U.S. Bank vs. Bank of America

U.S. Bank and Bank of America are in the top 10 largest banks in the country. They both offer similar products and services, but Bank of America offers higher interest rates than U.S. Bank. Compare which of these two banks is a better fit for your banking needs.

What’s in this guide?

• Pros and cons of U.S. Bank
• Pros and cons of Bank of America
• Savings accounts
• Checking accounts

• Other products
• Branches and ATMs
• Special features

Pros and cons of U.S. Bank vs. Bank of America

U.S. Bank

Pros

• Smaller CD deposits. U.S. Bank only requires $5,000 to open a CD, whereas Bank of America asks for a minimum of $1,000.
• Student accounts. Students can have specific banking needs, which makes the $0 monthly fee and four non-bank ATM transactions per month a big plus.
• 24/7 customer support. U.S. Bank offers 24/7 customer service support via phone.

Cons

• Limited locations. U.S. Bank has branches in only 27 states, limiting your ability to talk to someone directly.
• Low interest rates. With interest rates at just 0.01% for its Platinum Checking account, Bank of America can earn more money for you.
• Harder to waive fees. A balance of over $1,000 is needed to waive the monthly fees, whereas with Bank of America, you simply need to be enrolled in the Preferred Rewards program.

Bank of America

Pros

• Larger presence. Bank of America has branches in more states and with many more ATMs.
• Rewards programs. Bank of America allows customers to earn rewards on personal banking products through its two rewards programs.
• Higher APYs. Its lowest APY is 0.02% and its best checking account is 0.06%, meaning your money can earn considerably higher interest than an account with U.S. Bank.
• Customer service. Bank of America has slightly more positive online reviews than U.S. Bank, and has a higher rating with the Better Business Bureau.

Cons

• No free checking. Bank of America ended its free checking option in 2018. However, you can still get the monthly fee waived if you’re a student or are enrolled in its Preferred Rewards program.
• Misc. banking fees. Bank of America has many miscellaneous fees that could eat into your account balance, including a $5 non-BofA ATM fee.
• Not available 24/7. For a bank of its size, it’s surprising that it has limited customer service hours, though it’s available seven days a week.

U.S. Bank vs. Bank of America savings accounts

Both banks offer tiered savings accounts, require minimum deposit amounts, and waive monthly fees if minimum average amounts are kept. However, Bank of America‘s 0.01% APY on its standard savings account is higher than U.S. Bank‘s 0.01% APY on its standard savings.

Winner: Bank of America

U.S. Bank vs. Bank of America checking accounts

U.S. Bank offers five checking accounts: a basic account, a safe debit account, a student account, an account without checks, a gold account for customers with a loan, and a platinum account for customers with over $25,000 in deposits. You can waive the monthly fees for both U.S. Bank and Bank of America, but the wider range of checking accounts makes U.S. Bank the winner.

Winner: U.S. Bank

U.S. Bank vs. Bank of America other products

U.S. Bank vs. Bank of America branches and ATMs

Both U.S. Bank and Bank of America offer a wide variety of support channels and a large number of ATMs.

	U.S. Bank	Bank of America
Branches	3,000	4,400
ATMs	4,700	16,000+
Customer service	Phone 24/7 Social media Email support	Phone 7 days a week Social media

U.S. Bank vs Bank of America special features

Each bank offers a few things that help them stand apart from each other:

U.S. Bank	Student checking account
Bank of America	Automatic paycheck-to-savings program Preferred rewards program

Winner: Bank of America

Bottom line

Bank of America has a larger presence across the U.S. with more ATMs but with greater miscellaneous banking fees. U.S. Bank is smaller but still packs a punch with its suite of checking and savings accounts. If you’re looking for a bank with higher-yield accounts, check out other banking options to find a bank that suits your needs.

Frequently asked questions

• What's Bank of America's Preferred Rewards Program?

  It’s a free program that comes with a host of benefits, including cash back on purchases, higher interest rate products, discounts on loans, and more free ATM transactions.

• Which states is U.S. Bank not located in?

  U.S. Bank doesn’t have branches in Alabama, Alaska, Connecticut, Delaware, Hawaii, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, New Hampshire, New Jersey, New York, North Carolina, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Vermont and West Virginia.

• Does U.S. Bank and Bank of America have mobile and online banking?

  Yes. Both banks have a fully functional mobile app and offer online banking.