U.S. Bank vs. Chase: Which Bank Is Right for You?

Bottom line: Chase is better for its higher CD rates and larger network of banks, while U.S. Bank has lower monthly fees on its savings and checking accounts.

Checking accounts

Chase and U.S. Bank both offer standard personal checking accounts. The U.S. Bank Smartly® Checking has a waivable $6.95 monthly fee, a $25 minimum opening deposit, and overdraft protection.

Likewise, the Chase Total Checking® has a waivable $12 monthly service fee, no minimum opening deposit, and overdraft assistance. Between the two, U.S. Bank's checking account is both cheaper and comes with more ways to waive the fee, including being 24 and under, 65 or older, or a member of the military.

Chase and U.S. Bank each offer a variety of student and business checking accounts as well.

You'll find a variety of account options with both Chase and U.S. Bank.

Savings accounts

Chase and U.S. Bank both offer a basic savings account, the U.S. Bank Standard Savings Account and Chase Savings℠. Between the two, the U.S. Bank Standard Savings Account has a slightly cheaper monthly maintenance fee -- $4 compared to the $5 fee on Chase's account -- but it also has a $25 minimum opening deposit, whereas the Chase has none.

Both accounts give you multiple ways to waive the fee, such as maintaining a daily balance of $300. Neither account has a competitive APY, at least not in respect to high-yield savings accounts.

CDs

Chase and U.S. Bank both offer standard and special CDs with a variety of terms. Between the two, Chase CDs generally have higher rates, but its minimum opening deposit is double U.S. Bank -- $1,000 versus $500. You also need a Chase checking account to snag the best APYs.

In regards to term lengths, Chase also has more to offer its clients. Whereas U.S. Bank has 11 CD terms to choose from (ranging from one to 60 months), Chase has 17 (ranging from one to 120 months). This might make Chase a better choice for those looking to build a long and more varied CD ladder.

Chase generally has higher APYs for its CDs, though it doesn't have a savings account to compete with the U.S. Bank Elite Money Market Account.

As far as Chase CD APYs go, the bank's standard, non-relationship rates are pretty abysmal, coming in at just 0.01% for every term. It does, however, offer decent APYs for a few terms that it dubs "relationship rates," meaning for customers with a linked Chase personal checking account. As rates can change at any time, it's best to check Chase's website for its current rate sheet showing available relationship rates.

U.S. Bank generally offers rates between 0.05% and 0.25%, though occasionally you'll find special CDs with competitive rates.

Although most U.S. Bank CD rates are not on par with Chase CDs, the U.S. Bank Elite Money Market Account has a decently competitive APY of up to 4.25% when you maintain a $25,000 deposit. This ranks it among some of the top money market accounts in terms of APY. Chase doesn't currently have a money market account or high-yield savings account to compete with this.

Chase and U.S. Bank are neck in neck in customer service reviews. Chase has a slight edge in that it ranked higher on the J.D. Power 2023 National Banking Satisfaction Study, which gave it a score of 674, significantly higher than the study's average of 653. U.S. Bank had a score of 652, below the study's average along with several other big national banks.

On the Better Business Bureau, Chase has an A+, while U.S. Bank's rating is currently under review ("NR"). They both share a "bad" rating on Trustpilot (1.3 stars) and roughly one star on their BBB profiles.

Both banks have highly rated mobile apps with similar banking features and tools. They both let you deposit mobile checks, give you personalized insights to your spending, and let you link external accounts to get a full picture of your personal finances. Both apps also let you send and request money with Zelle and also let you access and monitor your credit score.

Chase's app has a collective 4.6 stars on both the Apple App Store and Google Play, while U.S. Bank has a slightly higher collective rating of 4.75 stars across both.

If you're looking for the cheapest savings or checking account from a big national bank, U.S. Bank might be right for you. The bank also gives you plenty of ways to waive fees, including holding a U.S. Bank credit card or being a member of the military.

Chase, on the other hand, has the largest branch network in the U.S. with over 4,700 branches in 48 states. It also has more CD terms and generally higher rates. While the fees on its savings and checking accounts are slightly higher than U.S. Bank, it does offer numerous ways to waive them.

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