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U.S. Bank: Savings, checking and CDs

The nation's fifth-largest bank offers multiple personal and business accounts, but you’ll likely pay monthly fees.

4.2 ★★★★★ (40 reviews) Write a review

Our verdict

U.S. Bank offers a variety of personal and business accounts, including checking, savings, money market accounts and CDs. All accounts come with access to its online and mobile banking platform, which lets you manage your money and deposit checks for free. Account holders get eStatements and overdraft protection, or avoid overdraft fees altogether with its personal Safe Debit account. But there aren’t branches in every state, most accounts come with maintenance fees and the APY on the personal savings account is low.

Best for: Seniors, young adults, teens and military members in need of a full-service bank.

Pros

  • Large variety of accounts
  • 4,700 U.S. Bank ATMs nationwide

Cons

  • Monthly fees on most accounts
  • Low savings rate
  • Poor customer reviews

Is U.S. Bank right for you?

U.S. Bank may be worth considering if you’re looking for somewhere to do all your personal banking and borrowing. With the Smart Rewards program — included for free with U.S. Bank’s Smarty Checking account — you may get extra perks like mortgage credits, new auto loan rate discounts and a higher APY on its Standard Savings account.

The best perks with U.S. Bank are available for specific demographics: seniors, young adults, teens and military members (veteran or active duty). These groups are more likely to get monthly maintenance fees waived on select accounts and enjoy extra perks that come with U.S. Bank’s Smart Rewards program.

But if you don’t need a full-service bank and can’t waive the monthly maintenance fees on its personal accounts, consider other options. We’ve seen many other savings accounts with APYs as high as 5%, crushing the low 0.01% APY on U.S. Bank’s Standard Savings account. Also, there are many free checking accounts to compare that don’t require you to be a certain age or demographic or hold a certain balance to avoid a monthly fee.

Where U.S. Bank shines

U.S. Bank is FDIC-insured with over 90 years in the industry. It serves well over 11 million customers and has over 2,000 full-service branches in 24 states.

Similar to many large banks, U.S. Bank is integrated with Zelle, so you can easily send money to friends and family with no fees on U.S. Bank’s end. It also has a large, free ATM network, and you can use any MoneyPass ATM for free.

Smart Rewards program

With U.S. Bank’s Smartly Checking account, you can join the Smart Rewards program for free, which includes extra bonuses and more waived fees, depending on your account balance and tier (Plus, Premium or Pinnacle). Some of the better rewards we saw include:

  • 0.10% interest rate discount on new auto loans
  • 0.25% mortgage closing credit on first mortgage
  • 100 free trades per calendar year through affiliate U.S. Bancorp Investments
  • $2 paper statement fees waived

There are also exclusive rewards reserved for seniors, young adults, teens and military members in the program. If you’re in one of those demographics, you’re eligible to waive the monthly maintenance fee on the Smartly Checking account. You may also qualify for extra perks, like a 50% discount on personal check reorders and safe deposit box rental fees.

Where U.S. Bank falls short

In short, if you don’t need a full-service bank, consider other account options without monthly fees.

Maintenance fees galore and odd overdraft protection

U.S. Bank charges monthly maintenance fees on its checking accounts, and with the Safe Debit account, there’s no way to waive the $4.95 monthly fee.

The accounts that do offer the ability to waive the fee require you to meet certain criteria, such as:

  • Keeping the specified minimum monthly balance
  • Being under the age of 24 or over 65
  • Being a member of the military (veteran or active member)
  • Meeting direct deposit requirements
  • Having a U.S. Bank credit card

Also, while the bank advertises its U.S. Bank Overdraft Fee Forgiveness Program for its Smartly Checking account, there are parameters, and if you pass them, you’ll pay a $12.50 overdraft fee.

