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Updated August 06, 2024
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Reviewed byEbony Howard
Ebony Howard is a certified public accountant and a QuickBooks ProAdvisor tax expert. She has been in the accounting, audit, and tax profession for more than 13 years, working with individuals and a variety of companies in the health care, banking, and accounting industries.
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Fact checked byElisabeth Christopherson
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U.S. Bank, the fifth-largest bank in America, was founded in 1863 in Cincinnati, Ohio, but is now headquartered in Minnesota. It boasts 2,900 brick-and-mortar locations in 25 states and 4,700 ATMs nationwide. U.S. Bank prides itself on its commitment to helping communities and corporate social responsibility. Pros & Cons Pros Extensive network of ATMs and physical locations Different types of CDs Wide selection of deposit accounts and financial products Cons Primarily on the West Coast Interest rates not competitive Minimum balance requirements to avoid monthly fees Company Overview Table of Contents U.S. Bank Review Pros Explained Cons Explained Best for Bank Offerings Other Products Customer Service How to Bank Methodology U.S. Bank should appeal to most customers who want a reputable, long-standing bank with a full range of deposit accounts and financial services. It might be a particularly good fit if you: As U.S. Bank is one of the largest banks in the nation, you can expect an extensive range of deposit accounts, financial products, and services. What’s more, it offers accounts and products for businesses and also wealth management services. Its personal accounts and services include: U.S. Bank offers a total of five savings accounts. Here are the particulars of each. Designed for those with low balances and who might be opening their first savings account, Standard Savings features a low $4 monthly maintenance fee. To get the fee waived, you’ll need to maintain one of these two requirements: However, don’t expect to earn a lot in interest by parking your money in U.S. Bank’s savings account. The annual percentage yield (APY) is a measly 0.1%, no matter your balance. If you have a Platinum Checking Package and own a small business, you’re eligible to open a Platinum Business Money Market Account. You’ll need at least $25 to open an account, and there’s no monthly account fee. While the interest rates vary depending on where you live, currently the rates aren’t faring much higher than the standard savings. Just as the Platinum Business Money Market Savings is linked to the Platinum Checking Package account, the Preferred Business Money Market Savings is linked to U.S. Bank’s Gold Checking package. The minimum required deposit and monthly account fee are on par with the Platinum Select Money Market Savings. You’ll need at least $25 to open an account, and you won’t have to worry about maintaining an average balance to drop the monthly fee. There’s no monthly account fee.The savings rates are as follows: The Elite Money Market Savings account requires a minimum of $25,000 to open, and to waive the $10 monthly maintenance fee, you’ll need to keep a $10,000 minimum daily balance. The interest rates for the Elite Money Market Savings are: Geared for those with an individual retirement account (IRA) with the bank, the Retirement Money Market account has no monthly maintenance fee. To open an account, there’s a minimum of $100 to open or a $25 automatic deposit. While it’s advertised as a way to diversify your U.S. Bank investment portfolio, it’s not entirely apparent how it stands out against other saving or investing for retirement vehicles. The Bank Smartly Checking Account has no monthly maintenance fees if you meet one of three requirements: If at least one of those conditions is not met, the monthly fee is $6.95. As an alternative to a traditional checking account, U.S. Bank offers the Safe Debit Account, its version of a prepaid debit card. Safe Debit offers more features than what typically comes with a standard prepaid debit card. For instance, mobile and online banking, as well as the ability to do a mobile check deposit, are included. You’ll need $25 to open an account, and there’s a $4.95 monthly maintenance fee that can’t be waived. There are limitations. For instance, other accounts cannot be linked to this account for overdraft protection. As U.S. Bank has quite an extensive network of ATMs in its MoneyPass network—more than 37,000—you won’t be hit with a surcharge. However, for ATM withdrawals outside of this network, there’s a $2.50 fee. U.S. Bank also offers a free credit score. Through TransUnion CreditView, you can see your current score and how it might change if you take different actions, as well as have access to different resources. U.S. Bank’s Student Checking comes with all the usual features of a checking account. There’s no monthly maintenance fee, and your first order of checks is free. Another nice perk is that the surcharges on the first four non-network ATM withdrawals within a statement period are covered. Once you hit four withdrawals, however, the fees kick in. In 2019 U.S. Bank settled a $2.67 million class action lawsuit. The allegations were that U.S. Bank had made unwanted calls and texts to consumers about its mortgages and home equity loans. If you’re able to squirrel away a set amount of funds and leave them untouched for a set amount of time, a CD might be a good option. The interest rates are typically higher than in a savings or money market account. The downside is that if you need to pull money out before the maturity date, you’ll be pegged with an early withdrawal penalty. U.S. Bank offers four types of CDs. If you have at least $500 to put into a U.S. Bank CD, here are the APYs: The early withdrawal penalties are the same for all CDs. If the account has a term of six months or less, you’ll be dinged with a $25 early withdrawal fee and either 1% of the amount you take