U.S. Bank Review

Is U.S. Bank a good bank?

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US Bank Logo Primary

U.S. Bank has a long history dating back to 1863 when it originally opened as First National Bank of Cincinnati. Today, it’s the fifth-largest bank in the United States, with more than 2,000 branches, offering personal and business banking accounts and wealth management services. This in-depth review of the Minnesota-headquartered bank can help you decide if its deposit accounts are a good fit for your needs.

  • Pros and Cons
  • Company Overview
Pros and Cons
  • Many different bank accounts and services are offered

  • Free checking for students and those over 65 years old

  • Savings account rates aren’t competitive with other banks

  • Doesn’t offer fee-free checking for non-students

  • No branch locations on the East Coast

Company Overview
  • Official Website www.usbank.com
  • Bank Products Offered Checking, savings, money market accounts, CDs, credit cards
  • Customer Service You can reach the bank by phone (800-872-2657) or email.
  • Year Founded 1863

Who Is U.S. Bank Best For?

U.S. Bank should appeal to most consumers who want a traditional branch banking experience. It may be a good fit if you:

  • Prefer in-person banking and free ATM access 
  • Want a one-stop place to do all of your banking
  • Are located in the Western part of the country
  • Are a student or over 65 years of age
  • Can meet the requirements to avoid monthly account fees

What Does U.S. Bank Offer?

U.S. Bank offers a full suite of accounts and services, with several options to meet customers’ specific needs.


  • Checking accounts
  • Savings account
  • Money market accounts 
  • Certificates of deposit
  • Credit cards

All account rates and terms below are effective as of August 18, 2021. 

Checking Accounts

U.S. Bank has five checking options depending on the account level you need. All accounts have free ATM access for U.S. Bank locations, and each is FDIC-insured up to $250,000:

U.S. Bank Checking Accounts
Account Name Monthly Fee Conditions to Waive Fee ATM Fee Waivers for Non-U.S. Bank Transactions
Easy Checking $6.95 Combined monthly direct deposits totaling $1,000 or more; an average account balance of $1,500; or if you’re age 65 or older   None
Gold Checking $14.95 If you have an open U.S. Bank personal loan, line, mortgage, or credit card Two per statement period
Platinum Checking $24.95 $25,000 in combined personal deposits, credit balances with U.S. Bank and/or investments through U.S. Bancorp Investments; a personal trust relationship with U.S. Bank Wealth Management; Current or former member of the Armed Forces No limit
Student Checking $0 No fees Four per statement period
Safe Debit Account $4.95 Fee cannot be waived None

If you also open a savings account with U.S. Bank, you can set it up for overdraft protection to cover any negative checking balances.

Easy Checking

This account is ideal for seniors over 65, or anyone who can have the required direct deposits go into the account in order to waive the monthly fee. You won’t get any non-U.S. Bank fee waivers for ATM transactions, however.

Gold Checking

If you have a deeper relationship with U.S. Bank– a personal loan, line of credit, mortgage, or credit card–you may consider this account upgrade. Added benefits include 100 free trades per year and two free Easy Checking accounts for family members.

Platinum Checking

For account holders with large balances, this level of checking may be warranted (otherwise, you’ll be stuck with a $24.95 fee). There are no limits on outside ATM transaction fee waivers, and you’ll earn a bit of interest (0.01%).

Student Checking

If you’re a student, this is the way to go. No monthly maintenance fee, and four freebies if you use a non-U.S. Bank ATM. You’ll also get your first set of checks free.

Safe Debit Account

If you don’t really need paper checks, but still want to do online and mobile banking, this could be an appealing account. However, the $4.95 fee per month is a turnoff since there is no way to avoid it.

Savings Account

U.S. Bank has just one option for a regular savings account, requiring a $25 minimum opening deposit. There won’t be much earning going on, however, since the APY is just 0.01% (as of Mar. 25, 2021). There are three ways to waive the account’s $4.95 monthly maintenance fee:

  • Keep a $300 minimum daily balance (including daily credit and debits) 
  • Have a $1,000 average monthly collected balance
  • Be younger than 18

If you don’t plan to keep your savings account balance high enough to avoid the monthly fee, and given the fact that the interest rate is so low, you may want to look for better terms elsewhere.

