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U.S. Bank Review 2024

Updated August 13, 2024
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At a glance

2.8
Rating: 2.8 stars out of 5
Bankrate Score
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CDs

Rating: 2.9 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 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
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These are sponsored offers rated highly by us for competitive rates, fees, and minimums.

Bank logo
Member FDIC
Savings Account
3.90
%
APY
APY
Info Icon
As of 12/5/2024
Rating: 4.4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer:
Bank logo
Member FDIC
Savings Account
4.80
%
APY
APY
Info Icon
As of 12/5/2024
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer: No fees. Easy deposits and quick withdrawals.
Bank logo
Member FDIC
Savings Account
5.00
%
APY
APY
Info Icon
As of 12/5/2024
Rating: 4.5 stars out of 5
$500
Min. balance for APY
View offer Arrow Right Icon
Promoted offer:

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 Icon

    The bank provides generous access to branches and to ATMs.

  • Checkmark Icon

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

  • Checkmark Icon

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

  • Checkmark Icon

    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 for those 17 or younger. You can access your money through ATMs with this account.

A $25 deposit is required to open the account.

Pros

  • Checkmark Icon

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

  • Checkmark Icon

    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.

  • Those who don’t have a Smartly Checking account and enroll in Smart Rewards have to keep a minimum balance in their standard savings account to avoid the $4 monthly service fee.

  • U.S. Bank
    APY
    APY
    Info Icon
    National average APY
    How do we get this data?
    Info Icon

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 2024 U.S. Retail Banking Satisfaction Study. For example, while U.S. Bank ranked first in customer satisfaction in California for the fourth year in a row. The bank scored below average in Illinois, the Lower Midwest, North Central and South Central regions. 

Physical presence. U.S. Bank operates branches in 26 states and also allows customers to open accounts online from anywhere in the country.

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. 

In 2023, U.S. Bank had to pay a total of $20.7 million because it kept people from obtaining their unemployment benefits during the COVID-19 pandemic, according to a CFPB news release.

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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.”

Disclosure: To enhance our product reviews, Bankrate employees often open accounts and provide feedback. They may have been compensated for their time and account maintenance, but this does not affect the integrity of their review.

About U.S. Bank

Based in Minneapolis, U.S. Bank is the fifth-largest commercial bank by consolidated 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. 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 Nov. 28, 2024 and Dec. 4, 2024.

Selected bank
US Bank money market account
US Bank Logo
Bankrate score
Rating: 0 stars out of 5
N/A
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Most comparable
Wells Fargo money market account
Wells Fargo Logo
Member FDIC
Bankrate score
Rating: 2.1 stars out of 5
2.1
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Read review
Search for or select a bank:
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Bankrate score
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Read review
APY
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N/A 0.05%
Minimum balance for APY
N/A $10,000.00
Estimated earnings
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N/A $25
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
Bankrate does not currently track additional product details for this bank.
APY offering:
0.05%
1/5
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Minimum balance for APY:
$25.00
5/5
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Monthly service fee:
$12.00
2/5
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Minimum balance to avoid fee:
$3,500.00
2/5
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Check writing:
Yes
5/5
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Debit/ATM access:
Good
4/5
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Bankrate does not currently track additional product details for this bank.

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.

U.S. Bank customer reviews

CTA U.S. Bank has 23 reviews

U.S. Bank has 23 reviews

Dive into community reviews below and see what others think about U.S. Bank.

4.3 Star Icon
23 ratings
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Score breakdown
5 stars
48%
4 stars
43%
3 stars
4%
2 stars
4%
1 star
0%
Score by category
Overall Rating 4.3 / 5
Competitiveness of APY 3.4 / 5
Amount of fees 3.4 / 5
Customer support 4.3 / 5
Website / Mobile app 4.3 / 5
Verified Badge Icon Bankrate methodology disclosure

In July 2024, Bankrate collaborated with a third-party vendor to survey 1,200 bank account holders nationwide. Bankrate and our vendor collected and summarized account holder responses to five rating questions on a 5-point scale as well as open-ended reviews of the banking experience. Responses are based on individual account holder product details, and therefore cannot be verified for accuracy. Reviewers received an incentive for their feedback. Their ratings are unedited and have not been reviewed or approved by the associated bank or credit union, nor do these responses reflect Bankrate's own expert review of these banking products.

Community Reviews

See what users like you are saying about U.S. Bank.
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I love US Bank. I’ve been with them for several years. I just wish they had physical branches near me in Texas. I initially chose them for service and low fees.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 4 / 5
Website / Mobile app 4 / 5
They don’t make you jump through hoops and hurdles to deposit or withdraw from my savings. the processes they use and require are straightforward and transparent. I started with us bank having only a checking account. I was satisfied enough that my relationship had evolved and I feel loyalty to them.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
It’s not really been all too bad for me. I have had minimal contact with customer service and have had few issues, but in the few times I have had to contact customer service for assistance, I don’t recall any issues that stand out to me. I have the app and prefer it over in-person visits. The app is more convenient and readily available. I don’t know if every product offered, but only the ones I currently use. The banking fees is what I could do without. It’s the only thing I don’t really like.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 3 / 5
Website / Mobile app 3 / 5
If you have a higher tiered account, you don't get charged fees and you get incentives, but if you just have a basic account, there's fees unless you keep a certain amount in the account or deposits. I didn't have to have money to open an account and there are convenient locations.
Score by category
Amount of fees 3 / 5
Competitiveness of APY 3 / 5
Customer support 4 / 5
Website / Mobile app 4 / 5
They are a great company and very friendly and trustworthy. Reputation and reasonable price.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 4 / 5
Website / Mobile app 5 / 5
Everything is easy to use. The customer service team is always helpful. It’s the same bank my employer uses.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Availability of customer service. My experience with US Bank has been generally positive but am disappointed in the closing and service hours of their branches.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 4 / 5
Website / Mobile app 5 / 5
There are better rate’s elsewhere. They were bought out by my previous bank.
Score by category
Amount of fees 2 / 5
Competitiveness of APY 2 / 5
Customer support 2 / 5
Website / Mobile app 4 / 5
Treated very well by empoyees and appreciate the kindness. Fair interest rates. Treated well. Available when having a problem.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 4 / 5
Website / Mobile app 4 / 5
Interest rates are not that good with this bank even with high amount in savings you only earn 0.01 percent. But it is close to home and easy to deposit any checks that are needed to be in my account.
Score by category
Amount of fees 1 / 5
Competitiveness of APY 1 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5