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U.S Bank is one of the largest national banks in the U.S., and the history of this Minneapolis-based financial institution’s dates back over 150 years. U.S Bank offers many personal bank accounts, including savings accounts, checking accounts, money market accounts, CDs and more. Unfortunately, though, none of its accounts offer high-yield interest rates that compare with popular online banks.
Here’s a closer look at U.S Bank and the banking products and services it provides. A zip code is required to confirm rates, so all APYs are for customers in Minneapolis, the home of U.S. Bank’s headquarters.
U.S. Bank’s Standard Savings is a basic savings account. It’s no-frills and interest bearing, but earns low rates on all balances, in line with other national banks. Plus, you certainly won’t build much extra savings through interest payments if you don’t meet account requirements to waive the $4 monthly service fee.
The account is accessible online and through U.S. Bank’s mobile app. Account holders can maximize their savings by setting up recurring automatic transfers from other U.S. Bank accounts. You can also set up custom email and text alerts to stay on top of account activity.
Platinum Select Money Market Savings accounts are only available for U.S. Bank Platinum Checking customers. The account offers near-identical features and benefits as a Standard Savings account, except it carries no monthly service fees.
Package Money Market Savings is another savings account tied to one of the bank’s checking accounts — you’ll need to open a Gold Checking account to qualify for a Package Money Market Savings account. Again, there is little difference between this account and a Standard Savings account, as they both feature a low interest rate on all balances; other top money market accounts offer much more competitive rates than you’ll find at U.S. Bank. Account holders do get a break with no monthly service fees, but the account offers few benefits otherwise.
U.S. Bank’s Elite Money Market account offers some additional features that don’t come with its other savings products, including check-writing privileges. The account requires a higher opening deposit than other accounts, too: Elite Money Market accounts are geared toward individuals who plan to keep a larger balance on hand, as it requires at least $10,000 on average to waive the $10 monthly service fee.
Opening a Retirement Money Market account through U.S. Bank requires having an individual retirement account plan — plus, it’s also one of the only accounts that require a trip to your local U.S. Bank branch to open. There are no monthly service fees on this tax-advantaged account.
Explore our list of the best savings accounts offered today.
Easy Checking is U.S. Bank’s basic checking account offering. This account comes with check writing privileges and a free Visa debit card. Using your debit card won’t cost anything at U.S. Bank ATMs, but you’ll have to pay a fee for out-of-network ATM use.
Along with ATM access, Easy Checking comes with access to online, mobile and text banking, as well as free access to your TransUnion credit score. You can opt in for overdraft protection, where you’ll pay no fees for transfers from an eligible U.S. bank deposit account — otherwise, overdraft fees can cost you up to $36 in per transaction, up to four charges per day, depending on how much your account is overdrawn. Should you choose to opt out of overdraft protection, any transactions you can’t afford will be declined.
A Gold Checking account opens the door to several extra benefits not offered with Easy Checking. First, there are no overdraft fees with a linked U.S. Bank deposit account. You can also add up to two additional Easy Checking accounts for family members without monthly service fees.
Gold Checking customers also gain access to a 0.25% discount on your first U.S. Bank mortgage loan amount, deducted from your closing costs (up to $1,000), as well as 100 free trades annually through its sister company, U.S. Bancorp Investments.
Platinum Checking is the only interest-bearing checking account available through U.S. Bank, although it features a low rate similar to other deposit accounts offered by the bank. Platinum Checking customers pay no ATM fees or overdraft fees, and the account also comes with a free box of standard checks. Plus, similar to Gold Checking, the account gives customers access to a 0.25% discount on your first U.S. Bank mortgage loan amount, deducted from your closing costs, up to $1,000.
Other notable perks of Platinum Checking include 100 free trades per year through U.S. Bancorp Investments, no annual fees on home equity lines of credit through U.S. Bank and half off the annual fee on a safe deposit box through the bank.
U.S Bank also offers a basic checking account for students. The account has no monthly service fees or ATM fees at U.S. Bank ATMs, and also comes with a free box of standard checks to start. In addition, U.S Bank partners with select colleges across the country to offer campus banking, with perks including campus card programs, on-campus branches, ATMs and advisory centers.
Safe Debit is a checking account without checks. The account comes with a free debit card, access to your credit score and no overdraft fees. However, unlike other U.S. Bank accounts, there’s no way to waive the $4.95 monthly fee charged on Safe Debit accounts.
Our list of the best checking accounts on the market is updated monthly.
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U.S. Bank offers a few different CD options for interested customers. Its primary offering is its standard CDs, available in multiple terms ranging from one month to five years. Like most traditional banks, U.S. Bank’s CD rates are higher than those found with their savings accounts, but they still don’t compare to what you might find with the best online banks. A minimum $500 deposit is required to open a standard CD and earn its APY, with a maximum deposit and APY-eligible amount of $250,000.
U.S Bank’s CD Specials come with promotional rates much higher than their standard CDs, but the minimum opening deposit to earn the APY is $1,000. The most significant promotional APY offered is 1.00% for a 59-month CD.
U.S Bank also offers Step Up CDs with rates that go up every seven months during a 28-month term, and Trade Up CDs, available in 30- and 60-month terms. With a Trade Up CD, customers can receive a one-time rate increase if rates increase during the CD’s term.
Looking for competitive CD offerings? Don’t miss our collection of the best CD rates.
U.S. Bank customers can access roughly 2,300 bank branches available across 26 states to do their banking. Customers can also access their money through an extensive ATM network and thousands more fee-free ATMs through a partnership with MoneyPass.
More recently, U.S. Bank has increased its digital support options to give customers more ways to connect and get help. You can email U.S Bank support through your online account or tweet general questions via the bank’s Twitter account at @AskUSBank. Customers can also schedule an appointment with a banker at any U.S. Bank location or reach customer service by phone at 800-872-2657.
The U.S. Bank mobile app allows customers to bank on the go. The app, available for iOS and Android, will enable you to manage your accounts, make mobile check deposits, transfer money, pay bills, send money to family and friends via Zelle and much more.