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U.S. Bank is one of the largest banks in America—and one whose deposit-account offerings are well worth a look. A number of its accounts pay high interest and charge low monthly service fees.
It’s also a full-service bank, offering small business banking and financing, a full range of loan types, credit cards, and even international transactions.
Many large banks rely on their size and reputation to draw in customers, despite paying subpar interest on deposits. That’s not true of U.S. Bank. It’s one of the largest banks in America—and it pays competitive interest on many deposit accounts, some among the highest in the industry.
That makes U.S. Bank a good choice for many consumers. Being a full-service bank, it can provide almost any financial service you may need. For example, if you have a small business, it offers a full suite of business banking services and financing. If you transact business internationally, it can accommodate foreign transfers.
The bank also offers all types of loans, including a lineup of some of the most attractive credit cards in the industry.
With a large network of branches in more than half the states, U.S. Bank can be an especially excellent choice if you live in one of those states and prefer an in-person option.
U.S. Bank offers its interest-bearing Smartly Checking account, currently paying 0.001% APY on balances up to $25,000, and 0.005% on higher balances. You can open an account with just $25. The account has a monthly service fee of $6.95, which can be waived with 1) combined monthly direct deposits of $1,000 or more, 2) maintaining an average account balance of at least $1,500, or 3) having an eligible U.S. Bank consumer credit card. Current members of the military and customers 24 and under or 65 and over are also exempt from the fee.
There are no overdraft fees if the account is overdrawn by $50 or less, and you can participate in the Overdraft Fee Forgiven program for deficiencies of more than $50. The account also comes with a U.S. Bank Visa debit card.
You can enroll in its Smart Rewards program, which provides progressively increasing benefits with higher account balances. These include an increase in the interest earned on your account, waiver of out-of-network ATM fees, free investment trades, and a quarter-point reduction in the rate on a new first mortgage, up to $1,000.
Why we recommend it: This is a good, simple checking account with low minimum initial deposit, easy-to-avoid monthly maintenance fees, and overdraft forgiveness. The interest rate on the account is admittedly low, but it’s a checking account, not a savings or money market account.
This account helps you manage your money better and build credit. It doesn’t offer paper checks, but there are no overdraft fees. The minimum opening deposit is $25, and there is a monthly service fee of $4.95, which cannot be waived. The account comes with online and mobile banking, as well as a U.S. Bank Visa debit card.
Why we don't recommend it: Neither checking account is one we would recommend as a standalone account. There are better checking accounts offered by competitors. But if you have other accounts with U.S. Bank, opening one of these checking accounts can work for you.
U.S. Bank offers three primary business checking accounts. The accounts are similar in features, with each successive account designed for a higher level of business activity.
U.S. Bank Silver Business Checking is a simple, non-interest-bearing account, giving you access to mobile and online banking, mobile check deposits, Bill Pay, Zelle, and a U.S. Bank Visa debit card that can be used for purchases and to access your funds at more than 13,000 ATMs across the country. You can open an account with as little as $100.
Silver Business Checking provides 125 free combined transactions each month, after which there will be a fee of $0.50 per transaction. You can also deposit up to $2,500 per month into the account without incurring a transaction fee. Equally important, this account has no monthly maintenance fee.
Why we recommend it: Good business checking account choice for a new or small business, due to the low upfront deposit requirement, no monthly maintenance fee, and a generous number of fee-free transactions.
U.S. Bank Gold Business Checking comes with all the same features as Silver Business Checking, including an upfront deposit requirement of just $100. However, it provides a much more generous number of free transactions, at 300 plus up to $10,000 in free cash deposits each month. If you exceed the free transaction limit, there is a fee of $0.45 per excess transaction. This is also an interest-bearing account, currently paying 0.01% APY on all account balances.
Gold Business Checking does have a monthly maintenance fee of $20, which can be waived with one of the following five activities:
Why we recommend it: Good choice for medium-sized businesses because it requires a low opening deposit and offers a large number of fee-free transactions. There is a monthly fee, but there are five options to have it waived.
