US Bank Review: Accessible Customer Service and Checking Account Options

GOBankingRates Score

US Bank
4.5
SCORE
GOBankingRates Best Banks 2023 scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks.
Quick Take: U.S. Bank is a good option if you're looking for an all-in-one banking experience. It offers multiple options for most account types, but it lags many other banks when it comes to annual percentage yields.
  • Checking Account
    4.4
  • Savings Accounts
    4.9
  • CD Accounts
    4.0
  • Banking Experience
    4.5
How did we calculate this?

Pros

  • 24/7 customer service
  • More than 2,700 branches in 26 states
  • Variety of checking account options

Cons

  • Low APYs
  • Can get better savings rates elsewhere
  • Monthly checking account fees unless the minimum requirement is met

US Bank Overview

U.S. Bank is part of U.S. Bancorp and ranks as the fifth-largest bank in the United States, with more than 2,700 branches in 26 states. It offers a number of products and services to meet the banking needs of personal and business customers, including everything from checking and savings accounts to wealth management services. In addition to its large branch network, U.S. Bank also has a comprehensive digital banking platform.

U.S. Bank is worth considering if you’re looking for a one-stop shop for all your money management needs. Not only did GOBankingRates name it as one of the Best Savings Accounts, but also one of the Top Banks of 2023.

Checking Accounts

U.S. Bank has five checking account options designed to suit different needs: Easy Checking, Gold Checking, Platinum Checking, Student Checking and Safe Debit Account. All but Student Checking carry monthly service charges, though most of those can be waived by meeting minimum balance requirements. All checking accounts have a $25 minimum deposit. 

With U.S. Bank checking accounts you have access to online and mobile banking and a U.S. Bank Visa Debit Card. You also get mobile check deposit with no fees, and no surcharges at MoneyPass Network ATMs. The Safe Debit Account is a checkless account with no overdraft fees but a monthly service charge of $4.95 that cannot be waived. 

Easy Checking is a good option for everyday banking needs. It has a $6.95 monthly service fee unless you do one of the following: keep an average account balance of $1,500, have combined monthly direct deposits totaling $1,000 or more, or are 65 or older. Gold Checking is designed for credit card or loan customers who want extra benefits. Its $14.95 monthly fee is waived for customers who have an open U.S. Bank personal loan, line of credit or credit card

Platinum Checking, the only interest-bearing checking account, is ideal for investment, mortgage or loan customers who want top-tier perks. It has a hefty $24.95 monthly service charge that can only be waived if you have $25,000 in combined deposits or balances at U.S. Bancorp, or if you have a personal trust relationship with U.S. Bank Wealth Management.

Savings Account

U.S. Bank offers a single standard savings account that GOBankingRates as ranked as one of the Best Savings Accounts of 2023 that you can open with a $25 minimum deposit. The $4 monthly service fee can be waived with a $300 minimum daily ledger balance or a $1,000 average monthly collected balance. The fee does not apply to account holders under the age of 18. The APY for this account is a low

Money Market Accounts

U.S. Bank offers several money market account options, including the Elite Money Market Account, which GOBankingRates has consistently ranked as one of the Best Money Market Accounts. The others are Platinum Select Money Market Savings, Package Money Market Savings and Retirement Money Market.

CD Accounts

If you’re looking for a better return on your money, then check out U.S. Bank’s certificates of deposit. It offers four versions: Regular CDs, Step Up CDs, Trade Up CDs, and CD Specials. Depending on which one you choose, and for how long, you could earn an APY as high as 0.75%. The minimum deposit for the Regular CD is $500, while the minimum for the others is $1,000. 

Regular CDs come in terms of one month to five years. APYs range from to , with the higher balances earning the better rate. With the Step Up CD, the interest rate rises every seven months during the 28-month term.

The Trade Up CD lets you lock in a higher rate once during your initial term. The APY for the Trade Up CD ranges depending on the balance and depending on the term.

Banking Experience

GOBankingRates has named U.S. Bank one of its Top Banks of 2023. With thousands of branches and ATMs, US Bank is both convenient and accessible. It also offers around-the-clock customer service.

Mobile Banking Experience

Another strength of U.S. Bank is its cutting-edge banking technology. In addition to advanced facial and fingerprint authentication on its mobile apps, U.S. Bank offers voice banking via Alexa, Siri and Google Home. The bank’s iOS and Android apps are popular, receiving a 4.8 rating on the App Store and 4.6 stars on Google Play. U.S. Bank also offers online and mobile banking options that let you make mobile deposits, send money through Zelle, pay bills and transfer money.

