U.S. Bank Review 2023

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U.S. Bank


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Expert Take

With U.S. Bank you can find all of your standard banking services. If you're located in the West or Midwest, you shouldn't have any trouble locating a branch or ATM, and you can enjoy all of the convenience of a big bank.


  • Tons of locations in the West and Midwest
  • Big, secure, national bank
  • Wide variety of products and services


  • Limited presence in the East
  • Numerous fees

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at U.S. Bank

U.S. Bank is the consumer banking division of U.S. Bancorp, which is the fifth largest bank in the United States.

The bank traces its history back to 1863 when it was first opened as the First National Bank of Cincinnati.

Following a series of mergers and acquisitions in the early 2000s, U.S. Bank officially established its headquarters in Minneapolis, Minnesota, and now operates more than 2,000 physical branches with a focus in the Midwest and Western U.S.

In this U.S. Bank review, we’ll evaluate its products, fees, and services to help you determine if it’s right fo you.

U.S. Bank Checking Accounts

U.S. Bank offers two different checking account options.

1. U.S. Bank Smartly Checking Account

U.S. Bank’s primary checking account earns variable interest and comes with a wealth of benefits to help you manage, move, and spend your money wisely.

The U.S. Bank Smartly checking account has no ATM fees at U.S. Bank and MoneyPass Network ATMs.

It doesn’t charge overdraft fees on balances of $50 or less and forgives fees for overdrafts of more than $50 if you cover the overdraft by 11 PM on the day you’re charged.

While there is a monthly maintenance fee of $6.95, there are several easy ways to waive it, like being a young adult or senior citizen. Teens can apply for a joint account with an adult and enjoy Smart Rewards such as waived savings account fees.

The account comes with useful online banking tools, like Zelle payments, mobile deposits, contactless payments, and automated bill pay. You can also choose from a range of Visa card designs for a customized look.

U.S. Bank Logo

up to $1000

U.S. Bank : Smartly® Checking
Open online


2. Safe Debit Account

Safe Debit is a checkless checking account, a basic checking account that offers all of your basic checking needs, including a debit card, online banking, and online bill pay.

There are no physical checks available with this account, so all transactions occur digitally or with your debit card.

What makes the account “safe” is the lack of overdraft fees. Instead of being able to overdraft your account, your card will simply decline if you try to make a purchase that you cannot afford.

If, in the unlikely event you overdraft your account balance due to a restaurant tip or other unexpected charge, you will have to settle that up to continue using your account.

Safe Debit comes with a monthly maintenance fee of $4.95. Unfortunately, there’s no way to get around the fee.

U.S. Bank Savings Accounts

U.S. Bank offers three different savings accounts, each of which can link to a checking account and be used for overdraft protection (with the exception of Safe Debit).

Note: The Annual Percentage Yields (APYs) may vary depending on your location, so be sure to reference the U.S. Bank website for rates specific to your area.

1. Standard Savings Account

  • All Balances: 0.01% APY

Standard Savings is a basic, entry-level savings account for account balances of any size.

With this account, you’ll have online banking, automatic transfer options, and custom account alerts. You’ll also earn interest on your deposits, but the APY currently sits at just 0.01%.

Standard Savings has a small monthly service fee of $4 per month, and you can avoid it in a few ways:

  1. Maintain a $300 minimum daily balance
  2. Maintain a $1,000 average monthly balance
  3. Hold a joint account with someone 17 or younger
  4. Fall into the Smart Rewards Primary tier and have a Smartly Checking account

2. Elite Money Market Account

  • On Select Balances: up to 4.00% APY

The Elite Money Market account is a better option for larger accounts, offering competitive interest on high account balances.

While balances with less than $25,000 only earn 0.01% APY, higher tiers offer a 4.25% APY bonus that allows them to earn up to 4.50% APY.

Elite Money Market comes with a $10 monthly fee, which you can avoid by maintaining a minimum daily balance of $ 10,000 or opening a Smartly Checking account and falling into the Primary Smart Rewards tier.

There’s also a $100 minimum opening deposit.

3. Retirement Money Market

  • All Balances: 0.01% APY

The Retirement Money Market is a personal savings account for customers who have an Individual Retirement Account (IRA) with U.S. Bank.

The account has no monthly maintenance fee and requires a $25 automatic monthly deposit or a $100 initial opening deposit.

