At a glance

3.6

Bankrate Score

CDs

Checking

Savings

MMA

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Overview

U.S. Bank offers the convenience of a vast branch and ATM network — primarily in the Western and Midwestern parts of the U.S. Its digital banking services are well received. If you’re looking for higher rates on savings or lower hurdles to avoid a monthly fee on your checking, you may want to consider other options.

Highlights

24/7 Customer Service
Digital Leader
Highly Rated App

Overall

U.S. Bank offers a full range of products and services that include checking and savings accounts, a money market account and CDs. The bank maintains branches in 28 states, and anyone in the U.S. can open accounts online. Higher rates of return can often be found at other financial institutions, however.

Pros

The bank provides generous access to branches and to ATMs.
The mobile app is highly rated by iPhone and Android users.
It offers a wide variety of short-term CDs and some special CD terms that have higher yields than its standard offerings.
You can use the smart assistant feature through the bank’s website or mobile app.

Cons

The hurdles to avoid some monthly fees on certain products are high.
You can earn better APYs elsewhere.
Navigating the U.S. Bank website can be frustrating.

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U.S. Bank banking products

3.0

Bankrate Score

Compare top savings rates

FEATURES

U.S. Bank savings overview

The Standard Savings account earns much less than the national average savings APY on all balances. The account requires either a $300 minimum daily balance or a $1,000 average monthly collected balance to waive the $4 monthly maintenance fee. The fee is also waived when the account is held jointly with a person age 17 or younger. You can access your money through ATMs with this account.

A $25 deposit is required to open the account.

Pros

The minimum opening deposit on the Standard Savings account is only $25.
The Standard Savings account can be used as overdraft protection for a U.S. Bank checking account.

Cons

The Standard Savings account earns very little interest.

Rate history for U.S. Bank's Savings account

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

U.S. Bank

APY

APY last updated between 5/6 and 5/12.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

U.S. Bank

APY

APY last updated between 5/6 and 5/12.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

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U.S. Bank CD overview

U.S. Bank offers 11 terms of regular CDs. These standard CDs have terms ranging from one month to five years. Terms and rates may vary based on your zip code. None of the bank’s standard CDs offer high APYs; higher yields are easily found elsewhere.

In addition to standard CDs, U.S. Bank offers a few special CDs that have competitive yields for a big bank. Customers can opt for a Step Up CD that allows for an interest rate boost every seven months.

There’s also a Trade Up CD that allows savers to change interest rates at a point during their initial term. Terms are 30 months and five years. As is the case with most CDs, penalties apply for early withdrawals.

Pros

The required minimum deposit of $500 is lower than at some banks.
Customers have access to multiple types of CDs and special CDs with higher APYs than the bank’s standard CDs.

Cons

Yields for some CDs are low compared with what other banks offer.

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U.S. Bank money market overview

U.S. Bank’s Elite Money Market Account has a $100 minimum deposit. Unfortunately, its APY is well below the national average. However, for a limited time and in select areas, you can earn much higher yield for balances above $25,000. The account carries a $10 monthly service charge unless you keep a $10,000 minimum daily balance.

Pros

U.S. Bank’s Elite Money Market only requires a $100 minimum opening deposit.
The account offers check-writing privileges.

Cons

There are banks with more competitive APYs.
The requirement to avoid the monthly fee is steeper than it is at other banks.

3.9

Bankrate Score

Compare top checking rates

U.S. Bank checking overview

U.S. Bank’s Smartly Checking, the account scored for this review, earns a little bit of interest on all balances and requires just $25 to open.

The monthly maintenance fee of $6.95 can be waived by receiving monthly direct deposits of $1,000 or more, by maintaining an average balance of at least $1,500 or by holding an eligible U.S. Bank credit card. The fee is also waived for those who qualify for one of the bank’s four Smart Rewards tiers. Account holders who are in the military, who are under age 24 or who are over age 65 also are exempt from the monthly fee.

Besides its own large ATM network, U.S. Bank also provides access to fee-free transactions at MoneyPass ATMs. Customers also can send and receive money through Zelle.U.S. Bank also offers a checkless Safe Debit Account, for which deposits, withdrawals and payments can be made similarly to the Smartly Checking account. This account earns no interest, however, and the $4.95 monthly maintenance fee cannot be waived.

