Updated April 7, 2022

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?

US Bank Promotions
Easy Checking - $200 or $400 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
5-point scale (the higher, the better)

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.

  • Platinum: This is U.S. Bank's top checking account and is interest bearing. In order to waive the monthly service fee, though, you'll need at least $25,000 in combined personal deposit accounts at U.S. Bank or investments with U.S. Bancorp Investments. This account also offers no non-U.S. Bank ATM fees nor transfer fees for overdraft protection if transferred from a U.S. Bank line of credit. It offers discounts on personal checks and you'll also have access to several savings accounts free of charge and savings on certain U.S. Bank loans.[1]

  • Gold: You can open this checking account free of charge if you have a U.S. Bank credit card or line of credit. You'll get two "free" non-U.S. Bank ATM transactions per month, access to two more Easy Checking accounts for family members (you must be on the account too), and no overdraft transfer fee when you transfer from a U.S. Bank linked deposit account.[2]

  • Easy Checking: This "basic" checking account doesn't pay interest, but you only need an average account balance of $1,500 or monthly direct deposits to waive the monthly fee. It doesn't come with any of the bells and whistles above, but you can have the account free of charge by meeting the minimum requirements and opting in to online statements (paper statements have a monthly charge).[3]

  • 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).[4]

  • 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.[5]

Compare Checking Account Promotion

Savings

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.[6]

  • 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.[7]

  • 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.[8]

  • 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.[9]

Compare Savings Accounts

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.[10]

  • CD: If you have $500 to invest, you can open a standard CD with maturity dates ranging from one month to 60 months.[11]

  • 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.[12]

  • 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.[13]

U.S. Bank's Routing Number: You'll need your U.S. Bank routing number to set up direct deposit or automatic bill pay. You can find the number on the bottom of your check. The first set of numbers is the routing number. The second set is the account number. Each state has its own routing number, so make sure you have the right routing number to ensure your money goes where it belongs.

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.[14]

  • 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.[15]

  • 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.[16]

  • 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.[17]

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.

  • U.S. Bank charges hefty overdraft charges. If you tend to go over your balance, it could cost you a pretty penny at this bank. They charge their overdraft fee up to 4 times a day and also charge an extended overdraft fee if your account remains in overdraft status for more than seven days.[18]

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

  1. ^ U.S. Bank. Platinum Checking Account, Retrieved 1/25/2022
  2. ^ U.S. Bank. Gold Checking Account, Retrieved 1/25/2022
  3. ^ U.S. Bank. Easy Checking Account, Retrieved 1/25/2022
  4. ^ U.S. Bank. Student Checking Account, Retrieved 1/25/2022
  5. ^ U.S. Bank. Safe-Debit Checking Account, Retrieved 1/25/2022
  6. ^ U.S. Bank. Package Money Market Savings Account, Retrieved 1/25/2022
  7. ^ U.S. Bank. Elite Money Market Savings Account, Retrieved 1/25/2022
  8. ^ U.S. Bank. Retirement Money Market Account, Retrieved 1/25/2022
  9. ^ U.S. Bank. Standard Savings Account, Retrieved 1/25/2022
  10. ^ U.S. Bank. CD Special, Retrieved 1/25/2022
  11. ^ U.S. Bank. Certificate of Deposit, Retrieved 1/25/2022
  12. ^ U.S. Bank. Step Up CD, Retrieved 1/25/2022
  13. ^ U.S. Bank. Trade Up CD, Retrieved 1/25/2022
  14. ^ U.S. Bank. Mobile Check Deposit, Retrieved 1/25/2022
  15. ^ U.S. Bank. Zelle Payments, Retrieved 1/25/2022
  16. ^ U.S. Bank. "How do I enable location services on my mobile device?", Retrieved 1/25/2022
  17. ^ U.S. Bank. "FDIC deposit insurance coverage", Retrieved 1/25/2022
  18. ^ U.S. Bank. "What types of overdraft options does U.S. Bank offer?", Retrieved 1/25/2022
Chase
Member FDIC

Chase Total Checking® - $200 Bonus

Expires 7/20/2022
  • New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account and set up direct deposit
  • Access to 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℠: $0 overdraft fee when you overdraw your account $50 or less*

*We won't charge an overdraft fee if you are overdrawn $50 or less at the end of the business day. Chase may pay, for a $34 fee, overdraft transactions at our discretion based on your account history, deposits and transaction amount. If you've enrolled in Debit Card Coverage, everyday debit card purchases like groceries, may be approved at our discretion when you don't have enough money in your account.

Citibank

Citi Priority Account - Up to $1,500 Cash Bonus

Expires 7/17/2022
  • Earn up to $1,500 cash bonus when you open a new account with required activities
  • Open a new eligible checking account in the Citi Priority Account during the offer period 1/5/22-7/17/22
  • Within 20 days of opening, deposit $50,000 in New-To Citibank funds between the new checking and savings accounts
  • Maintain a minimum balance of $50,000 in the checking account for an additional 60 consecutive calendar days from the 21st day
  • After all required activities are met, the cash bonus will be deposited to your account within 90 calendar days
CIT Bank
Member FDIC

Money Market Account - Get a Year of Amazon Prime

To get your year of Amazon Prime ($139 cash value):
  • Open a new Money Market account using promo code AMZN22.
  • Fund your account with $15,000 within 15 days.
  • Keep a minimum balance of $15,000 for 60 days.
After 60 days, if you've fulfilled the requirements, CIT will send you an email with your Prime membership code. Existing Amazon Prime members can use the one year of Amazon Prime to renew their membership for an additional year. Limit one Money Market promotion per account and per customer. Conditions apply. See advertiser website for details.
Discover Bank
Member FDIC

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, by phone or Discover App). Enter Offer Code CY222 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 06/15/2022, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Expires 6/15/2022
TD Bank
Member FDIC

TD Beyond Checking - $300 Cash Bonus

Expires 10/31/2022
  • Earn $300 when you receive direct deposits totaling $2,500 or more within 60 days
  • Get more from your checking account. With TD Beyond Checking with Payback Plus, you'll earn interest and get reimbursed for non-TD ATM transactions, Rush Bill Payments and more.
  • Monthly maintenance fee waived when you receive monthly direct deposits of $5,000 or more, or maintain a minimum daily balance of $2,500, or a combined balance of $25,000 across eligible TD accounts.
  • TD fees waived at any ATM and non-TD fees reimbursed when you keep at least a $2,500 daily balance
  • Overdraft Payback - Get overdraft fees automatically reversed up to two times a year.
  • Get your money where it needs to go —fast— with Rush Bill Payments, Send Money with Zelle®, incoming wires and a reimbursement for one outgoing wire (domestic or international) per statement cycle.
  • TD checking accounts come with an instant-issue debit card. And, you can pay with confidence with Zero Liability protection and 24/7 fraud monitoring.
  • Monthly maintenance fee waived on one TD Simple Checking℠ account and any Savings and Money Market accounts. Plus, get free standard check orders, money orders, official bank checks and stop payments.

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Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

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