U.S. Bank Review: All of Your Banking Needs in One Place

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If you're looking for a new bank, it's important to research and compare multiple options before you make a decision. U.S. Bank® offers a variety of banking products and services, though it may only make sense if you live near one of the financial institution's branches and prefer in-person service. 

If you're thinking about opening an account with U.S. Bank, here's everything you need to know before you get started.

U.S. Bank Overview

U.S. Bank

U.S. Bank can trace its roots back to 1863 in Cincinnati when the First National Bank of Cincinnati was chartered. Now, the bank is headquartered in Minneapolis and operates in 13 countries. 

The bank has more than 2,000 physical branches across 26 states. However, it offers its banking products in all 50 states and is one of the largest banks in the U.S. in terms of assets. 

U.S. Bank offers checking, savings and other deposit accounts, as well as credit cards, loans, lines of credit, investment services, retirement services and business accounts.

U.S. Bank Checking Accounts

U.S. Bank offers two checking accounts, both of which are relatively straightforward in their features.

U.S. Bank Smartly® Checking Account

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• Our Rating 4/5 How our ratings work
• Minimum
  Deposit Required$25
• Intro Bonus Up to $1,000Expires October 31, 2023 More Info

  Earn up to $1,000 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 October 31, 2023. Member FDIC.

If you're interested in opening a checking account with U.S. Bank, the Smartly® Checking Account is likely the one you'll be most interested in. This account includes a wealth of standard banking features, such as mobile check deposits and automated bill pay. While the Smartly Checking Account features a $6.95 monthly fee, it's relatively easy to waive, and you only need $25 to open an account.

Most people considering a U.S. Bank checking account would consider this option the better fit. Here's what you'll get.

Fees

The account charges a $6.95 monthly fee, but you can get it waived if you meet one of the following criteria:

• You're a member of the military
• You're 24 and younger or 65 and older
• You have a combined number of direct deposits totaling $1,000 or more each month
• You maintain an average account balance of at least $1,500
• You have an eligible U.S. Bank credit card
• You qualify for the Primary, Plus, Premium or Pinnacle tier in the Smart Rewards™ program

The bank doesn't charge an ATM transaction fee at U.S. Bank ATMs or surcharge fees in the MoneyPass® network, though you may be charged fees by the MoneyPass ATM owner. The bank also offers no-fee overdraft protection through a linked savings account and may waive the fee if you overdraw by less than $50 or qualify for the Overdraft Fee Forgiven program.

There's a minimum opening deposit requirement of $25. 

Features

The account offers a lot of basic banking features, as well as some unique ones, including:

• Account alerts and reminders
• Automated budgeting
• Zelle® payments
• Mobile check deposits
• Automated bill pay
• Personalized financial insights
• Financial goal setting
• 100 free trades per calendar year with a self-directed U.S. Bancorp Investments account
• Zero-liability fraud protection

Safe Debit Account

If you're looking for an account for your teenager, this option may be worthwhile. Adults can also open this account, although there are better checking account options without a fee.

Fees

The account charges a $4.95 monthly service fee that cannot be waived. However, it doesn't charge overdraft fees. You just can't withdraw money from your account or use your debit card until you bring your account back into a positive balance. 

Features

U.S.Bank

The account comes with a debit card, but you won't get access to paper checks. Other features include:

• Mobile check deposit
• Bill pay
• Access to your VantageScore® credit score
• Discounts on money orders

You can open an account with a $25 minimum opening deposit.

U.S. Bank Savings and Money Market Accounts

U.S. Bank only offers one savings account, but it also offers two money market accounts, which can give you the best of both worlds with some checking and savings account features. Here's what you'll get.

Related Article

Differences Between a Savings and Checking Account

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Standard Savings Account

With a deposit of $25, you can get started with the Standard Savings account. Unfortunately, its APY is a measly 0.01%, making it far less appealing than high-yield savings accounts.

Fees

While most savings accounts don't come with a monthly fee, this one charges $4 per month unless you meet one of the following requirements:

• Maintain a minimum daily balance of at least $300
• Have an average monthly collected balance of $1,000 or more
• Hold the account jointly with a minor aged 17 or younger

There's no ATM fee if you access your funds at a U.S. Bank ATM, and there's no U.S. Bank surcharge at MoneyPass ATMs. You can also get fee-free overdraft protection if you link an eligible U.S. Bank account.

Features

True to its name, the Standard Savings account features are what you can expect from most traditional savings accounts:

• Recurring savings transfers
• Account alerts
• Electronic statements

Elite Money Market Account

Money market accounts can be a good alternative to traditional savings accounts, and with the Elite Money Market Account, you can earn up to 4.50% APY. To qualify for this premium APY, you need to open your account by July 27, 2023; after that, your exact APY is determined by how much you deposit, as well as your location. However, to earn the highest APY available in their location, customers must deposit at least $25,000.

