Account Basics
Checking
U.S. Bank recently streamlined its personal checking accounts and now offers just two options.
1. U.S. Bank Smartly® Checking requires at least a $25 opening deposit, and it charges a $6.95 monthly maintenance fee. But the fee is waived if you meet any of these requirements:
- You’re age 24 or younger, or age 65 or older
- You’re a member of the military
- You sign up for monthly direct deposits of $1,000 or more
- You keep have an average account balance of at least $1,500
- You have a balance of $20,000 or over that qualifies you for one of the elevated tiers of the account’s Smart Rewards™ program, which offers benefits including higher interest rates on savings and waivers of ATM fees charged outside of U.S. Bank’s network.
2. The U.S. Bank Safe Debit Account may be a good alternative for those seeking a banking experience that’s primarily online. It offers a debit card and online and mobile banking access but without any paper checks. There’s a $4.95 monthly fee for this account that cannot be waived.
Savings
U.S. Bank offers one personal savings account, the U.S. Bank Standard Savings Account. This account requires a minimum opening deposit of $25 and charges a $4 monthly fee; you can avoid this fee if you keep at least a $300 minimum daily balance or $1,000 average monthly collected balance in the account, or if you hold the account jointly with a child under age 18.
Like many major banks, U.S. Bank’s APY on savings accounts is near zero: currently 0.01% APY. But you can get a small interest rate “lift” if you also have a Smartly Checking account and qualify for one of the upper tiers of the Smart Rewards program.
U.S. Bank Smartly® Checking
Offer
Earn up to $700*
Minimum Deposit Requirement
$25
Member FDIC
Earn up to $700*
$25
- Earn up to $700 when you open a new U.S. Bank Smartly® Checking account and a Standard Savings account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through June 27, 2024. Member FDIC.
- Offer may not be available if you live outside of the U.S. Bank footprint or are an existing client of U.S. Bank or State Farm.
Money Market
U.S. Bank offers two types of money market accounts:
- U.S. Bank Elite Money Market Savings Account. This MMA requires a $100 minimum opening deposit and charges a $0 or $10 monthly maintenance fee (waive your monthly maintenance fee with a $10,000 minimum daily ledger balance). Earn up to 4.25% for balances of $25,000+. Like many money market accounts, this one provides check-writing privileges.
- U.S. Bank Retirement Money Market Account. This MMA is only for customers who have an IRA (individual retirement account) with U.S. Bank; it lets you keep some of your IRA money in cash savings. There is no monthly fee, and you can open an account with a minimum opening deposit of $100 or by setting up an automatic monthly deposit of $25. The APY on this account is 4.50%.
Money market accounts can sometimes provide a higher yield on your savings, compared to typical savings accounts. But U.S. Bank’s money market accounts pay the same APY as its savings account on balances under $25,000. The rate is much lower than the best online savings accounts or the best money market accounts.
U.S. Bank savings and money market accounts can give you a safe place to keep your savings in an FDIC-insured institution, with convenient access to your U.S. Bank checking account or other accounts. But if you want higher yields on your savings, you may want to consider a higher-yielding online savings account, money market account or CD.
CDs
U.S. Bank offers a few types of certificates of deposit (CDs), depending on how long you want to commit your money:
- U.S. Bank Certificates of Deposit. The traditional U.S. Bank CD pays an APY of 0.05% on terms of 24 months or less and slightly higher rates on longer terms. It requires a minimum deposit of $500.
- U.S. Bank Certificate Of Deposit (Special). U.S. Bank offers CD specials in terms of 7 months (up to 4.75% APY), 11 months (up to 4.00% APY) and 15 months (up to 3.75% APY). Minimum deposit required is $1,000.
- U.S. Bank Step Up CD. Instead of a fixed APY, this CD offers a “step up” in interest—the APY increases every seven months. If you deposit your money for 28 months, you’ll earn a blended APY of 0.35%.
- U.S. Bank Trade Up CD. This CD allows you to take advantage of rising interest rates. In case interest rates increase during the term of your CD, you can “trade up” to a higher APY. Currently, this CD pays 0.10% APY on a 30-month term and 0.40% APY on a 60-month term, with a minimum deposit of $1,000 (maximum of $250,000).
U.S. Bank doesn’t offer the best CD rates compared to some other banks and credit unions. However, depending on how you want to manage your money and your overall financial goals, this bank’s CDs might be competitive with other options for where to keep your savings. And U.S. Bank has some attractive options like the Step Up CD and Trade Up CD that not all banks provide. Standard CDs are available in amounts between $500 and $250,000.
