US Bank Review: Account Good for You?
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U.S. Bank is the 5th largest bank in the US, but does that make them a good bank for you? Do you need a large national bank or is a smaller bank more your style?
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U.S. Bank Smartly™ Checking - $300 Bonus | |||
Overall Score | 3.7 | ||
Savings | 3.0 | ||
CD | 4.0 | ||
Checking | 3.0 | ||
Money Market | 3.0 | ||
Customer Service | 4.5 | ||
Mobile App | 4.5 | ||
Pros and Cons
- Promo CD with high APY
- Free student account
- 24/7 customer service
- High minimums to waive fees
- Low savings APY
Bottom Line
Big national bank with wide array of services and many account options
U.S. Bank has 3,000 branches throughout the United States and 5,300 ATMs for U.S. Bank clients. They have a wide selection of checking, savings, CDs, and retirement accounts available. They even offer accounts that cater to students and seniors.
Is U.S. Bank the right choice for you or would you be better off with another bank that has different options? Keep reading to find out what U.S. Bank could offer you.
Checking
U.S. Bank checking accounts come with a U.S. Bank Visa Debit Card, access to online/mobile banking, online bill pay, and free use of U.S. Bank ATMs.
- Student: Students can have access to a basic U.S. Bank checking account with no monthly maintenance fee. You don't have to worry about minimum deposit requirements either. Students get four "no fee" non-U.S. Bank ATM transactions per cycle. They also get their first order of personal checks free of charge. (Note that a paper statement fee does apply if you don't opt-in to eStatements).[1]
- Safe Debit: This is a "checkless" checking account. It's similar to a prepaid checking card, but you get access to online/mobile banking. There is a low monthly maintenance fee that you cannot waive. But you do get access to discounted money orders (if you need to pay someone by check) and free access to your credit score.[2]
U.S. Bank Smartly™ Checking - $300 Bonus
- Enroll in online banking or the U.S. Bank Mobile App
- Complete two or more direct deposits of $5,000 or more to earn $300
Silver Business Checking Package - $400 Bonus
- Enroll in online banking or U.S. Bank Mobile App within 60 days of account opening.
- Complete $3,000 in new money deposits within 30 days of account opening and maintain for 60 days.
- Make five qualifying transactions into your new business checking account. Qualifying transactions include: Debit card purchases, Merchant deposits, ACH credits, Wires credits/debits, Mobile Check Deposit or Bill Pay.
Gold Business Checking Package - $400 Bonus
- Enroll in online banking or U.S. Bank Mobile App within 60 days of account opening.
- Complete $3,000 in new money deposits within 30 days of account opening and maintain for 60 days.
- Make five qualifying transactions into your new business checking account. Qualifying transactions include: Debit card purchases, Merchant deposits, ACH credits, Wires credits/debits, Mobile Check Deposit or Bill Pay.
Platinum Business Checking Package - $400 Bonus
- Enroll in online banking or U.S. Bank Mobile App within 60 days of account opening.
- Complete $3,000 in new money deposits within 30 days of account opening and maintain for 60 days.
- Make five qualifying transactions into your new business checking account. Qualifying transactions include: Debit card purchases, Merchant deposits, ACH credits, Wires credits/debits, Mobile Check Deposit or Bill Pay.
Compare Checking Account Promotion
Citi Priority Account - Earn up to $2,000 Cash Bonus
- Earn up to $2,000 cash bonus when you open a new eligible Citi Priority Checking Account with required activities
- Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
- Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
- If your balance falls to a lower tier at any point during the maintenance period, the bonus changes.
- Bonus will be paid within 30 days after you successfully complete all required activities.
BMO Harris Smart Advantage™ Account - $200 Cash Bonus
Open a new BMO Harris Smart Advantage™ Account online and get a $200 cash bonus when you have a total of at least $4,000 in qualifying direct deposits within the first 90 days of account opening. Offer is limited to one per customer and is not available for existing BMO Harris personal checking customers (including signers on joint accounts) or those who have closed a BMO Harris personal checking account within the past 12 months. Conditions apply.