U.S. Bank Platinum Business Checking comes with all the features of the Silver and Gold Business accounts, but adds an even higher level of fee-free transactions. That includes up to 500 free transactions, which includes up to $20,000 in free cash deposits. There is a fee of $0.40 per transaction if you exceed the free limit. Like the other business checking accounts offered, the initial required deposit is just $100.
Platinum Business Checking has a $30 monthly maintenance fee, which can be waived with either of the following: $25,000 average collected checking balance, or $75,000 combined average collected business deposits and outstanding business credit balances.
Why we don’t recommend it: The account is non-interest bearing and has a high monthly maintenance fee that isn’t easily waived. A better strategy is to go with the Gold Business Checking if you don’t exceed the fee-free transaction limit, or don’t exceed it by much.
U.S. Bank offers two different money market accounts.
The Elite Money Market Account is one of the best deposit accounts offered by the bank for those with substantial funds. Though the account pays only 0.01% APY on balances below $25,000, the rate rises to 4.50% APY on balances of $25,000 or more. You can open an account with just $100. The account comes with an ATM card.
There is a monthly maintenance fee of $10, which can be waived if you maintain a $10,000 minimum daily balance, open a Smartly Checking account, and enroll in Smart Rewards at the Primary ($20,000 minimum balance) tier or higher.
Why we recommend it: Our recommendation is mixed. The Elite Money Market is a definite go if you have at least $25,000 and can earn the top interest rate. But if you have less, the APY isn’t worth pursuing. We can make no recommendation on the Retirement Money Market since the interest paid is not published, nor is the account available if you are unable to open the account at a local branch.
U.S. Bank also offers the companion to the Elite Money Market account and is designed for IRA accounts: Retirement Money Market. It requires a minimum opening deposit of $100 or an automatic monthly deposit of $25. There is no monthly maintenance fee. The bank does not disclose the interest paid on the retirement MMA, and you are required to go to a bank branch to open an account in person.
U.S. Bank offers a business savings account and three business money market accounts. We're going to focus exclusively on the Platinum Business Money Market account because of its high interest rate. The other accounts pay rates of 0.01% or 0.05% on most account balances and only get a little over 1% when you have a balance of at least $1 million.
Platinum Business Money Market offers tiered interest rates starting at 0.05% APY and rising to 1.15% APY at the highest balance levels. But if you have at least $25,000 in the account, U.S. Bank is currently paying a bonus APY of 4.60% on the amount over $25,000 and all the way up to $2,999,999.99.
The account can be opened with as little as $100 and comes with services offered on other U.S. Bank business accounts, including a Visa debit card, access to the ATM network, and online and mobile banking. There is no deposit fee for the first 25 deposits into the account, then a fee of $0.25 applies to each additional deposit transaction. There is a monthly service fee of $15, that can be waived with a $10,000 minimum daily ledger balance.
Why we’re neutral on this account: Because of the contingent bonus interest arrangement and the twin fees (monthly maintenance and excess deposit transactions), it will be difficult to calculate if this account will produce a positive cash flow for your business. If you normally keep a money market balance well in excess of $25,000—and you don't make more than 25 deposit transactions per month—the account can be a winner for your business. But if your normal account balance is below $10,000, and you make more than 25 deposits per month, you will be hit with both fees without getting the benefit of the bonus interest.
U.S. Bank has three different CD offerings:
These certificates are available in denominations between $500 and $250,000, with terms ranging from one month to 60 months. Interest rates range between 0.05% for a one-month term to .25% for a 60-month term.
This is a 28-month certificate requiring a deposit of between $1,000 and $250,000. The rate starts at 0.05% APY for the first seven months, with increases of 0.20% every seven months. That will result in 0.25% APY for the second seven-month term, rising to 0.45% APY at the next adjustment, and 0.65% APY for the last seven months. That results in a blended rate of 0.35% over the 28-month term.
These certificates come in terms of 30 months and 60 months, with a required investment of between $1,000 and $250,000. The 30-month certificate currently pays 0.10% APY, while the 60-month certificate pays 0.40% APY. In either case, you can trade up to a higher rate if one comes along during the term of the CD.
