U.S. Bank Review 2024 (2024)

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.

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 4.50% APY 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 4.40% APY), 9months (up to 5.05% APY), 11 months (up to 4.30% APY) and 15 months (up to 4.20% 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.