U.S. Bank Checking and Savings Account Review
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U.S. Bank has a proud history in the United States and is one of today's most widely regarded banks.
9/10
Services
8.5/10
Features
9.5/10
Rates
8/10
Ease of Use
9/10
Today, there are more checking and savings account options than ever before. Thanks to digital expansion and the introduction of online banking, you have many options about where to bank. Still, finding the right fit for your budget and lifestyle is important — especially if you’re looking for a checking and savings account.
U.S. Bank, a member of FDIC, is one of the premier banking institutions in the country and can be found across 28 states. Although they’re one of the top names in banking, I’ll help you decide in this U.S. Bank review if they’re the best bank for you by running you through their easy checking and savings account options, costs, pros, cons, and alternatives.
Jump To
What is U.S. Bank?
U.S. Bank dates back to 1863 when it first opened in Ohio as the National Bank of Cincinnati. After changing names and merging several times, U.S. Bank became the bank you see today in the early 2000s. It is now headquartered in Minneapolis, MN.
Currently, U.S. Bank has over 2,000 branches, and it offers personal banking services (checking and savings), business banking, CDs, loans, mortgages, investing, and personal wealth management services.
How do U.S. Bank checking and savings accounts work?
U.S. Bank offers two easy checking accounts and one personal savings account. They also provide access to one of the largest U.S. bank ATM networks, which is helpful, particularly if you don’t live in a state with a brick-and-mortar U.S. Bank location.
If you live near a U.S. bank branch, you can open an account in person or sign up for services online. Like all U.S. banks, you’ll need to provide standard personal information when applying for a U.S. Bank account, and they will look at your credit score.
Better banking is here.
- No account fees
- Earn up to 4.50% APY
- Up to 2-day-early-paycheck
- No-fee Overdraft Coverage.
- Do it all in one app.
- Up to $2M of additional FDIC insurance through a network of participating banks.
U.S. Bank checking accounts
- U.S. Bank Smartly Checking - The most basic checking account; best for anyone looking for basic checking services. You’ll save money on the $6.95 monthly maintenance fee if you set up monthly direct deposit or meet minimum account balance requirements. This account also has overdraft fee prevention tools. You'll need $25 to open this account.
- Safe Debit Account - Best for anyone who does not need paper checks and who’s looking for overdraft protection. This account features a $4.95 monthly fee, which cannot be waived. You also get free access to your VantageScore credit score through the TransUnion CreditView Dashboard. You'll need $25 to open this account.
U.S. Bank savings accounts:
- Standard Savings Account - Best for new savers and anyone just starting to get smart about their finances. This account can be linked to your U.S. Bank standard savings account and has a monthly fee of $4, which can be waived. The APY currently being offered is 0.01%.
- In addition, U.S. Bank also offers an Elite Money Market Account, which offers an APY of up to 4.25%, and a Retirement Money Market Savings.
- Additional savings can be found through U.S. Bancorp Investments, which can set up IRAs, bank CDs, and more through personal trust relationships.
Of course, each account type comes with its own annual fees and monthly charges, which I’ll explain further next.
U.S. Bank fees
I’ll walk you through the different monthly charges, waiver criteria, and minimum deposit requirements for each checking account below:
Checking Account Type | Monthly Fee | Fees are waived if | Minimum Opening Deposit |
U.S. Bank Smartly Checking | $6.95 | Direct deposits of $1,000 or more each month, OR average account balance of $1,500, OR 65+ older | $25 |
Safe Debit | $4.95 | Cannot be waived | $25 |
Next, let’s look at the savings account requirements of U.S. Bank:
Savings Account Type | Monthly Fee | Fees are waived if | Minimum Deposit Amount |
Standard Savings Account | $4 | $300 minimum daily balance OR $1,000 average monthly balance OR under 18 | $25 |
Non-U.S. Bank ATM fees are $2.50 per transaction. (Pre-paid debit account holders can waive these surcharges using the MoneyPass ATMs.)
Better banking is here.
- No account fees
- Earn up to 4.50% APY
- Up to 2-day-early-paycheck
- No-fee Overdraft Coverage.
- Do it all in one app.
- Up to $2M of additional FDIC insurance through a network of participating banks.
U.S. Bank features
Next, I want to take you through some key features U.S. Bank offers that help it stand out from its competitors. Here are some of the bank’s best features:
Free account options
While not everyone will qualify for a free checking or savings account at U.S. Bank, I do like that they offer very realistic account options for students and seniors who cannot afford monthly fees.
Cardless
As an online bank, U.S. Bank has made it easy to go cardless. Use a U.S. Bank ATM without using your debit card, add your account to your digital wallet, or wave your smartphone over the reader. (This doesn't work for non-U.S. bank ATM transactions.)
Great selection of account types
I like U.S. Bank’s tiered and specific needs-based approach to banking accounts. While some banks offer confusing accounts or may require you to meet different requirements, U.S. Bank’s account options are well laid out and easy to understand.
Location services safety features
Security is also a top priority for U.S. Bank. If you’re worried about someone getting a hold of your U.S. Bank card, you can enroll in their location services program via their mobile app. This allows you to set up location services on your phone, so if anyone tries to use your card in another area, U.S. Bank will be alerted about potential fraud and keep your account protected.
Who is U.S. Bank best for?
Existing U.S. Bank customers
U.S. Bank offers better rates and features for existing credit card, loan, and investment customers, which is worth considering. I like that U.S. Bank rewards customer loyalty and offers bundled accounts and services to its existing customer base.
Anyone looking for low-cost, basic checking
The requirements to waive the monthly fees at U.S. Bank are very clear and can make it easy for many to avoid. While I’d prefer if there was a basic option for non-students and seniors, I do like the fact that the monthly charges are low and there are easy ways to eliminate these money fees.