Pros

The Smartly Checking account pays a little bit of interest.
U.S. Bank has a large ATM network.
Its mobile banking app is highly rated on both iOS and Google Play.
Zelle is available to make person-to-person payments.

Cons

The interest rate is lower than what’s offered by other financial institutions.
The conditions for waiving the monthly fee for the interest-bearing account are steep.

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Bank fees

Fee	Charged
Overdraft fee	$36
Non-sufficient funds fee	None
Monthly maintenance fee	$4 – $10
Out-of-network ATM fee	$2.50
Excessive transaction fee	None

Find out: Tips to avoid common bank fees

Customer experience

Customer support

24/7 support. Customer support is available on the U.S. Bank website, where you can find a branch, make a physical or virtual appointment or call to get help. Customer service can be reached by phone on a 24/7 basis.

Mixed customer satisfaction. U.S. Bank customer satisfaction varies with location, according to J.D. Power’s 2023 U.S. Retail Banking Satisfaction Study. For example, while U.S. Bank ranked first in customer satisfaction in California for the third consecutive year, the bank scored below average in the Lower Midwest and Northwest regions.

Physical presence. U.S. Bank operates branches in 28 states and also allows customers to open accounts online from anywhere in the country. It supports its own ATMs and partners with the MoneyPass ATM network, so there’s access to tens of thousands of ATMs nationwide.

Digital experience

Highly rated mobile app. U.S. Bank’s mobile app is highly rated on the Apple App and Google Play stores. More than 300,000 Android users have reviewed the app, while more than one million users have reviewed it for iOS. “It’s very simple to find what you’re looking for on the app,” said a Bankrate staff member with a U.S. Bank account. “You can access all of the main banking options from the top drop-down menu as well as a menu that sticks at the bottom. It also shows your accounts and balances right at the top of the app.”

Frustrating website experience. In contrast to the app, navigating the mobile site on a phone (and sometimes even on a computer) is difficult, according to a Bankrate staff member with an account, adding that they spent some time searching for the free credit score and cash-back page before finally giving up. Lastly, U.S. Bank’s pages don’t prominently display monthly maintenance fees, although all accounts reviewed here charge one.

Smart assistant feature. This page lets you submit questions or commands (including verbally on the mobile app). For example, you can ask the assistant about your recent transactions, how much you spent last month or what bills are due this week.

Complaints

CFPB enforcement action. In 2022, the Consumer Financial Protection Bureau (CFPB) found that U.S. Bank opened deposit accounts and issued credit cards and lines of credit for consumers without their knowledge or consent. The CFPB ordered U.S. Bank to pay a $37.5 million penalty and develop a plan to remediate harmed consumers.

Bankrate staff insights

“Overall, I’ve had a very good experience with my local U.S. Bank branch,” said a Bankrate staff member with an account. “The bank offers a great checking account experience with tools like the smart assistant feature and the spending tracker page, but the savings account rate is abysmal. It’s so low that you’re better off using an online bank for a much better rate.”

About U.S. Bank

Based in Minneapolis, U.S. Bank is the fifth-largest commercial bank by assets in the country. It offers a full range of products, including deposit accounts and mortgages. Like most major banks, its history is filled with mergers and acquisitions, most notably the 1997 acquisition of U.S. Bancorp of Oregon by Minneapolis-based First Bank System.

U.S. Bank operates more than 2,000 branches in 28 states, and customers have access to tens of thousands of ATMs, including those in the MoneyPass network. Accounts can be opened in person or online, and the mobile app comes highly rated.

Learn more: U.S. Bank CD rates

How U.S. Bank compares to other banks

Compare different account types offered by U.S. Bank. Annual percentage yields (APYs) shown were updated between May 6, 2024 and May 12, 2024.

