U.S. Bank review: Large branch network and top-rated app, but rates fall short
U.S. Bank offers extensive branch access and a top-rated mobile app, but its low interest rates and complex fee structure may not fit all of your banking needs.
Written by
Writer
Adam B. Frankel has more than four decades of personal finance experience, from managing money in the stock markets to leveraging personal finance strategies to optimize his own resources.
Written by
Editor
Gabriela Walsh is a Certified Educator in Personal Finance® and a personal finance editor at Bankrate. Her previous work experience includes various editorial positions at FinanceBuzz. She combines her understanding of language and literature with her commitment to delivering content that empowers others to build healthy money management skills.
Updated September 18, 2024, 10:25 AM EDT
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U.S. Bank is the fifth largest bank in the United States by asset volume, offering a wide range of personal and business banking services, including checking, savings, loans, and investment options. But is it the right fit for your banking needs?
Although the bank may not offer the highest rates on its products, the accessibility to customer service and the ease of online and mobile banking may be enough to compensate.
Fox Money rating: 8.5/10
U.S. Bank offers diverse products, a top-rated app, and branches in 26 states. While it offers low rates on standard accounts, it provides high rates on its Special CDs. Its strong mix of services is appealing, but you may find better alternatives.
Pros
- One of the largest banks in the country, with thousands of branches
- Highly regarded mobile banking app
- FDIC-insured
- Low rates on checking, savings, and most CDs
- No branches available in several states
- High monthly fees (waivable)
About U.S. Bank
Minneapolis-based U.S. Bank, the fifth-largest bank in the country, has over 2,000 branches and $660 million in domestic assets. While U.S. Bank has physical branches in only 26 states, it serves customers nationwide through its robust mobile app and online platform.
Personal banking options include checking, savings, money market accounts, CDs, credit cards, loans, retirement planning, and investment options. U.S. Bank offers wealth management, small business, and institutional banking services.
U.S. Bank primarily operates branches and ATMs in the West and Midwest, although anyone in the U.S. can access their account online or for no surcharge at ATMs that are part of the MoneyPass network.
However, those who prefer banking in person and aren't in one of the states served by U.S. Bank should seek a different option. Additionally, like many large banks, the rates offered on most of its deposit products aren’t as competitive as what you’ll generally find at other online and smaller banks.
U.S. Bank accounts
U.S. Bank offers a range of personal banking products. These include checking accounts, savings accounts, money market accounts, and CDs.
Checking accounts
The Safe Debit Account is a bare-bones checking account that doesn’t include paper checks. It’s best for someone who does most of their banking electronically, and wants a low-hassle account that doesn’t charge overdraft fees. However, it doesn’t earn any interest and charges a relatively steep monthly fee for what it offers.
The U.S. Bank Smartly® account is a traditional checking account with paper check options. It earns interest, but rates are below average, even at the highest tier. Additionally, many bank accounts will offer a first set of paper checks for free, but with this account, you’ll only get a 50% discount off the first set.
Pros
- Large footprint of branches and ATM access, including surcharge-free access to participating MoneyPass ATMs
- No overdraft fees
- Free Visa debit card included
- FDIC-insured
Cons
- U.S. Bank charges a fee for out-of-network ATMs
- No free initial set of checks
- Interest rate is lower than what you can find at other banks
Savings account
U.S. Bank's standard savings account has a $4 monthly fee (waivable under certain conditions), a $25 minimum opening deposit, and below-average interest rates.
The only reasons to choose this savings account over another bank would be if you linked it to another U.S. Bank account as overdraft protection, or if you don’t want the hassle of keeping a savings account in a different bank than your other banking products.
Pros
- Monthly fee can be waived if certain requirements are met
- FDIC-insured
- Easy access to your funds with widespread branch and ATM network
Cons
- Low interest rates
- Has a monthly fee
- Interest is paid quarterly, not monthly, like other interest-earning accounts
Money market account
U.S. Bank offers one money market account called the Elite Money Market Account. It has a $100 minimum initial deposit and is best for those who want to keep $25,000 or more in their account, as it earns up to 4.25% APY for new account holders who deposit at least that amount within 30 days of account opening.
Those who deposit less than that amount will earn just 0.01%, one of the lowest rates available for a money market account. The $10 monthly fee also outweighs the value of any interest earned for most.
Pros
- Those who can deposit the higher tiers will earn a competitive rate
- Interest is compounded daily and credited monthly
- You can write checks from the account
Cons
- The highest interest tier starts at a $25,000 deposit
- The best interest rate is reserved for new account holders
- Accounts with less than $10,000 will have to pay a $10 monthly fee
CDs
U.S. Bank offers "Special CDs" with higher yields, $1,000 minimum deposits, and terms of 7, 11, or 15 months.
They also offer standard CDs with terms ranging from one to 60 months. The standard terms earn well below the national average but have a lower minimum initial deposit requirement of $500.
