U.S. Bank Review

About U.S. Bank

U.S. Bancorp was founded in 1863 with the opening of the First National Bank of Cincinnati, eventually adopting the U.S. Bank name and establishing its headquarters in Minnesota. As of December 31, 2023, U.S. Bank holds $650.6 billion in assets, making it the fifth-largest bank in the United States. It ranks as the country’s seventh-largest credit card issuer. U.S. Bank operates over 2,000 branches across 26 states, primarily in the Midwest and West, and offers access to 4,500 ATMs nationwide. The bank is also part of the MoneyPass ATM Network, which connects customers to more than 37,000 ATMs.

U.S. Bank provides a range of financial services, including checking and savings accounts, credit cards, mortgages, home equity lines of credit, personal loans, auto loans, boat loans, business banking, financial planning, and wealth management. As an FDIC-insured institution, individual accounts are protected up to $250,000, while joint accounts are covered up to $500,000.

Banking Services

U.S. Bank is a solid option when compared to other leading banks, particularly for those in need of mortgage services. It stands out as one of the top mortgage lenders for first-time homebuyers, offering a range of lending products, including the American Dream Loan, which is a good choice for student loan borrowers looking to purchase their first home.

The bank also offers various credit cards and loan options, making it a potential choice for individuals seeking relationship banking with a single financial institution. While U.S. Bank provides accounts with low minimum opening deposit requirements, they may not be ideal for those looking to avoid bank fees. If you prefer an account with no monthly service or overdraft fees, other banks or credit unions might be a better fit for your needs.

Savings

U.S. Bank’s Smartly Savings account offers competitive interest rates, particularly for customers with higher balances. For those who have an eligible product like the U.S. Bank Smartly® Checking account, the savings account pays 3.00% APY on balances between $25,000 and $99,999.99, and 3.50% APY for balances of $100,000 or more. Balances between $5,000 and $24,999.99 earn 2.50% APY, while accounts with less than $5,000 earn a lower rate. These rates are above the national average, which is 0.41% for savings accounts.

To qualify for these higher yields, you’ll need to have a qualifying checking account or credit card. If you don’t meet these criteria, the savings account earns just 0.05% APY. The account requires a minimum opening deposit of $25 and comes with a $5 monthly fee, which can be waived by maintaining an eligible account or by having an account with a minor under 18.

Certificate of Deposit

U.S. Bank offers a variety of certificate of deposit (CD) options, including standard CDs, CD specials, trade-up CDs, and step-up CDs. The step-up and trade-up options allow you to benefit from rising interest rates, but our focus is on standard CDs, which offer a range of terms that are typical across most banks.

The bank provides standard CDs with terms ranging from one month to five years, with a low minimum deposit requirement of $500. However, the interest rates for these CDs tend to be on the lower end, ranging from 0.05% APY for a one-month term to 0.25% APY for a five-year term, depending on your location. U.S. Bank also offers CD specials with less common term lengths, such as a 7-month promotional CD that can earn up to 4.00% APY, depending on your area. While this is a competitive rate, you may find higher APYs listed among the best CD rates. The minimum deposit for these special CDs is $1,000.

Money Market

U.S. Bank offers the Elite Money Market account, which requires a minimum opening deposit of $100. Key features of the account include:

• A $10,000 daily balance requirement to avoid monthly maintenance fees.
• Check-writing and debit card access.
• Earning a competitive interest rate with a deposit of at least $25,000.

Business Checking

U.S. Bank provides three types of business checking accounts, each with features like online and mobile banking, bill pay, and overdraft protection. The bank charges a $36 fee for overdrafts and a 3% fee for foreign transactions.

1. Silver Business Checking Account:

• No monthly maintenance fee.
• 125 transactions allowed each month for free; after that, there’s a 50-cent charge per transaction.
• Cash deposits are free up to $2,500 or 25 transactions per month, whichever comes first. Transactions are calculated by dividing cash by 100 and rounding up. After reaching $2,500 or 25 transactions, a fee of $0.33 per transaction unit applies.
• $2.50 fee for withdrawals at non-U.S. Bank ATMs.

