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U.S. Bank vs. Chase: Which Is Best for You?
These two large national banks have a lot in common, but there are some key differences. Here are the details to know if you’re deciding between them.
Margarette Burnette is a NerdWallet authority on savings, who has been writing about bank accounts since before the Great Recession. Her work has been featured in The Associated Press, USA Today and other major newspapers. Before joining NerdWallet, Margarette was a freelance journalist with bylines in magazines such as Good Housekeeping, Black Enterprise and Parenting. She is based near Atlanta, Georgia.
Yuliya Goldshteyn is a banking editor at NerdWallet. She previously worked as an editor, a writer and a research analyst in industries ranging from health care to market research. She earned a bachelor's degree in history from the University of California, Berkeley and a master's degree in social sciences from the University of Chicago, with a focus on Soviet cultural history. She is based in Portland, Oregon.
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Discover the bank accounts that fit your financial goals
Just answer a few questions to compare bank accounts that meet your needs.
U.S. Bank and Chase are two of the largest banks in the U.S. They offer similar benefits, such as multiple account offerings and extensive ATM and branch networks. But which is best for you? To help you decide, we compared them side by side.
Snapshot comparison
U.S. Bank
Chase
Checking accounts
U.S. Bank Smartly Checking
Monthly fee: $6.95. (See below for ways to waive it.)
Minimum opening deposit: $25.
Chase Total Checking®
Monthly fee: $12. (See below for ways to waive it.)
Minimum opening deposit: $0.
Savings accounts
U.S. Bank Standard Savings
APY: 0.01% on all balances.
Monthly fee: $4. (See below for ways to waive it.)
Chase Savings℠
APY: 0.01% effective as of 02/10/2023. Interest rates are variable and subject to change.
Monthly fee: $5. (See below for five ways to waive it.).
Certificates of deposit
U.S. Bank Certificate of Deposit
1 year: 0.05% APY.
3 years: 0.10% APY.
5 years: 0.25% APY.
Minimum deposit: $500.
Chase CD interest rates
1 year: 0.01% APY.
3 years: 0.01% APY.
5 years: From 0.01% APY.
Minimum deposit: $1,000.
Overdrafts, ATMs, customer service
U.S. Bank details
Overdraft fee: $36, maximum of four per day. No charge if account is overdrawn by $50 or less at end of day. Customers can also have an overdraft fee waived if a deposit is made to cover the overdrawn amount by 11 p.m. ET on the day the overdraft fee was charged.
Overdraft protection transfer fee: $0.
Branches: Over 2,000.
ATMs: More than 37,000, including those in the MoneyPass network.
Customer service: Available by phone 24/7.
Chase details
Overdraft fee: $34, maximum of three per day. No charge if account is overdrawn by $50 or less at end of day. Customers can also avoid an overdraft fee if the account balance is overdrawn more than $50 but is brought down to being overdrawn by $50 or less by the end of the next business day.
Overdraft protection transfer fee: $0.
Branches: More than 4,700.
ATMs: More than 15,000.
Customer service: Available by phone 8 a.m.-12 a.m. ET, Monday-Friday, 8 a.m.-8 p.m. ET on weekends.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
You want to open an account without having to meet a minimum deposit requirement.
You're looking for a checking account with a lower direct deposit requirement to waive the monthly fee.
Choose U.S. Bank if:
You live in a state where the accounts are available (Arizona, Arkansas, California, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oregon, South Dakota, Tennessee, Utah, Washington, Wisconsin or Wyoming).
You prefer to have 24/7 access to customer support by phone.
4.60%SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
5.50%*Base annual percentage yield (variable) is 4.75% as of 7/31/23. 5.50% APY reflects a .75% boost available as a special offer with qualifying deposit. Terms apply. Cash Reserve is only available to clients of Betterment LLC, which is not a bank, and cash transfers to program banks are conducted through clients’ brokerage accounts at Betterment Securities.