Selected bank US Bank money market account Member FDIC Bankrate score Rating: 2.3 stars out of 5 2.3 Bankrate Money Market rating = 2.3/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score.	Most comparable Wells Fargo money market account Member FDIC Bankrate score Rating: 2.6 stars out of 5 2.6 Bankrate Money Market rating = 2.6/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review	Bankrate score Bankrate Money Market rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between May 6, 2024 and May 12, 2024.
4.25%	0.25%
Minimum balance for APY
$25,000.00	$25.00
Estimated earnings Interest earned calculation based on a $25,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
$1,063	$63

U.S. Bank’s Elite Money Market Account earns a robust APY, but only for a limited time on balances at or above $25,000 due to a bonus APY being offered. Otherwise, the account is tiered — meaning you earn a higher APY the more you deposit — but all of those yields are very low. Much better deals can be found elsewhere. The account can be opened with just $10 and comes without monthly fees.	The Wells Fargo Platinum Savings account has check-writing privileges. That might give you more payment flexibility than with other savings accounts. The bank doesn’t offer a debit card for this account.

The account is tiered. The minimum deposit is low. US Bank’s bonus APY makes the account very competitive, at least for the time being. There are no monthly fees.	You can access your money through an ATM card with this account. The Platinum Savings account offers yields higher than the national average at all tiers.	N/A
The standard yields are very low. U.S. Bank charges $2.50 when you use an out-of-network ATM.	You’ll need at least $1 million to earn Well Fargo’s top Platinum Savings account yield. But you can get that at other online banks with no minimum balance. There’s a $12 monthly service fee if you don’t keep at least $3,500 in the Platinum Savings account.	N/A

APY offering: 4.25% 4/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. Minimum balance to earn interest: $25,000.00 1/5 The lowest deposit amount an account must have before it can earn interest. Monthly service fee: $10.00 3/5 A monthly charge a financial institution deducts from an account if certain requirements are not met. Minimum balance to avoid fee: $10,000.00 2/5 The lowest balance an account must maintain in order to avoid a fee. Check writing: Yes 5/5 The ability to write a certain amount of checks within a statement cycle. Debit/ATM access: Good 4/5 The ability to withdraw funds from an account through the use of debit or ATM card	APY offering: 0.25% 2/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. Minimum balance to earn interest: $25.00 5/5 The lowest deposit amount an account must have before it can earn interest. Monthly service fee: $12.00 2/5 A monthly charge a financial institution deducts from an account if certain requirements are not met. Minimum balance to avoid fee: $3,500.00 2/5 The lowest balance an account must maintain in order to avoid a fee. Check writing: Yes 5/5 The ability to write a certain amount of checks within a statement cycle. Debit/ATM access: Good 4/5 The ability to withdraw funds from an account through the use of debit or ATM card	APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. The lowest deposit amount an account must have before it can earn interest. A monthly charge a financial institution deducts from an account if certain requirements are not met. The lowest balance an account must maintain in order to avoid a fee. The ability to write a certain amount of checks within a statement cycle. The ability to withdraw funds from an account through the use of debit or ATM card Bankrate does not currently track additional product details for this bank.

Selected bank US Bank checking account Member FDIC Bankrate score Rating: 3.9 stars out of 5 3.9 Bankrate Checking rating = 3.9/5 Bankrate scores are objectively determined by our editorial team. Minimum balances to avoid monthly service fees, whether the bank has a monthly service fee, minimum opening deposit requirements, fees to use out-of-network ATMs and overdraft fees are some of the things that make up Bankrate’s score.	Most comparable Bank of America checking account Member FDIC Bankrate score Rating: 3.7 stars out of 5 3.7 Bankrate Checking rating = 3.7/5 Bankrate scores are objectively determined by our editorial team. Minimum balances to avoid monthly service fees, whether the bank has a monthly service fee, minimum opening deposit requirements, fees to use out-of-network ATMs and overdraft fees are some of the things that make up Bankrate’s score. Read review	Bankrate score Bankrate Checking rating Bankrate scores are objectively determined by our editorial team. Minimum balances to avoid monthly service fees, whether the bank has a monthly service fee, minimum opening deposit requirements, fees to use out-of-network ATMs and overdraft fees are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between May 6, 2024 and May 12, 2024.
0.00%	0.01%
Minimum balance to open
$25.00	$100.00

