U.S. Bank Savings, CDs & Checking accounts | finder.com

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Compare U.S. Bank products: Savings, Checking, and CDs

The nation's fifth-largest bank offers accounts for personal and business use.

U.S. Bank
U.S. Bank has a variety of checking and savings products and offers discounts for opening more than one account. But it doesn’t have branches in every state and you could get hit with maintenance fees if you don’t know what to watch out for.

Compare U.S. Bank products

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$
months
Name Product Annual percentage yield (APY) Fee Minimum deposit to open Interest earned
U.S. Bank Standard Savings Account
Finder Rating: 3 / 5: ★★★★★
U.S. Bank Standard Savings Account
0.01%
$4 per month
(can be waived)
$25
This standard personal savings account allows low balances — but don’t expect a high APY.
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Name Product APY Minimum deposit to open ATMs Out-of-network ATM fee
U.S. Bank Student Checking
Finder Rating: 3.5 / 5: ★★★★★
U.S. Bank Student Checking
N/A
$25
3,013 branches and 5,323 bilingual ATMs
$2.50
A checking account can be a safe, convenient place to stash the cash you need for bills and other expenses.
U.S. Bank Platinum Checking
Finder Rating: 2.3 / 5: ★★★★★
U.S. Bank Platinum Checking
0.01%
$25
4,600 ATMs
$0
This top-tier account rewards long-term financial commitments but has a hefty monthly maintenance fee.
U.S. Bank Gold Checking
Finder Rating: 2.7 / 5: ★★★★★
U.S. Bank Gold Checking
N/A
$25
Over 5,300 ATM locations
$2.50
Current credit card, loan or mortgage customers get access to exclusive perks but it comes with a monthly maintenance fee.
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Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
U.S. Bank CD
0.05%
0.05%
0.05%
0.1%
0.25%
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What banking products does U.S. Bank offer?

All U.S. Bank accounts come with access to its online and mobile banking platform, which lets you manage your money and deposit checks for free. You can also get eStatements and overdraft protection.

Personal checking accounts

You’ll get set up with a debit card, online and mobile check deposit, and bill pay. Other tiered options include:

  • Student checking account. No monthly maintenance fee and you can access non-U.S. Bank ATMs four times a month for free. This account doesn’t accumulate interest and you must be in school to qualify.
  • Easy checking account. A no-frills account with a $6.95 monthly maintenance fee — unless you have an average balance of at least $1,500, combined direct deposits of $1,000 or are older than 65. It doesn’t pay interest and you’ll be charged for personal checks.
  • Gold checking account. Skip monthly maintenance fees if you’ve got a U.S. Bank credit card or loan. Get discounts on accounts for family members and use two non-U.S. Bank ATMs for free each statement.
  • Platinum checking account. The $24.95 monthly maintenance fee is waived if you have a personal trust with U.S. Bank or $25,000 in combined deposits or credit balances. Earn interest and skip fees at all non-U.S. Bank ATMs.

Personal savings accounts

Put your money to work with one of U.S. Bank‘s savings options:

  • Standard savings account. There’s a $25 deposit to get started and you can waive the $4 monthly maintenance fee with a $300 daily balance or $1,000 average monthly collected balance. If you’re younger than 18, there’s no fee at all. It earns interest, but at a fairly low rate.
  • Package Money Market Savings. $0 monthly maintenance fee with $25 required to open an account. But this is only available in conjunction with the gold checking account.
  • Elite Money Market Account. $100 minimum deposit to open with a $10 monthly maintenance fee that’s waived if you keep a daily balance of $10,000. Interest rates increase the more you save.
  • Platinum Select Money Market Savings. Get started with a $25 opening deposit and no monthly maintenance fees. Competitive interest rates get higher the more you save. But you’ve got to have a Platinum checking account to qualify.

