U.S. Bank Review

U.S. Bank U.S. Bank

0.01% APY

Overview

U.S. Bank has one of the largest selections of checking and savings accounts. If you’re looking to keep all your finances in one place, from credit cards to kids’ savings accounts to retirement accounts, U.S. Bank could be the place for you. However, if you’re looking to save and grow your money at the best interest rates in the industry, you may want to look elsewhere. U.S. Bank offers decent interest rates but you can find much higher-earning accounts with other banks.

Read on below to explore U.S. Bank's many offerings.

U.S. Bank Interest Rate Comparison

U.S. Bank Overview

Right off the bat, you can see that U.S. Bank doesn’t fall short in its offerings. You can open a credit card or a money market account, buy a home or a car, use your home equity and save for retirement all with U.S. Bank. You can even get loans for a boat or RV. Plus, U.S. Bank has a ton of financial education materials, to help customers understand their finances. The bank even has a special section for Student Banking that offers perks and materials for students to better navigate their money. And with online access and branches in 28 states, you can easily learn more about the bank’s offerings and open whichever account you want. 

Save more with these rates that beat the National Average

• Savings & MMAs
• CDs

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U.S. Bank Account Features

U.S. Bank offers a ton of different savings and checking accounts. Each has its own special qualities and perks, but most feature low fees and minimums. Often, if there is a monthly maintenance fee, you can avoid it, usually by maintaining a certain daily ledger balance, set by the bank. The daily ledger balance is a term you’ll see often with U.S. Bank and it means the balance at the end of each business day. 

With generally low fees and minimums, these accounts are open to most customers. 

U.S. Bank Savings Accounts: Standard Savings Account

When it comes to U.S. Bank savings accounts, you have two options to choose from. The first is the Standard Savings Account. This account offers a very basic and straightforward approach to savings, making it perfect for customers who don’t want any added frills. The account comes with a $4 monthly fee, but you can get it waived by keeping a minimum daily ledger balance of at least $300 or an average monthly collected balance of at least $1,000.

The account offers access to online/mobile banking, overdraft protection and email and text account alerts.

U.S. Bank Certificates of Deposit: CD Accounts, U.S. Bank CD Specials, U.S. Bank Step Up CDs, U.S. Bank Trade Up CDs

A certificate of deposit, or CD, is another type of savings vehicle. Like a regular savings account, you contribute some funds and then you watch your money grow. However, you only have one shot at making a deposit for a CD. After that initial deposit, you usually cannot deposit additional money or withdraw any money before the end of the CD’s term. Making early withdrawals will trigger penalty fees, making your withdrawal pointless or even harmful. Typically, these penalties cost you a percentage of the interest you earned on the amount withdrawn. The penalties U.S. bank imposes are detailed in the above table. But of course, your money isn’t stuck in a CD forever. That’s why there are various term lengths for CDs, so you can choose which amount of time is best for your money to grow. 

U.S. Bank offers a ton of CD options. Not only does it offer CD Specials, standard CDs, Step Up CDs and Trade Up CDs, but it offers a number of term lengths, as well. U.S. Bank’s standard CDs work just like any other CD, guaranteeing a fixed rate of return. However, if you want even better rates, you can open a U.S. Bank Special CD, a special promotion product. These accounts offer higher-earning interest rates while also helping diversify the overall risk in your investment portfolios. 

While CDs usually maintain the same rate for its entire term length, the U.S. Bank Step Up CD will automatically increase the interest rate at specified intervals. These intervals happen every seven months, with a 0.20 increase in the APY each time. Lastly, the U.S. Bank Trade Up CD offers more flexibility than a CD usually would. These accounts offer the benefits of a long-term CD and the ability to adapt to a rising interest rate environment. That way, you can maximize your earnings.

U.S. Bank Money Market Accounts: Platinum Select Money Market Savings and Package Money Market Savings

The U.S. Bank Platinum Select Money Market Savings account is available only to Platinum Checking Package customers. That checking account is detailed in the following section. With Platinum Select, you can get higher interest rates and no monthly maintenance fee. This means your money gets to grow at a solid pace without losing anything to fees. You can snag even more benefits with the combined Platinum Checking Package. 

The U.S. Bank Package Money Market Savings account is available only to customers who have a Silver Checking or Gold Checking account. If you do open a Silver Checking Package and link it with this money market account, you can also sign up for U.S. Bank START Smart Savings Program™. Through this program, you can set a savings goal and automatic transfers from your checking account to your money market account. Then when you reach your goal on time, you’ll receive a $50 reward and a 1% debit card bonus up to $50 for gas and grocery purchases. As of 2/11/19, the Silver Checking package is no longer offered. 

