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U.S. Bank Review: A Diverse Product Suite That Impresses

Many or all of the products here are from our partners that pay us a commission. 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.

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.

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Best For: Relationship rewards and diverse product suite

U.S. Bank

Rating image, 4.50 out of 5 stars.
Info Icon 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.
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4.50/5
Bottom Line

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.

Pros
  • Excellent selection of products
  • Relationship benefits for opening multiple accounts
  • Rare CD and loan options
Cons
  • Low APY on deposit accounts
  • Mixed reviews on customer service

U.S. Bank savings accounts review

U.S. Bank offers a single savings account -- the Standard Savings account. It 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.

Compare savings accounts

There are plenty of banks that offer savings accounts with higher APYs than U.S. Bank. Check out our list of the best savings accounts to learn more or compare a select few top picks below.

Rates as of Sept. 30, 2022
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Account
Goldman Sachs Bank USA
Sponsored Listing
Rating
Rating image, 4.00 out of 5 stars.
Info Icon 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
4.00/5
Rating image, 4.00 out of 5 stars.
Info Icon 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
4.00/5
Rating image, 4.50 out of 5 stars.
Info Icon 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.
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4.50/5
APY 2.15% 2.00% 2.70%
Min. to earn APY $0 $1 $100
Next Steps

U.S. Bank CD accounts

U.S. Bank offers four types of certificates of deposit (CDs), which are explained in detail below.

U.S. Bank Standard CDs

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.

U.S. Bank CD Specials

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 Step Up CD

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 Trade Up CDs

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.

U.S. Bank checking accounts review

U.S. Bank currently offers the following five checking accounts.

U.S. Bank Easy Checking account

The Easy Checking account is U.S. Bank's most affordable option, with a low monthly fee that can be waived in several ways. 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 Gold Checking account

The U.S. Bank Gold Checking account offers all the same features as the Easy Checking account, plus two out-of-network ATM transactions per statement cycle. You won't pay U.S. Bank a fee, but that doesn't mean the ATM owner won't charge you.

You can add up to two co-owners to your account, which is a great option for families who want to simplify money management. It's also a good fit for those who have loans or credit cards through U.S. Bank as one of these is required to waive the monthly fee.

U.S. Bank Platinum Checking account

The Platinum Checking account is U.S. Bank's top-tier checking account, offering the perks of the Gold Checking account plus unlimited out-of-network ATM visits with no extra U.S. Bank fees. You also get discounts on personal checks, an unlimited number of family accounts, and the opportunity to earn a modest amount of interest.

You need a fairly large sum in order to waive the high monthly maintenance fee, but U.S. Bank takes your balances with all of your U.S. Bank accounts into consideration. You can also waive the fee by having a relationship with U.S. Bank Wealth Management.

U.S. Bank Student Checking account

The U.S. Bank Student Checking account is a free checking account designed for college students. It includes four out-of-network ATM visits per month that U.S. Bank won't charge you for, personal check discounts, and access to all the online and mobile banking tools the other U.S. Bank checking accounts provide.

U.S. Bank Safe Debit Account

The Safe Debit Account is similar to the Easy Checking account, but it doesn't offer checks and it doesn't charge overdraft fees because you cannot overdraw your account. You have to be comfortable sticking to U.S. Bank's ATM network and paying a monthly fee because there's no way to avoid out-of-network ATM or monthly maintenance fees.

U.S. Bank customer service and experience

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 relationship benefits

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.

Alternatives to U.S. Bank

If U.S. Bank doesn't appeal to you, one of these other banks might.

Bank of America

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

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.

Is U.S. Bank right for you?

U.S. Bank is a good choice for you if:

  • You plan to open multiple accounts with the bank.
  • You like having a lot of options so you can choose the account that best matches your needs.
  • You're interested in rare types of CDs or CDs with unusual terms.

Other U.S. Bank products

In addition to the accounts listed above, U.S. Bank offers the following products.

