Banking » Reviews » US Bank Review 2023: Is It Worth For Savings & Checking?
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US Bank Review 2023: Is It Worth For Savings & Checking?

The variety of products makes U.S Bank a viable alternative if you want to switch banks, yet keep all of your financials under one roof
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

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U.S. Bank

us-bank-logo
us-bank-logo

U.S. Bank

Fees

$6.95 (Easy Checking) Can be waived by maintaining an average account balance of $1,500, have $1,000+ in direct deposits per month or be aged 65+

Minimum Deposit

$25

Current Promotion

$400 Minimum deposit of $4,000 needed. Expired on 9/2/2022

APY Savings

0.01%

U.S Bank is one of the largest commercial banks in the United States. It has been operating since 1863 and has over 2,900 locations across 25 states, with approximately 4,700 ATMs nationwide. This full-service bank offers loans, checking accounts, savings accounts, CDs, and other financial services. The variety of products and services mean that U.S Bank is a viable alternative if you want to switch banks, yet keep all your financial products under one roof.

U.S Bank commits to helping communities and maintaining corporate social responsibility. Unfortunately, this is not reflected in its consumer reviews. Numerous complaints about bank errors cause accounts to go overdrawn and customers to get stung with fees.

In recent years, U.S Bank has become more proactive in digital banking. This allows you to manage your account without needing to visit a branch. This should also help eliminate any issues highlighted in the consumer complaints.

U.S bank can be a good choice if:

  • You’re looking for one stop shop for your finance
  • You prefer a big bank with lower maintenance fees
  • You may need a mortgage/home equity loan 
  • Variety of Account Options
  • Solid Digital User Experience 
  • Excellent Selection of Lending Products
  • Decent Size Network
  • Promotions
  • Physical Locations in 26 States
  • Fees
  • Low interest Rates

What is required to open a US Bank account?

As with most banks, you will need to provide personal and financial details to open a US Bank account. This will include a valid home address, your Social Security number, and contact information. It is important that you can verify your identity, as US Bank needs to comply with federal regulations.

Is US Bank worth it if I'm a student?

US Bank does have a dedicated student account that has some nice features. This checking account has no monthly maintenance fee and you can link a US Bank savings account or secondary checking account to activate overdraft protection.

This authorizes automatic transfers should you inadvertently have insufficient funds in the account, so you avoid unauthorized overdrawn fees. The account has a debit card and you can use mobile or online banking to manage your account.

Additionally, while there is no dedicated student credit card, US Bank does have several credit building cards which could be beneficial for students.

Is US Bank ready for recession?

US Bank has a history dating back over 150 years, so it has obviously weathered previous recessions and tough economic times. The bank has already established measures due to the COVID 19 pandemic.

This included creating a pay program for employees, small business assistance, and charitable contributions. This suggests that US Bank is aware of the current financial climate and taking appropriate steps.

Is US Bank worth it for Millenials?

US Bank has an impressive product line that should cater for all millennials banking needs. The bank has a decent online platform and an app, so you can manage your accounts on the go.

However, there are certain actions that can only be performed in a local branch, so if you are looking for online autonomy, this may not be the right bank for you.

U.S Bank Review

Banking Services
Credit Options
Savings Accounts
Mortgage
Checking Accounts
Government Mortgage
CDs
Credit Cards
Money Market Account
Debit Card
Investing Capabilities
Personal Loans

The Benefits

With multiple checking accounts, several CD products and a choice of saving and money market accounts, it is quite easy to find a product to suit your everyday banking needs.

It is obvious that U.S Bank has invested in its online and mobile platforms. You can use the interface to manage your day to day account maintenance, but also apply for new products.

In many cases, if you apply for a loan, you’ll get an almost immediate response, saving you the trouble of needing to go into a branch.

From time to time, U.S Bank offers promotions on its banking products as well as on its credit cards. 

While U.S Bank does have monthly maintenance fees for many of its accounts, there are often several waiver options that you can qualify for to avoid paying these expenses.

Whether you’re buying or refinancing a home, looking to buy a car or need funds for another purpose, you’ll find a suitable lending product with U.S Bank.

With over 2,900 branches and over 4,700 ATMs, U.S Bank is the fifth largest bank in the U.S. This makes it easier to find a local branch or ATM if you can’t manage your account through internet or mobile banking.

Pros
Cons
Variety of Account Options
Low interest Rates
Fee Waivers
Physical Locations in 26 States
Solid Digital User Experience
Minimum Balance Requirements
Excellent Selection of Lending Products
Not All Accounts Have Fee Free Withdrawals
Promotions

Drawbacks 

Here are the most important cons you should consider before applying:

While U.S Bank has a vast physical branch network, they are predominantly in the Western side of the country. 