It's important to note that this offer is only available to customers who reside within the U.S. Bank footprint: AZ, AR, CA, CO, ID, IL, IN, IA, KS, KY, MN, MO, MT, NE, NV, NM, NC, ND, OH, OR, SD, TN, UT, WA, WI and WY.

Fees

The account charges a $10 monthly fee unless you maintain a minimum daily ledger balance of $10,000. Additionally, you'll need to deposit at least $100 when you open the account. However, you'll pay no fees at U.S. Bank ATMs, and you can get fee-free overdraft protection if you link an eligible U.S. Bank account. 

Features

The account offers a lot of standard features, including:

• Custom account alerts
• Check-writing privileges
• Electronic statements
• Mobile and online banking

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Retirement Money Market Account

If you have an individual retirement account with U.S. Bank, you can also open a Retirement Money Market account to keep some of your retirement funds in a risk-free environment. The account offers a low 0.01% APY with no other special features.

You can open the account with a $100 deposit or with a $25 automatic monthly deposit. There's no monthly maintenance fee.

U.S. Bank Certificates of Deposit

U.S. Bank offers four different types of certificates of deposit (CDs) from which you can choose.

Note: U.S. Bank CDs are available in AZ, AR, CA, CO, ID, IL, IN, IA, KS, KY, MN, MO, MT, NE, NV, NM, NC, ND, OH, OR, SD, TN, UT, WA, WI, WY, FL, GA, NC, TX and NY. Rates vary by state and zip code.

Here's a summary of each option:

U.S. Bank Business Checking Accounts

If you're interested in moving your company's funds over to U.S. Bank., you'll have several different checking account options to choose from. Deciding which account is best for your business will likely depend on your company's size and how many free transactions and cash deposits you'll require each month.

Plus, through January 8, 2024, you can earn a bonus worth up to $800 when you open an eligible U.S. Bank Business Checking account (which include the Silver, Gold and Platinum tiers) and complete qualifying activities.

To qualify for this bonus, you'll need to use promo code Q3AFL23 on your application. You'll also need to enroll in business online banking within the first 60 days from account opening. Additionally, you must complete at least $5,000 in new money deposits and maintain that balance for 60 days from account opening. This bonus breaks out into two tiers, as follows:

To help with your decision-making process, here's a breakdown of what each account type offers:

U.S. Bank Silver Business Checking Account Package

If your business doesn't generate many bank transactions, the U.S. Bank Silver Business Checking Account Package might be a good fit. 

U.S. Bank Silver Business Checking Account

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at U.S. Bank

• Our Rating 4.5/5 How our ratings work
• APYN/A
• Minimum
  Deposit Required$100
• Intro Bonus Up to $800Expires January 8, 2024 More Info

  Earn up to an $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q3AFL23 and complete qualifying activities1, subject to certain terms and limitations. Offer valid through January 8, 2024. Member FDIC.

If you're in the market for a basic business checking account, you'd do well to consider U.S. Bank's Silver Business Checking. This account carries no monthly maintenance fee, and features an alluring sign-up offer for new customers who complete qualifying transactions. While the free cash deposit limit is relatively low, it should be enough to accommodate businesses that don't generate many monthly banking transactions.

Fees

U.S. Bank doesn't charge a monthly maintenance fee on its Silver Business Checking account. The account allows up to 125 free transactions per statement cycle. Additional transactions beyond this limit cost $0.50 each. 

U.S. Bank doesn't charge an ATM transaction fee at U.S. Bank ATMs or MoneyPass® network ATMs, but you may be charged fees by Non-U.S. Bank ATM owners. 

There is a $5 monthly charge for customers who opt to receive a paper statement. 

Features

As U.S. Bank's lowest tier business checking account, Silver Business Checking offers basic features like: 

• A U.S. Bank Visa® debit card
• 125 free transactions per statement cycle
• $2,500 of free cash deposits or 25 free cash transactions, whichever comes first, per statement cycle
• 50% discount on first check order, up to $50
• Online bill pay 
• Mobile check deposit
• Check fraud prevention
• Zelle® payments

There's a minimum deposit requirement of $100 to open an account. 

U.S. Bank Gold Business Checking Account Package

U.S. Bank Gold Business Checking is geared towards businesses with moderate banking needs. The checking account offers more free transactions and deposits than Silver Business Checking. It's only one of two business checking accounts with an interest-bearing option. 

U.S. Bank Gold Business Checking Account

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at U.S. Bank

• Our Rating 4.5/5 How our ratings work
• APY0.01% More Info

  Earn 0.01% APY on balances of $20,000 or greater.

• Minimum
  Deposit Required$100
• Intro Bonus Up to $800Expires January 8, 2024 More Info

  Earn up to an $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q3AFL23 and complete qualifying activities1, subject to certain terms and limitations. Offer valid through January 8, 2024. Member FDIC.

Assuming you can meet the requirements to waive its monthly fee, the U.S. Bank Gold Business Checking account is a strong option for mid-size businesses. This account offers considerably more free transactions than U.S. Bank's Silver Business Checking account and gives customers the chance to earn 0.01% APY on balances of $20,000 or more.