2. Gold Business Checking Account

• $20 monthly maintenance fee, which can be waived if you maintain an average balance of $10,000, or $20,000 combined average deposits, or $50,000 combined average deposits and outstanding credit balances.
• 300 free transactions every month; after that, a 45-cent charge applies per transaction.
• Cash deposits are free up to $10,000 or 100 cash transactions per month, whichever comes first. After that, a fee of $0.33 per transaction unit applies.
• $2.50 fee for withdrawals at non-U.S. Bank ATMs, with the first two transactions each month waived.

3. Platinum Business Checking Account

• This account comes with a monthly $30 maintenance fee, which can be avoided by maintaining an average balance of $25,000 or a combined average of $75,000 across deposits and outstanding credit balances.
• It includes 500 no-cost transactions each month. After exceeding that limit, each additional transaction incurs a fee of $0.40.
• You can deposit up to $20,000 in cash or complete 200 cash-related transactions per month at no extra charge—whichever threshold is reached first. Beyond that, a $0.33 fee applies per cash transaction unit.
• There are no charges for using ATMs that are not part of the U.S. Bank network.

Business Savings

U.S. Bank offers two types of business savings accounts: Basic Business Savings and Business Savings Sweep. Both accounts require a minimum opening deposit of $100. To waive the monthly maintenance fee for the Basic Business Savings account, you’ll need to maintain a daily balance of at least $500. While the specific monthly fee isn’t disclosed, this account typically offers a higher annual percentage yield (APY) compared to the Business Savings Sweep.

Interest Rates and Fees

Smartly® Savings Account

This account offers a variable APY ranging from 0.05% to 3.50%, depending on eligibility. To qualify for the highest rate, you must either maintain a U.S. Bank Smartly® Checking or Safe Debit Account, or apply for the U.S. Bank Smartly™ Visa Signature® Card. Additionally, you need to have a combined balance of at least $100,000 across eligible U.S. Bank accounts.

Elite Money Market Account

The APY on this account ranges from 0.01% to 3.25%, with rates influenced by your location and your account balance. To secure the top rate, you must maintain a daily balance of at least $50,000.

Personal Loan

Personal loans from U.S. Bank come with an APR between 7.99% and 24.99%, depending on your credit profile and other qualifying factors.

Fees

U.S. Bank applies monthly maintenance fees to its checking, savings, and money market accounts. However, many of these fees can be waived by meeting specific activity requirements or qualifying by age. In addition to service fees, account holders should also be aware of other charges, including overdraft fees, ATM fees for using non-U.S. Bank machines, and inactivity fees for dormant accounts.

When it comes to overdrafts, if your account is overdrawn by $50 or less at the close of the business day, you won’t be charged an overdraft fee. But if your account is short by more than $50, and the overdraft transaction is greater than $5, a $36 fee per item applies. This fee can be assessed up to three times per day, meaning you could rack up as much as $108 in fees in a single day if multiple transactions are returned or paid.

There are several ways to sidestep overdraft charges with U.S. Bank. First, keeping your account from being overdrawn by more than $50 will help you steer clear of fees altogether. You can also link a secondary U.S. Bank account to enable free overdraft protection transfers.

Additionally, U.S. Bank offers an overdraft fee forgiveness program. If your account goes negative and you’re charged an overdraft fee, you can have it waived by depositing enough funds to bring your balance positive by 11 p.m. ET on the same day the fee was assessed.

Customer Support

When visiting U.S. Bank’s website, you’re quickly guided to a comprehensive FAQ section that covers answers to commonly asked questions.

For more personalized assistance, you can contact customer service by phone or schedule an in-person appointment with a banker at your local branch. General banking support is available around the clock, 24/7. However, for specialized services—such as mortgage assistance or credit card inquiries—support is typically offered during standard business hours on weekdays, with limited availability on Saturdays.

Bottomline

Large banks are often known for higher fees and lower interest rates, and U.S. Bank—ranked fifth in the nation by assets—is no different in that regard. However, it stands out by offering widespread access to a vast network of branches and ATMs across the country. Keep in mind that some account types may not be available in all regions due to location-based restrictions.

U.S. Bank is a solid choice for customers who value easy access to in-person banking and nationwide ATMs, prefer responsive customer service, and don’t prioritize top-tier interest rates or frequently risk overdrafting.