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U.S. Bank Review 2022

Published February 2022 by Matthew Goldberg

AT A GLANCE
3.4

Bankrate Score

bank-logo

24/7 Customer Service

Digital Leader

Highly Rated App

U.S. Bank offers the convenience of a vast branch and ATM network — primarily in the West and Midwestern 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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    4.1
  • MMAs
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    2.1
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    1.00 % APY

    $ 0

    Min. balance for APY

    Capital One

    Member FDIC

    Savings account

    1.00 % APY

    $ 0

    Min. balance for APY

    Synchrony Bank

    Member FDIC

    CD

    1.90 % APY

    1yr

    Term

    $ 0

    Min. deposit

    Overall

    3.4

    Bankrate Score

    U.S. Bank is a large commercial bank that offers consumers who value the big bank experience a full range of products and services.

    What we like

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

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

    • It offers a wide 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.

    Savings accounts

    2.4

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    1.00 % 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 a 1,000 average monthly collected balance to waive the $4 monthly maintenance fee. With the account, you have access to free U.S. Bank ATM transactions.

    What we like

    • 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 account earns very little interest.

    • The account isn’t available nationwide.

    CD rates

    3.3

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Synchrony Bank

    Member FDIC

    CD

    1.90 % APY

    1yr

    Term

    $ 0

    Min. deposit

    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 interest rates at a point during their initial term. Terms are 30 months and and five years. As is the case with most CDs, penalties apply 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.

    Checking accounts

    4.1

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Quontic Bank

    Member FDIC

    Checking account

    1.10 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    U.S. Bank’s Easy Checking, the account scored for this review, requires just $25 to open. A $1,500 minimum balance or at least $1,000 in direct deposits is required to avoid the $6.95 monthly service fee.

    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 Safe-Debit Checking for those who don’t need checks and are OK with paying the $4.95 monthly fee; Gold Checking, which has a $14.50 monthly fee that can be avoided if you have a U.S. Bank personal loan or credit card; and Student Checking.

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

    What we like

    • U.S. Bank has a large ATM network.

    • Its mobile banking app is highly rated.

    • Zelle is available to make person-to-person payments.

    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. Rates are tiered, but you can earn higher yields elsewhere. It carries a $10 monthly service charge unless you keep a $10,000 minimum daily balance.

    What we like

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

    • The account offers check-writing privileges.

    What we don't

    • There are banks with more competitive APYs.

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

    Bank experience

    U.S. Bank is a leader in technology. For example, customers at the big bank can ask Amazon’s Alexa to make a payment on their U.S. Bank credit cards. U.S. Bank also offers banking services on Google Home and Apple’s Siri.

    While U.S. Bank lets you use your voice to do your banking business, it still provides traditional ways to manage your money. It supports its own ATMs and partners with the MoneyPass ATM network, so there’s access to tens of thousands of ATMs across the country. The bank has also earned solid reviews for its mobile banking app. One notable feature: It lets you share your location through your smartphone to prevent charges and payments from being declined while you’re traveling.

    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. He uses his banking and financial services experience to help readers with personal finance. Nearly his entire career has either been as a reporter or working in financial services, in banking and insurance. He’s been in financial services for more than a decade. His banking career includes being a banker in New York City. His reporting career includes working as a staff reporter at two daily newspapers. He earned his first newspaper bylines in 1998. His writing has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. His writing has also been featured online on MSN, the Miami Herald, the Houston Chronicle, the Omaha World-Herald, The Kansas City Star, the Arizona Daily Star, and appeared in Sports Illustrated On Campus, The Atlanta Journal-Constitution, The Buffalo News and other publications. Matthew’s radio experience includes being a weekly panelist on the SportsWriter’s show on WGEM AM ESPN 1440 in Quincy, Illinois. He was also an occasional co-host and call-in guest on WGEM SportsCenter. He’s also been a guest on other stations throughout the country. Matthew is currently a member of the Board of Governors at the Society for Advancing Business Editing and Writing (SABEW), which is the world's largest and oldest organization of business and financial journalists. He chairs the organization's training committee and is on the finance committee. He has previously served on conference planning committees and has been a Best in Business contest judge for the organization. Matthew earned a bachelor’s degree at Illinois State University and an MBA at William Paterson University. Media mentions CNBC CNBC Acorns + CNBC WGN Radio 720 in Chicago 1080 KRLD Dallas-Fort Worth