U.S. Bank Review 2024
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At a glance
CDs
Savings
MMA
About Bankrate Score
Overview
U.S. Bank offers the convenience of a vast branch network — primarily in the Western and Midwestern parts of the U.S. Its digital banking services are well received. If you’re looking for higher rates on savings or lower hurdles to avoid a monthly fee on your checking, you may want to consider other options.
Highlights
- 24/7 Customer Service
- Digital Leader
- Highly Rated App
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Overall
U.S. Bank offers a full range of products and services that include checking and savings accounts, a money market account and CDs. The bank maintains branches in 26 states, and anyone in the U.S. can open accounts online. Higher rates of return can often be found at other financial institutions, however.
Pros
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The bank provides generous access to branches and to ATMs.
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The mobile app is highly rated by iPhone and Android users.
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It offers a wide variety of short-term CDs and some special CD terms that have higher yields than its standard offerings.
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You can use the smart assistant feature through the bank’s website or mobile app.
Cons
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The hurdles to avoid some monthly fees on certain products are high.
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You can earn better APYs elsewhere.
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Navigating the U.S. Bank website can be frustrating.
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U.S. Bank banking products
U.S. Bank savings overview
A $25 deposit is required to open the account.
Pros
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The minimum opening deposit on the Standard Savings account is only $25.
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The Standard Savings account can be used as overdraft protection for a U.S. Bank checking account.
Cons
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The Standard Savings account earns very little interest.
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Those who don’t have a Smartly Checking account and enroll in Smart Rewards have to keep a minimum balance in their standard savings account to avoid the $4 monthly service fee.
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U.S. BankAPYAPY last updated between 11/16 and 11/22.APYAPY last updated between 11/16 and 11/22.National average APYHow do we get this data?Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
Bank fees
| Fee | Charged |
|---|---|
| Overdraft fee | $36 |
| Non-sufficient funds fee | None |
| Monthly maintenance fee | $4 – $10 |
| Out-of-network ATM fee | $2.50 |
| Excessive transaction fee | None |
Customer experience
Customer support
24/7 support. Customer support is available on the U.S. Bank website, where you can find a branch, make a physical or virtual appointment or call to get help. Customer service can be reached by phone on a 24/7 basis.
Mixed customer satisfaction. U.S. Bank customer satisfaction varies with location, according to J.D. Power’s 2024 U.S. Retail Banking Satisfaction Study. For example, while U.S. Bank ranked first in customer satisfaction in California for the fourth year in a row. The bank scored below average in Illinois, the Lower Midwest, North Central and South Central regions.
Physical presence. U.S. Bank operates branches in 26 states and also allows customers to open accounts online from anywhere in the country.
Digital experience
Highly rated mobile app. U.S. Bank’s mobile app is highly rated on the Apple App and Google Play stores. More than 300,000 Android users have reviewed the app, while more than one million users have reviewed it for iOS. “It’s very simple to find what you’re looking for on the app,” said a Bankrate staff member with a U.S. Bank account. “You can access all of the main banking options from the top drop-down menu as well as a menu that sticks at the bottom. It also shows your accounts and balances right at the top of the app.”
Frustrating website experience. In contrast to the app, navigating the mobile site on a phone (and sometimes even on a computer) is difficult, according to a Bankrate staff member with an account, adding that they spent some time searching for the free credit score and cash-back page before finally giving up. Lastly, U.S. Bank’s pages don’t prominently display monthly maintenance fees, although all accounts reviewed here charge one.
Smart assistant feature. This page lets you submit questions or commands (including verbally on the mobile app). For example, you can ask the assistant about your recent transactions, how much you spent last month or what bills are due this week.
Complaints
CFPB enforcement action. In 2022, the Consumer Financial Protection Bureau (CFPB) found that U.S. Bank opened deposit accounts and issued credit cards and lines of credit for consumers without their knowledge or consent. The CFPB ordered U.S. Bank to pay a $37.5 million penalty and develop a plan to remediate harmed consumers.