Who shouldn’t use U.S. Bank?
Some individuals are located out of U.S. Bank’s 28 serviced states.
I don’t believe you have to live in a state where your bank has a branch location, but I can’t deny it is convenient sometimes. While anyone out of range of U.S. Bank’s branches can still receive excellent services and benefits through digital banking, some people might prefer having an in-person option nearby. If that’s the case for you, exploring local options might prove more beneficial.
Anyone looking for high-interest savings
Where U.S. Bank falls short is in its savings account interest rates. While the basic features of its accounts may seem attractive, its interest rates are not impressive or even competitive, as they are much lower than those of national competitors and many local or online options.
Better banking is here.
- No account fees
- Earn up to 4.50% APY
- Up to 2-day-early-paycheck
- No-fee Overdraft Coverage.
- Do it all in one app.
- Up to $2M of additional FDIC insurance through a network of participating banks.
U.S. Bank pros and cons
To help you better determine if U.S. Bank might be the right choice for your banking services, I’ll run you through a few pros and cons.
Pros
- Access to 2,400 branches and 4,700+ ATMs. Even though U.S. Bank doesn’t have branches in all 50 states, it does offer a large number of in-person branches throughout the country. If you do live in a state without a branch, they also offer access to over 4,700 ATMs where you can conduct most banking transactions.
- Robust digital services and mobile app. Since U.S. Bank is scattered primarily across the West Coast and Midwestern states, I was glad to see that their digital technology is top-of-the-line. You can conduct nearly any type of transaction from your phone including bill pay, money transfers, mobile check deposits, and activating bank cards.
- Access to Zelle. If you need to send money to family or friends in a hurry, U.S. Bank allows you access to Zelle, which will let you transfer money using only a phone number or email address. Best of all, this feature is free.
Cons
- Minimum deposits required. U.S. Bank does require minimum deposits for all checking accounts. Although the deposit requirement is $25, I’d like to see a standard option without a deposit requirement.
- High overdraft fees. U.S. Bank's overdraft policy is fairly strict if you tend to go over your account balance. They can charge a $36 overdraft fee up to four times a day and even charge an additional fee if your account remains negative for over a week.
- High minimums to waive monthly fees. You’ll need to maintain a minimum balance of $1,500 to avoid monthly fees.
U.S. Bank vs. competitors
Now that I’ve discussed some key benefits and disadvantages of U.S. Bank, let’s see how this financial institution compares to competitors.
U.S. Bank vs. Citibank
U.S. Bank and Citibank are top financial institutions for United States customers but have a few key distinctions.
Citibank offers more checking accounts than U.S. Bank, but to be honest, the different options are pretty confusing to understand and often cater to higher-earning individuals. I like that Citibank had no minimum deposit requirements, though both banks have monthly fees.
However, where Citibank shines is in the overdraft fee department; the bank stopped charging overdraft fees as of June 19, 2022.
Depending on which state you live in, you might be eligible for Citibank’s high-yield savings account., Citibank Accelerate. On the downside, you’ll also have to enroll in a checking account to take advantage of their high APY savings, which are 4.45%.
U.S. Bank vs. Wells Fargo
Wells Fargo is another major competitor of U.S. Bank. Both banks offer similar services but have a few different features worth noting.
I like that U.S. Bank and Wells Fargo waive monthly fees for student checking and seniors, a feature not all competitors offer. They both have overdraft charges and require minimum deposits.
On the other hand, Wells Fargo has more locations across the country than U.S. Bank, which might benefit anyone looking for in-person service. Their savings rates are also both very similar and, frankly, unimpressive.
Here’s a closer look at how these three banks stack up against one another:
Bank | Minimum Deposit | Monthly Fee | Savings APY | Overdraft Fee |
U.S. Bank | $25 | $0 - $6.95 | 0.01% for Standard Savings and 4.25% for an Elite Money Market Account | $36 per transaction (4 per day); additional fees after overdraft for more than 7 days |
Citibank Accelerate | $0 | $4.50 - $30 | 4.45% | $0 |
Wells Fargo | $25 | $10 | 0.26% – 2.51% | $35 per transaction (3 per day) |
FAQs
How much does it cost to open a bank account at U.S. Bank?
U.S. Bank does not have minimum deposit requirements on all accounts, but will require a $25 deposit on most standard accounts.
Can I open a U.S. Bank account online?
Yes, you can open a U.S. Bank account online by visiting USbank.com. You’ll need to be over 18, have a driver’s license, and $25 minimum deposit ready.
What is the best U.S. Bank account?
U.S. Bank offers a large selection of checking and savings accounts. The best one for you will depend on a variety of factors. Students, for instance, can enjoy free checking, while existing U.S. Bank loan and credit card customers might opt for the Gold checking account which unlocks better rates and features.
The bottom line
U.S. Bank has a proud history in the United States and is one of today's most widely regarded banks. I like that they offer more bank locations than some top banks in the country and access to various ATMs. Their digital services are also top-notch, and free checking for students and seniors is a big win in my book.
If you don’t live in a state serviced by U.S. Bank, you can still enroll online and unlock the same features and benefits. However, if you’d prefer a bank you can visit in person, you might want to look elsewhere. Additionally, U.S. Bank’s savings rates are not competitive, so if savings are a major focus, you can easily find a higher rate at another institution.
You can learn more information at https://www.usbank.com.
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Writer
Courtney Johnston is a freelance writer, specializing in finance, travel, and health. She has written for The Chicago Tribune, Benzinga, BestReviews, Mashvisor, Fundera, MoneyGeek, and The Culture Trip. She also teaches writing instruction at the University of Indianapolis. Courtney currently resides in Indianapolis.
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