Business checking accounts

Let trusted team members help manage the account with Shared Access. Product offerings include:

  • Silver business checking account. Designed for simplicity and value, this account allows 150 free transactions and 25 free cash deposits each month, plus no monthly maintenance fee. But it doesn’t accrue interest and is meant for smaller businesses.
  • Gold business checking account. Best suited for medium-sized businesses, it allows 300 free transactions and 100 free cash deposits monthly. Cash accumulates interest over time and there’s a $20 fee that can be waived by maintaining a $10,000 average collected balance or $50,000 average deposit.
  • Platinum business checking account. 500 free transactions each month and 200 free cash deposits. It doesn’t bear interest and there’s a $25 fee. However, it can be waived with a $25,000 average collected balance or an average of $75,000 monthly deposits and credit balances.
  • Premium business checking account. Best suited for larger businesses with complex financial needs. Many of the fees can be offset with earned credit and your cash earns interest. Visit a branch for more details.
  • Nonprofit business checking account. 1,800 free transactions and 300 free deposits allowed each year with the option to earn interest. A deposit of $100 is required to get started.

Business savings accounts

Earn interest on your latent cash with U.S. Bank‘s simple savings option:

  • Basic business savings account. Earn interest on your balances and avoid the $5 monthly fee by maintaining a minimum balance of $500. Receive monthly statements in a combined package with checking accounts. Rates hover at around .01% and may not yield as much as money market accounts. Deposit $100 to get started.
    All money market accounts are FDIC-insured and can be linked to a U.S. Bank checking account for overdraft backup. Interest accrues daily, but gets paid monthly.
  • Platinum Business Money Market account. Interest rates range from 0.06% on balances under $49,999 to 0.6% for $3 million and above. Waive the monthly maintenance fee by maintaining a balance of $10,000 and earn a bonus rate by opening a Platinum Business Checking account.
  • Preferred Business Money Market account. Skip the monthly maintenance fee by maintaining a balance of at least $1,000. APYs start at 0.01% for balances under 20,000 and increase to 0.18% with a balance of $1 million or above.
  • Premium Business Money Market account. Offset maintenance fees by linking to a Premium Business Checking account. The APY starts at 0.05% for daily balances under $20,000 and increase to 0.30% for $1 million and above.
  • Business CDs. Choose how long to put your money away, from terms of 14 days to five years. Interest tends to be highest on CDs, though you won’t have access to your money for the length of the term.

Other products

  • Credit cards. Choose from eight options, all with different perks and benefits — including points, cashback and eligible travel reimbursements.
  • Loans. Take out a home, auto, boat, RV, or other personal loan. It also offers home equity options.
  • Investing. Watch your money grow with mutual funds, ETFs and other portfolio options.
  • Wealth management. Get assistance planning for retirement and managing investments. Automated and self-directed investment options are available.

How does U.S. Bank compare to other banks or services?

US Bank is located in 28 states and has 3,101 branch locations. It’s smaller than industry giants like Bank of America or Wells Fargo, but may offer more services than a local bank. It’s the fifth-largest bank in the country and has 72,402 employees and more than $450 billion in assets.

Checking accounts

Pros

  • Wide range of options. U.S. Bank offers nine business and personal checking account options, including one interest-bearing checking account.
  • Low minimum deposit requirements. You only need $25 to open most checking accounts.
  • Free overdraft protection transfers. If you have a Student, Easy, Gold or Platinum Checking account and overdraw on your account, U.S. Bank will transfer money from your linked savings account for free.

Cons

  • Most accounts have monthly fees. Unless you’re a student, all U.S. Bank checking accounts have monthly fees. But most of them can be avoided.
  • Limited accessibility. Most checking accounts have a limited amount of free ATM transactions, so you could quickly accumulate fees for withdrawing money at non-network ATMs.
  • Fees for checks and external transfers. Unless you have an eligible account, U.S. Bank charges customers for checkbook orders and external transfers, which incur a $3 fee.

