U.S. Bank review

As the fifth largest bank in the country by assets, U.S. Bank offers everything you’d expect in a big bank, including checking accounts, mortgages and credit cards, among other financial products.

It has branches in 27 states so, if you prefer in-person banking, you’re not out of luck, but check that there’s one close to you before committing. Fans of online banking, however, can use its highly-rated mobile app anytime.

Annual percentage yields (APYs) and account details are accurate as of July 18, 2023. Rates may vary by location. (These rates reflect the zip code 28205).

U.S. Bank basics

• Checking accounts: Smartly Checking and Safe Debit.  
• Savings accounts: Standard Savings Account.
• Money market accounts: Elite Money Market Account and Retirement Money Market Account.  
• Certificates of deposit (CDs): Traditional CDs, step-up and trade-up CDs are available with a minimum deposit as low as $500 and terms ranging from one to 60 months. You can also take advantage of its highest-yielding CDs, which are known as CD specials. These deliver competitive yields, but only for a few specific terms. 
• Other accounts: U.S. Bank offers home, personal and vehicle loans, plus credit cards.  
• Bank branches or online only: Branches can be found in 27 states. 

Pros

• National reach: U.S. Bank operates in all U.S. states with brick-and-mortar locations in over half of them and has a network of 40,000+ ATMS.  
• Highly-rated mobile app: The app earned 4.7 stars with more than five million downloads in the Google Play Store and 4.8 stars in the Apple App Store. 
• Zero fraud liability: You are generally protected from the unauthorized use of your ATM card, debit card and account information, including purchases made over the phone and online.

Cons

• Fees: U.S. Bank’s deposit accounts typically have service fees. For example, the Safe Debit checking account has a $4.95 monthly maintenance fee that can’t be waived.
• Yields can be hard to pin down: The Smartly Checking account APY available to you can depend on your geographic location.  
• Recent scandal: The Consumer Financial Protection Bureau (CFPB) fined U.S. Bank $37.5 million in 2022 for opening unauthorized accounts in customers’ names. 

About U.S. Bank

You can access many services at U.S. Bank. Just be aware of any fees and remember to shop around for the best deal on whatever specific product you’re looking for.

Checking accounts

U.S. Bank has two checking accounts. The first, Smartly Checking, lets you write checks, access a smart virtual assistant and potentially earn rewards. You’ll need a $25 opening deposit but you’ll need to maintain a balance of $1,500 or have direct deposits totalling $1,000 to waive the $6.95 monthly service fee. 

The second, Safe Debit, has no overdraft fees and no minimum deposit requirement, but the $4.95 monthly maintenance fee can’t be circumvented. 

Both have mobile check deposit, bill pay services and free credit score alerts.

Savings accounts

You can choose between four types of U.S. Bank savings products. 

• Standard Savings Account. You need a minimum opening deposit of only $25 to get this basic savings account. The $4 monthly maintenance fee can be waived if you maintain a $300 balance or have at least $1,000 in direct deposits.  
• Elite Money Market Account. Earn a competitive up to 4.50% APY on balances of $25,000 and more (depending on your location). Offer is valid through July 27, 2023. Smaller balances earn less; the lowest yield is 0.01% APY on deposits under $10,000. The minimum opening deposit is $100 and the $10 monthly maintenance fee can be waived when you have at least a $10,000 balance or are in the Smart Rewards Primary tier with a Smartly Checking account. 
• Retirement Money Market Account. With no monthly maintenance fee, you only need a $100 minimum opening deposit or a $25 automatic monthly deposit to open this account and start earning interest, which is tiered based on your balance. 
• Certificates of deposit (CDs). CD APY rates differ depending onthe term and your geographic location.

Other accounts

You can find almost any type of loan you may be looking for at U.S. Bank. 

• Home loans: You can find loans for home improvement, first-time buyers, jumbo amounts, adjustable rates and refinancing in addition to conventional loans with terms ranging between 10 and 30 years and 30-year Veteran Affairs (VA) loans and Federal Housing Administration (FHA) loans.
• Vehicle loans: Whether you want to buy or refinance a car, truck, recreational vehicle (RV) or boat, you could find a loan here. 
• Personal loans: You can find a personal loan between $100 and $50,000.
• Credit cards: U.S. Bank offers credit cards for cash-back, points and travel, plus ones with no-annual-fee, a low-intro rate and for building credit.

How U.S. Bank stacks up

U.S. Bank vs. Truist Bank

Truist Bank is slightly smaller than U.S. Bank, which isn’t necessarily bad. It offers many of the same account types and, when you pair one of its checking accounts with a rewards credit card, you can earn some impressive loyalty cash bonuses. If you’re looking for a bank with a presence nearby, Truist might not be your choice since it has branches in only 15 states and the District of Columbia.

U.S. Bank vs. Wells Fargo

Both banks are well established, but Wells Fargo has a larger reach than U.S. Bank, with locations in 37 states, and more deposit options, with six different checking and savings accounts, including ones for teens and students. Like U.S. Bank, there are various services fees, most of which can be waived if certain requirements are met. If having in-person access or parental controls are important to you, Wells Fargo may be a better choice.

U.S. Bank vs. Zions Bank 

Zions Bank is the 34th largest bank in the nation (considerably smaller than U.S. Bank) and only has less than 430 branches, compared to U.S. Bank’s more than 2,200. Its minimum deposits tend to be on the slightly higher side, with at least $1,000 required for a CD and a $50 opening deposit for its Anytime Checking account (double that of U.S. Bank’s Smartly Checking). However, it has account options with no monthly maintenance fees, including a Young Savers account.