U.S. Bank Review: Checking, Savings and CDs

U.S. Bank offers plenty of branches in more than 25 states, plus 24/7 live phone support. But savings and CD rates are relatively low.

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Overall bank rating

U.S. Bank
  • Checking

  • Savings

  • CD rates

  • Banking experience

  • Overdraft fees

3.5

NerdWallet rating 

The bottom line:

It’s no secret that big banks sometimes charge high fees and offer low interest rates. U.S. Bank, the country’s fifth-largest by assets, is no exception. But what this institution does well is provide convenient access to thousands of physical branches and ATMs.

Best for: Customers who want free use of thousands of ATMs and accessible customer service, don’t require the highest rates, and are unlikely to overdraft.

Pros

  • 2,700 branches in more than 25 states.
  • Live phone support available 24/7.

Cons

  • Better savings rates available elsewhere.

Full review

U.S. Bank Easy Checking

U.S. Bank Easy Checking

3.5

NerdWallet rating 
Monthly Fee

$6.95

Waived with direct deposit or $1,500 minimum balance

U.S. Bank offers five types of checking accounts, from a basic account to options for students and people who exclusively use debit cards instead of checks. There’s also a gold package designed for those who have other accounts at the bank and an additional interest-earning account.

The basic account is Easy Checking. It has a monthly fee of $8.95, or $6.95 if you opt for online statements. To get the charge waived, make monthly direct deposits of at least $1,000 total or maintain an average account balance of $1,500. This is lower than some banks’ monthly fees, but many banks don’t charge monthly fees at all.

U.S. Bank offers free access to several thousand U.S. Bank ATMs nationwide. But if you go outside of the network, the bank charges a $2.50 transaction fee, in addition to whatever the ATM’s owner may charge (unless it’s a MoneyPass ATM, in which case there’s no surcharge from the ATM operator).

U.S. Bank Standard Savings Account

U.S. Bank Standard Savings Account

3.0

NerdWallet rating 
APY

0.01%

With $0.01 minimum balance

There are five savings and money market accounts at U.S. Bank. Many, including the basic account, have a minimum opening deposit of $25. But rates are low across the board. The basic account’s annual percentage yield, or APY, is only 0.01%. And if you don’t keep a minimum daily balance of $300 or average monthly collected balance of $1,000, there’s a $4 monthly fee. You can find more attractive savings accounts (many without monthly fees) at other institutions.

U.S. Bank CD

U.S. Bank CD

2.5

NerdWallet rating 
1-year APY

0.05%

3-year APY

0.10%

5-year APY

0.25%

Minimum Deposit

$500

U.S. Bank offers a promotional CD with an 47-month term that earns 0.40% APY, depending on your location. The minimum deposit requirement is $1,000. It’s a reasonable rate, but you can find higher APYs on our list of best CD rates.

Standard CDs have a lower minimum deposit at $500. But rates are relatively low, ranging from 0.05% APY for a one-month term to 0.25% APY for a five-year CD, depending on your location.

Banking experience

5.0

NerdWallet rating 

U.S. Bank really shines when it comes to access and reach. In addition to its thousands of branches and ATMs, customer service is available 24 hours a day by phone and during extended hours each day on social media. The bank’s iOS and Android mobile apps allow check deposits, transferring money between accounts and person-to-person payments via Zelle. The apps receive good reviews.

Overdraft fees

2.5

NerdWallet rating 

U.S. Bank charges a pricey $36 per transaction for overdrafts of more than $5. You can be charged this fee up to four times a day (for any combination of paid overdrafts and returned transactions). If you overspend, you could quickly dig yourself into a hole.

If your account is below zero for a week, U.S. Bank charges an extended overdraft fee of $36 on the eighth calendar day of a negative balance. Not all major banks charge this fee, and some allow free overdraft transfers from a linked account, but U.S. Bank charges for this service.

U.S. Bank Easy Checking

U.S. Bank Easy Checking

3.5

NerdWallet rating 
Monthly Fee

$6.95

Waived with direct deposit or $1,500 minimum balance

U.S. Bank offers five types of checking accounts, from a basic account to options for students and people who exclusively use debit cards instead of checks. There’s also a gold package designed for those who have other accounts at the bank and an additional interest-earning account.

The basic account is Easy Checking. It has a monthly fee of $8.95, or $6.95 if you opt for online statements. To get the charge waived, make monthly direct deposits of at least $1,000 total or maintain an average account balance of $1,500. This is lower than some banks’ monthly fees, but many banks don’t charge monthly fees at all.

U.S. Bank offers free access to several thousand U.S. Bank ATMs nationwide. But if you go outside of the network, the bank charges a $2.50 transaction fee, in addition to whatever the ATM’s owner may charge (unless it’s a MoneyPass ATM, in which case there’s no surcharge from the ATM operator).

How does U.S. Bank compare?

Deposits are FDIC Insured

NerdWallet rating 
NerdWallet rating 
Monthly Fee

$0

Monthly Fee

$0

APY

N/A

APY

0.10%

With $2,500 minimum balance

Bonus

N/A

Bonus

N/A

RATING METHODOLOGY

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.