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US Bank has more than 2,000 branches across 26 states.
US Bank; Alyssa Powell/Insider
The bottom line: US Bank is included in our best national banks guide as the best national bank in the Midwest and West. It’s a good choice if you are searching for a variety of CDs or want 24/7 live support. But its savings and checking accounts have monthly service fees that might be difficult to waive.
Overall bank rating
FeatureInsider rating (out of 5)Savings3.5Checking4CD3.75Money market account3.25Trustworthiness4Total3.75
Pros and cons
ProsCons
Large ATM and branch network
Variety of CD terms
Possible to waive monthly service fees
24/7 customer support
Low interest rates on savings accountsMonthly service fees High-to-standard early withdrawal penalties on CDs
US Bank Standard Savings Account
You may like the US Bank Standard Savings Account if you’re opening an account for a child or teen since anyone under the age of 18 doesn’t have to pay monthly service fees. Otherwise, you’ll have to keep a certain amount in your account daily or monthly to avoid the fee.
To earn a high interest rate, you may want to open a high-yield savings account elsewhere.
Bank Smartly™ Checking
The Bank Smartly™ Checking account is a worthwhile option if you meet the requirements to waive the $6.95 monthly service fee. The fee is automatically waived if you’re a member of the military, under the age of 24, or over the age of 65.
If you aren’t a part of one of these groups, you’ll need to meet the following requirements to waive the monthly service fee:
Receive $1,000 or more in total direct deposits each monthKeep an average account balance of $1,500 or more each monthHave an eligible US Bank Credit CardQualify for Primary, Plus, Premium, or Pinnacle tiers of US Bank Smart Rewards
You may also enroll in the US Bank Smart Rewards program when you open the checking account. US Bank Smart Rewards offers customers unique perks like out-of-network ATM fee reimbursements and discounts on additional US Bank products and services. To enroll in US Bank Smart Rewards, you’ll need to be part of a specific group or meet certain balance requirements.
US Bank Certificate of Deposit
US Bank offers decent CDs, with terms ranging from one month to five years. It also has special CDs, which offer solid interest rates on certain terms.
US Bank Elite Money Market Account
The US Bank Elite Money Market Account might be a compelling account if you want a money market account with a low minimum opening deposit. However, it pays a low interest rate and doesn’t include a debit card.
How US Bank works
US Bank has more than 2,000 branches across 26 states. Branch locations are available in:
ArkansasCaliforniaColoradoIdahoIllinoisIndianaIowaKansasKentuckyMinnesotaMissouriMontanaNebraskaNevadaNew MexicoNorth CarolinaNorth DakotaOhioOregonSouth CarolinaSouth DakotaTennesseeTexasUtahWashingtonWisconsin Wyoming
It offers ATMs across 40 states and is part of the MoneyPass ATM Network, which provides access to over 37,000 ATMs.
If you have questions about bank products or services, visit the FAQ page on the bank’s website. Customer service representatives are also available over the phone 24/7.
The bank’s mobile app received 4.6 out of 5 stars in the Google Play Store. In the Apple Store, it has 4.8 out of 5 stars.
US Bank is FDIC insured. Up to $250,000 is protected in an individual account, and $500,000 is secure in a joint bank account.
US Bank trustworthiness and BBB rating
The Better Business Bureau rates businesses on how they handle customer issues and whether they have transparent business practices. The BBB gave US Bank an B+ rating.
A good BBB rating doesn’t necessarily mean that your relationship with a business will be perfect. If you have friends or family that have used US Bank, chat with them about their perspectives. Online customer reviews are another option.
US Bank has been involved in a few public controversies.
In 2020, US Bank, Nationstar Mortgage, and PNC Bank paid $74 million in an agreement with the Department of Justice. According to the press release, the Department of Justice said the three mortgage services didn’t follow bankruptcy regulation and had service errors that impacted borrowers.
The government also required US Bank to pay $200 million in a settlement that said the bank approved FHA loans for home insurance even when the borrowers didn’t qualify for it.
US Bank vs. Bank of America
Bank of America has 4,200 branches in 37 states while US Bank has over 2,000 branches in 26 states. Bank of America could be a better option if you prefer a large branch network.
If you don’t have a lot of money to open an account, you’ll likely prefer US Bank to Bank of America. At Bank of America, you’ll need a minimum of $100 to open a savings or checking account. In comparison, US Bank savings and checking accounts require an initial deposit of at least $25.
US Bank will also be a better choice if you’re searching for a money market account. Bank of America doesn’t have one.
US Bank vs. Chase
You might lean more toward Chase if you find it appealing to open specialty bank accounts for college students, kids, or teens. Accounts for minors also come with unique features like savings tools or parental monitoring features.
At US Bank, you’ll open a regular checking account and the monthly maintenance fees will be waived for military members, anyone under the age of 24, or over the age of 65. Each customer group will also be eligible for some perks, like waived monthly service fees on other bank accounts, free reimbursements on some out-of-network ATM fees, or discounts on safe deposit box rental fees.
Chase will also be a more compelling choice if you prioritize a large branch network. It has over 4,700 branches, while US Bank has over 2,000 branches.
When it comes to CDs, US bank offers the strongest product. It pays higher interest rates and has lower minimum opening deposits.
Frequently asked questions
What is the current interest rate for a savings account at US Bank?
The US Bank Standard Savings Account pays US Bank Standard Savings Account.
What is the minimum opening deposit for a checking account at U.S. Bank?
You’ll need at least Bank Smartly™ Checking to open the Bank Smartly™ Checking.