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U.S. Bank offers a competitive selection of banking products. There are plenty of rewards to entice customers to open multiple accounts, including fee-free money market accounts, preferred loan rates, and more. Its key drawback is its low APYs, but that's true of all brick-and-mortar banks. If you can look past that, you'll find a lot of options, including some rare product offerings you don't see with many other banks.
U.S. Bank offers strong relationship rewards to customers who open multiple accounts. It also offers a variety of checking accounts and some rare CD and loan options. Those interested in money market accounts will also appreciate that U.S. Bank has several to choose from.
U.S. Bank offers a single savings account -- the Standard Savings account.
The U.S. Bank Standard Savings Account has a low monthly fee which you can waive in several ways. Its online and mobile banking tools mean you can set up custom alerts and recurring transfers to your savings from another linked U.S. Bank account.
The APY is low, even for a brick-and-mortar bank. Many of U.S. Bank's competitors offer higher rates to customers who bank large sums or open multiple accounts. U.S. Bank doesn't offer higher relationship rates on its savings account.
U.S. Bank Standard Savings Account
Special offer
The U.S. Bank Standard Savings Account is a great choice for savers who are more concerned with ease of access and a top-notch digital banking experience than maximizing the interest earned in their account.
We recommend comparing high-yield savings 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.
U.S. Bank offers four types of certificates of deposit (CDs), which are explained in detail below.
U.S. Bank's Standard CDs have low minimum deposits and the terms range from one month to five years. All accounts are FDIC insured and rates are locked in for the full CD term, so if you decide to withdraw funds before the term is up, you'll pay an early withdrawal penalty. Rates are pretty average for brick-and-mortar CDs, and you can earn higher APYs by choosing a longer term.
APY = Annual Percentage Yield
6 Mo. APY | 9 Mo. APY | 1 Yr. APY | 1.5 Yr. APY | 2 Yr. APY | 3 Yr. APY | 4 Yr. APY | 5 Yr. APY |
---|---|---|---|---|---|---|---|
0.05% | 0.05% | 0.05% | 0.05% | 0.05% | 0.10% | 0.15% | 0.25% |
U.S. Bank's CD Specials offer promotional rates on unusual CD terms, such as 19 months or 27 months. These rates are higher than those on its traditional CDs, but you do need a little more money to open one. Like the traditional CDs, CD Specials are FDIC-insured and have APYs that remain the same over the whole CD term.
U.S. Bank offers a single 28-month step-up CD where the APY rises automatically every seven months. Rates, including the scheduled rate increases, are locked in at the time you open the CD. The minimum deposit is slightly higher than the traditional CDs, but it's not out of line with what other brick-and-mortar banks require.
U.S. Bank offers two Trade Up CDs, one with a 30-month term and one with a 60-month term. These are bump-up CDs, which are similar to step-up CDs, except you have the freedom to decide when your rates increase. If rates go up over the course of your CD term, you may request a one-time rate increase and your APY will stay at this new level for the remainder of the term. This isn't a common type of CD, so Bank of America is worth a closer look if you're interested in it.
If you're undecided on a U.S. Bank CD, take a peek at what other banks are offering and compare available terms and APYs.
Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
---|---|---|---|---|
Member FDIC.
| APY: 4.70% | Term: 1 Year | Min. Deposit: $2,500 | |
APY: 5.05% | Term: 1 Year | Min. Deposit: $1 | ||
APY: 5.15% | Term: 9 Months | Min. Deposit: $1 | ||
Member FDIC.
| APY: 4.75% | Term: 1 Year | Min. Deposit: $500 |
U.S. Bank currently offers the following five checking accounts -- two personal checking accounts and three business checking options.
The U.S. Bank Smartly® Checking is a relatively new checking account product offered by U.S. Bank, designed to simplify the checking account experience. It offers mobile check deposits, automated bill pay, and most other features you would expect from a checking account, as well as an excellent overdraft protection program that offers fee forgiveness if you make a qualifying deposit to quickly correct an overdraft over $50. For overdrafts under $50, there is no fee. Customers can access their money for free at U.S. Bank ATMs as well as any ATM in the MoneyPass network.
There is a $6.95 monthly maintenance fee, but it can be waived in a variety of ways, such as by maintaining at least a $1,500 average balance, having a U.S. Bank credit card, or with monthly direct deposits of $1,000 or more. Account holders with higher balances get access to the bank's Smart Rewards program, which has four tiers that come with benefits like waived non-bank ATM fees and other valuable perks. This account even earns a little bit of interest, although U.S. Bank doesn't disclose its rates online.
U.S. Bank Smartly® Checking
Special Offer
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.
The U.S. Bank Safe Debit Account doesn't offer checks (but it does offer a debit card) and it doesn't charge overdraft fees. The account comes with mobile and online banking tools, as well as mobile check deposit and bill pay. The account has a monthly maintenance fee of $4.95 that is not waivable.