U.S. Bank money market accounts

  • Platinum Select Money Market Savings: This is U.S. Bank's top-tier money market account and is only available to Platinum Checking account customers. Its rates are similar to U.S. Bank's Standard Savings account, though customers with a six-figure balance can earn more.
  • Package Money Market Savings: The Package Money Market Savings account is only available to those with a Gold Checking account. Its tiered APY system is comparable to the Platinum Select Money Market Savings account.
  • Elite Money Market Account: The Elite Money Market account has a higher balance requirement than the two money market accounts listed above, but its interest rates are about the same. This account has a monthly maintenance fee and you'll need a five-figure sum to waive it.
  • Retirement Money Market Account: The Retirement Money Market Account is available to customers who have an IRA through U.S. Bank. There's no monthly maintenance fee on this account, but as it's for retirement savings, you can't withdraw the funds before the age of 59 1/2 without paying a penalty.

U.S. Bank credit cards

  • U.S. Bank Altitude® Go Visa Signature® Card: This card rewards you for dining and takeout, grocery, gas, and streaming service purchases. It also includes an annual credit for streaming services.
  • U.S. Bank Cash+™ Visa Signature® Card: This is a cash back credit card with rotating bonus categories, but rather than the bank deciding which categories earn bonus points each quarter, you choose which categories you want to earn rewards on.
  • U.S. Bank Visa® Platinum Card: This credit card offers a long 0% introductory APR on purchases and includes extra perks, like cell phone protection when you pay your credit card bill with your card.
  • U.S. Bank Altitude Reserve Visa Infinite® Card: This is U.S. Bank's high-end travel credit card and it’s only available to U.S. Bank members. It comes with a high annual fee but it offers bonus rewards on travel-related purchases and annual reimbursements for travel expenses.
  • U.S. Bank FlexPerks® Gold American Express® Card: This is a more affordable travel rewards card that offers bonus points on hotels, car rentals, restaurants, gas stations, and airlines.
  • U.S. Bank Secured Visa® Card: This credit card can help you build a strong credit history or rebuild your poor credit, but it requires a deposit equal to your credit limit and has an annual fee.

U.S. Bank loans

  • U.S. Bank mortgages: U.S. Bank offers fixed- and adjustable-rate conventional mortgages, FHA loans, VA loans, jumbo loans, and loans for new construction and investment properties. You can also refinance your existing mortgage and choose from a traditional refinance or a cash-out or streamline refinance.
  • U.S. Bank home equity loans and lines of credit: U.S. Bank offers home equity loans with repayment terms up to 30 years and home equity lines of credit (HELOCs) that enable you to borrow just as much as you need.
  • U.S. Bank vehicle loans: You can take out a new auto, boat, or RV loan or refinance your existing loans online with U.S. Bank.
  • U.S. Bank Personal Loan: U.S. Bank enables you to borrow a substantial sum of money without any collateral. It offers fixed monthly payments and a fixed interest rate for the term of the loan. This product is only available to U.S. Bank customers.
  • U.S. Bank Simple Loan: A U.S. Bank Simple Loan is a great alternative to its personal loan product if you only need to borrow a small sum.
  • U.S. Bank Personal Line of Credit: U.S. Bank checking customers can open a personal line of credit that they can access whenever they need a little extra cash.
  • U.S. Bank Reserve Line of Credit: The U.S. Bank Reserve Line of Credit provides overdraft protection for your U.S. Bank deposit accounts.

Investing

  • U.S. Bank Automated Investor: U.S. Bank's Automated Investor tool is a robo-advisor that helps you decide how to invest your money based on your answers to some questions about your risk tolerance and financial goals. It'll then ensure your portfolio stays balanced.
  • U.S. Bank self-directed brokerage accounts: U.S. Bank's self-directed brokerage accounts enable you to invest your money however you choose. Gold and Platinum Checking customers receive 100 free trades per year.

U.S. Bank retirement accounts: You can open a traditional, Roth, or Simplified Employee Pension (SEP) IRA through U.S. Bank.

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