Chase Total Checking® - $200 Bonus
- New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account and set up direct deposit
- Access to more than 16,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fee if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
*With Chase Overdraft Assist℠, we won't charge an Insufficient Funds Fee if you're overdrawn by $50 or less at the end of the business day OR if you're overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.
Savings
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U.S. Bank savings accounts come with access to online/mobile banking, recurring bank transfers, overdraft protection options, and free access to U.S. Bank ATMs.
- Platinum Select Money Market Savings: If you have a Platinum Checking account, you can open this Platinum Money Market Savings account with no monthly fee and competitive interest rates. You'll need at least $25 to open this account.
- Package Money Market Savings: If you have a Gold checking package, you can apply for this money market savings account. It offers competitive interest rates and has no monthly fee. You'll need at least $25 to open the savings account.[3]
- Elite Money Market: Open this account with $100 and earn higher interest rates the higher your balances become. You'll need a $10,000 minimum balance to waive the monthly fee. You'll have check writing privileges with this money market account as well as access to online/mobile banking. You can also use any U.S. Bank ATM free of charge.[4]
- Retirement Money Market Account: Get higher, tiered interest rates and low-risk for your retirement account with this money market. There's no monthly maintenance fee and you can open the account with $100 or $25 automatic monthly deposits.[5]
- Standard Savings Account: This simple savings account can be opened with just $25. If you keep a balance of $1,000, you can waive the monthly service fee. You'll earn interest on your money and have access to online/mobile banking.[6]
Compare Savings Accounts
CIT Bank Savings Connect - 3.60% APY
- Earn 15x the national average
- $100 minimum opening deposit
- No monthly maintenance fee
Discover Online Savings - $200 Cash Bonus
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY922 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 30 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/15/2022, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
CDs
- CD Special: With just $1,000, you can open a "special CD" that has promotional interest rates. These interest rates are usually higher than what you'd find with a standard CD. They offer a variety of maturity dates that range from 17 months to 59 months. The longer you can tie up your money, the higher the interest rate you'll earn.[7]
- CD: If you have $500 to invest, you can open a standard CD with maturity dates ranging from one month to 60 months.[8]
- Step Up CD: If you can tie up your money for at least 28 months, take advantage of the increasing rates of this CD. Every seven months, the rate increases. This would give you an opportunity for four interest rate increases in 28 months. You'll need $1,000 to open this CD.[9]
- Trade Up CD: With $1,000 and 30 or 60 months available, you have the opportunity to lock in a higher interest rate one time during your CD's term.[10]
Reasons We Like U.S. Bank
- You can customize your alerts. You can receive text or email alerts about low balances, negative balances, withdrawals that exceed your threshold, overdrafts, and new statement alerts. You can also set up alerts for any type of debit/credit card transactions that you want to know about, including declined transactions or high transaction amounts.
- You can use online banking to pay bills, check transactions, transfer money, access free online statements, and check transactions. You can access online banking 24/7.
- You can set up online bill pay alerts. Whether you want to be alerted of an upcoming due date, sent payment, reminder about an automatic payment about to be sent, or when an eBill is received, you can do so. This way you can automate the bill pay process, but still always know what is going on in your account.
- You can use the U.S. Bank mobile app to conduct many banking transactions. The mobile app mirrors the online bank portal, making it easy to check balances, pay bills, transfer funds, and activate your bank cards. You can also enable the Instant Balance Feature that allows you to see your balance without logging into your account.
- You can deposit your checks from your mobile app. You don't have to visit the bank; you just take a picture of the front and back of your check and follow the prompts in the app to deposit your check.[11]
- You can send money to friends and family with Zelle®. All you need is an email address or mobile phone number to send the payment. It's free to use and you can access it right in your U.S. Bank mobile app.[12]
- You can activate location services in the mobile app to enhance the security of your bank card. With location services on, U.S. Bank can tell when you and your bank card are together. If someone tries to use your card that isn't at the location that your phone is located, it will alert U.S. Bank of potential fraud.[13]
- U.S. Bank is FDIC insured. Your accounts are protected up to $250,000 each. In the event that U.S. Bank goes out of business, your money will be safe.[14]
Reasons You May Want to Look Elsewhere
- U.S. Bank is located in 26 states. If you don't live in one of the states where the bank is located, you can't take advantage of their banking programs.
