Founded more than 160 years ago, U.S. Bank stands among the oldest, newest banks with its advanced mobile banking capabilities backed by a national bank charter initially approved by Abraham Lincoln.
As a large regional bank based in Minneapolis, U.S. Bank has more than 2,200 locations in 26 states. It offers a handful of interest-earning checking and savings accounts as well as loan products, credit cards, business accounts, and financial advisors. There are also ongoing promotions and rewards such as an up to $800 cash back bonus for opening a checking and savings account through April 2 (more details below).
All rates and fees are current as of March 20, 2024, and are subject to change.
U.S. Bank
| Checking accounts: | Starting with a $25 initial deposit |
| Savings accounts: | Open with as little as $25 |
| CD rates: | Earn as much as a 4.75% annual percentage yield (APY) on a 7-month CD Special |
U.S. Bank rates and products
U.S. Bank offers fairly common checking and savings accounts but has a wider variety of CD term options and bonus offerings for existing customers. Rates will vary by region.
| U.S. Bank product | APY |
| Bank Smartly Checking account | Does not disclose the variable rate online but a U.S. Bank spokesperson confirmed it’s 0.001% for amounts under $25,000 and 0.005% for greater amounts |
| Savings account | 0.01% |
| CDs | Rates ranging from 4.20% for 15 months to 5.05% for 9 months |
| MMAs | 0.01% APY on accounts less than $25,000 and up to 4.25% on accounts exceeding that threshold |
U.S. Bank is offering a special promotion where you can earn up to $800 for opening a U.S. Bank Smartly Checking account and a savings account by March 12. Customers qualify for the bonus based on how much is added to the account via direct deposit. You can earn bonuses of up to $500 on a checking account and up to $300 on a savings account.
Checking accounts
U.S. Bank offers two checking accounts:
- U.S. Bank Smartly Checking: The bank’s main checking account product in which you can have fees waived and utilize the bank’s larger rewards program.
- Safe Debit Account: A more limited checking account with a debit card only, no checks, and a set $4.95 monthly maintenance fee that can’t be waived.
| U.S. Bank Smartly Checking account features | |
| Minimum opening deposit | $25 |
| Monthly fees | $6.95; waivable if you meet certain account requirements |
| Top APY | 0.005% for $25,000 or more, according to bank spokesperson |
U.S. Bank does not offer a totally free checking account, though it will waive its monthly maintenance fee if you have at least one of the following:
- An average account balance of at least $1,500 within a statement period
- Monthly direct deposits that total at least $1,000
- An eligible U.S. Bank credit card or qualify for its rewards program
- You are a military member, veteran, below the age of 25, or 65 and older
U.S. Bank has a “Smart Rewards” program where members can get perks such as cash back offerings on certain credit cards through the bank, fee discounts on select loans and fee reimbursement for some non-U.S. Bank ATMs. Many banks offer different checking account rewards or bonus programs so shop around to see which best fits your needs.
Savings account
U.S. Bank has one main savings account that’s meant for first-time savers because it has a low balance requirement and minimum amount to open the account.
| U.S. Bank savings account features | |
| Minimum opening deposit | $25 |
| Monthly fees | $4; waivable if certain account standards are met |
| Top APY | 0.01% |
U.S. Bank will waive the monthly maintenance fee if you meet at least one of the following:
- Have a $300 minimum daily balance
- Have an average monthly collected balance of $1,000
- Hold the account with someone who’s 12 years old or younger
- Open a Smartly Checking account and enroll in a certain tier of the bank’s rewards program.
U.S. Bank savings rates compared to current top rates*
The 0.01% APY for a savings account at U.S. Bank is well below the top high-yield savings accounts at other financial institutions.
Money market accounts
U.S. Bank offers an “elite money market” account that has an APY which increases based on the more money you put into the account.
| U.S. Bank money market account features | |
| Minimum opening deposit | $100 |
| Monthly fees | $10 if balance is below $10,000 |
| Top APY | 4.25% for $25,000 or more balance |
For accounts below the $25,000 balance, U.S. Bank offers a 0.01% APY on its money market account. Also, you might incur a $10 monthly fee for holding a balance below $10,000. But U.S. Bank waives the fee if you have their Smartly Checking account and are in a certain tier of their rewards program.