Here’s how the program works: If you overdraw by $50.01 or more, your overdraft fee is refunded as long as you restore your account balance before 11:00 p.m. ET. To avoid the fee altogether, you can set up automatic transfers from another U.S. Bank account to cover the overdraft. Plenty of other banks offer free checking accounts that waive the overdraft fee completely.

Low APY on personal savings

U.S. Bank’s only savings account earns a meager 0.01% APY. And on top of this, you’ll pay a $4 monthly fee unless you qualify to waive it.

Although the account’s APY can vary by location, we entered multiple zip codes to get an idea of the going rates across the states, and the rate was always around 0.01% APY. This rate is much lower than the best savings account and the national average, which is currently 0.40% APY, according to the Federal Deposit Insurance Corporation (FDIC).

Although there’s a chance you can earn an additional 5% APY on the account with the Smart Rewards program, you’re required to maintain a balance between $20,000 to $49,999.99 to qualify.

Compare U.S. Bank products

Narrow down U.S. Bank accounts by fees, APYs and opening deposits. Select the Compare box to view products side by side for an easier comparison.

1 - 3 of 3
$
Name Product Account type Annual Percentage Yield (APY) FDIC or NCUA insured amount Minimum balance to earn interest Minimum deposit to open Offer Estimated total balance
U.S. Bank Platinum Business Money Market
Finder Score: 3 / 5: ★★★★★
Bonus
U.S. Bank Platinum Business Money Market
Money market

4.60%

0.05%

Up to $250,000
$0
$100
Receive a bonus interest rate of 4.50% from the account opening date when you open a new Platinum Business Money Market Account and complete qualifying activities, subject to certain terms and limitations. Offer valid through June 5, 2024. Member FDIC.
$1,046
U.S. Bank Elite Money Market
Finder Score: 3.9 / 5: ★★★★★
Bonus
U.S. Bank Elite Money Market
Money market

4.50%

0.01%

Up to $250,000
$0
$100
Up to 4.50% APY on balances $25,000 and more when open a new Elite Money Market account, subject to certain terms and limitations. Offer valid through May 8, 2024.
$1,045
U.S. Bank Standard Savings Account
Finder Score: 3.5 / 5: ★★★★★
U.S. Bank Standard Savings Account
Savings

0.01%

Up to $250,000
$0
$25
$1,000.10
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1 - 2 of 2
Name Product Fee Minimum deposit to open Annual Percentage Yield (APY) Offer
US Bank Smartly Checking
Finder Score: 3.3 / 5: ★★★★★
US Bank Smartly Checking
$6.95 per month
(can be waived)
$25
N/A
Take control of your spending with integrated tools such as automated budgeting, upcoming due date alerts, low balance alerts and more, available in the US Bank Smartly Checking mobile app. Easily send and receive funds via Zelle. Waive overdraft fees by depositing money before the forgiveness deadline. Member FDIC.
US Bank Student Checking
Finder Score: 3 / 5: ★★★★★
US Bank Student Checking
$0 per month
$25
N/A
A checking account can be a safe, convenient place to stash the cash you need for bills and other expenses.
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1 - 1 of 1
Name Product 6-month APY 1-year APY 5-year APY Minimum deposit to open
U.S. Bank CD
Finder Rating: 2.4 / 5: ★★★★★
U.S. Bank CD
0.05%
0.05%
0.25%
$500
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U.S. Bank’s personal accounts

U.S. Bank offers six different personal accounts, ranging from checking, savings, money market accounts and CDs.

U.S. Bank personal checking

There are two checking accounts to choose from — both requiring a $25 opening deposit.

  • Smartly Checking. Offers overdraft protection if linked to a savings account and three ways to waive the $6.95 monthly maintenance fee. This account also lets you unlock the Smart Rewards program, and there’s an active $300 signup bonus if you meet requirements.
  • Safe Debit. This account has a smaller $4.95 monthly fee, but there’s no way to waive it. You can’t overdraw on the account, but you may get discounts on money orders.