U.S. Bank’s Smartly Checking, the account scored for this review, earns a little bit of interest on all balances and requires just $25 to open. The monthly maintenance fee of $6.95 can be waived by receiving monthly direct deposits of $1,000 or more, by maintaining an average balance of at least $1,500 or by holding an eligible U.S. Bank credit card. The fee is also waived for those who qualify for one of the bank’s four Smart Rewards tiers. Account holders who are in the military, who are under age 24 or who are over age 65 also are exempt from the monthly fee. Besides its own large ATM network, U.S. Bank also provides access to fee-free transactions at MoneyPass ATMs. Customers also can send and receive money through Zelle. U.S. Bank also offers a checkless Safe Debit Account, for which deposits, withdrawals and payments can be made similarly to the Smartly Checking account. This account earns no interest, however, and the $4.95 monthly maintenance fee cannot be waived.	You’ll only need $100 to have an Advantage Plus Banking checking account at Bank of America. There’s a $12 maintenance fee unless you keep at least $1,500 in your account. Other ways to waive the monthly fee include having at least one qualifying direct deposit of $250 or more each statement cycle or enrolling in Preferred Rewards. Bank of America Advantage Relationship Banking offers an interest-bearing checking account with a $100 minimum opening deposit. The $25 monthly maintenance fee is waived for those with a combined balance of $20,000 across eligible linked accounts or Preferred Rewards customers.

The Smartly Checking account pays a little bit of interest U S Bank has a large ATM network Its mobile banking app is highly rated on both iOS and Google Play Zelle is available to make person-to-person payments	Opening deposits for checking accounts are reasonable Checking customers can use the mobile app's virtual banking assistant, Erica An overdraft protection option called Balance Connect is available with no fees	N/A
The interest rate is lower than what’s offered by other financial institutions The conditions for waiving the monthly fee for the interest-bearing account are steep	Advantage Plus Banking doesn’t earn interest The out-of-network ATM fee is $2 50, which is higher than the average There are no checking account options that don't have a monthly service fee	N/A

U.S. Bank vs. Wells Fargo

Wells Fargo and U.S. Bank are the fourth- and fifth-largest banks in the U.S., respectively, by total assets. Both offer a full selection of banking products and services, ranging from checking and savings accounts to home and auto loans.

If you’re looking for the largest geographic footprint, Wells Fargo is the better choice between the two, as it has more than 4,000 branches across 40 states, which is nearly double the amount of branches offered by U.S. Bank.

That noted, U.S. Bank’s special CDs offer much higher rates over Wells Fargo’s standard CDs. Neither bank offers particularly attractive APYs on their savings accounts; better options can be found elsewhere.

Learn more: The best banks of 2024

U.S. Bank FAQs

U.S. Bank is best for consumers looking to consolidate their finances under one roof. It’s also a good option for those who live in the West, Northwest and Midwest regions of the U.S., which is where most U.S. Bank branches are located. However, savers looking to grow their money will find better options elsewhere.
Yes. U.S. Bank is FDIC-insured up to the amount allowed by law: $250,000 per depositor, per account.
Most recently, U.S. Bancorp acquired MUFG Union Bank in December 2022.
U.S. Bank currently has branches in 28 states: Arkansas, Arizona, California, Colorado, Florida, Iowa, Idaho, Illinois, Indiana, Kansas, Kentucky, Minnesota, Missouri, Montana, North Carolina, North Dakota, Nebraska, New Mexico, Nevada, Ohio, Oregon, South Dakota, Tennessee, Texas, Utah, Washington, Wisconsin and Wyoming.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.

U.S. Bank Review 2024

The Bankrate promise

At a glance

Overview

Highlights

Overall

Pros

Cons

We want to know what you think about U.S. Bank

U.S. Bank banking products

U.S. Bank savings overview

Pros

Cons

Rate history for U.S. Bank's Savings account

U.S. Bank CD overview

Pros

Cons

U.S. Bank money market overview

Pros

Cons

U.S. Bank checking overview

Pros

Cons

Bank fees

Customer experience

Customer support

Digital experience

Complaints

Bankrate staff insights

About U.S. Bank

How U.S. Bank compares to other banks

U.S. Bank vs. Wells Fargo

U.S. Bank FAQs

Who is U.S. Bank best for?

Is U.S. Bank safe?

What bank did U.S. Bank acquire?

Which states have U.S. Bank branches?

Review methodology

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