out or all the interest that would’ve been earned on the funds withdrawn for the entire term, whichever is greater. If the account has a term that’s greater than six months through 12 months, it’s $25 plus either one-half of all the interest that would’ve been earned on the funds withdrawn for the entire term or 1% of the amount withdrawn, whichever is greater. And for accounts with a term that’s greater than one year? You’ll need to pony up $25 plus whichever is greater: one-half of the interest that would’ve been earned on the funds withdrawn for the entire term or 3% of the amount you took out. If you have at least $1,000 to park into a CD Special, you can snag the following promotional APYs: A 28-month CD, the Step Up CD locks you into a rate when you open. You can deposit anywhere from $1,000 to $250,000. Then every seven months you get an APY bump, as follows: Are you looking to save for anywhere from 30 to 60 months? Then a Trade Up CD might be something to consider. If a higher APY comes your way during your term, you’re eligible for a one-time bump. The rates are as follows: If these rates aren't what you are looking for, you might look into a high-yield savings account instead. U.S. Bank offers a number of credit cards, including cash back, travel, and low-interest cards. You can also find secured cards and ones for small businesses. There are also partner cards available for U.S. bank customers. Here are just some of U.S. Bank’s credit card offerings. General Travel Cards Cash-Back Credit Card Low-Interest Credit Card Secured Credit Card Business Credit Cards U.S. Bank has a robust range of other offerings: U.S. Bank offers its customers a number of ways to reach out to its reps: by phone, online, or through a mobile app.In the J.D Power U.S. Merchant Services Satisfaction Study for 2020, U.S. Bank ranked #1 with a score of 882. It also landed the top spot in two major categories: cost of service, and security and chargeback management. Opening an account with U.S. Bank is pretty standard. You’ll need to provide a form of a government-issued ID and pop in some personal information.Got questions? Call and talk to a customer service rep. Verdict The current rates for U.S. Bank’s savings accounts are quite low and not exactly anything to write home about. So if you’re looking for a high-yield savings account, you’ll want to inquire elsewhere. What’s more, it might not be for you if you have trouble meeting the balance requirements to nix the monthly account fees. However, if you’re looking for a large bank with a robust range of services and products in both personal and business banking, and you are keen on linking different accounts among its offerings, U.S. Bank could be a good choice for you. Think of U.S. Bank as a web of deposit accounts and services. If you cluster accounts in a certain way, you can tap into the full perks. It could also be worth considering if you want some of the conveniences of having deposit accounts with U.S. Bank, such as its extensive network of brick-and-mortar locations and ATMs. Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banks. We collected over 20 data points across more than 80 banks—including products available, interest rates, fees, and accessibility—to ensure that our content helps users make the right decision for their savings and banking needs. Article Sources Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy. Bloomberg Law. "U.S. Bank Settles Robocall Class Action for $2.7M." U.S. Bank. "Credit Cards." U.S. Bank. "Business Credit Cards." J.D. Power. "2020 U.S. Merchant Services Satisfaction Study." Investopediais part of the Dotdash Meredithpublishingfamily. We and our 100 partners store and/or access information on a device, such as unique IDs in cookies to process personal data. You may accept or manage your choices by clicking below, including your right to object where legitimate interest is used, or at any time in the privacy policy page. These choices will be signaled to our partners and will not affect browsing data. Store and/or access information on a device. Use limited data to select advertising. Create profiles for personalised advertising. Use profiles to select personalised advertising. Create profiles to personalise content. Use profiles to select personalised content. Measure advertising performance. Measure content performance. Understand audiences through statistics or combinations of data from different sources. Develop and improve services. 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Pros Explained
Cons Explained
Who Is U.S. Bank Best for?
What Does U.S. Bank Offer?
Savings Accounts
U.S. Bank's Platinum Business Money Market Savings Rates Daily Balance Required APY Under $25,000 0.05% $25,000 to $49,999 0.05% $50,000 to $99,999 0.25% $100,000 to $499,999 0.60% $500,000 to $999,999 0.60% $1,000,000 + 1.15% Preferred Money Market Savings Rates Daily Balance Required APY Under $20,000 0.05% $20,000 to $49,999 0.05% $50,000 to $99,999 0.25% $100,000 to $999,999 0.25% $1,000,000 + 1.15% Elite Money Market Rates Daily Balance Required APY $25,000 4.25% Checking Accounts
CDs
U.S. Bank Certificate of Deposit (CD) Rates Term CD Amount APY 1 Month $500 to $250,000 0.05% 2 Months $500 to $250,000 0.05% 3 Months $500 to $250,000 0.05% 6 Months $500 to $250,000 0.05% 9 Months $500 to $250,000 0.05% 1 Year $500 to $250,000 0.05% 18 Months $500 to $250,000 0.05% 2 Years $500 to $250,000 0.05% 3 Years $500 to $250,000 0.10% 4 Years $500 to $250,000 0.15% 5 Years $500 to $250,000 0.25% U.S. Bank CD Special Rates Term CD Amount APY 7 Months $1,000 to $250,000 4.00% 11 Months $1,000 to $250,000 3.50% 15 Months $1,000 to $250,000 3.00% U.S. Bank Step Up CD Rates Term Interest Rate Blended APY 28 Months 0.05% for first 7 months 0.35% U.S. Bank Trade Up CD Rates Term CD Amount APY 30 Months $1,000 to $250,000 0.10% 60 Months $1,000 to $250,000 0.40% Credit Cards
Other Financial Products Offered by U.S. Bank
U.S. Bank Customer Service
How to Bank With U.S. Bank
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