U.S. Bank review

U.S. Bank

Blueprint Rating

Products

Checking, savings, MMAs, CDs, mortgages, personal loans and credit cards

Fees

Monthly service fees, out-of-network ATM fees, Insufficient funds fees

ATM network size

40,000+

What you should know

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.

Pros

• National reach.
• Highly-rated mobile app.
• Zero fraud liability.

Cons

• Fees.
• Yields can be hard to pin down.
• Recently fined for opening unauthorized accounts.

U.S. Bank basics

• Checking accounts: U.S. Bank Smartly® Checking and the U.S. Bank Safe Debit Account.  
• Savings accounts: U.S. Bank Standard Savings Account.
• Money market accounts: U.S. Bank Elite Money Market Savings Account and U.S. Bank 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. 

Annual percentage yields (APYs) and account details are accurate as of April 4, 2024.

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 totaling $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 which can be waived by maintaining a minimum daily balance of at least $300, having an average monthly collected balance of $1,000, holding the account with someone age 12 or younger or by opening a U.S. Bank Smartly® Checking account and enrolling in the Smart Rewards® Primary tier 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 4.25% APY on account balances greater than $25,000 and 0.01% on account balances less than $25,000 (depending on your location). The minimum opening deposit is $100 and there’s a $10 which can be waived with a $10,000 minimum daily ledger balance or by opening a U.S. Bank Smartly® Checking account and enrolling in the Smart Rewards® Primary tier 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 on the 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 Zions Bank certificates of deposit and a $50 opening deposit for the Zions Bank Anytime Interest Checking® account (double that of U.S. Bank’s Smartly Checking). However, it has account options with no monthly maintenance fees, including the Zions Bank Youth Savers Account.

Frequently asked questions (FAQs)