But that’s not the end of the story…
U.S. Bank is offering a CD Special paying some of the highest rates available:
Each certificate requires an investment between $1,000 and $250,000.
Why we recommend it: We recommend the CD Special certificates if you are looking to earn near best-in-class rates on CDs with terms between seven and 19 months. Unfortunately, the rates being paid on the other three types of CDs are easily beaten by many competitors.
U.S. Bank’s Automated Investor is an online, automated investment service, commonly known as a robo-advisor. With an investment of as little as $1,000, you can enjoy the benefits of a fully diversified portfolio of U.S. and international stocks, fixed income securities, and even real estate. You will complete a questionnaire that will be used to determine your investment goals and risk tolerance. A portfolio will be designed based on your answers to those questions. Funds are invested in low-cost exchange traded funds (ETFs), each holding hundreds or even thousands of individual securities.
Once your portfolio is in place, it will be reviewed each day, and—if necessary—rebalanced to maintain target allocations. As you add new funds to the account, they are invested based on your portfolio’s designated asset allocation. The investment service uses five different investment mixes: conservative, moderate conservative, moderate, moderate aggressive, and aggressive. On the conservative end, the portfolio mix includes a larger percentage of fixed-income securities and less in stocks. An aggressive portfolio will be invested primarily in stocks, with only a small fixed-income component.
Automated Investor offers individual and joint taxable accounts, and traditional, Roth, and SEP IRAs. The investment advisory fee is just 0.24% per year, charged at a rate of 0.06% each quarter.
Why we recommend it: Automated Investing is an excellent opportunity to invest your money with the same institution where you bank. That will make funds transfers into your investment account quick and easy. The account includes complete portfolio management at a low annual fee, and is available for both taxable accounts and retirement accounts.
Other financial products offered by U.S. Bank include the following:
U.S. Bank also provides home, vehicle, and personal loans, and a wide range of credit cards for consumers.
ATM Network U.S. Bank maintains a network of more than 4,700 ATMs nationwide. It also participates in the MoneyPass network, with more than 40,000 ATMs.
U.S. Bank charges the following fees, in addition to monthly service fees included in the account descriptions above:
Early withdrawal penalties on CDs: U.S. Bank does not disclose these fees. Instead, depositors are advised to call the bank directly and request the penalty that applies to the specific CD term taken.
U.S. Bank uses standard bank security procedures, including encryption of the transmission of data to prevent access from unauthorized parties. You can also set up two-factor authorization and account alerts to add extra layers of security to your account.
U.S. Bank provides Digital Security Coverage. If you report an unauthorized transaction quickly, you will not be liable for that payment. The policy applies whether you use the mobile banking app or online banking.
Finally, all accounts are insured by FDIC for up to $250,000 per depositor.
Customer service is available via toll-free phone at (800) 872-2657, which is available 24 hours a day, seven days per week. You can also contact the bank through online or mobile banking platforms, or visit one of more than 2,000 branches nationwide.
In addition to its large network of branch locations across 26 states, U.S. Bank offers both online and mobile banking. Both platforms enable you to connect your accounts to other financial institutions, deposit checks, pay bills, transfer funds, use a digital wallet, and send and receive funds using Zelle.
U.S. Bank is owned by U.S. Bancorp, a publicly traded company on the New York Stock Exchange with the ticker USB. The company has nearly $675 billion in total assets and is one of the largest financial corporations in America.
U.S. Bank was founded in 1891, as the United States National Bank of Portland (Oregon). In 1929, the bank merged with First National Bank of St. Paul (Minnesota), a financial institution that began operations in 1864. The bank went through a series of mergers and acquisitions, finally becoming U.S. Bank in 1997.
U.S. Bank has a Better Business Bureau rating of A-, where it has been accredited since 1970. Trustpilot gives it an unfavorable rating of 1.3 out of 5 stars based on 746 reviews.
The mobile app has a rating of 4.7 out of 5 stars among more than 380,000 Android users on Google Play, and 4.8 out of 5 stars among nearly 1.5 million iOS users on The App Store.
