dailystarx

News and Magazine


Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.

Compare US Bank products

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Editor’s Rating

3.5/5

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

Editor’s Rating

4/5

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

Editor’s Rating

3.75/5

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

Editor’s Rating

3.25/5

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

Overall bank rating

Pros and cons

US Bank Standard Savings Account


Annual Percentage Yield (APY)

0.01% APY


Minimum Deposit Amount

$25

US Bank US Bank Standard Savings Account

US Bank Standard Savings Account


Annual Percentage Yield (APY)

0.01% APY


Minimum Deposit Amount

$25


Annual Percentage Yield (APY)

0.01% APY


Minimum Deposit Amount

$25

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

You may like the US Bank Standard Savings Account if you’re opening an account for a child or teen since anyone under the age of 18 doesn’t have to pay monthly service fees. Otherwise, you’ll have to keep a certain amount in your account daily or monthly to avoid the fee.

To earn a high interest rate, you may want to open a high-yield savings account elsewhere.

US Bank Bank Smartly™ Checking


Annual Percentage Yield (APY)

None


Minimum Deposit Amount

$25


Fees

$6.95 (with options to waive)

US Bank Bank Smartly™ Checking


Annual Percentage Yield (APY)

None


Minimum Deposit Amount

$25


Fees

$6.95 (with options to waive)


Fees

$6.95 (with options to waive)


Annual Percentage Yield (APY)

None


Minimum Deposit Amount

$25

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

The Bank Smartly™ Checking account is a worthwhile option if you meet the requirements to waive the $6.95 monthly service fee. The fee is automatically waived if you’re a member of the military, under the age of 24, or over the age of 65.

If you aren’t a part of one of these groups, you’ll need to meet the following requirements to waive the monthly service fee: 

  • Receive $1,000 or more in total direct deposits each month
  • Keep an average account balance of $1,500 or more each month
  • Have an eligible US Bank Credit Card
  • Qualify for Primary, Plus, Premium, or Pinnacle tiers of US Bank Smart Rewards

You may also enroll in the US Bank Smart Rewards program when you open the checking account. US Bank Smart Rewards offers customers unique perks like out-of-network ATM fee reimbursements and discounts on additional US Bank products and services. To enroll in US Bank Smart Rewards, you’ll need to be part of a specific group or meet certain balance requirements.

US Bank US Bank Certificate of Deposit

US Bank Certificate of Deposit


Annual Percentage Yield (APY)

0.05% to 0.25% APY


Minimum Deposit Amount

$500

US Bank US Bank Certificate of Deposit

US Bank Certificate of Deposit


Annual Percentage Yield (APY)

0.05% to 0.25% APY


Minimum Deposit Amount

$500


Annual Percentage Yield (APY)

0.05% to 0.25% APY


Minimum Deposit Amount

$500

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

US Bank offers decent CDs, with terms ranging from one month to five years. It also has special CDs, which offer solid interest rates on certain terms. 

US Bank US Bank Elite Money Market Account

US Bank Elite Money Market Account


Annual Percentage Yield (APY)

0.01% APY


Minimum Deposit Amount

$100

US Bank US Bank Elite Money Market Account

US Bank Elite Money Market Account


Annual Percentage Yield (APY)

0.01% APY


Minimum Deposit Amount

$100


Annual Percentage Yield (APY)

0.01% APY


Minimum Deposit Amount

$100

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

The US Bank Elite Money Market Account might be a compelling account if you want a money market account with a low minimum opening deposit. However, it pays a low interest rate and doesn’t include a debit card. 

How US Bank works

US Bank has more than 2,000 branches across 26 states. Branch locations are available in: 

  • Arkansas
  • California
  • Colorado
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Minnesota
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Mexico
  • North Carolina
  • North Dakota
  • Ohio
  • Oregon
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Washington
  • Wisconsin 
  • Wyoming

It offers ATMs across 40 states and is part of the MoneyPass ATM Network, which provides access to over 37,000 ATMs.

If you have questions about bank products or services, visit the FAQ page on the bank’s website. Customer service representatives are also available over the phone 24/7.

The bank’s mobile app received 4.6 out of 5 stars in the Google Play Store. In the Apple Store, it has 4.8 out of 5 stars.

US Bank is FDIC insured. Up to $250,000 is protected in an individual account, and $500,000 is secure in a joint bank account. 

Featured Deposit Accounts

US Bank trustworthiness and BBB rating

The Better Business Bureau rates businesses on how they handle customer issues and whether they have transparent business practices. The BBB gave US Bank an B+ rating.

A good BBB rating doesn’t necessarily mean that your relationship with a business will be perfect. If you have friends or family that have used US Bank, chat with them about their perspectives. Online customer reviews are another option. 

US Bank has been involved in a few public controversies.

In 2020, US Bank, Nationstar Mortgage, and PNC Bank paid $74 million in an agreement with the Department of Justice. According to the press release, the Department of Justice said the three mortgage services didn’t follow bankruptcy regulation and had service errors that impacted borrowers.

The government also required US Bank to pay $200 million in a settlement that said the bank approved FHA loans for home insurance even when the borrowers didn’t qualify for it.

US Bank vs. Bank of America

Bank of America has 4,200 branches in 37 states while US Bank has over 2,000 branches in 26 states. Bank of America could be a better option if you prefer a large branch network.

If you don’t have a lot of money to open an account, you’ll likely prefer US Bank to Bank of America. At Bank of America, you’ll need a minimum of $100 to open a savings or checking account. In comparison, US Bank savings and checking accounts require an initial deposit of at least $25.

US Bank will also be a better choice if you’re searching for a money market account. Bank of America doesn’t have one.

US Bank vs. Chase

You might lean more toward Chase if you find it appealing to open specialty bank accounts for college students, kids, or teens. Accounts for minors also come with unique features like savings tools or parental monitoring features.

At US Bank, you’ll open a regular checking account and the monthly maintenance fees will be waived for military members, anyone under the age of 24, or over the age of 65. Each customer group will also be eligible for some perks, like waived monthly service fees on other bank accounts, free reimbursements on some out-of-network ATM fees, or discounts on safe deposit box rental fees.

Chase will also be a more compelling choice if you prioritize a large branch network. It has over 4,700 branches, while US Bank has over 2,000 branches.

When it comes to CDs, US bank offers the strongest product. It pays higher interest rates and has lower minimum opening deposits.

Frequently asked questions



Source link

Leave a Reply

Your email address will not be published.