Customer Service

One of U.S. Bank’s strengths is in its customer service. You can reach the bank 24/7 at 800-872-2657. You can also email it to mobile@usbank.com.

US Bank vs. Competitors

When you’re looking for the right bank to fit your needs, it’s helpful to evaluate several to see how their products and services compare. Here’s a look at how U.S. Bank measures up to three of its top competitors.

US Bank vs. Chase

Chase has more ATMs and branches than U.S. Bank, with over 4,700 locations. U.S. Bank has slightly higher CD yields and offers many of the same services as Chase.

US Bank vs. Bank of America

Bank of America has a much wider service area than U.S. Bank, with branches available across the country. U.S. Bank gets the edge with 24/7 customer service by phone, which Bank of America does not offer.

US Bank vs. Wells Fargo

Wells Fargo has slightly lower checking account fees than U.S. Bank and more ways to avoid them. U.S. Bank has lower minimums for some accounts, such as its line of CDs. 

Final Take

U.S. Bank is good for customers who want free use of a wide variety of ATMs and accessible customer service, and don’t want to run a high risk of overdraft fees. Like most national banks, U.S. Bank has a host of monthly maintenance and service fees, but most of those can be avoided.  U.S. Bank’s strength is the breadth and quality of its products and services which are first-rate. However, customers who want a completely fee-free experience with high APYs might be happier with an online bank.

US Bank FAQ

Here are the answers to some commonly asked questions about U.S. Bank.
  • Is U.S. Bank a good bank to use?
    • GOBankingRates has rated U.S. Bank 4.2 stars out of 5 stars which is based on overall banking experience, as well as checking and savings. Money market and CD accounts. U.S. Bank is good for customers who want a variety of account options, convenient locations and highly rated mobile banking apps.
  • What are the disadvantages of U.S. Bank?
    • U.S. Bank offers lower-than-average savings rates as well as requires monthly fees for most of its checking account options. However, these fees can be waived by maintaining the required minimum balance for the account.
  • Which U.S. Bank has the best reputation?
    • U.S. Bank is a finalist for GOBankingRates Top Banks of 2023. The winner of GOBankingRates Top Banks of 2023 was Capital One.
  • What kind of rating does U.S. Bank have?
    • GOBankingRates has rated U.S. Bank 4.2 stars out of 5 stars. Its mobile app also has a rating of 4.8 stars on the App Store and 4.6 stars on Google Play.

Caitlyn Moorhead and John Csiszar contributed to the reporting for this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Jan. 6, 2022.

Editorial Note: This content is not provided by U.S. Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by U.S. Bank.

To determine rankings for the Best Savings Accounts, GOBankingRates looked at the following factors from all banks (excluding online, neobanks and credit unions): (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) monthly savings fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (5) minimum balance needed in account to earn APY; (6) savings APY; and (7) the average mobile app rating between the Android and Apple app stores. All factors were then scored and combined, with the lowest score being best. Factors (1) and (2) were weighted 0.5 times, factor (4) was weighed 1.5 times and factor (6) was weighted 3 times.

To discover the Top Banks, GOBankingRates looked at the top national institutions (excluding credit unions) with over $100 billion in total assets. To determine rankings, GOBankingRates looked at the following factors: (1) checking product minimum deposit; (2) monthly checking fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (3) savings product minimum deposit; (4) savings product APY; (5) Bauer rating (out of 5 stars); (6) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (7) the average mobile app rating between the Android and Apple app stores. All factors were then scored and combined, with the lowest score being best. Factors (1) and (3) were weighted 0.5 times, factor (4) was weighted 2.5 times, and factor (6) was weighted 1.5 times.

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About the Author

Vance Cariaga is a London-based writer, editor and journalist who previously held staff positions at Investor’s Business Daily, The Charlotte Business Journal and The Charlotte Observer. His work also appeared in Charlotte Magazine, Street & Smith’s Sports Business Journal and Business North Carolina magazine. He holds a B.A. in English from Appalachian State University and studied journalism at the University of South Carolina. His reporting earned awards from the North Carolina Press Association, the Green Eyeshade Awards and AlterNet. In addition to journalism, he has worked in banking, accounting and restaurant management. A native of North Carolina who also writes fiction, Vance’s short story, “Saint Christopher,” placed second in the 2019 Writer’s Digest Short Short Story Competition. Two of his short stories appear in With One Eye on the Cows, an anthology published by Ad Hoc Fiction in 2019. His debut novel, Voodoo Hideaway, was published in 2021 by Atmosphere Press.
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