In fact, U.S Bank only has a physical presence in 26 states. So, you may struggle to find a branch or ATM near you.

It is possible to have the monthly maintenance fees waived on your checking or savings account, but this typically requires a minimum balance.

This means that you’ll need to watch what money you have in your account or you could get stung with a fee.

Although this is common with large banks, U.S Bank’s savings rates are very low. 

Even the money market accounts only attract quite low APY. So, unless you’re prepared to tie your funds up in a CD, you’ll not earn much on your savings.

Some of the U.S Bank accounts offer fee free ATM withdrawals or reimbursement of fees from non U.S Bank machines. 

However, this is not the case with all accounts, so you’ll need to check the terms and conditions carefully, particularly if you don’t live in an area near a U.S Bank ATM.

U.S Bank Customer Service

One area where U.S Bank stands out is its accessibility and reach. In addition to its branches and ATMs, you can access the customer service team by phone 24 hours a day and on social media during extended hours each day.

You can also access the customer service team and manage common queries via the Android and iOS mobile apps. These apps allow you to transfer money, make Zelle person to person payments and check deposits. Both apps have a high rating on the Apple Store and Google Play.

While U.S Bank does not have a particularly good Trustpilot rating, in the 2020 J.D Power U.S Merchant Services Satisfaction Study, U.S Bank was ranked number one with an 882 score. It also was in the top slot for security and chargeback management, and cost of service.

U.S Bank
App Rating (iOS)
4.6
App Rating (Android)
4
BBB Rating (A-F)
A+
Contact Options
phone/mail/social
Availability
24/7

U.S Bank Savings Account

APY Savings

0.01%

Minimum Deposit

$25

Promotion

None

Fees

$4 can be waived by $300+ daily ledger balance or $1,000 average monthly balance
]

U.S Bank Savings Account

APY Savings

0.01%

Minimum Deposit

$25

Promotion

None

Fees

$4 can be waived by $300+ daily ledger balance or $1,000 average monthly balance

U.S Bank has a selection of five savings and money market accounts. As the Standard Savings account is the bank’s basic savings account, which requires a $25 minimum deposit.

There is a $4 monthly maintenance fee, but you can have this waived if you have a minimum daily balance of $300 or maintain a $1,000 collected balance in the account on average each month. Unfortunately, as with many of the major banks, the APY rate for this savings account is low at 0.01% which is very far from the rate you could get on other high-yield savings accounts.

The key features of this account include:

  • Overdraft protection options: You can automatically cover a negative checking account balance when you link your savings account.
  • Online and mobile banking: You can manage your accounts and day to day account activities on your desktop or mobile device using a secure log in. You can also access e-statements online at any time. These statements are free and automatically archived.
  • Account alerts: You can set up SMS or email reminders for transfers, low balances or other important activities
  • Automated Savings: By linking your savings account to another of your U.S Bank accounts, you can set up recurring transfers to work towards your savings goals.

In addition to this savings account, U.S Bank has four money market accounts each with different perks and features depending on the U.S Bank checking account you hold.

  • Elite: This type of money market account has a $100 minimum opening deposit and there is a $10 monthly maintenance fee. This can be waived with a monthly account balance of $10,000+.
  • Package: This is the money market account for Gold checking account holders. It requires a minimum deposit of $25 to open the account and there are no maintenance fees.
  • Platinum: This money market account is included with the Platinum checking account package. There is a $25 minimum opening deposit and there are no monthly maintenance fees.
  • Retirement: This is for customers with a U.S Bank IRA. There are no monthly fees and you can open the account with a $100 deposit or by setting up an automatic deposit of $25 per month.

However, U.S. Bank savings rates are quite low compared to what other banks offer. For example, Marcus provides 3.30% APY on its savings account  while Synchrony Bank savings  APY is 3.75% – both are much higher compared to U.S. Bank, as of January 2023.

U.S Bank CDs

APY Range

0.25% – 3.10%

Minimum Deposit

$500

Terms

17 months – 5 years

Fees

$0

U.S Bank CDs

APY Range

0.25% – 3.10%

Minimum Deposit

$500

Terms

17 months – 5 years

Fees

$0

U.S Bank has several CD options depending on your preferences and how long you wish to commit your funds.

  • Conventional Certificate of Deposit

This is U.S Bank’s conventional certificate of deposit or CD. It requires a minimum deposit of $500 and has a tiered interest structure. So, the longer you commit your funds, the higher the rate you’ll receive. The CD terms vary from one month to 60 months, providing superb flexibility for CD laddering.

  • CD Special

This product requires a minimum deposit of $1,000, with a maximum deposit of $250,000. You can choose a term of 17, 37, 47, or 59 months, but this product offers the most competitive U.S Bank CD rates.