All U.S. Bank savings accounts come with access to online and mobile banking. This allows you to check on and manage all your accounts and online statements whenever you want. You can also set up custom account alerts through email and text to let you know about any changes or transfers being made, for example. Plus, when you link these savings accounts to your checking account, you’ll receive overdraft protection.

U.S. Bank Money Market Account: Elite Money Market Account

The U.S. Bank Elite Money Market account is geared toward customers with larger account balances. The larger your balance, the higher the interest rate it carries. This will grow your large balance even faster. This money market account does have a monthly maintenance fee of $10. However, you can waive that fee by maintaining a minimum daily ledger balance of at least $10,000. 

This account has check-writing privileges. This means you can order and write personal checks with the funds in your money market account. You’ll also have online and mobile banking so you can manage your account wherever and whenever. This includes your automatic savings deposits. All U.S. Bank savings accounts also offer overdraft protection, online statements and custom account alerts.

U.S. Bank Gold and Platinum Checking Accounts 

Out of U.S. Bank’s five checking account options, let’s start by looking at the first three together. All accounts come with a U.S. Bank Visa® Debit Card and no-fee transactions at U.S. Bank ATMs. Plus, you’ll always have access to online and mobile banking which provide mobile check deposit, bill pay and more. 

First comes the U.S. Bank Gold Checking Account, which carries a monthly fee of $20. However, you can avoid this fee by simply opening a U.S. Bank personal loan, line or credit card. This checking account also gets you two transactions per statement period at any non-U.S. Bank ATM without incurring a U.S. Bank fee. You may still see a fee from the ATM owner unless they participate in the MoneyPass® Network. You’ll also have access to reduced overdraft fees should you ever overdraft your account.

Other benefits include the U.S. Bank Because You’ve Earned It™ Program. This program rewards Gold Checking Package customers with extra benefits for building a strong credit score.  The Gold Checking Account also allows for two additional Easy Checking accounts (detailed in the following section) with no monthly maintenance fee. You just have to be a co-owner of the account(s) to qualify. 

The U.S. Bank Platinum® Checking Package is billed as the bank’s top-tier account. You’ll also get a ton of banking products and services for free. This includes non-U.S. Bank ATM fees from the bank itself, overdraft protection, personal checks and money orders. Plus, like with the Gold Checking Account, you may open additional Easy Checking accounts with no monthly maintenance fee as long as you are a co-owner of the account(s). 

Outside of checking accounts, the U.S. Bank Platinum® Checking Package offers incentives and perks for other U.S. Bank products. For one, you can earn a new account bonus when you choose a select FlexPerks credit card. You can also waive an annual fee when you open a U.S. Bank Home Equity Line of Credit. Lastly, you have access to 100 free trades when you open a new self-directed brokerage or IRA through the bank’s U.S. Bancorp Investments affiliate.

Many of the additional benefits you can get from a U.S. Bank Checking Account come when you pair it with a Package Money Market Savings account. When you open a Platinum Checking Account, you can pair it with the Platinum Select Money Market Savings Account. This package gives you access to overdraft protection and competitive interest rates on auto, personal and home loans. To snag the loan entirely, though, you will still need to meet credit and eligibility requirements. To waive the monthly fee on the Platinum checking account there are two options. You must either have a personal trust relationship with U.S. Bank Wealth management or have $25,000 in combined personal deposits, credit balances with U.S. Bank and/or investments through U.S. Bancorp Investments.

U.S. Bank Business Premium Checking Account

The U.S. Bank Business Premium Checking Account earns interest at a 0.005% rate, allowing your money to grow. This checking account does come with monthly fees that, again, can be offset.

The Premium Checking Account has added perks, too. This includes free non-U.S. Bank ATM usage, personal checks, money orders and cashier’s checks. 

U.S. Bank Student Checking 

The U.S. Bank Student Checking Account provides some simplicity when it comes to banking for students. With this account, you have access to online and mobile banking, checks, U.S. Bank Visa® debit card and more. 

You may use your debit card at non-U.S. Bank ATMs up to four times without being charged a U.S. Bank fee. U.S. Bank will also provide your first order of checks for free. However, if you want to personalize your checkbook, you’ll get 50% off that order instead. 

U.S. Bank knows that as a student, it can be hard to pay bills. As such it won’t charge a monthly maintenance fee for the Student Checking Account as long as you sign up for eStatements. If you want to stay old school, you can pay $2 per month and receive paper statements. While you’re on your technological device, you can also deposit checks with your smartphone U.S. Bank Mobile App. 