You won’t be able to apply for this account online, so stop by your local bank branch if you’re interested in opening one up.

U.S. Bank CDs (Certificates of Deposit)

U.S. Bank has a few options when it comes to CD accounts. Each CD account earns interest on deposits. As with most CD accounts, how much interest you earn depends on how long of a term you select.

Here is an overview of the current US Bank CD APYs and terms:

1. Standard CD

U.S. Bank’s entry-level CD comes with a term length from 1 to 60 months. The APY increases the longer you commit your funds, regardless of your account balance.

Here’s the current breakdown of the CD APY tiers:

  • 1-24 month CD term | 0.05% APY
  • 36-month CD term | 0.10% APY
  • 48-month CD term | 0.15% APY
  • 60-month CD term | 0.25% APY

You’ll need at least $500 to open this CD account (all the other options require $1,000).

2. CD Special

A CD Special account gives you access to a more attractive APY. You’ll need an initial deposit of at least $1,000.

Here’s the current CD Special term and rate:

  • 7-month CD term | 4.80% APY
  • 11-month CD term | 4.90% APY
  • 15-month CD term | 4.95% APY
  • 19-month CD term | 4.95% APY

This is one of the highest APYs that you can expect to find with any U.S. Bank account, so if you can afford to set your money aside for a while, a CD Special can net you the most in interest earnings.

3. Step Up CD

A Step Up CD comes with a fixed interest rate that increases every seven months of the account’s term.

To achieve the highest APY, you have to agree to a 28-month term, so you’ll be in line for 3 rate increases before the account matures.

Here’s the current breakdown of the Step Up CD terms and APY progression:

  • Months 1-7 | 0.05% APY
  • Months 8-14 | 0.25% APY
  • Months 15-21 | 0.45% APY
  • Months 22-28 | 0.65% APY

This all works out to a blended APY of 0.35% for the entire term.

4. Trade Up CD

A Trade Up CD comes with the option to bump up to a higher APY once during your term if the Federal Reserve increases rates.

Typically, interest rates on CD accounts are locked, so whatever rate you agree to at the start of your term is what you get. Therefore, the ability to “trade up” to a higher interest rate with a Trade Up CD is a pretty nice benefit.

There are only two-term options for a Trade Up CD, as follows:

  • 30-month CD term | 0.10% APY
  • 60-month CD term | 0.40% APY

U.S. Bank Business Accounts

U.S. Bank has several banking products for small businesses, offering loans, lines of credit, savings, CD, MMA, and checking accounts.

Here’s a closer look at their business checking accounts and money market accounts, which stand out the most among their business products:

U.S. Bank Business Checking Accounts

U.S. Bank offers three checking accounts for businesses:

  • Silver Business Checking: The Silver Business Checking package is a good fit for newer businesses with fewer transactions. The account has a $100 minimum opening deposit and no monthly fees. It provides 25 free cash deposits and 125 transactions per month, along with free mobile deposits and overdraft protection.
  • Gold Business Checking: Gold Business Checking has a waivable $20 monthly fee and a $100 minimum balance requirement. It comes with 100 free cash deposits and 300 free transactions per month. Additionally, you get overdraft protection and a discount on your first check order.
  • Platinum Business Checking: Best fit for established businesses with lots of transactions, the Platinum account charges a waivable $30 monthly maintenance fee and gives accountholders 500 complimentary transactions per month and 200 free cash transactions.

U.S. Bank Business Money Market Account

U.S. Bank’s business MMAs can be opened with a $100 minimum deposit. You can waive the $15 monthly maintenance fee with a daily balance of $10,000 or more.

The account is FDIC insured and can be linked to your business checking account to provide overdraft protection. It also comes with ATM access and free online banking.

The biggest perk of the Platinum MMA account is its interest. The account offers tiered interest rates ranging from 0.05% APY to 1.15% APY. U.S. Bank is currently offering a 6-month introductory bonus rate of 4.25% when you maintain a balance between $25,000 and $3 million.

U.S. Bank Logo

up to $800

U.S. Bank : Business Checking
Available nationwide


U.S. Bank Credit Cards

U.S. Bank offers many different credit cards, with a variety of reward options to choose from. Here’s a high-level overview of some of U.S. Bank’s most popular credit cards:

1. U.S. Bank Altitude® Go Visa Signature® Card: Best for General Rewards

Altitude® Go has one of U.S. Bank’s best introductory offers, with a 20,000-point bonus (worth $200) if you spend $1,000 in the first 90 days.

