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U.S. Bank Review 2023

Updated February 2, 2023
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At a glance

3.4
Rating: 3.4 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 3.6 stars out of 5

Checking

Rating: 3.7 stars out of 5

Savings

Rating: 2.7 stars out of 5

MMA

Rating: 2.3 stars out of 5

About Bankrate Score

Overview

U.S. Bank offers the convenience of a vast branch and ATM network — primarily in the Western and Midwestern parts of the U.S. Its digital banking services 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.

Highlights

  • 24/7 Customer Service
  • Digital Leader
  • Highly Rated App
Compare offers
Bank logo
Member FDIC
Savings Account
3.40
%
APY
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.30
%
APY
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
4.40
%
APY
Rating: 0 stars out of 5
$500
Min. balance for APY
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Overall

U.S. Bank offers a full range of products and services that include checking and savings accounts, a money market account and CDs. The bank maintains branches in 26 states, and anyone in the U.S. can open accounts online. Higher rates of return can often be found at other financial institutions, however.

Pros

  • Checkmark

    The bank provides generous access to branches and to ATMs.

  • Checkmark

    The mobile app is highly rated by iPhone and Android users.

  • Checkmark

    It offers a wide variety of short-term CDs and some special CD terms that have higher yields than its standard offerings.

Cons

  • The hurdles to avoid some monthly fees on certain products are high.

  • You can earn better APYs elsewhere.

U.S. Bank bank products

2.7
Rating: 2.7 stars out of 5
Bankrate Score

U.S. Bank savings overview

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 a $1,000 average monthly collected balance to waive the $4 monthly maintenance fee. The fee is also waived when the account is held jointly with a person age 17 or younger. You can access your money through ATMs with this account.

A $25 deposit is required to open the account.

Pros

  • Checkmark

    The minimum opening deposit on the Standard Savings account is only $25.

  • Checkmark

    The Standard Savings account can be used as overdraft protection for a U.S. Bank checking account.

Cons

  • The Standard Savings account earns very little interest.

Compare Offer
Bank logo
Member FDIC
Savings Account
3.40
%
APY
Rating: 4.9 stars out of 5
Info
$0
Min balance for APY
View offer Arrow Right

Bank experience

U.S. Bank operates branches in 26 states and also allows customers to open accounts online from anywhere in the country. It supports its own ATMs and partners with the MoneyPass ATM network, so there’s access to tens of thousands of ATMs nationwide. The bank has also earned solid reviews for its mobile banking app.

About U.S. Bank

Based in Minneapolis, U.S. Bank is the fifth-largest commercial bank by assets in the country. It offers a full range of products, including deposit accounts 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 operates more than 2,000 branches in 26 states, and customers have access to tens of thousands of ATMs, including those in the MoneyPass network. Accounts can be opened in person or online, and the mobile app comes highly rated.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.