U.S. Bank Review 2020

Published January 2020 by Mary Wisniewski

AT A GLANCE
4.1
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Bankrate Score

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Digital Leader

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Highly Rated App

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.

  • Savings
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    3.3
  • CDs
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    4.5
  • Checking
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    3.3
  • MMAs
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    4.0
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    BMO Harris Bank

    Member FDIC

    MMA

    1.85 % APY

    $ 5,000

    Min. balance for APY

    CIT Bank

    Member FDIC

    MMA

    1.80 % APY

    $ 100

    Min. balance for APY

    Capital One

    Member FDIC

    Savings account

    1.70 % APY

    $ 0

    Min. balance for APY

    Overall

    4.1

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    Bankrate Score

    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.

    What we like

    • 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.

    What we don't

    • 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.

    Savings accounts

    3.3

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    OTHER SAVINGS OFFERS YOU MAY LIKE
    Capital One

    Member FDIC

    Savings account

    1.70 % APY

    $ 0

    Min. balance for APY

    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.

    What we like

    • 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.

    What we don't

    • 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.

    CD rates

    4.5

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    OTHER CD OFFERS YOU MAY LIKE
    Amerant Bank, National Association

    Member FDIC

    CD

    2.20 % APY

    2 yr

    Term

    $ 10,000

    Min. deposit

    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.

    What we like

    • Required minimum deposit is low.

    • Customers have access to multiple types of CDs.

    What we don't

    • 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.

    Checking accounts

    3.3

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    OTHER CHECKING OFFERS YOU MAY LIKE
    Level

    Member FDIC

    Checking account

    2.10 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    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.

    What we like

    • 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.

    What we don't

    • 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.

    Money market accounts

    4.0

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    Bankrate Score

    OTHER MMA OFFERS YOU MAY LIKE
    BMO Harris Bank

    Member FDIC

    MMA

    1.85 % APY

    $ 5,000

    Min. balance for APY

    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.

    What we like

    • 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.

    What we don't

    • 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.

    Bank experience

    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.

    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.

    Mary Wisniewski Twitter Created with Sketch. @MARYMWISNIEWSKI

    Mary Wisniewski Twitter Created with Sketch. @MARYMWISNIEWSKI

    At Bankrate, Mary Wisniewski writes on a variety of fintech and banking subjects. Previously, she covered fintech for American Banker and edited op-eds for the publication's BankThink section. She was also a blogger and editor at Bank Innovation and served as a fashion editor for National Jeweler, where she reported on fashion shows and jewelry news. Mary grew up in the Michigan suburbs and now lives in Los Angeles with a maltipoo, a record player and an espresso machine.