U.S. Bank personal savings

U.S. Bank offers one personal savings account: Standard Savings. We’ve already covered the low 0.01% APY you’ll likely get, though exact rates vary by zip code.

If you also get the Smartly Checking Account, you can waive the $4 monthly fee of the Standard Savings account and enroll in the Smart Rewards with the Primary Tier or higher. Getting into the primary tier requires a balance of $20,000 to $49,999.99. So if you don’t have robust savings just yet, you’ll likely be shouldered with the maintenance fee if you don’t qualify another way.

Other ways to waive the $4 fee include:

  • Maintain a $300 minimum daily balance
  • Have a $1,000 average monthly collected balance
  • Open this as a joint account with a child under 17

U.S. Bank money market accounts

There are two personal money market savings accounts to choose from.

  • Elite Money Market Account. Earn up to 4.5% APY on balances $25,000 and more. There’s a $10 monthly maintenance fee that comes with ways to waive it and a $100 minimum opening deposit.
  • Retirement Money Market. Features no monthly maintenance fee for U.S. Bank individual retirement account holders. But it requires either a $100 minimum opening deposit or $25 in automatic monthly deposits upon opening. Rates vary by region, likely around 0.01% APY for all balances.

U.S. Bank CDs

Similar to U.S. Bank’s savings accounts, CD rates vary by area. U.S. Bank’s CD rates typically max out to APY, but you may get a different rate depending on where you live. CD options include:

  • CD Specials. Likely the best offer, CD specials offer rates up to APY in some areas with select terms, and current account holders may qualify for higher yields. Terms available are seven months, 11 months, 15 months and 19 months. Requires a $1,000 minimum deposit.
  • Standard CDs. Offers a rate increase every seven months, starting at 0.05% APY and ending at 0.25% APY (depending on your zip code).
  • Step Up CDs. Offers a rate increase every seven months throughout its 28-month term, and requires a deposit of at least $1,000. Rates vary by area, but you may expect rates to be: 0.05% for the first 7 months, then 0.25% for seven months, then 0.45% for next seven months, and 0.65% for the last 7 months.
  • Trade-up CDs. Allow you to trade up your CD for a higher rate once before its maturity date that’s similar to your existing term length. Terms are 30 or 60 months, it requires a $1,000 deposit and rates range from 0.1% to 0.4% APY, depending on your area.

Other U.S. Bank products

The bank also offers 10 business accounts, including checking, savings and money market accounts.

Some business checking and money market accounts are interest bearing, like the Basic business savings account, Platinum Business Money Market account and the Premium Business Money Market account. However, many require an opening deposit and rates are low, ranging around 0.01% to 0.30% APY — much lower than the national average.

Aside from business accounts, other U.S. Bank products include:

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

Compare with leading bank accounts

Narrow down top personal bank accounts by fees, APYs and opening deposits. Select the Compare box to view products side by side for easier comparison.

$
Name Product Account type Annual Percentage Yield (APY) FDIC or NCUA insured amount Minimum balance to earn interest Minimum deposit to open Offer Estimated total balance
SoFi Checking and Savings
Finder Score: 4.6 / 5: ★★★★★
Bonus
SoFi Checking and Savings
Traditional savings,Checking

4.60%

0.50%

1.20%

Up to $250,000
$0
$0
Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until June 30, 2024.
$1,046
BrioDirect High-Yield Savings
Finder Score: 4.4 / 5: ★★★★★
BrioDirect High-Yield Savings
Traditional savings

5.35%

Up to $250,000
$25
$5,000
$1,053.50
Barclays Online Savings
Finder Score: 4.3 / 5: ★★★★★
Bonus
Barclays Online Savings
Traditional savings

4.35%

Up to $250,000
$0
$0
Get a $200 bonus when you open a new savings account, deposit $25,000 within 30 days of opening and maintain the balance for 120 days. Terms apply
$1,043.50
Cash App Savings
Finder Score: 4.4 / 5: ★★★★★
Cash App Savings
Savings app

