Banking » Compare Banks » Bank of America vs US Bank: Which is Best For You?
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Bank of America vs US Bank: Which is Best For You?

Bank of America Preferred Rewards customers can gain access to higher savings rates, but US Bank offers far better rates with its Special CDs. Here's our full banking comparison.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

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

bank of america logo
bank of america logo

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.

us bank logo

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

us bank logo
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.

BofA Savings
(Screenshot from Bank Of America app)

 

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.

Bank of America
US Bank
APY
0.01% – 0.04%
0.01%
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
  • Mobile check deposits
  • Automatic transfers
  • Custom alerts
  • Other saving account options available
  • No ATM fees

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.

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.

BofA Overdraft protection
BofA Overdraft protection (Screenshot from Bank Of America app)

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.

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
  • Automated savings feature – set your savings goals
  • $35 return item and overdraft item fee.
  • Virtual banking assistant
  • Multiple payment methods – you can use your debit card, Zelle or digital wallet to make payments from your phone.
  • Overdraft protection with fee free transfers from a linked deposit account.
  • Mobile check deposit with a simple snapshot
  • Fast and secure online application
  • $2 statement fee applies if you don’t agree to e-statements

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
0.05% – 5.00%
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. The bank also has partnership cards with brands such as Amtrak, Always, Alaska Airlines, and Free Spirit.

One of the most popular cards is the Customized Rewards, which has tiered cash back categories, but if you prefer simplicity, the Unlimited Rewards card has no spending categories, you’ll earn 1.5% cash back on all your purchases. However, if you are planning a large purchase or need to transfer a balance, the BankAmericard has a 0% APR for 18 months.

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. The US Bank reward cards typically have tiered spending categories, but there is the potential to earn up to 5 points per dollar.

There is also the Platinum Card that has a 0% rate for 20 billing cycles. With the U.S. Bank Cash+ Visa Signature Card you can earn 5% cash Back on your first $2,000 in combined eligible purchases each quarter on two categories you choose, 2% cash back on one everyday category, like gas stations, grocery stores or restaurants, 1% cash back on all other eligible purchases.

However, what is really nice is that there are three secured card options. You can either earn up to 5% cash back or tiered rewards with up to 4x points. However, the US Bank Secured Visa offers a credit limit of up to $5,000, which is unusual for a secured card.

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.

BofA HELOC options
(Screenshot from Bank Of America app, rates are not updated)

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.

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Which Bank is The Winner?

To sum up, we’ll need to look at which bank is better, depending on what you’re looking for. 

Both banks have some excellent products, but there are some differences. For example, Bank of America Preferred Rewards customers can gain access to higher savings rates, but US Bank does have more saving account options.

However, in terms of CDs, US Bank offers far better rates with its Special CDs. Additionally, US Bank allows access to personal loans, which are not available with Bank of America.

Bank_of_America

us-bank-logo

The Smart Investor 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.
0.01% – 0.04%
0.01%
Up to 5.02%
Checking Fee The monthly fee on checking account
$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+
Compare Banking
Mobile App Rating
4.6/5 on iOS
4.6/5 on Android
4.0/5 on iOS
4.7/5 on Android
Various Banks
Open Account
on Bank of America website
Open Account
on US Bank website
Compare
on our website

FAQs

US Bank promotions are focused on both bank accounts and credit cards. For example, as of {month_year], you can get up to Up to $500.

Yes, Bank of America bonuses for new accounts are relevant for business and personal accounts. For example, the Advantage Banking Account offers new accounts a $200 bonus as of April 2024.

At first glance, it doesn’t look like Bank of America has products designed for those with bad credit. While there are basic checking accounts and savings tools, one of the best products is the Customized Cash Rewards Secured credit card.

This card allows you to earn up to 3% cash back while strengthening or building your credit. You can use a refundable deposit of up to $4,900, along with your income and ability to pay to establish a credit line. Bank of America will review your account periodically and you may qualify for the return of your security deposit.

