How To Open a U.S. Bank Account
Written by
Levi Leidy
Edited by
Melanie Grafil
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If you’re here, you’ve likely decided on or are strongly considering opening a U.S. Bank account. U.S. Bank is the fifth-largest bank in America, with more than 70,000 employees and nearly $500 billion in assets, meaning they have the size and structure to suit your needs wherever you may be.
A recent GOBankingRates survey found that more than 30% of Americans don’t have bank accounts. And many do never consider moving their assets to another bank — even when they’re offered lucrative sign-up bonuses. Whether you’re a first-time bank account owner or have experience across multiple banks, opening a U.S. Bank account is simple.
This guide will cover every step to opening an account with U.S. Bank, including main account features, how to avoid fees and whether U.S. Bank is the right choice for you.
How To Open a U.S. Bank Account
If you’re wondering how to open a U.S. Bank account, you’ve come to the right place. This guide will give you detailed instructions on finding the right account for you, what documents you’ll need to open it, how to apply in person or online and more.
1. Determine Which Bank Account You Want To Open
The U.S. Bank account you want to open depends on your current banking needs. Are you looking for a bill-pay account to use for rent, utilities and other monthly expenses? Or do you need a secure place to grow that new car fund?
Take a look at U.S. Bank’s accounts to see which one is best for you.
2. Gather Your Personal Information
You may be asking yourself “What do I need to open a U.S. Bank account?” Well, here are the U.S. Bank account opening requirements. Whether you’re applying for an account online or in person, you’ll still need these documents and information.
- Social Security number
- Driver’s license, state-issued ID or military ID (must be at least 18)
- Contact information (phone number, email, address)
- Opening deposit
The amount of the opening deposit will depend on the account, which an online application can tell you. If you’re opening the account in person, you can call the bank to see how much cash to bring ahead of time, or simply pay via a debit, credit or prepaid card from another institution.
3. Apply Online or in Person
You can apply to open an account either online or in person. The process should be simple if you have all the required documents listed above.
To apply online, follow these steps:
- Go to the U.S. Bank account page.
- Choose the type of account you’d like to open (checking, savings or CD)
- Click the button that says “Apply now” on the account you want to open
- Fill out the necessary information
You can also visit your nearest U.S. Bank branch and have a representative walk you through the application process. This is preferable for customers who are new to U.S. Bank or new to banking in general.
Understanding U.S. Bank Account Options
You may be wondering “What are U.S. Bank’s account types?” Like any other major bank, U.S. Bank gives you access to a range of checking, savings, CD, brokerage and retirement accounts.
Checking Accounts
If you need an account to pay bills and transfer money from, here are U.S. Bank’s checking account options:
- Bank Smartly Checking: Best for people with more money to deposit who want to earn interest
- Student Checking: Best for students
- Safe Debit Account: Best for people new to banking; no checks or overdraft fees
Savings Accounts
If you need an account to store a rainy day fund, money for college, or just about any other long-term savings, here are U.S. Bank’s savings accounts:
- Bank Smartly High-Yield Savings Account: Best for people who want to earn interest and also have a Bank Smartly Checking account
- Elite Money Market Account: Best for people with a higher balance who want to earn more interest
- Retirement Money Market: Best for retirement planners who want a tax-advantaged account
CD Accounts
There are a variety of term lengths and CD rates at U.S. Bank. You can find the following:
- Standard CDs: 1-month, 2-month, 3-month, 6-month, 9-month, 12-month, 18-month, 24-month, 36-month, 48-month and 60-month
- Step Up CDs: 28 months
- Trade Up CD: 30 months and 60 months
Step Up and Trade Up CDs differ from standard CDs, as they can offer opportunities to increase your interest rate during the term.
U.S. Bank Account Fees and Minimum Balance Requirements
U.S. Bank has fees for all accounts, save for the Student Checking account, however, it is fairly easy to get these fees waived if you maintain the minimum balance or schedule recurring direct deposits.
The benefit of banking with a larger institution is the variety of products and services offered. U.S. Bank has checking accounts suited to first-time bank users, students, low-maintenance customers, customers with higher balances and customers seeking an interest-bearing account. It’s just about knowing what you’re looking for.
U.S. Bank Checking Accounts at a Glance
| Fees and Features | Bank Smartly Checking | Student Checking | Safe Debit Account |
|---|---|---|---|
| Minimum opening deposit | $25 | $25 | $25 |
| Monthly service charge | $6.95 (may qualify to waive fee) | $0 | $4.95 (can’t be waived) |
| Out-of-network ATM withdrawal fee | $0 for first four withdrawals every month, then $2.50 | $0 for first four withdrawals every month, then $2.50 | $2.50 |
| Overdraft fee | Overdraft Fee Forgiven program | Overdraft Fee Forgiven program | $0 |
| Benefits | Low minimum deposit and threshold to waive fees | Easy banking with no monthly fee | No overdraft fee |
Savings Account Fees and Features
Most of U.S. Bank’s savings accounts don’t have monthly maintenance fees, although they do require minimum deposits of $25 to $100. It should be noted that, like the vast majority of savings accounts, there is a fee of $15 for withdrawals beyond the allotted amount of six per month.