The standard points-earning options are pretty good too. This card comes with 4x points on dining, 2x points on groceries, gas, and streaming services, and 1x points on everything else.

Altitude Go has no annual fee, an intro APR of 0% for 12 months, and a $15 annual credit for streaming services, such as Spotify or Netflix.

2. U.S. Bank Cash+® Visa Signature® Card: Best for Cash Back

Cash+® Visa Signature® is U.S. Bank’s top cash-back credit card. You can earn 5% cash back on the first $2,000 in purchases in two categories of your choice, and 2% back on one “everyday” category (e.g., gas, groceries, or restaurants). All other purchases earn 1% cash back.

There is no annual fee, and a $200 bonus if you apply online and spend at least $1,000 in the first 120 days of opening your account.

3. U.S. Bank FlexPerks® Gold American Express® Card: Best for Travel

FlexPerks® Gold is a travel rewards card that earns 5x points on travel purchases, 3x points at restaurants, 2x at gas stations, and 1x points on everything else.

FlexPerks® Gold also comes with some nice travel perks, such as reimbursement for TSA Precheck.

New cardholders can earn a 30,000 FlexPoints bonus if they spend $2,000 on eligible purchases in the first four months. (30,000 points is worth about $450 in travel redemption).

FlexPerks Gold has an $85 annual fee.

4. U.S. Bank Visa® Platinum Card: Best for Balance Transfer

U.S. Bank Visa® Platinum is a general-use credit card that has no annual fee.

The best perk with this card is that it comes with 18 interest-free months on balance transfers — making it the bank’s best option for paying down high-interest credit card balances.

5. U.S. Bank Secured Visa® Card: Best for Building Your Credit Score

U.S. Bank Secured Visa® is for people who have no credit history, or who are trying to rebuild their credit score.

As a secured credit card, you have to fund the account to use it. There are no points up for grabs and no signup bonus.

But, with no annual fee, and fewer risks than a traditional credit card, Secured Visa is a great option for those that might not qualify for other cards.

Other Credit Cards

U.S. Bank has a number of credit card partnerships with grocery stores and retailers, such as Ralphs, Kroger, and Harris Teeter. If you’re interested in taking a look at the full credit card lineup, you can do so here.

U.S. Bank Features

Here are some of the top features that stand out about U.S. Bank:

  • 3,100+ Branches in 26 States: U.S. Bank is one of the largest financial institutions in the country. Its physical locations are primarily located in the West and Midwest, where it is one of the most accessible national banks.
  • 4,800 ATMs: U.S. Bank’s ATMs follow the same trend as the bank’s physical branches — there are a ton of them in total, but only within the same regions that the bank’s branches operate in.
  • Online Banking: As a U.S. Bank customer, you can expect the robust online banking experience that you normally would with a bigger bank. You’ll have access to all of your accounts, online bill pay, and easy transfers and payments with Zelle — all without having to visit a bank in person.
  • Mobile App: U.S. Bank’s mobile app makes it easy to manage your bank account on the go. The mobile banking app currently holds strong ratings of 4.8 stars (out of 5) in the App Store, and 4.7 stars (out of 5) in the Google Play Store.

U.S. Bank Fees

Big banks typically charge fees, and U.S. Bank is no different. Here’s the rundown of common fees you can expect to see as a U.S. Bank customer:

Monthly Maintenance Fees

There’s a built-in monthly maintenance fee with most U.S. Bank deposit accounts. The good news is you can avoid this fee with all of them except for Safe Debit Checking.

Just make sure you understand and can meet the waiver requirements when you open up your account.

Here is a breakdown of U.S. Bank’s monthly maintenance fees:

U.S. Bank Account Type Monthly Maintenance Fee Avoidable?
Safe Debit Account $4.95 No
Smartly Checking $6.95 Yes
Standard Savings $4.00 Yes

Overdraft Fees

U.S. Bank offers overdraft protection on both of its checking accounts. If you overdraft your account by $50 or less, you can transfer funds to cover it from a linked account without incurring a fee.

For overdrafts of $50 or more, you can have fees forgiven by depositing funds to cover the overdraft by 11 PM on the day the fees were applied.