As with most banks, savings and deposit accounts are not particularly inflation proof.

However, US Bank does have a number of lending products that allow you to lock in your rate for the duration of your loan term. This means that your monthly repayments are set when you open your loan account, whether this is a mortgage, car loan or personal loan.

So, even if the rate of inflation, and consequently interest rates, go up, you don’t need to worry about your financing costs also increasing

US Bank has decent coverage with over 3,100 branches across the USA. These branches are primarily in the Midwest and Western states. The bank also has an ATM network with 4,800 machines.

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.

The Smart Investor Banking Comparison Methodology

In our detailed comparison, The Smart Investor team thoroughly looked in five main areas:

  • Checking Accounts (30%): We checked things like direct deposit, debit card availability, monthly fees, ATM and branch access, check deposit, bill pay options, and account alerts. We also considered any special offers for customers.

  • Savings Accounts including CDs (20%): We focused on important stuff like how much interest you can earn (APY), the smallest amount you need to open an account, how flexible the accounts are, and if they're insured by FDIC. We also looked at special savings offers, different types of CDs, and any fees for taking money out early.

  • Credit Cards (15%): We looked at what rewards you get, how much the card costs each year, any bonuses you get for signing up, perks for traveling, how much interest you pay on balances, and if you can transfer balances from other cards.

  • Lending Options (15%): We checked out the different kinds of loans they offer, like personal loans, student loans, mortgages, and loans where you use your home as collateral.

  • Customer Experience And Bank Reputation (20%): We looked into how easy it is to use their online and mobile banking, how helpful their customer support is, what people say about them online, any awards they've won, and how stable they are financially. This gave us a good idea of what it's like to be a customer and how much people trust them.

Compare BofA With Alternative Banks

Since its inception as a credit card provider, Discover has come a long way.Of course, credit cards are available, but you can also get home loans, personal loans, and a variety of checking and savings products such as retirement accounts, CDs, and money market accounts.

Bank of America offers a far more comprehensive range of banking services. There are numerous credit card options, as well as various savings and checking accounts.

Bank of America also provides mortgages, auto loans, and investments. This makes switching from a traditional bank much easier because you won't have to compromise on your banking products.

Read Full Comparison: Discover vs Bank of America: Compare Bank

Bank of America is a nationwide network that offers deposit, loan, and credit card services. There are also increased daily limits on ATM and debit purchases, which is an excellent incentive to improve your financial situation. Aspiration's company was presented in a very different manner than their bank competitors.

One feature that sets them apart from their competitors is that they let their customers decide how much they want to pay for their services. The fee that the customer believes is fair or appropriate for the level of service they receive is set by the customer.

Read Full Comparison: Aspiration vs Bank of America: Which Bank Account Is Better?

Wells Fargo's product offering is even more extensive. This bank offers checking accounts, a variety of savings accounts, mortgages, loans, and investment options such as IRAs, 401ks, and wealth management services. This makes switching from another bank even easier because you'll have access to all of your favorite banking products.

Bank of America offers a diverse range of banking services. Checking and savings accounts, auto loans, home loans, credit cards, and investment options are all available.

Read Full Comparison: Bank of America vs Wells Fargo: Which Bank Is Better?

Bank of America has an impressive line of banking products, as one would expect from a large banking institution. Aside from various checking and savings accounts, there are auto loans, home loans, a variety of credit cards, and investment options. This makes switching from your current bank easier because you'll find many familiar products.

Chase also has a good selection of banking products. There are checking and savings accounts, auto loans, home loans, and home equity options, as well as a fantastic selection of credit cards.

Read Full Comparison: Bank of America vs Chase: Where to Save Your Money?

Bank of America is a large banking institution, and its impressive banking product line reflects this. Aside from savings and checking accounts, there are home loans, auto loans, investment options, and a variety of credit cards. Citi also has a diverse product offering. Credit cards, CDs, personal loans, mortgages, IRAs, investment options, wealth management plans, and checking and savings accounts are all available.