U.S. Bank Easy Checking Account

The U.S. Bank Easy Checking Account offers a very basic checking account experience. You get a U.S. Bank debit card to make purchases and use it at U.S Bank ATMs. You have full access to online and mobile banking which allows you to manage your money and deposit checks on mobile. You can waive the monthly maintenance fee by maintaining a minimum daily ledger balance of at least $1,000 or an average monthly collected balance of at least $1,500. You can also qualify if you are an account holder age 65 or greater. 

U.S. Bank Safe Debit Account

Looking for the simplest checking account? You’ve found it in the U.S. Bank Safe Debit Account, which is a checking account that doesn’t have any check abilities. You still have a debit card and access to Online and Mobile Banking to manage your money in any way you please. Unlike other accounts, the Safe Debit Account provides discounts on money orders. This allows you to securely purchase and send money orders. 

Uniquely for a simple checking account, you also have free access to the TransUnion CreditView™ Dashboard through online banking. This dashboard provides you with your VantageScore® 3.0 credit score and ranking, a score simulator and credit information and resources.

U.S. Bank Retirement Money Market 

U.S. Bank also offers a Retirement Money Market account which helps diversify your retirement portfolio and offers retirement-friendly tax advantages. You will need to visit a U.S. Bank branch to apply for a Retirement Money Market Account.

Where Can I Find U.S. Bank?

You can easily find U.S. Bank online at www.usbank.com. You can also find the bank at one of its thousands of branches throughout 26 states. If you’re unsure whether there’s a branch near you, you can use the bank’s online location finder. 

You will also have access to over 5,000 ATMs across the country, should you need to deposit or withdraw funds from your accounts.

What Can You Do Online With U.S. Bank?

You can do a ton online with U.S. Bank, with the homepage shown here. You can read up on all its account offerings, rates and more. You can open most accounts there, too, except the Star Savers Club Account and the Retirement Money Market Account.

Once you have an account, or accounts, with the bank, you’ll be able to log in through online banking to manage any accounts. All your banking accounts will be accessible in one dashboard. However, there are separate logins for online banking, online investing, mortgage accounts, TrustNow and TrustNow Essentials. 

How Do I Access My Money?

You can access your money by visiting a local branch or logging into online or mobile banking. There, you can deposit, transfer or withdraw money. You can even deposit checks on your mobile app. You’ll also have access to over 5,000 ATMs across the country. Plus, depending on your account benefits, you may be able to use even more non-U.S. Bank ATMs without facing a U.S. Bank fee.

How Can I Save More Money With a U.S. Bank Account?

Compared to other big banks, U.S. Bank offers higher-earning interest rates, especially with its CD and money market accounts. However, these rates don’t really compete with the high rates of some other banks like online banks. So if you’re not picky about baking with a big bank name, you can probably save way more at another bank.

There is the U.S. Bank START Smart Savings Program™, though, that encourages and rewards savings goals. You can unlock access to this program by opening a Silver Checking Package and pairing it with a Package Money Market Savings account. Then, you set savings goals for yourself and automatic transfers from your checking account to your savings account. Once you’ve saved $500 in your Package Money Market Savings account, you’ll receive a $50 bonus. You can also receive a $50 reward for reaching your savings goal within 12 months. Lastly, you can earn an additional 1% bonus on gas and grocery debit card purchases up to $50 during 12 months of enrollment. 

What’s the Process for Opening an Account With U.S. Bank?

You can apply for most accounts with U.S. Bank online. It’s as simple as clicking an apply button on the account page. To apply, you must be 18 years or older and a legal resident of the United States. You will need to provide personal information like your email address, residential address, phone numbers, housing situation, Social Security number and more. An application process typically won’t take longer than 10 minutes to complete. 

It’s important to note that you will have to visit a U.S. Bank branch in person to open a Star Savers Club Account and a Retirement Money Market Savings Account. 

What’s the Catch? 

The catch here is that U.S Bank doesn’t offer the best interest rates. In fact, the highest APY you’re likely to see here is with a CD Special promotion account. This is pretty high, but it is only one account out of many more. Plus, this number is standard among many online banks who can offer even higher rates. 

Bottom Line

Like most big banks, U.S. Bank can’t offer you the highest interest rates in the industry. Typically, online banks can do so due to their lack of physical branches to fund. However, despite the mid-range interest rates, U.S. Bank does impress with its huge selection of financial products and services. Plus, many of these products come with extra benefits and perks, to make your banking experience a more thorough one.