  • Step Up CD

This is an exciting product, as instead of earning a fixed rate, you’ll get a “step up” in the interest rate every seven months. There is no flexibility in the term length, as only 28 months is available.

  • Trade Up CD

The Trade Up CD allows you to “trade up” to a higher rate if the rates increase during the term of your CD. You can choose a 30- or 60-month term, and this CD has a minimum $1,000 deposit requirement, with a maximum of $250,000.

CD Type
CD Term
APY
Standard CD
6 Months
0.05%
Standard CD
12 Months
0.05%
Standard CD
24 Months
0.05%
Standard CD
36 Months
0.10%
CD Special
11 Months
2.90%
CD Special
17 Months
3.00%
CD Special
25 Months
3.10%
Step Up CD
28 Months
0.35%
Trade Up CD
30 Months
0.10%
Trade Up CD
60 Months
0.40%

U.S Bank Checking Account

Fees

$6.95 (Easy Checking) Can be waived by maintaining an average account balance of $1,500, have $1,000+ in direct deposits per month or be aged 65+

Minimum Deposit

$25

Promotion

$400 Minimum deposit of $4,000 needed. Expired on 9/2/2022

APY Checking

0%

U.S Bank Checking Account

Fees

$6.95 (Easy Checking) Can be waived by maintaining an average account balance of $1,500, have $1,000+ in direct deposits per month or be aged 65+

Minimum Deposit

$25

Promotion

$400 Minimum deposit of $4,000 needed. Expired on 9/2/2022

APY Checking

0%

U.S Bank has several checking account options to suit how you would like to manage your everyday banking. Each account has a different package of services and different monthly fees. The options include:

  • Easy: As the name suggests, the Easy checking account aims to make managing your money as easy as possible. There is a monthly maintenance fee, but this can be waived if you have monthly direct deposits of $1,000+, maintain an average account balance of $1,500+ or are aged 65 or older.
  • Gold: This is a premier U.S Bank checking account. There is a $14.95 monthly fee, but it can be waived if you have a U.S Bank personal loan, mortgage, line of credit or credit card account.

This account has a package of perks including a Money Market savings account, two no fee ATM transactions at non U.S Bank machines per month and up to 100 free trades per year using a self directed U.S Bancorp Investments brokerage account. You can also sign up two family members for a fee free Easy Checking account, if you’re a co-owner of the account.

  • Platinum: This account has a $24.95 monthly fee, which will be waived if you have a combined total balance of $25,000+ with U.S Bank or have a U.S Bank Wealth Management personal trust relationship. The perks include no fee ATM transactions, and it is an interest bearing checking account.
  • Student: U.S Bank also has a dedicated student checking account suitable for high school or higher education students. There are no monthly maintenance fees and you’ll have the surcharges on four non network ATM withdrawals covered during a statement period.
  • Safe Debit: Safe Debit is a primarily online checking account, offering a debit card, online and mobile banking access. There is a monthly fee of $4.95 with no waiver criteria and the account doesn’t offer paper checks.

You’ll need $25 to open the account and it does permit mobile check deposits. You can also enjoy a free credit score check via TransUnion CreditView if you’re looking to see your current score and how it could change with different actions.

U.S Bank Loan Products

U.S Bank offers a variety of loans and lines of credit products to suit your specific requirements. These include:

  • Personal Loan: U.S Bank offers personal loans for $1,000 to $50,000. However, the maximum loan amount for those without a U.S Bank account is capped at $25,000. U.S Bank personal loans have a quick and easy application process with no origination or prepayment fees. You can select a term of 12 to 84 months, and, in many cases, you could receive the funds within a few hours.
  • Mortgages: U.S Bank has a variety of mortgage and home loan products, including VA, fixed rate, and FHA loans. The rates are competitive, with a typical 30-year term. U.S Bank also has some excellent resources to help you to choose the best product to finance your home purchase.
  • Personal Line of Credit: Current U.S Bank customers with a FICO score of at least 680 can qualify for a personal line of credit for up to $25,000. You can have ongoing access to the available funds and only pay interest on the amount you actually borrow. The rates are competitive, and there are no annual fees or collateral requirements.
  • Simple Loan: If you need funds for a financial emergency, the U.S Bank simple loan is a great option for qualified checking customers to borrow $100 up to $1,000. You’ll need to repay the loan in three monthly payments, but there are no insufficient funds fees, late payment fees, or missed payment fees. You’ll receive a real-time decision, and if approved, the funds will be deposited into your checking account in minutes.

How to Open U.S Bank Account?

The U.S Bank website is fairly comprehensive and allows you to apply to open an account for almost any product. 