U.S. Bank has savings accounts suited to many different types of banking customers. If you’re a first-time bank user, don’t have much cash to store, are searching for savings and checking packages or seeking a higher interest-bearing account, you can find what you need at U.S. Bank.
U.S. Bank Savings Accounts at a Glance
| Fees and Features | Bank Smartly Savings Account | Elite Money Market Account | Retirement Money Market |
|---|---|---|---|
| Minimum opening deposit | $25 | $100 | $100 (or $25 monthly deposit) |
| Monthly service charge | $5 (may qualify to waive fee) | $10 (may qualify to waive fee) | $0 |
| Out-of-network ATM withdrawal fee | $2.50 | $2.50 | N/A |
| Overdraft fee | $36 for an overdraft of more than $5 | $36 for an overdraft of more than $5 | N/A |
| Benefits | Tiered interest rates based on balance. | Tiered interest rates based on balance | Tiered interest rates based on balance. |
Avoiding banking fees from U.S. Bank is fairly simple. Here’s how you can do it:
- Know how much money is in your account so you don’t accidentally overdraw it and incur the $36 fee.
- Get cash from in-network ATMs, which can be found across the country.
- Maintain a minimum balance to avoid monthly fees, or have recurring direct deposits equaling a certain amount regularly.
- The requirements to avoid monthly fees are different for each account, so know what they are before you open the account.
- Don’t withdraw from your savings account more than six times per statement cycle.
How To Fund Your New U.S. Bank Account
It’s an easy process to get your U.S. Bank account funded. You can transfer money from a different, existing bank account, either by depositing cash, visiting a branch to deposit a check, ACH transfer, mobile deposit or having direct deposit set up to automatically transfer your paycheck to the account.
The processing times for these methods will vary. For example, opting for a cash deposit will likely ensure your money is available in your account almost immediately. A mobile deposit on the other hand, could take up to two business days. You should weigh your options to see which one will best fit your timeline.
Benefits of Opening a U.S. Bank Account
A U.S. Bank account has many advantages, thanks to the variety of accounts available. You can find checking, savings, money market accounts and CD accounts with several different term lengths and interest rates. If you’re a student, there’s an account option that’s geared especially for your needs. The savings accounts also earn an attractive interest rate.
U.S. Bank’s mobile platform is also user-friendly, so you can easily manage your account all on your phone. You can use any of U.S. Bank’s ATMs without any fees.
What To Do If You Need Help From U.S. Bank Customer Service
If you have questions that could best be answered by a U.S. Bank customer service representative, call one of the following numbers:
- New accounts: 800-653-2175
- General questions: 800-872-2657
You can also visit a U.S. Bank branch on a weekday or Saturday. Branch hours vary by location but are typically open between the hours of 10 a.m. and 4 p.m. local time.
Monitoring and Protecting Your Bank Account
The main reason that so many Americans won’t use online banking is the fear of fraud. But there are things you can do to help prevent this from happening. And, if you do become a victim of fraud, be assured that U.S. Bank accounts are FDIC insured up to $250,000, so as long as you’re below that amount, you’ll get your money back.
Here are some steps you can take to avoid fraud:
- Use strong passwords.
- Enable two-factor authentication, meaning your account is accessed with a two-step process including a password and fingerprint or face scan.
- Install cybersecurity protection on your computer and phone.
- Monitor your transaction history for suspicious activity.
- Turn on online banking alerts so you’ll be notified of each transaction.
Getting the Most Out of Your U.S. Bank Account
U.S. Bank has a wide variety of banking products and services, so finding an account that meets your needs shouldn’t be difficult. If you prioritize easy ATM and branch access, as well as a simple online and mobile banking interface, then U.S. Bank could be the right choice for you.
Your decision to open a U.S. Bank account is just that: yours. So if you’re into simple, easy-access banking, then U.S. Bank is a great fit for you. But if you don’t mind sacrificing physical banking for a better interest rate, then you may want to look at an online bank.
How To Open a U.S. Bank Account FAQ
Here are the answers to some of the most frequently asked questions about how to open a U.S. Bank account.- How long does it take to open a U.S. Bank account?
- You can open a U.S. Bank in as little as a few minutes, either online or in person at a branch. You might be able to get instant approval when you apply online. In some cases, however, the process may take longer if additional verification is needed.
- Can I open a U.S. Bank account without going to a branch?
- Yes, you can open a U.S. Bank account online, either on the bank’s website or on the mobile app. You may need to visit a branch for different types, such as if you’d like to open a joint bank account or are opening an account for a minor.
- What is the minimum deposit required to open a U.S. Bank checking account?
- U.S. Bank checking accounts require only a $25 minimum deposit.
- Can I open a U.S. Bank account with a bad credit history?
- Yes, you can open a U.S. Bank account with a bad credit history, as typically there’s no credit check required before opening a savings or checking account. If you have had a poor banking history, however, such as unpaid bank fees, that impact your eligibility to open an account, you can opt for the Safe Debit Account option. While there are fewer privileges than some of the other options, the perk is that there are no fees.
More About U.S. Bank
- U.S. Bank Review
- U.S. Bank Promotions
- U.S. Bank Interest Rates
- U.S. Bank Fees
- U.S. Bank ATM Withdrawal and Deposit Limits
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
