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U.S. Bank Review 2022

Name: U.S. Bank
Item: U.S. Bank
Rating: 3.4
Author: Matthew Goldberg

Written by

Matthew Goldberg

Edited by

Brian Beers

Updated December 2, 2022

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At a glance

3.4

Bankrate Score

CDs

Checking

Savings

MMA

Overview

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.

Highlights

24/7 Customer Service
Digital Leader
Highly Rated App

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Member FDIC

Savings Account

3.00

APY

Min. balance for APY

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Member FDIC

Savings Account

4.00

APY

Min. balance for APY

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Member FDIC

Savings Account

4.40

APY

Min. balance for APY

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Overall

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

Pros

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 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 higher.
You can earn better savings APYs elsewhere.

U.S. Bank bank products

2.4

Bankrate Score

Compare top savings rates

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. You can access your money through ATMs with this account.

A $25 deposit is required to open the account.

Pros

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.

Cons

The Standard Savings account earns very little interest.

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Member FDIC

Savings Account

3.00

APY

Min balance for APY

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3.3

Bankrate Score

Compare top CD rates

U.S. Bank CD overview

U.S. Bank offers 11 terms of regular CDs. These standard CDs have terms ranging from one month to five years. Terms and rates may vary based on your zip code.

In addition to standard CDs, U.S. Bank offers a few special CDs that have competitive yields for a big bank. 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 five years. As is the case with most CDs, penalties apply for early withdrawals.

Pros

Required minimum deposit is only $500 which is lower than at some banks.
Customers have access to multiple types of CDs and special CDs with higher APYs than the bank’s standard CDs. (This minimum deposit amount may vary based on your location.)

Cons

Yields are low compared with what other banks offer.

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Member FDIC

4.00

APY

Min. deposit

1 yr

Term

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2.1

Bankrate Score

Compare top money market rates

U.S. Bank money market overview

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.

Pros

U.S. Bank’s Elite Money Market only requires a $100 minimum opening deposit.
The account offers check-writing privileges.

Cons

There are banks with more competitive APYs.
The requirement to avoid the monthly fee is steeper than it is at other banks.

4.1

Bankrate Score

Compare top checking rates

U.S. Bank checking overview

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.

Gold Checking customers won’t be charged by U.S. Bank for using a third-party ATM on the first two of these transactions per statement cycle.

Besides its own large ATM network, U.S. Bank customers have access to fee-free transactions at MoneyPass ATMs.

U.S. Bank customers also can send money to others through Zelle.

Pros

U.S. Bank has a large ATM network.
Its mobile banking app is highly rated on both iOS and Google Play.
Zelle is available to make person-to-person payments.

Cons

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.

Compare Offer

Member FDIC

Checking Account

2.00

APY

$50

To open

To avoid fees

View offer

Bank experience

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. In the app, you can tell the bank that you’re traveling and submit dates for the trip.

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.

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.

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.

Up next

U.S. Bank Review 2022

The Bankrate promise

At a glance

Overview

Highlights

Overall

Pros

Cons

U.S. Bank bank products

U.S. Bank savings overview

Pros

Cons

Bank experience

About U.S. Bank

Review methodology

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