Min. balance for APY
$0
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
5.55%All Bread Savings APYs are accurate as of 11/30/2023. APYs are subject to change at any time without notice. Offers apply to personal accounts only. Fees may reduce earnings. To open a CD, a minimum of $1,500 is required and must be deposited in a single transaction. A penalty will be imposed for early withdrawals on CDs. At maturity, your CD will automatically renew and earn the base interest rate in effect at that time.
0.50%SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Unlike these brick-and-mortars, online banks don’t have thousands of branches. But they do have excellent annual percentage yields (APYs) that make your savings grow faster. And fees tend to be low or nonexistent.
+ Click here for analysis of U.S. Bank and Chase's checking accounts
U.S. Bank’s monthly fee is lower, but Chase makes it easier to waive its fee. Neither bank pays interest on its standard checking account. In comparison, some online banks and credit unions offer checking accounts that are both free and pay competitive interest rates.
0.01% effective as of 02/10/2023. Interest rates are variable and subject to change.
Monthly fees
$4.
3 ways to waive it
Maintain a daily balance of at least $300.
Maintain an average monthly balance of at least $1,000.
Have an account holder under age 18.
$5.
5 ways to waive it
Maintain a daily balance of at least $300.
Have a repeating automatic transfer of at least $25 each month from your Chase checking account.
Have a linked premium Chase checking account.
Have a linked Chase College Checking℠ account for Overdraft Protection.
Have an account owner who is younger than 18.
Minimum deposit to open
$25.
$0.
Sign-up bonus
N/A
N/A
+ Click here for analysis of U.S. Bank and Chase's savings accounts.
Neither bank has strong interest rates. Both banks charge monthly fees, but they are easy to waive. U.S. Bank and Chase also offer premium savings or money market accounts, but rates are the same or barely better and they require a qualifying linked account.
+ Click here for analysis of U.S. Bank and Chase's CDs
Both banks' CDs have low rates. Online banks offer five-year CDs with rates upward of 3.00%. But U.S. Bank gets the nod over Chase because most of U.S. Bank’s CDs earn more interest than similar Chase CDs. Also, U.S. Bank has lower deposit requirements for its regular CDs.
Available by phone 8 a.m.-12 a.m. ET, Monday-Friday, 8 a.m.-8 p.m. ET on weekends.
Online messaging support available.
Social media support available.
+ Click here for analysis of U.S. Bank and Chase's banking experience
The banks have comparable mobile app ratings. Chase has more branches and it has extended customer service hours but U.S. Bank has 24/7 customer support.
U.S. Bank vs. Chase: Overdraft fees
U.S. Bank
Chase
Overdraft fee
$36, maximum of four per day. No charge if account is overdrawn by $50 or less at end of day. Customers can also have an overdraft fee waived if a deposit is made to cover the overdrawn amount by 11 p.m. ET on the day the overdraft fee was charged.
$34, maximum of three per day. No charge if account is overdrawn by $50 or less at end of day or if balance is overdrawn more than $50 and then brought down to being overdrawn by $50 or less by end of next business day.
Overdraft protection transfer fee
$0.
$0.
Extended overdraft fee
None.
None.
+ Click here for analysis of U.S. Bank and Chase's overdraft fees
Neither bank charges an overdraft fee if your account is overdrawn by $50 or less at the end of the day. Chase customers can also avoid an overdraft fee if the account balance is overdrawn by more than $50 but is brought down to overdrawn by $50 or less by the end of the next business day. U.S. Bank customers who are charged an overdraft fee — which happens if the account balance is negative by more than $50 at the end of the day — can get the fee waived by depositing funds to cover the overdrawn amount by 11 p.m. ET on the day the fee was charged.
Both banks offer checking accounts that don’t charge overdraft fees at all, but they each require a monthly fee that can’t be waived. If overdrawing your account is a concern for you, consider one of the increasing number of online banks and credit unions that offer free accounts and don’t charge overdraft fees.
Chase has more to offer thanks to slightly easier ways to waive its basic checking account fee. If you’re looking to save money at high rates, neither bank is a great option. Consider shopping around at credit unions and online banks.
