US Bank Review: Account Good for You?

U.S. Bank is one of the largest banks in the United States, being the 5th largest. However, does that make them a good fit for you? Do you work better with a larger national bank or is a smaller bank work better for you?

U.S. Bank has 3,000 branches throughout the United States and 5,300 ATMs for U.S. Bank clients. They have a wide selection of checking, savings, CDs, and retirement accounts available. They even offer accounts that cater to students and seniors.

In this post, we will go over what U.S. Bank could offer you.

Checking

With a U.S. Bank checking accounts, comes with a U.S. Bank Visa Debit Card, access to online/mobile banking, online bill pay, and free use of U.S. Bank ATMs.

• Platinum: This is U.S. Bank’s top checking account and is interest bearing. In order to waive the monthly service fee, though, you’ll need at least $25,000 in combined personal deposit accounts at U.S. Bank or investments with U.S. Bancorp Investments. This account also offers no non-U.S. Bank ATM fees nor transfer fees for overdraft protection if transferred from a U.S. Bank line of credit. It offers discounts on personal checks and you’ll also have access to several savings accounts free of charge and savings on certain U.S. Bank loans.
• Gold: You can open this checking account free of charge if you have a U.S. Bank credit card or line of credit. You’ll get two “free” non-U.S. Bank ATM transactions per month, access to two more Easy Checking accounts for family members (you must be on the account too), and no overdraft transfer fee when you transfer from a U.S. Bank linked deposit account.
• Easy Checking: This “basic” checking account doesn’t pay interest, but you only need an average account balance of $1,500 or monthly direct deposits to waive the monthly fee. It doesn’t come with any of the bells and whistles above, but you can have the account free of charge by meeting the minimum requirements and opting in to online statements (paper statements have a monthly charge).
• Student: Students can have access to a basic U.S. Bank checking account with no monthly maintenance fee. You don’t have to worry about minimum deposit requirements either. Students get four “no fee” non-U.S. Bank ATM transactions per cycle. They also get their first order of personal checks free of charge. (Note that a paper statement fee does apply if you don’t opt-in to eStatements).
• Safe Debit: This is a “checkless” checking account. It’s similar to a prepaid checking card, but you get access to online/mobile banking. There is a low monthly maintenance fee that you cannot waive. But you do get access to discounted money orders (if you need to pay someone by check) and free access to your credit score.

Savings

U.S. Bank savings accounts come with access to online/mobile banking, recurring bank transfers, overdraft protection options, and free access to U.S. Bank ATMs.

• Platinum Select Money Market Savings: If you have a Platinum Checking account, you can open this Platinum Money Market Savings account with no monthly fee and competitive interest rates. You’ll need at least $25 to open this account.
• Package Money Market Savings: If you have a Gold checking package, you can apply for this money market savings account. It offers competitive interest rates and has no monthly fee. You’ll need at least $25 to open the savings account.
• Elite Money Market: Open this account with $100 and earn higher interest rates the higher your balances become. You’ll need a $10,000 minimum balance to waive the monthly fee. You’ll have check writing privileges with this money market account as well as access to online/mobile banking. You can also use any U.S. Bank ATM free of charge
• Retirement Money Market Account: Get higher, tiered interest rates and low-risk for your retirement account with this money market. There’s no monthly maintenance fee and you can open the account with $100 or $25 automatic monthly deposits

CDs

• CD Special: With $1,000, you can open up a “special CD” that utilizes promotional interest rates. These interest rates are usually higher than what you would normally find in a regular CD. They offer a large variety of maturity dates that can range anywhere between 17 months to 59 months. The longer you can tie up your money, the higher the interest rate you will earn.
• CD: With $500, you can open a standard CD with maturity dates ranging anywhere from one month to 60 months.
• Step Up CD: If you can go without a certain amount of money for at least 28 months, take advantage of the increasing rates of this CD. Every seven months, the rate increases. This would give you an opportunity for four interest rate increases in 28 months. You’ll need $1,000 to open this CD.
• Trade Up CD: With $1,000 and 30 or 60 months available, you have the opportunity to lock in a higher interest rate one time during your CD’s term.

Reason We Like U.S. Bank

• U.S. Bank is located in 26 states. If you don’t live in one of the states where the bank is located, you can’t take advantage of their banking programs.
• U.S. Bank has high minimum balance requirements to waive the monthly service fees. Basic account holders usually want minimum balance requirements that are less than $500, but even the Basic checking account requires a minimum balance of $1,500 to waive the monthly service charge.

Check our list of bank promotions.

How It Compares

• Chase: Chase is another big name in the banking industry, with thousands of branches and ATMs throughout the country. Consumers usually go to Chase for the Chase checking account bonus for new accounts. Chase offers online bill pay and mobile banking just like U.S. Bank, but they tend to have lower minimum requirements to waive the monthly service fees.
• BMO Harris Bank: BMO Harris offers a large, fee-free ATM network with more than 43,000 participating ATMs. Their account selections are much less than what U.S. Bank offers, and they only have one interest-bearing checking account that requires a $25,000 balance to waive the high monthly service charge.
• Wells Fargo: Wells Fargo has 13,000 ATMs and 5,800 branches in the U.S. Wells Fargo offers a similar number of checking/savings account offerings. What they are known for, though, is their “second chance checking account” offerings. This helps those who faced financial destruction get back on their feet with a standard checking account.

Author’s Verdict

To summarize, U.S. Bank has some of the best promotions, bonuses, and offers in the nation. As one of the largest banks, you can be sure to find a branch to help you meet your financial needs!

Additionally, you can find a full list of the best bank promotions here.