- U.S. Bank has high minimum balance requirements to waive the monthly service fees. Basic account holders usually want minimum balance requirements that are less than $500, but even the Basic checking account requires a minimum balance of $1,500 to waive the monthly service charge.
How It Compares
- Chase: Chase is another big name in the banking industry, with thousands of branches and ATMs throughout the country. Consumers usually go to Chase for the Chase checking account bonus for new accounts. Chase offers online bill pay and mobile banking just like U.S. Bank, but they tend to have lower minimum requirements to waive the monthly service fees.
- BMO Harris Bank: BMO Harris offers a large, fee-free ATM network with more than 43,000 participating ATMs. Their account selections are much less than what U.S. Bank offers, and they only have one interest-bearing checking account that requires a $25,000 balance to waive the high monthly service charge.
- Wells Fargo: Wells Fargo has 13,000 ATMs and 5,800 branches in the U.S. Wells Fargo offers a similar number of checking/savings account offerings. What they are known for, though, is their "second chance checking account" offerings. This helps those who faced financial destruction get back on their feet with a standard checking account.
Bottom Line
If you are looking for a bank that doesn't require large balances, you'll have to look elsewhere. U.S. Bank is better suited for those with large amounts of money to keep in their checking/savings account. If you don't meet the minimum requirements, you run the risk of paying high monthly service fees. But, if you can meet the monthly minimum requirements and you want all of your banking done in one place, U.S. Bank has a lot to offer.
References
- ^ U.S. Bank. Student Checking Account, Retrieved 1/25/2022
- ^ U.S. Bank. Safe-Debit Checking Account, Retrieved 1/25/2022
- ^ U.S. Bank. Package Money Market Savings Account, Retrieved 1/25/2022
- ^ U.S. Bank. Elite Money Market Savings Account, Retrieved 1/25/2022
- ^ U.S. Bank. Retirement Money Market Account, Retrieved 1/25/2022
- ^ U.S. Bank. Standard Savings Account, Retrieved 1/25/2022
- ^ U.S. Bank. CD Special, Retrieved 1/25/2022
- ^ U.S. Bank. Certificate of Deposit, Retrieved 1/25/2022
- ^ U.S. Bank. Step Up CD, Retrieved 1/25/2022
- ^ U.S. Bank. Trade Up CD, Retrieved 1/25/2022
- ^ U.S. Bank. Mobile Check Deposit, Retrieved 1/25/2022
- ^ U.S. Bank. Zelle Payments, Retrieved 1/25/2022
- ^ U.S. Bank. "How do I enable location services on my mobile device?", Retrieved 1/25/2022
- ^ U.S. Bank. "FDIC deposit insurance coverage", Retrieved 1/25/2022
Chase Total Checking® - $200 Bonus
- New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account and set up direct deposit
- Access to more than 16,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fee if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
*With Chase Overdraft Assist℠, we won't charge an Insufficient Funds Fee if you're overdrawn by $50 or less at the end of the business day OR if you're overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.
Citi Priority Account - Earn up to $2,000 Cash Bonus
- Earn up to $2,000 cash bonus when you open a new eligible Citi Priority Checking Account with required activities
- Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
- Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
- If your balance falls to a lower tier at any point during the maintenance period, the bonus changes.
- Bonus will be paid within 30 days after you successfully complete all required activities.
CIT Bank Savings Connect - 3.60% APY
- Earn 15x the national average
- $100 minimum opening deposit
- No monthly maintenance fee
Discover Online Savings - $200 Cash Bonus
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY922 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 30 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/15/2022, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
Business Checking - Up to 2.0% APY
- 2.0% APY on your balance up to $100,000 for customers that meet monthly eligibility requirements
- $0 minimum opening deposit
- $0 monthly service fee
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