4.50%

1.50%

Up to $250,000
$0
$1
$1,045
Customers Bank High Yield Savings through Raisin
Finder Score: 4.6 / 5: ★★★★★
Customers Bank High Yield Savings through Raisin
Traditional savings

5.16%

Up to $250,000
$0
$1
$1,051.60
UFB Secure Savings
Finder Score: 4.7 / 5: ★★★★★
UFB Secure Savings
Traditional savings,Custodial account

5.25%

Up to $250,000
$0
$0
$1,052.50
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Name Product Fee Minimum deposit to open Annual Percentage Yield (APY) Offer
SoFi Checking and Savings
Finder Score: 4.5 / 5: ★★★★★
Bonus
SoFi Checking and Savings
$0 per month
$0
4.60% on balances of $0+
0.50% on balances of $0+
1.20% on balances of $0+
Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until June 30, 2024.
Earn up to 4.60% APY on savings by meeting deposit requirements, and 0.50% APY on checking balances. Members without deposit requirements will earn 0.50% APY on both savings and checking balances. Turn on automatic savings or use the Roundups feature to help you reach your savings goals faster. Get up to $2M of additional FDIC insurance through a network of participating banks.
Upgrade Rewards Checking Plus
Finder Score: 4.3 / 5: ★★★★★
Upgrade Rewards Checking Plus
$0 per month
$0
N/A
Earn up to 2% cashback rewards on everyday purchases. Pay $0 fees for overdraft, domestic wire transfer and monthly maintenance. Member FDIC.
Cash Card by Cash App
Finder Score: 4.4 / 5: ★★★★★
Cash Card by Cash App
$0 per month
$0
N/A
The Cash App Cash Card lets you pay for goods and services both online and in stores using your Cash App balance. Enjoy features like ATM access, direct deposit, instant discounts at select stores and a customizable card.
Axos Bank Rewards Checking
Finder Score: 4.2 / 5: ★★★★★
Bonus
Axos Bank Rewards Checking
$0 per month
$0
3.30% on balances of $0 to $50,000
Use promo code AXOS300 and apply by June 30th, 2024, to earn up to $300 bonus, $50 each month you meet requirements: Make direct deposits of $5,000+ each month for the first 7 months and maintain an average balance of $7,000.
Earn up to 3.3% APY after meeting rate requirements. Get ATM free reimbursements at all domestic ATMs. Pay $0 monthly or overdraft fees. FDIC insured.
Chime® Checking Account
Finder Score: 4.8 / 5: ★★★★★
Chime® Checking Account
$0 per month
$0
N/A
Save easily and access your paycheck up to 2 days early with direct deposit. Pay $0 monthly fees, and no minimum balance is required. Access 24/7 support and get daily balance and transaction alerts. FDIC insured.
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Name Product Account type Annual Percentage Yield (APY) FDIC or NCUA insured amount Minimum balance to earn interest Minimum deposit to open Offer Estimated total balance
Quontic Bank Money Market
Finder Score: 4.6 / 5: ★★★★★
Quontic Bank Money Market
Money market

5.00%

Up to $250,000
$0
$100
$1,050
CIT Bank Money Market
Finder Score: 3.9 / 5: ★★★★★
CIT Bank Money Market
Money market

1.55%

Up to $250,000
$0
$100
$1,015.50
Great Lakes FCU MMA through Raisin
Finder Score: 4.7 / 5: ★★★★★
Great Lakes FCU MMA through Raisin
Money market

2.40%

Up to $250,000
$0
$1
$1,024
Key Select Money Market Savings®
Finder Score: 3.3 / 5: ★★★★★
Key Select Money Market Savings®
Money market
Up to

2.92%

Up to $250,000
$0
$5,000
Earn 4.00%-4.50% Interest Rate (2.41%-2.92% blended APY) for 6 months. Rate available on balances of $25,000 to $1,999,999.99 with an increase in total relationship balances of at least $25,000. See specific rate for your location here
$1,029.20
Axos Bank High Yield Money Market account
Finder Score: 4.1 / 5: ★★★★★
Axos Bank High Yield Money Market account
Money market

