U.S. Bank Review 2021

Published January 2021 by Matthew Goldberg

AT A GLANCE
3.3

Bankrate Score

bank-logo

Digital Leader

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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    2.4
  • CDs
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    3.3
  • Checking
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    3.9
  • MMAs
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    2.1
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    American Express National Bank

    Member FDIC

    Savings account

    0.50 % APY

    $ 1

    Min. balance for APY

    Axos Bank

    Member FDIC

    Checking account

    1.25 % APY

    $ 50

    To open

    $ 0

    To avoid fees

    Overall

    3.3

    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

    2.4

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % 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.

    CD rates

    3.3

    Bankrate Score

    U.S. Bank offers 18 terms of CDs. 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 only $1,000, which is lower than at some banks.

    • 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

    3.9

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Axos Bank

    Member FDIC

    Checking account

    1.25 % APY

    $ 50

    To open

    $ 0

    To avoid fees

    U.S. Bank’s Easy Checking only requires $25 to open an account. You’ll need to keep at least $1,500 in this account to avoid the $6.95 monthly service fee. But having a direct deposit go into this account is a way to avoid that fee too.

    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.

    U.S. Bank customers have access to Zelle to send money to others.

    What we like

    • 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

    Bankrate Score

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

    What we like

    • U.S. Bank’s Elite Money Market only requires a $100 minimum opening deposit.

    • This account 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.

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg is a consumer banking reporter at Bankrate. Nearly his entire career has either been as a reporter or working in financial services, in banking and insurance. His writing has been featured on MSN, appeared in Sports Illustrated On Campus, The Atlanta Journal-Constitution, The Buffalo News and other publications. He has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. Matthew is currently on the Society for Advancing Business Editing and Writing (SABEW) Board of Governors. He has previously served on conference planning committees, the training committee and the finance committee for SABEW, which is the world's largest and oldest organization of business and financial journalists. His reporting career has included working as a staff reporter at two daily newspapers. He earned a bachelor’s degree at Illinois State University and an MBA at William Paterson University.