As a result, if you want to switch from your current bank, either bank is a viable option because you won't have to make any compromises in terms of banking products.

Read Full Comparison: Bank of America vs Citi: Which Bank Suits You Best?

Spend and Save is a SoFi savings and checking account hybrid. For the purposes of this comparison, we'll look at the savings features, of which there are a few. The most visible are the savings vaults. These enable you to set up separate funds to work toward different savings goals without the need for multiple accounts. This helps you organize your money, and you can even designate a vault for your round-up funds.

Bank of America offers a more traditional savings account, but it pays far less interest, ranging from 0.01 percent to 0.04 percent depending on your Preferred Rewards status, compared to SoFi's 0.25 percent. In addition, there is a $8 monthly maintenance fee that can be waived by keeping a balance of $500 or more in the account or linking your checking account. By linking your accounts, you can avoid going overdrawn with Balance Connect.

Read Full Comparison: SoFi Money vs Bank of America: Which Is Better For Your Needs?

Both banks have a decent selection of banking products, but there are some gaps in each line up. If you’re looking for the best returns, Capital One does have the edge in terms of CD and savings rates.

Bank of America vs Capital One: Which Bank Wins?

There is no clear winner as to whether Truist Bank or Bank of America is a better choice, but we prefer the latter. Here's why.

Truist Bank vs. Bank Of America: Which Bank Account Is Better?

Bank of America and PNC Bank offer various banking products, but which is a better fit for you? Let's compare and see our winner: PNC Bank vs. Bank Of America

We'll explore Bank Of America and TD Bank savings accounts, checking accounts, CDs, credit cards, and lending products. Here's our winner: TD Bank vs. Bank Of America

BMO is the winner when it comes to savings products, while Bank Of America offers many more credit card options. Here's our winner: Bank of America vs. BMO Bank

There is no clear-cut winner, but we prefer Bank Of America. But, there are cases when Citizens is best. Here's our comparison: Bank of America vs. Citizens Bank

While Bank of America and Fifth Third Bank offer a range of banking services, Fifth Third is our winner in this competition. Here's why.

Bank of America vs. Fifth Third Bank: Which Bank Account Is Better?

We'll explore Bank of America and M&T Bank savings accounts, checking accounts, CDs, credit cards, and lending products. Here's our winner: Bank of America vs. M&T Bank

We believe Bank Of America is the preferred option in this battle. But, there are significant differences to know. Here's our comparison: Bank of America vs. KeyBank

While Regions Bank offers better checking accounts, Bank of America wins in credit cards and CDs. Here's our side by side comparison: Regions Bank vs. Bank of America

If you feel comfortable with online-only banking and depending on your needs – Ally may be a better option than Bank Of America. Here's why.

Ally Bank vs. Bank of America: Which Bank Account Is Better?

For most consumers, Bank of America may be a better option. American Express is a solid option for customers with higher wealth. Here's why.

American Express Bank vs. Bank of America: Which Bank Account Is Better?

Banking Reviews

Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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Savings Rate: 5.21% APY
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Savings Rate: 4.45% APY
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Savings Rate: 4.50% APY
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Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 7/24/2024
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an 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 you bring your account balance to overdrawn by $50 or less at the end of the next business day

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Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
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Promotion:
$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you’ll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

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Promotion:
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Promotion:
Up to $4,000 New customers may earn up to $4,000 when they open an eligible HSBC Premier checking account from January 8, 2024 through March 27, 2024 and complete qualifying activities:

• Receive a cash bonus of $1,500 when you deposit or invest $100,000 – $199,999.99

• Receive a cash bonus of $2,000 when you deposit or invest $200,000 – $299,999.99

• Receive a cash bonus of $2,500 when you deposit or invest $300,000 – 499,999.99

• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
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Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
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