U.S. Bank Review 2019

U.S. Bank Logo


U.S. Bank is a large commercial bank that offers consumers who value the big bank experience an alternative to the biggest operators in the space.


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Bankrate's overall ratings for financial institutions comprise weighted averages up to five stars of five main categories: customer service, savings accounts, checking accounts, money market accounts (MMAs) and certificate of deposit (CDs).

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When a financial firm offers more than one checking, savings or MMA accounts, Bankrate reviews the account with the highest APY. Each bank is evaluated based on the 12-month certificate of deposit (CD) it offers.

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About U.S. Bank

Based in Minneapolis, U.S. Bank is the fifth-largest by assets commercial bank in the U.S. It offers a full range of products, including checking, savings, certificates of deposit and mortgages. Like most major banks, its history is filled with mergers and acquisitions, most notably the 1997 acquisition of U.S. Bancorp of Oregon by Minneapolis-based First Bank System.

U.S. Bank offers the convenience of a vast branch and ATM network — primarily in the western part of the U.S. Its digital banking products are well received. If you’re looking for higher rates on savings or lower hurdles to avoid a monthly fee on your checking, look elsewhere.


  • The bank provides a lot of access to branches and to ATMs.
  • It doesn’t charge overdraft fees on debit card purchases that are less than $5.
  • The institution is on the cutting-edge of bank technology.


  • The hurdles to avoid some monthly fees on certain products are higher.
  • You can earn better savings APYs elsewhere.
  • Has no retail presence on the East Coast.

U.S. Bank Services

Savings Rating


The Standard Savings Account earns much less than the national average savings APY on all balances. The account requires either a $300 minimum balance or an $1,000 average monthly collected balance to waive the $4 monthly maintenance fee on the account. With the account, you have access to free U.S. Bank ATM transactions.


  • The Standard Savings Account has only a minimum daily ledger balance for $300.
  • The Standard Savings earns the same APY for all balances.
  • The minimum opening deposit on the Standard Savings account is only $25.
  • The maintenance fee on the Standard Savings account is $4, which is lower than some maintenance fees.
  • The Standard Savings account can be used as overdraft protection for a U.S. Bank checking account.


  • The Standard Savings earns minimal interest.
  • The Standard Savings APY is well below the national average APY.
  • Your savings will not be keeping up with inflation with The Standard Savings account.

Savings accounts available from other banks

CDs Rating


In addition to standard CDs, U.S. Bank offers a few special CDs. Customers can opt for a Step Up CD that allows for an interest rate boost every seven months. There’s also a Trade Up CD that allows savers to change their interest rate at some point during their initial term. Terms range from one month to 60 months. As is the case with most CDs, a penalty applies for early withdrawals.


  • Required minimum deposit is low.
  • Customers have access to multiple types of CDs.


  • Yields are low compared to what other banks offer.
  • Customers cannot deposit more than $249,999.
  • A higher minimum deposit is required for the non-traditional CDs.

CDs available from other banks

2.10% APY
2.15% APY
2.15% APY
Checking Rating


U.S. Bank’s Premium Checking bears interest for all daily balances. The $10.95 monthly service fee is lower than most of the large national banks’. However, the thresholds to avoid the fee altogether are higher— you need an average account balance of at least $5,000 or be 65 or older. Other options include the Safe Debit Account for those who don’t need checks and want to pay the lower $4.95 monthly fee or Easy Checking, which comes with the standard checkbook and an avoidable $6.95 monthly fee.


  • Customers can earn interest on all daily balances.
  • The monthly fee is avoidable for older adults as well as for those with higher balances.
  • The monthly fee is lower than what other financial institutions charge.


  • The interest rate is lower than what’s offered by other financial institutions.
  • The conditions for waiving the monthly fee are steeper than those offered by other non-interest-bearing accounts.

Checking accounts available from other banks

MMAs Rating


U.S. Bank’s Elite Money Market Account has a $100 minimum deposit. But it has a $10,000 minimum daily ledger bonus to earn 0.06% APY on $50,000 and above. The highest APY on the Platinum Select Money Market Account is 0.50% APY on a balance of $500,000 or more.


  • The Elite Money Market’s top-tiered APY starts on balances of $50,000 or more.
  • The Platinum Select Money Market has ATM access.
  • The U.S. Bank Money Market only requires a $100 minimum opening deposit.


  • The Elite Money Market has a high minimum balance ($50,000) for such a low APY.
  • There are banks with more competitive APYs.
  • The Platinum Select Money Market Savings account doesn’t have check writing privileges.
  • $500,000 for an APY only two times the national average on the Platinum Select Money Market Account is a high minimum balance for such a low APY.

MMAs available from other banks

Bank Experience Rating


U.S. Bank has already made tech moves that other banks haven’t even tested. Case in point: customers at the large regional bank can ask Amazon’s Alexa to make a payment on their U.S. Bank credit cards, among other things. U.S. Bank also offers banking services on Google Home and Apple Siri. While U.S. Bank lets you use your voice to navigate your banking to dos, it still provides the more traditional ways to manage your money. The fifth-largest commercial bank has more than 4,700 ATMs. It also provides surcharge-free access to the MoneyPass ATM network. The bank has also earned solid reviews for its mobile banking app. One striking feature? It lets you share your general location through your smartphone to protect yourself from fraudulent charges.

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