U.S. Bank Safe Debit Account
The U.S. Bank Safe Debit Account is like a branch-based checking account, just without the checks.
The U.S. Bank Silver Business Checking account is U.S. Bank's most affordable business checking option, with a $0 monthly maintenance fee and 125 free transactions per month (with a charge of $0.50 for each additional transaction). It also comes with $2,500 of free cash deposits (or 25 total monthly cash transactions, whichever comes first) per statement cycle. It has online and mobile banking features, including mobile bill pay. Account holders can access their cash for free at U.S. Bank ATMs, but will have to pay a fee to U.S. Bank and possibly also the ATM owner to use an out-of-network ATM.
U.S. Bank Silver Business Checking
The U.S. Bank Silver Business Checking account is a good fit for small business owners who aren't ready to pay for a business checking account. Its feature list may not be as robust as some of its competitors, but it comes with all the tools you need to manage your funds as well as a decent number of free monthly transactions.
Earn up to a $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q2AFL24 and complete qualifying activities1, subject to certain terms and limitations. Offer valid through August 30, 2024. Member FDIC.
The U.S. Bank Gold Business Checking account is one step above the Silver Business Checking. It has a $20 (waivable) monthly maintenance fee and 300 free transactions per month (with a charge of $0.45 for each additional transaction). Free cash deposits and transactions are increased with the Gold account -- you get $10,000 of free cash deposits (or 100 free cash transactions, whichever comes first) per statement cycle. Like U.S. Bank's other checking accounts, it comes with online and mobile banking, and it's free to use U.S. Bank ATMs with this account.
U.S. Bank Gold Business Checking
Earn up to a $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q2AFL24 and complete qualifying activities1, subject to certain terms and limitations. Offer valid through August 30, 2024. Member FDIC.
The U.S. Bank Platinum Business Checking account is U.S. Bank's top-tier business checking account, offering the perks of the Gold Business Checking account plus extra perks. The Platinum Business Checking comes with 500 free transactions each month (with a fee of $0.40 for each additional transaction), and $20,000 in free cash deposits (or 200 free cash transactions, whichever comes first) per statement cycle. The monthly maintenance fee is $30, but like the Gold account, it is waivable if you meet certain conditions.
U.S. Bank says this account is best for "mature business with higher balances."
U.S. Bank Platinum Business Checking
Earn up to a $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q2AFL24 and complete qualifying activities1, subject to certain terms and limitations. Offer valid through August 30, 2024. Member FDIC.
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.
U.S. Bank has an A+ rating with the Better Business Bureau, yet it boasts an unimpressive 1.7 out of 5 stars on Trustpilot. J.D. Power put it right in the middle, giving it three out of five stars in its latest U.S. Retail Banking Satisfaction Study. These mixed reviews make it more difficult to get a sense of U.S. Bank's customer service than some of its competitors'.
Customer service may not be a huge priority for you if you rarely interact with anyone at your bank, but if U.S. Bank's mixed ratings concern you, you can always reach out to the bank directly, ask any questions you have, and assess its customer service for yourself.
U.S. Bank offers a plethora of bonuses to its customers, including fee-free money market accounts when you open select checking accounts. It also gives preferred rates on personal loans, auto loans, and home equity loans and lines of credit. U.S. Bank mortgage customers can also look forward to a discount on their rates if they open a Gold or Platinum Checking account.
Gold and Platinum Checking account owners who want to invest through a U.S. Bank self-directed brokerage account will receive 100 free trades. Platinum Checking customers pay no annual fees on home equity lines of credit (HELOCs) and receive new account bonuses on select U.S. Bank credit cards.
The one perk that is missing is relationship rates on savings accounts, though Gold and Platinum Checking customers can earn relationship rates if they open a U.S. Bank money market account instead.
A promotion can make an already great account look even better. Take a look at the bonuses U.S. Bank offers to see if one is right for you.
If U.S. Bank doesn't appeal to you, one of these other banks might.
Bank of America is a large, national brick-and-mortar bank with relationship benefits that can rival U.S. Bank's. Customers who open multiple accounts are eligible for higher APYs on deposit accounts and they can also score discounts on loan products. Bank of America only offers a single checking account, but it has three flavors that you can switch between as needed, so you still have a lot of flexibility.
Axos Bank is an online bank, so it's able to offer higher APYs and no monthly maintenance fees on its accounts. It has five checking accounts as well, including interest-bearing accounts, so it's competitive with U.S. Bank in this respect. The bank also offers savings, CD, and money market accounts as well as loan products. This is a greater variety of products than you see with most online banks, so it's worth considering if you want to do all your banking in one place.
U.S. Bank is a good choice for you if:
In addition to the accounts listed above, U.S. Bank offers the following products.
Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
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