Money Market Accounts

U.S. Bank has four money market account options; two of them require you to be a specific checking account holder (rates as of August 18, 2021): 

U.S. Bank Money Market Rates
Account Name Monthly Fee Minimum Opening Deposit APY
Platinum Select Money Market Savings (Exclusively for Platinum Checking Package customers) $0 $25


Package Money Market Savings (Exclusively for Gold Checking Package customers)
$0 $25
Elite Money Market Account $10 (can be waived with a $10,000 minimum daily ledger balance) $100
Retirement Money Market Account $0 $100

The Money Market accounts don’t have a lot of distinguishing features beyond a slight difference in the minimum opening deposits, and some are exclusive to certain U.S. Bank account holders. Only the Elite MMA has a fee, but it can be waived. Otherwise, APYs are the same.

Certificates of Deposit 

U.S. Bank provides a bit more earning potential with its CDs (rates as of August 18, 2021), especially through its CD Specials.

CD Special options, all of which require a $1,000 minimum deposit, include:

U.S. Bank CD Special Rates
Term Rate
17-month 0.15%
37-month 0.30%
47-month 0.50%
59-month 0.75%
(As of September 14th, 2021)

Regular CDs offer the following rates for deposits of $500-$250,000, include:

U.S. Bank Regular CD Rates
Term (months) Rate
1 0.05%
2 0.05%
3 0.05%
6 0.05%
9 0.05%
12 0.05%
18 0.05%
24 0.05%
36 0.10%
48 0.15%
60 0.25%

There’s also a Step Up CD, requiring a deposit of $1,000-$250,000. Its rates increase every seven months for 28 months:

  • 0.05% for first 7 months
  • 0.25% for next 7 months
  • 0.45% for next 7 months
  • 0.65% for next 7 months

Finally, you can choose a Trade Up CD, which allows you a one-time rate increase if a higher rate comes along during your term. These CDs are either 30 or 60 months, with a 0.10% and 0.40% APY respectively. U.S. Bank requires a deposit of $1,000-$250,000.

For all U.S. Bank CDs, an early withdrawal penalty will be applied if you don’t leave the money in the account for the full term. Each penalty includes a $25 fee. Plus, you'll pay 1%-3% of the withdrawal amount or 50%-100% of the interest you'd earn for the full term of the CD, whichever is greater.

Credit Cards

U.S. Bank currently offers five different credit cards to appeal to a range of consumers:

Other Financial Products From U.S. Bank

In addition to everyday bank accounts, U.S. Bank also offers an array of lending and investing products and services including:

  • Purchase mortgages
  • Refinance mortgages
  • Home equity loans
  • Auto loans
  • Boat & RV loans
  • Personal loans
  • IRAs
  • Online investing with guidance
  • Self-directed investing
  • Trust and estate services
  • Business planning
  • Charitable giving
  • Insurance
  • Specialty asset management

U.S. Bank ranked better than average or better in the regions in which it was rated in J.D. Power’s 2021 U.S. Retail Banking Satisfaction Study. Customer service options are typical, and there is lots of self-help/FAQ support on the website. There is no live chat support feature but U.S. Bank has a Twitter account (@askUSBank) set up specifically for customer questions.

The U.S. Bank mobile app offers useful features including mobile check deposits, the ability to send and receive funds from family and friends via Zelle, account management, and more. You can also control all of your U.S. Bank accounts and credit cards from the same app, and get alerts and notifications.

How to Bank With U.S. Bank

Opening a bank account with U.S. Bank is simple. Customers can go into a branch, or open an account online. Be prepared to provide your identification and the required minimum deposit (either with a credit, debit, prepaid card, or transfer from another bank account).

The Final Verdict


U.S. Bank is a good choice for those who enjoy a traditional banking experience, along with the convenience of online and mobile banking for when they want to bank digitally. If you like having all banking accounts and services in one place, U.S. Bank should have everything you need. It’s best suited for those who plan to maintain their accounts in such a way as to avoid monthly maintenance fees. It’s also ideal for students and seniors over 65 for whom account fees are waived.


If you’re looking for competitive APYs and interest rates, other banks have better rates when it comes to deposit accounts. It does a bit better with its CD Specials, but still, there are higher-earning options to be found. In addition, for those whose checking and savings balances often dip low, that will likely mean paying monthly maintenance fees. Such expenses should typically be avoided if possible.


Article Sources

The Balance requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .
  1. U.S. Bank. "Certificate of Deposit Agreement: Truth-in-Savings Disclosure." Accessed August 18, 2021.

  2. J.D. Power. "2021 U.S. Retail Banking Satisfaction Study." Accessed August 18, 2021.