U.S. Bank Certificate Of Deposit (Special)
Offer
Get up to 4.75% APY
Minimum Deposit Requirement
$1,000
Member FDIC
Get up to 4.75% APY
$1,000
Earn more on your tax refund or annual bonus with competitive CD rates. Start saving today.
Grow your money with a Certificate of Deposit account at U.S. Bank. Now, get a higher rate of return by locking in an exclusive rate on balances up to $250,000:
- Up to 4.75% Annual Percentage Yield (APY) for 7 months
- Up to 4.00% Annual Percentage Yield (APY) for 11 months
- Up to 3.75% Annual Percentage Yield (APY) for 15 months
Member FDIC
Rates vary by state and ZIP code. Please click here to see your rate before applying.
Other Accounts and Services
In addition to its personal banking services, U.S. Bank also offers:
- Credit cards
- Investment and retirement services
- Personal loans and credit lines
- Home loans
- Vehicle loans
- Wealth management
- Small business services
- Corporate and commercial services
- Institutional services
U.S. Bank Business Checking Account
Offer
Earn up to $800*
Minimum Deposit Requirement
$100
Member FDIC
Earn up to $800*
$100
- Earn up to a $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q2AFL24 and complete qualifying activities1, subject to certain terms and limitations. Offer valid through August 30, 2024. Member FDIC.
Distinguishing Features
U.S. Bank has invested heavily in digital tools and services to provide better online and mobile banking. Seventy-seven percent of the bank’s transactions are conducted digitally. The U.S. Bank mobile app is well-rated and offers excellent customer service features, receiving high praise for its mobile check deposit feature. And the U.S. Bank Smart Assistant is a new voice-activated virtual assistant, available via the bank’s mobile app, that can help you with everyday banking tasks.
The bank has also received recognition for being a good corporate citizen. A Harris Poll survey named U.S. Bank as the “most essential” bank for its response to the pandemic in 2020. The bank has also committed $116 million to address the racial wealth gap and create economic opportunities in diverse communities. It has been honored as one of the world’s most ethical companies by the Ethisphere Institute, one of the top 50 companies for diversity by DiversityInc and one of the best companies for veterans by Military Times.
Access on the Go
The U.S. Bank mobile app is highly rated. Key features of the mobile app include:
- Mobile check deposit
- Customized alerts
- Online banking—account access, transfers, online bill pay
- Zelle
- U.S. Bank Smart Assistant
U.S. Bank has an extensive ATM network, and its ATMs offer contactless access through digital wallets.
U.S. Bank customer service is available by phone 24 hours a day at 800-USBANKS (872-2657). They also have specific customer service phone numbers for certain metro areas, including Minneapolis, Denver and Cincinnati. Customers can also get support via email through online banking or by setting up an appointment with a personal banker.
How U.S. Bank Stacks Up
U.S. Bank faces some of the same limitations as a lot of other big banks. Its savings accounts and CDs pay relatively low APYs, and its checking and savings account offerings can be challenging to navigate.
However, for those who are interested in banking digitally, U.S. Bank is embracing digital technology and offers a digital-first customer experience. Its mobile app is very well rated, making it easier to manage your money and understand your financial situation with digital tools and insights. Plus, U.S. Bank has been recognized for its responsiveness during the pandemic, its support for diverse communities and its overall ethics as a company.
If you want the advantages of a brick-and-mortar bank with an extensive network of branches and ATMs, along with innovative digital tools and features, U.S. Bank could be a good choice. You can use U.S. Bank’s comparison charts or talk with a personal banker to decide which checking, savings, money market or CD account is right for you.
Interested in U.S. Bank?
On U.S. Bank's Website Member FDIC
Methodology
Forbes Advisor rates banks based on various factors, including their fees, interest rates and ATM networks, among other characteristics. We assign separate ratings to financial institutions and their individual products, such as checking accounts, savings accounts and certificates of deposit (CDs). We rate banks based on a scale of one to five stars, with one star as the poorest rating and five stars as the best.
To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Banks.
Frequently Asked Questions (FAQs)
Is U.S. Bank FDIC insured?
Yes, U.S. Bank is FDIC insured (FDIC certificate No. 6548). All U.S. Bank accounts are protected up to the standard maximum of $250,000 per depositor, for each account ownership category, in the event of a bank failure.
In which states does U.S. Bank have branch locations?
U.S. Bank has branches in 26 states. You can search for specific state locations on the U.S. Bank website.
Does U.S. Bank offer credit cards and loans?
Yes. U.S. Bank is a full-service bank that provides a wide range of financial services and products, including credit cards, home mortgages, personal loans, lines of credit, vehicle loans and more.