0.25%

Up to $250,000 individual
$0
$1,000
$1,002.50
Axos Bank Business Money Market
Finder Score: 3.6 / 5: ★★★★★
Bonus
Axos Bank Business Money Market
Money market

0.20%

Up to $250,000
$0
$1,000
If you’re incorporated after June 1, 2020, you’ll get $200 added to your new account. Must maintain a daily balance of at least $2,500 for 60 days. Must apply with the promo code NEWBIZ200. If you’re not a new business, use promo code NEWAXOSBIZ for a $100 bonus.
$1,002
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Name Product 6-month APY 1-year APY 5-year APY Minimum deposit to open
Crescent Bank CDs
Finder Rating: 4.8 / 5: ★★★★★
Crescent Bank CDs
N/A
4.85%
3.90%
$1,000
Earn competitive rates up to 4.85% APY (annual percentage yield) on terms ranging from 1 to 5 years. Pay $0 maintenance fees. Member FDIC.
Alliant Credit Union CDs
Finder Rating: 4.8 / 5: ★★★★★
Alliant Credit Union CDs
5.00%
5.15%
4.00%
$1,000
Lock in rates as high as 5.15% APY with a low $1,000 minimum deposit. Compounded monthly. FDIC insured.
Western Alliance Bank 12 months CDs through Raisin
Finder Rating: 4.7 / 5: ★★★★★
Western Alliance Bank 12 months CDs through Raisin
N/A
5.00%
N/A
$1
Get 5% APY on a 12 month CD, and earn an APY that’s higher than the national average. Pay no fees and just a $1 minimum deposit. FDIC insured.
Valley Direct Online CD
Finder Rating: 5 / 5: ★★★★★
Valley Direct Online CD
N/A
4.50%
N/A
$500
Earn 4.50% APY on a 12 month CD. FDIC insured per depositor, per account ownership category.
Quontic Bank CDs
Finder Rating: 5 / 5: ★★★★★
Quontic Bank CDs
5.05%
4.50%
4.30%
$500
Lock in a high rate. Minimum of $500 required to open. Open your account in 3 minutes or less. Member FDIC.
Ponce Bank CD through Raisin
Finder Rating: 4.9 / 5: ★★★★★
Ponce Bank CD through Raisin
4.00%
N/A
N/A
$1
Snag the highest APYs on the market for the shortest CD terms via Raisin. FDIC insured.
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Customer service experience

Currently holding an A- rating with the Better Business Bureau (BBB) and 94 years in business, there’s a lot of insight to gain from U.S. Bank customers.

U.S. Bank has gotten over 4,900 complaints in the last three years on its BBB profile and over 600 reviews resulting in a less-than-ideal 1.1 customer star rating. The U.S. Bank Trustpilot profile is unclaimed, but it carries over 600 reviews to date — also with a poor 1.2-star rating.

While it’s not uncommon for a financial institution to receive mostly-negative reviews, U.S. Bank’s are rather poor. Many reviews cite unique circumstances, such as issues with paycheck withholdings, frozen accounts and issues resolving fraud — all typical complaints we see with banks.

The BBB also posted an alert for U.S. Bank, detailing an incident where they entered a settlement with the Consumer Financial Protection Bureau (CFPB). The CFPB alleged that the bank was accessing personal credit reports without the account holder’s permission, violating the Consumer Financial Protection Act, the Fair Credit Reporting Act, the Truth in Lending Act and the Truth in Savings Act. The bank had to pay a $37.5 million penalty to the CFPB and states it’s enacting a plan to remediate the issue. The situation does cast a poor look on U.S. Bank, but the settlement refers back to incidents dating back to 2010, and since 2016, it has addressed these issues. It was a long investigation lasting over five years.

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