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U.S. Bank Review 2024

Updated January 2, 2024
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At a glance

3.6
Rating: 3.6 stars out of 5
Bankrate Score
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CDs

Rating: 3.6 stars out of 5

Checking

Rating: 3.9 stars out of 5

Savings

Rating: 3 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, you may want to consider other options.

Highlights

  • 24/7 Customer Service
  • Digital Leader
  • Highly Rated App
Sponsored offers
Info

These are sponsored offers rated highly by us for competitive rates, fees, and minimums.

Bank logo
Member FDIC
CD
4.75
%
APY
APY
Info
As of 5/23/2024
Rating: 3.6 stars out of 5
$1,000
Minimum deposit
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 5/23/2024
Rating: 4.4 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
5.00
%
APY
APY
Info
As of 5/23/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: Plus, no monthly fees and unlimited free external transfers

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 28 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.

  • Checkmark

    You can use the smart assistant feature through the bank’s website or mobile app.

Cons

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

  • You can earn better APYs elsewhere.

  • Navigating the U.S. Bank website can be frustrating.

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U.S. Bank banking products

3.0
Rating: 3 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.

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    U.S. Bank
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Sponsored Offer
Info

This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 5/23/2024
Rating: 4.4 stars out of 5
Info
$1
Min balance for APY
Promoted offer:

Bank fees

Fee Charged
Overdraft fee $36
Non-sufficient funds fee None
Monthly maintenance fee $4 – $10
Out-of-network ATM fee $2.50
Excessive transaction fee None

Customer experience

Customer support

24/7 support. Customer support is available on the U.S. Bank website, where you can find a branch, make a physical or virtual appointment or call to get help. Customer service can be reached by phone on a 24/7 basis.

Mixed customer satisfaction. U.S. Bank customer satisfaction varies with location, according to J.D. Power’s 2023 U.S. Retail Banking Satisfaction Study. For example, while U.S. Bank ranked first in customer satisfaction in California for the third consecutive year, the bank scored below average in the Lower Midwest and Northwest regions. 

Physical presence. U.S. Bank operates branches in 28 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. 

Digital experience

Highly rated mobile app. U.S. Bank’s mobile app is highly rated on the Apple App and Google Play stores. More than 300,000 Android users have reviewed the app, while more than one million users have reviewed it for iOS. “It’s very simple to find what you’re looking for on the app,” said a Bankrate staff member with a U.S. Bank account. “You can access all of the main banking options from the top drop-down menu as well as a menu that sticks at the bottom. It also shows your accounts and balances right at the top of the app.”

Frustrating website experience. In contrast to the app, navigating the mobile site on a phone (and sometimes even on a computer) is difficult, according to a Bankrate staff member with an account, adding that they spent some time searching for the free credit score and cash-back page before finally giving up. Lastly, U.S. Bank’s pages don’t prominently display monthly maintenance fees, although all accounts reviewed here charge one.

Smart assistant feature. This page lets you submit questions or commands (including verbally on the mobile app). For example, you can ask the assistant about your recent transactions, how much you spent last month or what bills are due this week.

Complaints

CFPB enforcement action. In 2022, the Consumer Financial Protection Bureau (CFPB) found that U.S. Bank opened deposit accounts and issued credit cards and lines of credit for consumers without their knowledge or consent. The CFPB ordered U.S. Bank to pay a $37.5 million penalty and develop a plan to remediate harmed consumers. 

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Bankrate staff insights

“Overall, I’ve had a very good experience with my local U.S. Bank branch,” said a Bankrate staff member with an account. “The bank offers a great checking account experience with tools like the smart assistant feature and the spending tracker page, but the savings account rate is abysmal. It’s so low that you’re better off using an online bank for a much better rate.”

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 28 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.

How U.S. Bank compares to other banks

Compare different account types offered by U.S. Bank. Annual percentage yields (APYs) shown were updated between May 16, 2024 and May 22, 2024.

Selected bank
US Bank money market account
US Bank Logo
Member FDIC
Bankrate score
Rating: 2.3 stars out of 5
2.3
Info
Most comparable
Wells Fargo money market account
Wells Fargo Logo
Member FDIC
Bankrate score
Rating: 2.6 stars out of 5
2.6
Info
Read review
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Bankrate score
Info
Read review
APY
Info
4.25% 0.25%
Minimum balance for APY
$25,000.00 $25.00
Estimated earnings
Info
$1,063 $63
U.S. Bank’s Elite Money Market Account earns a robust APY, but only for a limited time on balances at or above $25,000 due to a bonus APY being offered. Otherwise, the account is tiered — meaning you earn a higher APY the more you deposit — but all of those yields are very low. Much better deals can be found elsewhere. The account can be opened with just $10 and comes without monthly fees. The Wells Fargo Platinum Savings account has check-writing privileges. That might give you more payment flexibility than with other savings accounts. The bank doesn’t offer a debit card for this account.
  • The account is tiered.
  • The minimum deposit is low.
  • US Bank’s bonus APY makes the account very competitive, at least for the time being.
  • There are no monthly fees.
  • You can access your money through an ATM card with this account.
  • The Platinum Savings account offers yields higher than the national average at all tiers.
    N/A
  • The standard yields are very low.
  • U.S.
  • Bank charges $2.50 when you use an out-of-network ATM.
  • You’ll need at least $1 million to earn Well Fargo’s top Platinum Savings account yield.
  • But you can get that at other online banks with no minimum balance.
  • There’s a $12 monthly service fee if you don’t keep at least $3,500 in the Platinum Savings account.
    N/A
APY offering:
4.25%
4/5
Info
Minimum balance to earn interest:
$25,000.00
1/5
Info
Monthly service fee:
$10.00
3/5
Info
Minimum balance to avoid fee:
$10,000.00
2/5
Info
Check writing:
Yes
5/5
Info
Debit/ATM access:
Good
4/5
Info
APY offering:
0.25%
2/5
Info
Minimum balance to earn interest:
$25.00
5/5
Info
Monthly service fee:
$12.00
2/5
Info
Minimum balance to avoid fee:
$3,500.00
2/5
Info
Check writing:
Yes
5/5
Info
Debit/ATM access:
Good
4/5
Info
Info
Info
Info
Info
Info
Info
Bankrate does not currently track additional product details for this bank.

U.S. Bank vs. Wells Fargo

Wells Fargo and U.S. Bank are the fourth- and fifth-largest banks in the U.S., respectively, by total assets. Both offer a full selection of banking products and services, ranging from checking and savings accounts to home and auto loans. 

If you’re looking for the largest geographic footprint, Wells Fargo is the better choice between the two, as it has more than 4,000 branches across 40 states, which is nearly double the amount of branches offered by U.S. Bank.

That noted, U.S. Bank’s special CDs offer much higher rates over Wells Fargo’s standard CDs. Neither bank offers particularly attractive APYs on their savings accounts; better options can be found elsewhere. 

U.S. Bank FAQs

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.