Pros
- Promotional CDs offer competitive rates
- Wide range of term lengths
- FDIC-insured
Cons
- Standard CDs earn well below market-average rates
- Early withdrawal penalties
Other U.S. Bank products and services
U.S. Bank’s extensive banking services include credit cards, personal loans, home loans, small business accounts, corporate accounts, and institutional options. Ownership of a U.S. Bank credit card is one of the qualifications to waive the monthly fees on a checking account, but other accounts, including savings and money market accounts.
The bank offers a four-tiered relationship banking program called Smart Rewards. This program offers several benefits:
- Earn higher reward rates on credit cards
- Waive monthly fees on eligible deposit accounts
- Earn rate bonuses on certain interest-bearing accounts
- Have non-U.S. Bank ATM fees waived
- Overdraft fee forgiveness on eligible transactions
These are advantageous perks for those who can or want to keep all their banking under one roof.
U.S. Bank fees
- Overdraft: $36 for each item that is $5.01 or more
- Monthly maintenance fees: Up to $6.95
- NSF fees: None
- ATM fees: No fees at a U.S. Bank ATM or qualifying MoneyPass ATMs, $2.50 at a non-U.S. Bank ATM plus any surcharges from the ATM owner
- Stop payment fees: $35
- Incoming wire transfers: $20 domestic, $25 international
- Outgoing wire transfers: $30 domestic, $50 international
U.S. Bank banking experience
U.S. Bank’s mobile banking app has received a number of awards, including the number one spot on Keynova Group‘s Mobile Banking Scorecard in Q1 2024. Javelin's 2024 scorecard named U.S. Bank a top performer in mobile and online banking, leading in several categories.
U.S. Bank’s mobile app receives high marks from users, earning 4.7 stars from over 400,000 users on the Google Play store and 4.8 stars from over 1.7 million users on the Apple App Store. Customers generally praise the app, saying it’s easy to use and navigate.
Even if you don't live near a U.S. Bank branch, you can use MoneyPass ATMs for free to get cash quickly.
Customer service
The bank offers 24/7 phone support, but customers must navigate a menu and provide basic information to reach a representative. You can also schedule an appointment and meet with a banker at a branch.
For four years straight, U.S. Bank has topped J.D. Power’s banking customer satisfaction survey in California.
On Trustpilot, U.S. Bank scores poorly with 1.2 out of 5 stars. But keep in mind this is based on only about 1,000 reviews. U.S. Bank didn’t score much better on the Better Business Bureaus website, earning a grade of B and a customer review rating of 1.08 out of 5 stars.
Account security
U.S. Bank is FDIC-insured, meaning your deposits are protected up to $250,000 per person, per account. Additionally, eligible deposit accounts come with zero fraud liability coverage for unauthorized transactions, and you can set alerts on your account to notify you of unusual activity.
It’s worth noting that in 2022, U.S. Bank paid the Consumer Financial Protection Bureau (CFPB) a fine of $37.5 million for allegedly accessing customer accounts illegally and opening new accounts without their consent.
How U.S. Bank stacks up
U.S. Bank’s mobile app may stand out for its excellence among big banks, but its monthly fees and low yields sink its standing compared to similar options.
Interest rates
U.S. Bank's interest rates are generally lower than those offered by many of the best online banks. U.S. Bank’s standard savings account offers just 0.01% APY, significantly below the national average. However, U.S. Bank does offer competitive rates on certain products, particularly its Special CDs.
Fees
Like many big banks, U.S. Bank charges monthly fees on many accounts. You can often avoid these fees by meeting certain requirements. For example, the Smartly® checking account charges a $6.95 monthly fee which you can waive under certain conditions, while the Safe Debit Account has a $4.95 fee that cannot be waived.
While maintenance fees are not uncommon for traditional banks, many online banks offer accounts with no monthly fees.
ATM and branch access
U.S. Bank has a strong ATM network, with over 2,000 of its own ATMs and access to 70,000+ MoneyPass ATMs nationwide. However, U.S. Bank charges a fee for out-of-network ATM use, which is a disadvantage compared to some other banks that do not charge fees or offer ATM fee reimbursements.
The bank’s physical branches are limited to 26 states, which may be a drawback if you prefer in-person banking.
How we rated this bank
Every bank review we publish has undergone a rigorous editorial process to ensure accuracy and objectivity. Learn more about our methodology here.
Here are some of the factors that influenced this bank’s overall score:
The bottom line
U.S. Bank offers a large footprint of branches and ATMs, making it a convenient choice for those who want to do their banking in person and are in an area the bank serves. Midwestern and West Coast customers will find the highest concentration of branches and U.S. Bank ATMs.
However, despite plenty of locations, a long list of banking products, and an easy-to-use app, the bank’s deposit rates are lower than many other options. U.S. Bank is a reasonable choice for those seeking a one-stop solution to handle their money, especially those who can easily access a branch or ATM.
Editorial disclosure: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.