ATM Fees

ATM withdrawals are free at all U.S. Bank locations, and there’s a $2.50 fee for using non-U.S. Bank ATMs.

If you’re traveling abroad and need some cash, you could be looking at a 3% fee on the amount you withdraw.

Other Common Fees

  • Wire Transfer Fees: $20 for incoming domestic wire transfers | $30 for outgoing domestic wire transfers
  • Paper Statement Fee: $2 (can be waived)
  • Stop Payment Fee: $35 (can be waived)

Getting Started

Signing up for checking accounts, credit cards, auto loans, and home equity lines is easy to do online.

Once you pick the account that you want to sign up for, click the red Open an Account button, and follow the signup instructions.

You can also sign up for an account over the phone or at your local branch. Once you’re enrolled, you’ll have instant access to online banking and other financial services.

U.S. Bank Promotions

Here are some of the best U.S. Bank promotions going on right now:

1. U.S. Bank Smartly® Checking - up to $1000 bonus

Expires: October 31, 2023

U.S. Bank is offering up to a $1,000 bonus for opening a new Smartly® Checking and Standard Savings account. This is the highest bonus we've seen from U.S. Bank. This is a multipart bonus, meaning the more activities you complete, the more you can earn.

The direct deposit threshold for the checking bonus is rather steep, starting at $5,000 to earn the checking bonus, but if you have the income, this is an easy bonus. You'll have 90 days to reach this target, but keep in mind that unlike some banks that let you hit the bonus in a single transaction, U.S. Bank requires at least two direct deposits to qualify for this promotion.

The second part of the bonus is for opening a Standard Savings account and maintaining a minimum balance. Again, be ready for somewhat steep requirements with $25,000 being the minimum balance to earn this portion. While going for the savings portion of the bonus is optional, you'll be rewarded with an additional $100 if you complete both.

How to earn the bonus

The U.S. Bank Smartly® Checking sign up offer requires you to set up direct deposits, and optionally, deposit and maintain a minimum balance in order to earn the $1000 bonus. Full requirements to receive this bonus are:

  1. Earn up to $1,000 when you open a new U.S. Bank Smartly® Checking account and a Standard Savings account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through October 31, 2023. Member FDIC.
  2. U.S. Bank Smartly® Checking bonus (up to $500): Within 90 days, enroll in online banking or the U.S. Bank Mobile App AND Make two or more direct deposit(s) totaling $5,000 to $9,999.99 to earn $300 or $10,000+ to earn $500 – Bonus will be credited to your new checking account within 60 days of verification of qualified activities as long as your account is open and has a positive balance.
  3. U.S. Bank Standard Savings bonus (up to $400): Open a Standard Savings account and make new money deposit(s) totaling $25,000 to $49,999.99 to earn $200 or $50,000+ to earn $400 by November 30, 2023 AND Maintain that balance until May 31, 2024 – Bonus will be credited into your new savings account within 30 days of final savings account balance verification as long as your account is open and has a positive balance.
  4. Earn an additional $100 for opening both!
  5. Applicant must reside in AZ, AR, CA, CO, ID, IL, IN, IA, KS, KY, MN, MO, MT, NE, NV, NM, NC, ND, OH, OR, SD, TN, UT, WA, WI, WY to be eligible for Checking account.

read the full terms

2. Business Checking - up to $800 bonus

Expires: January 8, 2024

U.S. Bank is offering up to a $800 welcome bonus when you open and fund a new, eligible business checking account. This is a tiered bonus where you can earn more if you're able to deposit more. To earn the full $800 just deposit $25,000 in new money and maintain that balance for at least 60 days. This offer has increased since the last time it was offered to reward businesses with higher balances, so now might be a great time to jump on it if you've been considering U.S. Bank for your business banking needs.

How to earn the bonus

The Business Checking sign up offer requires you to deposit and maintain a minimum balance, and optionally, make purchases using the account's card and set up bill pay in order to earn the $800 bonus. Full requirements to receive this bonus are:

  1. Open a new Silver, Gold or Platinum Business Checking Package from U.S. Bank online with the promo code Q3AFL23 and complete qualifying activities. Member FDIC.
  2. To earn $350 bonus: Deposit $5,000 in new money within 30 days of account opening and maintain for 60 days after account opening.
  3. To earn $800 bonus: Deposit $25,000 in new money within 30 days of account opening and maintain for 60 days after account opening.
  4. Bonus will be deposited into your new U.S. Bank business checking account within 45 days of meeting all requirements.
  5. Subject to certain terms and limitations.

read the full terms

3. Platinum Business MMA - up to 4.86% APY

Expires: October 4, 2023

U.S. Bank used to only be available in select geographic markets; however, some of their business products are now available nationwide! One of those is the U.S. Bank Platinum Business MMA. This is considered a high-interest MMA and for a limited time, you can earn even more since their offering up to 4.86% APY to all new accounts opened between now and October.

