9, 2020)

The early withdrawal penalties are the same for all CDs. 

If the account has a term of six months or less, you’ll be dinged with a $25 early withdrawal fee and either 1% of the amount you take out or all the interest that would’ve been earned for the entire term, whichever is greater.

If the account has a term that’s greater than six months through 12 months, it’s $25 plus either one-half of all the interest that would’ve been earned for the entire term or 1% of the amount withdrawn, whichever is greater.

And for accounts with a term that’s greater than one year? You’ll need to pony up $25 plus whichever is greater: one-half of the interest that would’ve been earned for the entire term or 3% of the amount you took out.

CD Special

If you have at least $1,000 to park into a CD, you can snag the following promotional APYs:

U.S. Bank CD Special Rates
Term CD Amount APY
11 Months $1,000 to $249,999 0.25%
19 Months $1,000 to $249,999 0.40%
27 Months $1,000 to $249,999 0.50%
59 Months $1,000 to $249,999 1.00%
(As of June 9, 2020)

Step Up CD

A 28-month CD, the Step Up CD locks you into a rate when you open. You can deposit anywhere from $1,000 to $249,000. Then every seven months you get an APY bump, as follows: 

U.S. Bank Step Up CD Rates
Term Interest Rate  Blended APY
28 Months 0.10% for first 7 months 0.40%
  0.30% for next 7 months  
  0.50% for next 7 months  
  0.70% for next 7 months  
(As of June 9, 2020)

Trade Up CD

Are you able to save for anywhere from 30 to 60 months? Then a Trade Up CD might be something to consider. If a higher APY comes your way during your term, you’re eligible for a one-time bump. The rates are as follows: 

U.S. Bank Trade Up CD Rates
Term CD Amount APY
30 Months $1,000 to $249,999 0.40%
60 Months $1,000 to $249,999 0.80%
(As of June 9, 2020)

Not great, so you might look into a high-yield savings account instead.

Credit Cards

U.S. Bank offers a number of credit cards, including cash back, travel, and low-interest cards. You can also find secured cards and ones for small businesses. There are also partner cards available for U.S. bank customers. Here are just some of U.S. Bank’s credit card offerings.

General Travel Cards 

Cash-Back Credit Card

Low-Interest Credit Card

  •  U.S. Bank Visa Platinum Card

Secured Credit Card

  • U.S. Bank Secured Visa Card

Business Credit Cards 

  • U.S. Business Bank Leverage Visa Signature Card 
  • U.S. Bank FlexPerks Business Travel Rewards 
  • U.S. Bank Business Cash Rewards World Elite Mastercard

Other Financial Products Offered by U.S. Bank

U.S. Bank has a robust range of other offerings: 

U.S. Bank Customer Service

U.S. Bank boast offers its customers a number of ways to reach out to its reps: by phone, online, or through a mobile app. In the J.D Power U.S. Merchant Services Satisfaction Study for 2020, U.S. Bank ranked #1 with a score of 882. It also landed the top spot in two major categories: cost of service, and security and chargeback management.

How to Bank With U.S. Bank

Opening an account with U.S. Bank is pretty standard. You’ll need to provide a form of a government-issued ID and pop in some personal information. Got questions? Call and talk to a customer service rep. 

Verdict

The current rates for U.S. Bank’s savings accounts are quite low and not exactly anything to write home about. So if you’re looking for a high-yield savings account, you’ll want to inquire elsewhere. What’s more, it might not be for you if you have trouble meeting the balance requirements to nix the monthly account fees.

However, if you’re looking for a large bank with a robust range of services and products in both personal and business banking, and you are keen on linking different accounts among its offerings, U.S. Bank could be a good choice for you. Think of U.S. Bank as a web of deposit accounts and services. If you cluster accounts in a certain way, you can tap into the full perks.

It could also be worth considering if you want some of the conveniences of having deposit accounts with U.S. Bank, such as its extensive network of brick-and-mortar locations and ATMs.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banks. We collected over 20 data points across more than 80 banks—including products available, interest rates, fees, and accessibility—to ensure that our content helps users make the right decision for their savings and banking needs.