Based in Minneapolis, Minnesota, U.S. Bank has almost 77,000 employees located in 13 countries. That includes more than 2,000 branches in 26 states across the U.S. The ATM network includes more than 4,700 bank locations, in addition to more than 40,000 MoneyPass locations, where ATMs can be used fee-free.
U.S. Bank matches the competition with select CDs and is a leader with a 4.50% APY on money market accounts with balances over $25,000. However, its checking and savings products are not as attractive as those offered by major competitors.
| Bank / Feature | U.S. Bank | CIT Bank | Discover | Quontic | Axos Bank | Live Oak |
|---|---|---|---|---|---|---|
Savings | See website for details. | 5.05% on >$5K; 0.10% on <5K; No fees; $100 min. | 4.30% APY; No fees; No min. deposit | 4.50% APY; No fees; $100 min. deposit | <5K:0.61%; >25K: 0.25%; >100K: 0.15% APY w/checking; No fees; $250 min. | 4.00% APY; No fees; No min. deposit |
MMA | 0.25% on >$25K, 4.50% on <5K; $10 waivable monthly fee; $100 min. | 1.55% APY; No fees; $100 min | Up to 100K: 4.20%; 100K+: 4.25%; $2,500 min. | 5.00% APY; No fees; $100 min. deposit | 0.25% APY; No fees; No min. | N/A |
CDs | 7 mos.: 4.80%; 11 mos.: 4.95%; 15 mos.: 4.85%; 19 mos.: 4.85%; Other terms 0.05% to 0.25%; $500 min. | 6 mos.: 5.00%; 18 mos.: 4.60%; 11 mos.: 4.90%; 13 mos.: 4.65%; 18 mos.: 4.60%; $1,000 min. | 6 mos.: 3.40%; 12 mos.: 4.85%; 18 mos.: 5.00%; 24 mos.: 4.30%; 30 mos.: 4.30%; 36 mos.: 4.30%; 48 to 60 mos.: 4.00%; 7 to 10 years: 3.80%; $2,500 min. | 6 mos.: 5.05%; 12 mos.: 5.30%; 24 mos.: 4.50%; 36 mos.: 4.40%; 60 mos.: 4.30%; $500 min. | 3 to 60 mos: 0.20% APY; $1,000 min. | 3 mos.: 3.00%; 6 mos.: 5.00%; 9 mos.: 5.05%; 12 mos.: 5.10%; 18–60 mos.: 2.00%; $2,500 min. |
Checking | <5K: 0.001%; 25K+: 0.005%; $6.95 waivable monthly fee; $25 min | Up to 25K: 0.10% APY; 25K+: 0.25% APY; No fees; $100 min. | 0% APY; 1% cashback; No fees; No min. deposit | 1.10% APY; No fees; $100 min. deposit | Up to 3.30% APY for rewards checking, no min. balance, no fees | N/A |
Loans | Credit cards; personal, home, and auto loans | Home loans | Credit cards, home loans, personal and student loans | Home loans | Personal, home, and auto loans | SBA loans, SDA loans, commercial loans |
U.S. Bank is somewhat unusual among large banks in that it offers competitive rates on most deposit accounts. This is especially true with its shorter-term CDs (under 19 months) and its money market account, which pays a rate of 4.50% APY on balances over $25,000.
In addition, U.S. Bank is a full-service bank, offering all account types, as well as investing and wealth management, business banking and financing, and even corporate and commercial banking services.
U.S. Bank is an especially good choice if you live in one of the 26 states where the bank has branch locations.
To close a U.S. Bank account you must first notify the bank of your intention to do so. You will need to terminate pre-authorized electronic deposits and withdrawals from the account and be sure all such transactions have been settled in the account before closing it out. You will still be responsible for any transactions that hit the account after closure.
The U.S. Bank routing number is 122105155.
U.S. Bank provides standard bank security practices and procedures to protect both your personal information and your money on deposit. All accounts are covered by FDIC insurance for up to $250,000 per depositor.
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