In 2023, U.S. Bank had to pay a total of $20.7 million because it kept people from obtaining their unemployment benefits during the COVID-19 pandemic, according to a CFPB news release.
Bankrate staff insights
“Overall, I’ve had a very good experience with my local U.S. Bank branch,” said a Bankrate staff member with an account. “The bank offers a great checking account experience with tools like the smart assistant feature and the spending tracker page, but the savings account rate is abysmal. It’s so low that you’re better off using an online bank for a much better rate.”
Disclosure: To enhance our product reviews, Bankrate employees often open accounts and provide feedback. They may have been compensated for their time and account maintenance, but this does not affect the integrity of their review.
About U.S. Bank
Based in Minneapolis, U.S. Bank is the fifth-largest commercial bank by consolidated assets in the country. It offers a full range of products, including deposit accounts and mortgages. Like most major banks, its history is filled with mergers and acquisitions, most notably the 1997 acquisition of U.S. Bancorp of Oregon by Minneapolis-based First Bank System.
U.S. Bank operates more than 2,000 branches in 26 states. Accounts can be opened in person or online, and the mobile app comes highly rated.
How U.S. Bank compares to other banks
Compare different account types offered by U.S. Bank. Annual percentage yields (APYs) shown were updated between Nov. 16, 2024 and Nov. 22, 2024.
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Selected bank
US Bank money market account
Bankrate score
N/A
Bankrate Money Market rating = 0.0/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
Most comparable
Wells Fargo money market account
Bankrate score
2.1
Bankrate Money Market rating = 2.1/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
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Bankrate score
Bankrate Money Market rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
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APY
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Nov. 16, 2024 and Nov. 22, 2024.
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| N/A | 0.05% | |
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Minimum balance for APY
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| N/A | $10,000.00 | |
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Estimated earnings
Interest earned calculation based on a $50,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
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| N/A | $25 | |
| U.S. Bank’s Elite Money Market Account earns a robust APY, but only for a limited time on balances at or above $25,000 due to a bonus APY being offered. Otherwise, the account is tiered — meaning you earn a higher APY the more you deposit — but all of those yields are very low. Much better deals can be found elsewhere. The account can be opened with just $10 and comes without monthly fees. | The Wells Fargo Platinum Savings account has check-writing privileges. That might give you more payment flexibility than with other savings accounts. The bank doesn’t offer a debit card for this account. | |
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N/A
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N/A
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Bankrate does not currently track additional product details for this bank.
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APY offering:
0.05%
1/5
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
Minimum balance for APY:
$25.00
5/5
The lowest deposit amount an account must have before it can earn interest.
Monthly service fee:
$12.00
2/5
A monthly charge a financial institution deducts from an account if certain requirements are not met.
Minimum balance to avoid fee:
$3,500.00
2/5
The lowest balance an account must maintain in order to avoid a fee.
Check writing:
Yes
5/5
The ability to write a certain amount of checks within a statement cycle.
Debit/ATM access:
Good
4/5
The ability to withdraw funds from an account through the use of debit or ATM card
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APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
The lowest deposit amount an account must have before it can earn interest.
A monthly charge a financial institution deducts from an account if certain requirements are not met.
The lowest balance an account must maintain in order to avoid a fee.
The ability to write a certain amount of checks within a statement cycle.
The ability to withdraw funds from an account through the use of debit or ATM card
Bankrate does not currently track additional product details for this bank.
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U.S. Bank FAQs
Review methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
U.S. Bank customer reviews
U.S. Bank has 23 reviews
Dive into community reviews below and see what others think about U.S. Bank.
In July 2024, Bankrate collaborated with a third-party vendor to survey 1,200 bank account holders nationwide. Bankrate and our vendor collected and summarized account holder responses to five rating questions on a 5-point scale as well as open-ended reviews of the banking experience. Responses are based on individual account holder product details, and therefore cannot be verified for accuracy. Reviewers received an incentive for their feedback. Their ratings are unedited and have not been reviewed or approved by the associated bank or credit union, nor do these responses reflect Bankrate's own expert review of these banking products.
Community Reviews
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