U.S. Bank’s yield is slightly below the best MMAs nationwide with some competitors offering rates exceeding 5%.
Certificates of deposit from U.S. Bank
U.S. Bank offers a handful of CD products at different terms, from seven months to 15 months.
| U.S. Bank CD features | |
| Minimum opening deposit | $500 for standard CD; $1,000 for current CD specials |
| Available term lengths | 1 month to 5 years |
| APY range | Up to 0.25% on standard CDs and 4.75% on CD Specials |
| Maximum deposit | $250,000 |
U.S. Bank does charge an early withdrawal penalty if you remove your funds before the CD term ends, which is standard for most banks. Their CD Specials are in line with some of the top CD rates of competitors, but standard CDs carry abysmal rates.
Other services U.S. Bank offers
U.S. Bank has many other financial products and services including:
- Personal loans, auto loans, and lines of credit
- Credit cards with reward options
- Financial advisors through its U.S. Bancorp Investments operation
- Business account products
- Mortgages
- Custodial services
Online banking
U.S. Bank is more tech-forward when it comes to other long-standing traditional banks, especially since it was chartered as a national bank in 1863. It offers an online and mobile banking app, which has a voice-command feature that allows you to speak banking commands into your phone.
The bank has grown its mobile banking capabilities on par with online bank competitors, offering faster money transfers through Zelle and account monitoring alerts.
The U.S. Bank platform and customer support
U.S. Bank has a user-friendly mobile banking app in which you can transfer funds, manage bill pay, check your credit score, and pay for transactions using your digital wallet, among other features.
The bank has 24-hour support by phone or through your online banking or mobile banking app. You can also book an appointment online to meet with a representative by phone, in person, or virtually.
You can locate a U.S. Bank branch or ATM location using its mobile app or online portal.
Is U.S. Bank secure?
U.S. Bank offers a “digital security guarantee” in which it does not hold you liable for unauthorized transactions initiated online or through the mobile banking app, so long as you alert the bank immediately.
It does not, however, guarantee funds that you deposited using a mobile check deposit, certain wire transfers, and if it was a transfer (where you gave the wrong amount) or authorized user that you initially approved.
The bank also has deposit insurance of up to $250,000 per account owner through the Federal Deposit Insurance Corp. (FDIC) in the event of failure.
U.S. Bank user reviews
Customer reviews are low on Trustpilot, with a 1.3 out of five stars, largely related to service, issues with rewards cards, and problems in getting the bonus promo when opening an account.
The bank’s parent company, U.S. Bancorp, has received roughly 4,000 complaints submitted to the Consumer Financial Protection Bureau (CFPB) for the 12 months ending February 2024. Most of these complaints were related to its checking and savings products and credit cards.
Compare U.S. Bank alternatives
Is U.S. Bank right for you?
If you are in one of the 26 states where U.S. Bank offers its full products and services, then it might be a good fit if you want to earn some interest on your savings and checking accounts and don’t mind the potential of having small monthly fees.
The bank does not offer the eye-popping interest rates on savings accounts that some online competitors are currently offering but it does have the safety of FDIC deposit insurance and a very consumer-friendly mobile banking app.
Frequently asked questions
Where is U.S. Bank located?
The bank is based in Minneapolis but it has more than 2,000 branches throughout the Midwest and West Coast. It has locations in 26 states but it can offer some products nationwide.
How much does it cost to open a U.S. Bank account?
There is no additional fee to open a savings or checking account at U.S. Bank. However, there is an opening balance requirement of $25.
Is U.S. Bank safe?
Yes. U.S. Bank is a nationally chartered bank which means it’s regulated by the federal bank regulators and has FDIC deposit insurance of up to $250,000 per owner and account.
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