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U.S. Bank Smartly® Checking Review: Tons of Perks, Multiple Fee Waiver Options, and Pays Interest

Review Updated
Steven Porrello
By: Steven Porrello

Our Banking Expert

Eric McWhinnie
Check IconFact Checked Eric McWhinnie
Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

If you're tired of your boring ol' checking account, the U.S. Bank Smartly® Checking may have some exciting perks for you. With a big welcome offer, digital tools, budget tracking, overdraft protection, and multiple ways to waive monthly fees, this checking account packs a hefty punch. Oh yeah -- and it earns a little interest, too. Find out if the U.S. Bank Smartly® Checking account is right for you in this expert review.

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Ratings Methodology
Rates as of Apr 29, 2024

U.S. Bank Smartly® Checking

Open Account for U.S. Bank Smartly® Checking
Member FDIC.
Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Open Account for U.S. Bank Smartly® Checking

Special Offer

Earn up to $700 when you open a new U.S. Bank Smartly® Checking account and a Standard Savings account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through June 27, 2024. Member FDIC. Offer may not be available if you live outside of the U.S. Bank footprint or are an existing client of U.S. Bank or State Farm.
APY
Undisclosed
Min. To Earn APY
$0.01
  • Overdraft protection tools and Overdraft Fee Forgiveness program
  • Opportunity to earn account welcome bonus
  • Wide variety of account tools
  • Zero fraud liability
  • Award-winning app
  • Fee waiver requirements
  • Account APY undisclosed

U.S. Bank is the fifth-largest bank in the U.S. in terms of assets. With its Smartly checking account you can earn special benefits when you enroll in the Smart Rewards™ program. With its digital security coverage, you are not liable for unauthorized transactions that are initiated online at usbank.com or through the U.S. Bank Mobile App as long as you let it know right away. 

The monthly maintenance fee can be waived for customers who meet certain criteria. U.S. Bank also provides security alerts, personalized financial insights, and financial goal setting through its award-winning app.

Checking account comparison

We recommend comparing checking account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.

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Account APY Promotion Next Steps
0%
Min. to earn: N/A
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
0.50%
Rate info Circle with letter I in it. You can earn the maximum savings APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
Cash bonus up to $300 with direct deposit set up (see details when you click 'Open Account')
0.40% (up to 3.30%)
Rate info Circle with letter I in it. To earn the full APY, account holders must do all of the following: Receive monthly direct deposits totaling more than $1,500; make 10 transactions a month with your Axos debit card, or sign up for Axos's Personal Finance Manager; maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account; and use your Rewards Checking account to make your full monthly Axos Bank consumer mortgage, personal, or auto loan payment.
Min. to earn: Monthly direct deposits totaling at least $1,500
Use promo code AXOS300 and apply by June 30th, to earn up to a $300 bonus!

Full U.S. Bank Smartly® Checking review

The U.S. Bank Smartly® Checking is a relatively new product that unites many of the best perks out there for checking accounts. With that in mind, let's take a look at its best strengths and weaknesses.

Top perks

New account bonus: Earn up to $700 when you open a new U.S. Bank Smartly® Checking account and a U.S. Bank Standard Savings Account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through June 27, 2024. Member FDIC.

Earn up to $500 with a new U.S. Bank Smartly® Checking. Complete the following within 90 days of account opening:

  • Enroll in online banking or the U.S. Bank Mobile App
  • Make two or more direct deposit(s) totaling $3,000 to $4,999.99 to earn $100, $5,000 to $9,999.99 to earn $300 or $10,000 or more to earn $500

Earn up to $200 with a new U.S. Bank Standard Savings Account.

  • Make new money deposit(s) totaling $15,000 or more by July 17, 2024
  • Maintain that balance until October 31, 2024

Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.

Earns interest: Like other top checking accounts, this one will earn interest on your balance. Unfortunately, U.S. Bank doesn't disclose interest rates online. The only way to find out its APY is to reach out to your local bank.

Low minimum opening deposit: You only need $25 to open this account.