This is a tiered APY structure, the more money in new deposits that you make, the higher APY you can earn.

What's more? You can also open a U.S. Bank business checking account (now available nationwide as well) to score another large bonus.

How to earn the bonus

The Platinum Business MMA sign up offer requires you to deposit and maintain a minimum balance in order to earn the up to 4.86% APY. Full requirements to receive this bonus are:

  1. Open a new U.S. Bank Platinum Business Money Market Account. Member FDIC.
  2. Deposit $25,000 - $499,999.99 in new money earn 4.60% APY OR $500,000 - $2,999,999.99 in new money to earn 4.86% APY.
  3. Offer valid through October 4, 2023.
  4. Subject to certain terms and limitations.

read the full terms


U.S. Bank has a strong, secure online banking platform, so you don’t have to worry about the security of your funds or personal information.

Here are some other security features that U.S. Bank offers:

  • FDIC Insurance: Any deposits you make will be protected by the FDIC, up to $250,000.
  • Fraud Prevention: 24/7 fraud monitoring, automatic account logout, and industry-leading encryption technology.
  • Mobile Security: No personal or financial information is stored on your phone, and all wireless communications are also encrypted.
  • Free Security Alerts: If you enroll, S. Bank will give you a heads-up if any shady activity occurs in your account.

U.S. Bank Customer Service

With a large bank like U.S. Bank, it’s important to remember that you might not always get the level of service that you expect.

On the one hand, U.S. Bank has a ton of resources to employ many customer support agents.

U.S. Bank customer service lines are open 24/7, and you can shoot them an email if the issue isn’t pressing. You can also pop into your local branch if you prefer to speak with someone in person.

On the other hand, there are a bunch of negative reviews online, as reflected by U.S. Bank’s TrustPilot rating of 1.2 stars (out of 5) and average BBB rating of 1.1 out of 5 stars.

Pros & Cons


  • Tons of locations in the West and Midwest
  • Big, secure, national bank
  • Wide variety of products and services


  • Limited presence in the East
  • Fees

Alternatives to U.S. Bank

The most popular alternatives of U.S. Bank include the Big Four U.S. banks:

  1. Bank of America
  2. Chase Bank
  3. Wells Fargo
  4. Citibank

All of these banks offer similar products and services and have a wide national presence.

Frequently Asked Questions

Is U.S. bank a good bank to bank with?

Yes. U.S. Bank is a good bank to bank with, where you can find all of your standard banking services. If you’re located in the West or Midwest, you shouldn’t have any trouble locating a branch or ATM, and you can enjoy all of the conveniences of a big bank.

If you live on the East Coast, however, and want access to brick-and-mortar locations and in-network ATMs, you might be out of luck.

Is U.S. Bank better than Bank of America?

U.S. Bank and Bank of America (BoA) are similar in a lot of ways and are pretty much equal when it comes to products, services, and customer support. Both are huge national banks with lots of locations and account options. Both can give you access to plenty of financial products and have large support networks in place when you need help.

Similarly, both banks offer low-interest rates and tend to charge a bunch of fees.

Which bank is better mostly depends on your personal preference and location. If you are located on the East Coast, BoA is your only option, whereas if you live in the Midwest or West Coast, you’ll get to choose between the two.

Who is U.S. Bank owned by?

U.S. Bank is owned by its parent company, U.S. Bancorp, which is located in Minneapolis.

Is U.S. Bank Right For You?

U.S. Bank offers plenty of branches and ATMs, an all-in-one banking platform, and the convenience of a large bank. At the same time, the bank charges lots of fees and doesn’t offer the best interest rates.

So, if those things are important to you, you might want to look into one of the best online banks or top high-yield savings accounts.

Now that you know what to expect from U.S. Bank, it’s all up to you.