Savings accounts

Pros

  • Low opening deposits. All personal accounts have a low, $25 opening deposit except for the Elite Money Market account, which as a $100 opening deposit.
  • Several account options. U.S. Bank offers eight savings accounts for personal and business use.

Cons

  • Its savings accounts aren’t competitive. If you’ve only got a moderate amount to put away, U.S. Bank‘s savings accounts won’t earn you big bucks. Rates are less competitive than Goldman Sachs’ Marcus Savings account or Ally’s equivalent, for example.
  • Monthly fees. Every U.S. Bank savings account has monthly fees, although you can waive them when you meet certain balance requirements.
  • Unclear interest rates. U.S. Bank interest rates vary by state, so you’ll need to enter your zip code on its website to view accurate rates in your area.

CDs

Pros

  • Several term lengths. Lock your money away for as short as 14 days or as long as five years.
  • Specialty CDs. Open a Step Up CD if you want your rate to go up every seven months or a Trade Up CD if you want to choose when your rate increases once during your term.
  • No monthly fees. You won’t pay any fees to open or maintain a CD with U.S. Bank. The only time you’ll pay a fee is if you need to withdraw your money early.

Cons

  • Varying opening deposits. Open a regular CD with as little as $500, but all other CD types require a minimum $1,000 deposit.
  • Average APYs. You’ll earn up to 1.2% depending on your CD term and location. While these rates are higher than other large banks, you can find higher rates elsewhere.
  • Rates vary by state. To view current rates in your area, you’ll need to visit U.S. Bank’s website and enter your zip code.

Overall banking

Pros

  • Trustworthy and established. U.S. Bank has been on the Fortune 500 list for 20 years and is currently ranked 124th.
  • Financial IQ. U.S. Bank publishes articles and provides resources on business trends and future planning to help you manage money on its Financial IQ page.
  • Personalized money transfers. Like most bank accounts, you can send money to your friends and family using Zelle. But US Bank recently launched free Zelle ecards, which allows you to send a personalized message along with your payment.

Cons

  • Small service area. If you’re in one of the 22 states without a branch location, getting face-to-face help will be difficult.
  • Poor customer reviews. U.S. Bank has a 1 out of 5-star customer rating on the Better Business Bureau (BBB). Most reviews complain about unhelpful customer service.

Which states have U.S. Bank branch locations?

Visit a banker in the following states:

  • Arkansas
  • Arizona
  • California
  • Colorado
  • Florida
  • Georgia
  • Iowa
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Minnesota
  • Missouri
  • Montana
  • North Dakota
  • Nebraska
  • New Mexico
  • Nevada
  • Ohio
  • Oregon
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Washington
  • Wisconsin
  • Wyoming

U.S. Bank reviews and complaints

It’s been accredited by the BBB for nearly 50 years and has an A- rating. While its 159 customer reviews lend an average of only one star, most of the complaints reflect frustrations about unexpected fees or poor customer service — specifically in regard to credit cards and mortgages.

It hasn’t been rated by the FFIEC, but is financially stable and profitable institution overall. In 2019, it was recognized as one of the world’s most ethical companies for the 5th consecutive year by The Ethisphere Institute.

Compare U.S. Bank to the competition

U.S. Bank customer service

Get support from U.S. Bank‘s customer service team in the following ways:

  • Phone:Call 800-872-2657
  • Chat bot: Get answers to your questions with robotic assistance. Log into your U.S. Bank account, click Customer Service, then Answers.
  • Email. Send a secure message directly through your account by logging in, clicking Customer Service and then Email Us.
  • Branch: Head to a branch location to get face-to-face assistance.
  • Mail: Send regular mail to corporate headquarters at:
    U.S. Bancorp Center
    800 Nicollet Mall
    Minneapolis, MN 55402

Bottom line

U.S. Bank offers a suite of personal and business accounts, but if you’re looking for face-to-face service or higher rates, compare other bank accounts to find the best fit for your needs.

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