To start, you’ll need to visit the website and select the product of interest to you. You can click the “Learn More” button to check the account terms or jump straight into “Apply”.

us bank application process 1

When you click “Apply”, you’ll see a pop up screen asking for your zipcode. This is so U.S Bank can apply the rates and terms appropriate to your home state.

us bank application process 2

You’ll then need to complete the contact form, or alternatively, if you’re already a U.S Bank customer, log in. The form is quite straightforward, but you can save at any point.

us bank application process 3

The entire application takes approximately five minutes and you’ll need to provide standard information such as your full name, address, contact email and phone number, and Social Security number. Once you complete the form, you’ll need to press submit and give permission for U.S Bank to check your consumer report.

U.S Bank will need to verify your I.D, but this is easy to do by submitting a picture of your driver’s license, U.S passport or other government issued ID.

Once you complete the form, U.S Bank will confirm receipt and in most cases, you’ll have a decision about the account application in short order.

 

Conclusion: Does U.S Bank Worth It?

U.S Bank has a decent selection of products and an impressive J.D Power consumer satisfaction ranking. The bank has a solid online and mobile device platform, so you can manage your accounts and transactions without needing to visit an ATM or branch.

However, if you do need to access a location, while there are thousands of branches, they are only across 25 states. So, you will need to check if there is one in your area.

Many U.S Bank accounts have monthly maintenance fees, but there are waiver terms to avoid them. While the savings rates are low, this is fairly standard for larger banks and you can access a higher rate with a variety of CD products.

So, if you’re looking to switch banks and want to access all the typical day-to-day financial products under one roof, U.S Bank is certainly worth considering.

FAQs

As of January 2023, U.S.Bank offers $400 promotion, one of the highest promotions available. For example, Chase offers $200 bonus if you open a new Total Checking Account. If you intend to deposit a high amount, the Citi Personal Checking promotion may be better since it offers $200 – $2,000, depending on your deposit. U.S Bank promotion is also higher Bank of America's promotion, which offers $100 on its Advantage Banking account.

US Bank does have an investment arm that allows you to have a self directed or automated investor trading. You can use the platform to buy shares, bonds and stocks including gold stocks.

Of course, there are fees associated with this service, but US Bank is quite transparent about these fees, so you can make an informed choice about whether you wish to make a trade.

US Bank does allow parents to open an account for minors age 14+. The parent does need to be an authorized user on the account, but this does allow for parental oversight, so you can keep an eye on your child’s transactions. US Bank also allows minors to have a standard savings account, and they won’t pay any fees until they reach the age of 18.

What’s good about this bank is that they have a number of resources to help teens learn more about becoming financially responsible.

While US Bank does not have specific accounts designed for those with bad credit, the bank does have a choice of three secured credit cards that can help you to build or rebuild credit. There are even secured reward card options, so you can earn points or cash back as you rebuild your credit.

You will need to make a refundable deposit of $300 to $5,000 and your deposit will be used to determine your credit limit. You can then use your card and spend within your limit, your monthly payments will be reported to the credit bureaus.

One of the easiest ways to close your US Bank account is to call the toll free helpline. The US Bank representative will then guide you through the closure process.

Alternatively, you can close your account at your local branch. You can log into your account via the app or online dashboard to make an appointment, or submit a request via mail.

US Bank does have a dedicated student account that has some nice features. This checking account has no monthly maintenance fee and you can link a US Bank savings account or secondary checking account to activate overdraft protection. This authorizes automatic transfers should you inadvertently have insufficient funds in the account, so you avoid unauthorized overdrawn fees. The account has a debit card and you can use mobile or online banking to manage your account.

Additionally, while there is no dedicated student credit card, US Bank does have several credit building cards which could be beneficial for students.

Alternatives

Quontic bank logo
discover logo
Chase_logo
APY Savings The annual percentage yield (APY) is a percentage that represents the amount of money or interest earned on your savings account over the course of a year. The APY factored in compound interest. A savings calculator can help you quickly determine how much you'll earn with a given APY.
3.20%
3.30%
0.01% – 0.05%
Checking Account Fee The monthly fee on checking account
$0
$0
$12 Can be waived if you maintain a $1,000 minimum daily balance, making direct deposits or Associated SnapDeposits of $500 or more per statement cycle, or holding $2,500 in combined deposit accounts with the same statement cycle date or having a Health Savings Account or investment account
Checking Minimum Deposit
$100
$0
$0
Mobile App Rating
4.5/5 on iOS, 3.4/5 on Android
4.9/5 on iOS, 4.7/5 on Android
4.8/5 on iOS, 4.3/5 on Android
BBB Rating
A+
A+
B-

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Lorraine Smithills

Lorraine Smithills

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
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