Table Of Content
When Bank of America Wins?
Bank of America has a comprehensive line of banking products. There are a variety of credit cards, different checking and savings accounts, home loans, investments, and auto loans.
Bank of America can be a better choice than US Bank if:
You want a massive choice of credit card options
You are happy to become a Preferred Rewards member to access higher savings rates
You want a discount on your mortgage fees
When US Bank Wins?
US Bank has an even more impressive banking product line. There is a variety of saving and checking account options, investments, personal loans, mortgage products, and wealth management.
This means that either bank will make it easier to switch from your current bank, as you should have access to all the products you would expect and need.
Open a bank account on US can be a better choice than Bank of America if:
You want better CD rates
You are looking for personal loans
You want lower account maintenance fees
Bank of America | US Bank | |
|---|---|---|
Savings Accounts | ||
Checking Accounts | ||
CDs | ||
Money Market Account | ||
Debit Card | ||
Credit Cards | ||
Personal Loans | ||
Mortgage | ||
Government Mortgage | ||
Business Loans | ||
Investing Capabilities |
Savings Account
Bank of America has a conventional savings account that pays 0.01% to 0.04% interest depending on your Preferred Rewards status. If you’re a Preferred Rewards member with a higher savings account balance, you’ll be able to access the higher rates.
Bank of America | US Bank | |
|---|---|---|
APY | 0.01% – 0.04% | up to 3.80% |
Fees | $8 per month
Can be waived by maintaining a balance of $500+, becoming a Preferred Rewards member or linking to your B of A Advantage Banking account. Fees are also waived for enrolled students aged under 24
| $4
can be waived by $300+ daily ledger balance or $1,000 average monthly balance
|
Minimum Deposit | $100 | $25 |
Checking Needed? | No | No |
Main Benefits |
|
|
While US Bank has several savings account options, if you’re purely looking at the base savings account, Bank of America has a far higher potential rate.
Both savings accounts have a maintenance fee that can be waived, but the US Bank’s fee is far lower, just in case you slip up and fail to meet the waiver requirements in the odd month or two. However, you do need a minimum deposit of $25 to open the account.
Checking Account
Neither bank’s checking account is interest bearing, but both accounts have a maintenance fee. While US Bank’s fee is far lower, you will need to receive more in direct deposits to have the fee waived.
Bank of America | US Bank | |
|---|---|---|
APY | 0.01% – 0.02% | 0.001% – 0.005% |
Fees | $12
can be waived by maintaining an account balance of $1,500, qualifying deposit of $250+ per month or enrol in Preferred Rewards
| $6.95
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 – $100 | $25 |
Main Benefits |
|
|
Both accounts have overdraft protection options.
However, while US Bank allows you to link a deposit account and have fee free transfers if you have insufficient funds, Bank of America has multiple options, so you can decide how the bank handles your transactions if you slip into a negative balance.
While it may lack features, US Bank does have a number of checking account options, so you can choose an account that suits your preferences and requirements.
CDs
Both Bank of America and US Bank have minimum deposit requirements of $1,000, but while Bank of America has a flat rate of 0.03%, US Bank has special CD rates with the potential to earn up to 0.75%. The rates are tiered, so you’ll gain access to better rates if you commit to a longer term CD.
Bank of America | US Bank | |
|---|---|---|
Minimum Deposit | $1,000 | $500 |
APY Range | 0.03% – 4.00% | 0.05% – 0.25% |
Credit Cards
Bank of America has a vast choice of credit cards. There are student cards for those in full time education and a secured card to build credit while earning rewards.
Card | Rewards | Bonus | Annual Fee |
| Bank of America® Customized Cash Rewards credit card
| 1-3%
3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings, 2% cash back at grocery stores and wholesale clubs and 1% cash back on all other purchases. The 3% and 2% cash back available on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter (then 1%)
| $200
$200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening
| $0 |
|---|---|---|---|---|
| Bank of America® Travel Rewards credit card | 1.5X
1.5 points for every $1 you spend on all purchases everywhere, every time and no expiration on points
| 25,000 points
25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening – which can be redeemed for a $250 statement credit toward travel purchases
| $0 |
| BankAmericard® credit card | N/A |
N/A
N/A
| $0 |
| Bank of America® Premium Rewards® credit card | 1.5X – 2X
Unlimited 2X points on travel and dining purchases. Unlimited 1.5X points on all other purchases
|
60,000 points
60,000 online bonus points after spending $4,000 on purchases in the first 90 days. | $95 |
| Bank of America Unlimited Cash Rewards credit card | 1.5%
unlimited 1.5% cash back on all purchases
|
$200
$200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
| $95 |
| Bank of America® Premium Rewards® Elite | 1.5x – 2x
2 points for every dollar you spend on travel or dining purchases, with 1.5 points per dollar on all your other purchases | 75,000 points
75,000 bonus points if you spend $5,000 or more within 90 days of opening your account
| $550 |
The bank also has partnership cards with brands such as Amtrak, Always, Alaska Airlines, and Free Spirit.
US Bank also has a number of credit card options, which you can explore with search categories such as cash back, no annual fee, low intro rate, or credit building.
Mortgage
Bank of America has a selection of mortgage products including fixed rate and ARM packages, FHA and VA loans, and home equity lines of credit. You can explore the options on the Bank of America website with a variety of calculators and tools that will help you to estimate your costs.
Additionally, Preferred Rewards members can qualify for a discount of up to $600 towards mortgage origination fees.
US Bank has various home loan products. There are conventional fixed rate packages, FHA loans, and VA loans. Like Bank of America, US Bank has tools to guide you through the home buying process with payment calculators, blog posts, and FAQ support.
Loans
Bank of America does not have a conventional personal loan. However, you can access fee free auto loans. You can lock in your rate with a one minute application decision, making it easy to comparison shop.
US Bank has several loan options. There are conventional personal loans for up to $50,000, but you can also access home improvement loans. US Bank also offers simple loans for up to $1,000 if you have unexpected or unplanned expenses.
Customer Service
As a large bank, Bank of America does have a large customer service department. You can access live support 8 am to 9 pm ET Monday to Friday, at weekends 8 am to 8 pm on Saturday and 8 am to 5 pm on Sunday. You can also speak to the customer service team via the Bank of America website or social media channels.
US Bank has a toll free number to speak to a member of the customer service team. However, there is a comprehensive support section on the bank’s website to answer any common questions and access blog resources.
However, the ratings on Trustpilot are more of a mixed bag. While Bank of America has a fairly impressive 3.5 out of 5, US Bank has a poor 1.3/5.
Online/Digital Experience
Both banks have an app which allows you to manage your bank accounts at your convenience. The Bank of America’s app is rated 4.8/5 on the Apple Store and 4.6/5 on Google Play, while the US Bank App is rated 4.8/5 and 3.9/5 on Apple and Google respectively.
The bank’s websites are both easy to use, with some excellent learning resources. There is a comprehensive help section that allows you to explore all aspects of the bank’s products and finance in general, which creates an excellent digital experience.