Fees

This business checking account charges a $20 monthly maintenance fee, but you can get it waived if you meet one of the following criteria:

• Have a U.S. Bank Payment Solutions Merchant Account
• $10,000 average collected checking balance or $25,000 average collected checking balance on interest-bearing option
• $20,000 in combined average collected deposit balances or $50,000 in combined average collected balance on interest-bearing option
• $50,000 combined average collected business deposits and outstanding business credit balances

The account allows up to 300 free transactions per statement cycle. Additional transactions beyond this limit cost $0.45 each. 

U.S. Bank doesn't charge an ATM transaction fee at U.S. Bank ATMs or MoneyPass® network ATMs, but you may be charged fees by Non-U.S. Bank ATM owners. 

There's a minimum deposit requirement of $100 to open an account. 

Features

Gold Business Checking is a step up from the Silver account offering and offers access to additional benefits, including:

• A U.S. Bank Visa® debit card
• 300 free transactions per statement cycle
• $10,000 of free cash deposits or 100 free cash transactions, whichever comes first, per statement cycle
• 50% discount on first check order, up to $100
• Online bill pay 
• Mobile check deposit
• Check fraud prevention
• Zelle® payments
• Free monthly paper statements

U.S. Bank Platinum Business Checking Account Package

U.S. Bank Platinum Business Checking is geared towards businesses operating with larger account balances and generating significant transactions each month.

U.S. Bank Platinum Business Checking Account

Open Account

at U.S. Bank

• Our Rating 4.5/5 How our ratings work
• APYN/A
• Minimum
  Deposit Required$100
• Intro Bonus Up to $800Expires January 8, 2024 More Info

  Earn up to an $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q3AFL23 and complete qualifying activities1, subject to certain terms and limitations. Offer valid through January 8, 2024. Member FDIC.

If your business regularly deals with enough cash to make the most of the higher free transaction limit (and to easily waive the monthly fee) you'll likely find a lot to like about the U.S. Bank Platinum Business Checking account. In addition to offering a host of features meant to assist larger businesses, this account features the same $100 minimum opening deposit requirement and valuable sign-up offer as seen in U.S. Bank's Gold and Silver Business Checking packages.

Fees

Platinum Business Checking charges a $30 monthly maintenance fee, but you can get it waived if you meet one of the following criteria:

• $25,000 average collected checking balance
• $75,000 combined average collected business deposits and outstanding business credit balances

The business checking account allows up to 500 free transactions per statement cycle. Additional transactions beyond this limit cost $0.40 each. 

U.S. Bank doesn't charge an ATM transaction fee at U.S. Bank ATMs or MoneyPass® network ATMs, but you may be charged fees by Non-U.S. Bank ATM owners. 

There's a minimum deposit requirement of $100 to open an account. 

Features

Platinum Business Checking offers more transactions and deposits than the previous two checking package tiers. Account features include: 

• A U.S. Bank Visa® debit card
• 500 free transactions per statement cycle
• $20,000 of free cash deposits or 200 free cash transactions, whichever comes first, per statement cycle
• 50% discount on first check order, up to $100
• Free front and back check images on account statements
• Online bill pay 
• Mobile check deposit
• Check fraud prevention
• Zelle® payments
• Free monthly paper statements

Other Financial Products

If you like to have all of your finances under one proverbial roof, U.S. Bank offers a variety of other products and services you can take advantage of. Here's a summary of what's available.

Lending

• Credit cards
• Personal loans
• Personal lines of credit
• Mortgage loans
• Auto loans 

Investing

• Investment management
• Wealth planning
• Trusts and estates
• Insurance
• Charitable giving

Business

• Business savings accounts
• Business credit cards
• Business loans
• Business lines of credit
• Merchant services
• Cash management
• Payroll services
• Legal services

U.S. Bank Pros and Cons

As you research and compare your banking options, it's important to consider both the benefits and drawbacks of each choice. Here's our assessment of U.S. Bank.

U.S. Bank Customer Satisfaction

In the J.D. Power 2022 National Banking Satisfaction Study, U.S. Bank was ranked fifth out of nine major financial institutions, with a rating just above the industry average. In the J.D. Power 2022 Banking Mobile App Satisfaction Study, the bank ranked seventh out of nine. 

Bottom Line: Is U.S. Bank Right for You?

U.S. Bank offers a lot of standard features on its bank accounts but compared to the best checking and savings accounts available today, the bank's offerings fall short. Even if you prefer a bank with physical branches, other banks like Chase and Bank of America may offer a wider selection of products and better access to in-person services. 

Additionally, the bank doesn't have the best satisfaction ratings, so you may get a better overall experience with another financial institution.

As with any financial decision, it's important to take your time to shop around and compare multiple options to determine which one is best suited for you and your needs. With each bank, consider the products and services it offers, as well as the fees, features, access to cash and other factors that are important to you.