U.S. Bank Review 2020

Published March 2020 by Mary Wisniewski

AT A GLANCE
2.7
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Bankrate Score

bank-logo
Laptop Best

Digital Leader

Star

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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    3.1
  • CDs
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    2.8
  • Checking
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    2.9
  • MMAs
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    2.1
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    1.05 % APY

    $ 0

    Min. balance for APY

    Simple

    Member FDIC

    Checking account

    1.00 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    Overall

    2.7

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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 institutions in the space.

    What we like

    • The bank provides generous access to branches and to ATMs.

    • The institution is on the cutting-edge of bank technology.

    • Offers a variety of CD terms.

    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

    3.1

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    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    1.05 % 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 daily 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 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.

    • Your savings with the Standard Savings account will not be keeping up with inflation.

    CD rates

    2.8

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    Bankrate Score

    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 with what other banks offer.

    • A higher minimum deposit is required for the non-traditional CDs.

    Checking accounts

    2.9

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    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Simple

    Member FDIC

    Checking account

    1.00 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    U.S. Bank’s Platinum Checking bears interest for all daily balances. There is a $24.95 monthly service fee and you need at least $25,000 in deposits, credit balances or investments with the bank or have a personal trust relationship with a banker to avoid the fee.

    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. It also offers Gold Checking and Student Checking.

    What we like

    • Customers can earn interest on all daily balances.

    • Access to a large ATM network.

    • Works with a highly regarded mobile banking app.

    What we don't

    • The interest rate is lower than what’s offered by other financial institutions.

    • The conditions for waiving the monthly fee for the interest-bearing account are steep.

    Money market accounts

    2.1

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    Bankrate Score

    U.S. Bank’s Elite Money Market Account has a $100 minimum deposit. But you can earn higher yields elsewhere.

    The highest APY on the Platinum Select Money Market Account requires a daily balance of $100,000  or more.

    What we like

    • The U.S. Bank Money Market requires only a $100 minimum opening deposit.

    • Offers check-writing privileges.

    What we don't

    • There are banks with more competitive APYs.

    • The requirement to avoid the monthly fee is relatively steeper than it is at other banks.

    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. It supports its own ATMs and partners with the MoneyPass ATM network, so you'll have access to thousands of ATMs across the country.  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 commercial bank by assets 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

    Mary Wisniewski is a banking editor for Bankrate and occasionally 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.