U.S. Bank Checking and Savings Account Review
- What is U.S. Bank?
- How do U.S. Bank checking and savings accounts work?
- U.S. Bank Fees
- U.S. Bank Features
- Who is U.S. Bank best for?
- Who shouldn’t use U.S. Bank?
- U.S. Bank Pros and Cons
- U.S. Bank vs. competitors
- The bottom line
What is U.S. Bank?
How do U.S. Bank checking and savings accounts work?
U.S. Bank checking accounts
Easy Checking Account - The most basic checking account; best for anyone looking for basic checking services. You’ll save money on monthly maintenance fees if you enroll in mobile banking.
Gold Checking Account - Best for anyone looking for checking services who already have a U.S. Bank loan or credit card.
Platinum Checking Account - Best for anyone looking for a higher-tier checking account with higher APY rates.
Student Checking - Best for students who want to avoid a monthly fee and are looking for additional perks and benefits.
Safe Debit Account - Best for anyone who does not need paper checks who’s looking for overdraft protection.
U.S. Bank savings accounts:
Standard Savings Account - Best for new savers and anyone just starting to get smart about their finances. This account can be linked to your U.S. Bank standard savings account and has a monthly fee of $4.
Platinum Select Money Market Savings - Exclusive for Platinum Checking package customers. You’ll gain access to higher rates and the monthly fee is automatically waived.
Package Money Market Savings - Exclusive for Gold Checking package customers. You’ll gain access to higher rates and the monthly fee is automatically waived.
Elite Money Market Account - Best for anyone looking to earn higher interest on larger deposits. There is a minimum monthly fee of $10.
Retirement Money Market Savings - Best for anyone looking to further diversify their investment portfolio and gain access to tax advantages.
U.S. Bank Fees
|Checking Account Type||Monthly Fee||Fees are waived if||Minimum Opening Deposit|
|Easy||$8.95||Direct deposits of $1,000 or more each month, OR average account balance of $1,500, OR 65+ older||$25|
|Gold||$14.95||You have an existing U.S. Bank loan, mortgage, personal line of credit, or credit card||$25|
|Platinum||$24.95||Have $25,000 in U.S. Bank account, OR have a personal trust with U.S. Bank Wealth Management Services||$25|
|SafeDebit||SafeDebit||Cannot be waived||$25|
|Savings Account Type||Monthly Fee||Fees are waived if||Minimum Deposit Amount|
|Standard||$4||$300 minimum ledger balance OR $1,000 average monthly balance OR under 18||$25|
|Elite Money Market||$10||$10,000 minimum daily ledger balance||$100|
|Retirement Money Market||$0||N/A||$100|
U.S. Bank Features
Free Account Options
Great selection of account types
Free savings account for minors
Location services safety features
Who is U.S. Bank best for?
University students and seniors
Existing U.S. Bank customers
Anyone looking for low-cost, basic checking
Who shouldn’t use U.S. Bank?
Anyone looking for high-interest savings
U.S. Bank Pros and Cons
- Access to 3,000+ branches and 5,300+ ATMs. Even though U.S. Bank doesn’t have branches in all 50 states, it does offer a large number of in-person branches throughout the country. If you do live in a state without a branch, they also offer access to over 5,300 ATMs where you can conduct most banking transactions.
- Robust digital services and mobile app. Since U.S. Bank is scattered primarily across the West Coast and Midwestern states, I was glad to see that their digital technology is top-of-the-line. You can conduct nearly any type of transaction from your phone including bill pay, money transfers, mobile check deposits, and activating bank cards.
- Access to Zelle. If you need to send money to family or friends in a hurry, U.S. Bank allows you access to Zelle, which will let you transfer money using only a phone number or email address. Best of all, this feature is free.
Minimum deposits required. U.S. Bank does not require minimum deposits for all checking accounts but does have monthly direct deposit requirements for savings accounts. Although the deposit requirement is quite low for 4 out of 5 savings plans ($10 - $25), I’d like to see a standard option without a deposit requirement. High overdraft fees. If you tend to go over your account balance, U.S. Bank’s overdraft policy is fairly strict. They can charge a $35 overdraft fee up to four times a day and even charge an additional fee if your account remains in the negative for over a week. (If you have multiple accounts, automatic overdraft protection transfers could save you from this fee but do charge up to $12.50 for the transfer fee.) High minimums to waive monthly fees. Unless you luck into a free account, you’ll need to maintain a minimum balance of $1,500 to avoid monthly fees. While there are other ways around this monthly fee, I wish this minimum requirement was closer to $500.
U.S. Bank vs. competitors
U.S. Bank vs. Citibank
U.S. Bank vs. Wells Fargo
|Bank||Minimum Deposit||Monthly Fee||Savings APY||Overdraft Fee||Number of Branches|
|U.S. Bank||$25||$0 - $24.95||0.01%||$35 per transaction (4 per day); additional fees after overdraft for more than 7 days||2,700|
|Citibank||$0||$4.50 - $30||0.04% - 0.70%||$34 per transaction (4 per day)||700|
|Wells Fargo||$25||$10||0.01%||$35 per transaction (3 per day)||5,400|
The bottom line
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