Multiple ways to waive monthly maintenance fees: This checking account comes with a $6.95 monthly maintenance fee. But it gives you several ways to waive it, including the following.

  • Maintain an average account balance of $1,500 or more
  • Have a qualifying U.S. Bank personal credit card
  • Have combined monthly direct deposits totaling $1,000 or more
  • Be 24 or younger or 65 and older.
  • Be a member of the military

Overdraft protection: U.S. Bank will waive fees on overdrawn amounts $50 or below when you link an eligible account to your U.S. Bank Smartly® Checking. Then, if you overdraw by $50 or less, U.S. Bank will automatically transfer the money to your checking account.

Overdraft forgiveness: U.S. Bank could also forgive fees for any overdrawn amount over $50. To get the fee forgiveness, you must get your account to at least $0 before 11 p.m. EST on the day you're charged the fee.

Earn some extras through Smart Rewards: Smart Rewards is a four-tiered program that gives you some extra perks for maintaining a combined balance among all your U.S. Bank accounts (checking, savings, CDs, IRAs). Some of the perks included automatic waiver of monthly fees, savings interest lift, non U.S.-Bank ATM fee reimbursement, and discounts on mortgages and loans.

What could be improved

Fee waiver requirements: If you don't meet the fee waiver criteria listed above, you'll pay a $6.95 monthly account fee. While that fee isn't high (you'll often see $10 to $25 fees), you can find plenty of free checking accounts at other institutions.

Fees

Fees Monthly Maintenance ATM Withdrawal Overdraft Stop Payment Insufficient Funds
U.S. Bank Smartly® Checking $6.95 No ATM fee at U.S. Bank ATMs; $2.50 for non-U.S. Bank ATM transactions $36, but overdraft protection is available $35 $0
Data source: U.S. Bank.

How to access your money

Figuring out how you're going to deposit and withdraw money from your checking account can play a huge role in deciding which one is right for you. Fortunately, as a brick-and-mortar bank. U.S. Bank gives you plenty of options.

Deposit options

Whether you're depositing cash in person or a check through its mobile app, U.S. Bank gives you several ways to add money into your checking account:

  • Deposit cash or checks at a U.S. Bank branch
  • Use a U.S. Bank ATM
  • ACH transfer
  • Wire transfer ($20 fee)
  • Mailed check
  • Mobile check deposit

Withdrawal options

U.S. Bank also gives you several ways to withdraw money, including the following:

  • ACH transfer
  • ATM withdrawal
  • Withdraw cash at a U.S. Bank branch
  • Send money with Zelle
  • Use your U.S. Bank debit card
  • Wire transfer ($30)

U.S. Bank Smartly® Checking is right for you if:

  • You want an interest-bearing checking account.
  • You already have another U.S. Bank account (savings, CD, IRA, credit card) and want to keep all your money in one bank.
  • You can satisfy one of the fee waiver criteria.
  • You live near a U.S. Bank branch or, if you don't, you don't mind banking online or via a mobile app.

Keep reading about U.S. Bank:

Our checking account methodology

At The Motley Fool Ascent, checking accounts are rated on a scale of one to five stars, primarily focusing on annual percentage yield (APY) and fees. Our highest-rated banking products generally include competitive APYs without complex qualification tiers, low to no fees, and ease of use. See our full Ratings Methodology here.

FAQs

  • Yes, you can link outside bank accounts within the U.S. Bank mobile app.

  • U.S. Bank will close your U.S. Bank Smartly® Checking if you don't make a $25 deposit within 30 days of opening your account. It can also choose to close your account if you have a $0 balance in the account and no deposit and withdrawal activity.

  • Basically, U.S. Bank will add the total balance of each calendar day in a statement period, then divide by the number of days within that period. For example, if, in a 30-day period, you had $1,700 for 29 days and $0 for one day, then your total account balance would be about $1,643.

Our Banking Experts

Steven Porrello
By: Steven Porrello

Writer

Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.

Eric McWhinnie
Check IconFact Checked Eric McWhinnie

Eric McWhinnie has been writing and editing digital content since 2010. He specializes in personal finance and investing. He also holds a bachelor’s degree in Finance.