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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 branch

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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at U.S. Bank

  • Our Rating 4/5 How our ratings work
  • Minimum
    Deposit Required
  • Intro Bonus $600Expires April 11, 2023 More Info

    New U.S. Bank Smartly Checking customers can earn a bonus worth up to $600 when they open an account, receive two or more direct deposits totaling at least $10,000 within the first 90 days and enroll in online banking or the U.S. Bank mobile app. Earn $400 if direct deposits total $6,000 to $9,999.99; earn $200 if direct deposits total $3,000 to $5,999.99.

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.


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. 


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.


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. 


person using U.S. Bank Mobile app


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.

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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.


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.


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 3.50% APY through December 31, 2023, depending on how much you deposit. 

More specifically, this high APY is available to customers who deposit at least $25,000, and it does not apply to balances of $500,000 or more.

It's important to note that this APY 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.


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. 


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 CD rates vary by state and zip code. Please visit the U.S. Bank website to see your rate before applying.

Here's a summary of each option:

APY Terms Minimum Deposit Notable Features

Standard CD

Up to 0.25%

1 – 60 months



CD Special

Up to 4.70%

7 – 19 months


Competitive rates

Step Up CD


28 months


Interest rate increases every seven months

Trade UP CD

0.10% or 0.40%

30 or 60 months


Can request a one-time rate increase if rates go up

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.


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


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


  • Business checking and 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.


  • Physical presence: While the bank only has branches in roughly half of all states, if you live in one of those states and prefer in-person banking services, that may be enough to consider this bank.
  • Light on fees: U.S. Bank charges fees on most of its bank accounts but it doesn't take a lot to get them waived. Even if you can't, the fees are relatively low compared to other major banks.
  • Diverse products and services: If you want to manage your entire financial life with one financial institution, U.S. Bank makes that easy with its suite of financial products.


  • Lack of options: Many other major banks offer a variety of checking and savings accounts, making it easier to get one that's tailored to your needs. With U.S. Bank, there's only one checking account that most people would consider and only one savings account option.
  • Low interest rates: While you can get a competitive rate with the bank's special CD, all other savings products offer rock-bottom rates that won't net you much. Even with the Elite Money Market account, the promotional rate is still a limited-time offer.
  • Small footprint: Despite being an international bank, U.S. Bank only has branches in 26 states. If you live in a state where it doesn't have physical locations, your options for in-person service and fee-free ATM withdrawals may be extremely limited.

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.


Ben Luthi

Ben Luthi is a personal finance and travel writer and credit card expert. He has a degree in finance from Brigham Young University and worked in financial planning, banking and auto finance before writing full-time for NerdWallet and Student Loan Hero. Ben is now a full-time freelance writer and enjoys traveling and spending time with his two kids. His work has appeared in several publications, including U.S. News & World Report, USA Today, Money, Success and Slickdeals.