US Bank Review: Are the Monthly Fees Worth It?

Written by Brian LatchfordUpdated: 29th Sep 2021
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Gone are the days where the only banking you do is at the one bank in your town. Mobile bankingis the new norm where consumers expect to have all their banking needs accessible from their mobile devices.

And with the stock market more accessible than ever, banks have to offer higher interest rates to stay relevant.

So how is US Bank adapting? Find out more in this US Bank Review.

What Is US Bank?

With nearly 3,000 locations across 26 states and almost 5,000 ATMs, US Bank is one of the largest financial institutions in the United States, but is it good?

US Bank has stated that they understand the Covid-19 pandemic has “fundamentally changed banking” by shifting more consumers to digital/mobile banking.

In response, US Bank has launched new “tools” – like the US Bank Smart Assistant to complement their core products.

What Does US Bank Offer?

Like some of the best banks, US Bank offers checking accounts, savings accounts, CDs, loans, credit cards, and an array of other financial products.

US Bank Checking Accounts

US Bank offers five different personal checking accounts ranging from a $0 monthly fee to a $24.95 monthly fee.

This next section of the article will discuss all five checking accounts and how they differ from one another.

Easy Checking

  • Minimum Opening Deposit: $25
  • Monthly Fee: $6.95 monthly fee
  • Fee Waiver: This monthly fee can be waived if your account meets any of the following: you have combined monthly direct deposits totaling $1,000 or more, you keep an average account balance of $1,500, or you are 65 years or older.

Easy Checking provides account holders with debit cards, mobile banking tools, and overdraft protection.

If you can meet one of the three requirements to waive the monthly fee, then Easy Checking is cheap, efficient option for most consumers.

However, if you are also in need of a credit card, then you are better off with the Gold Checking account.

Safe Debit Account

  • Minimum Opening Deposit: $25
  • Monthly Fee: $4.95
  • Fee Waiver: None

The Safe Debit Account offers the same features as the Easy Checking account, but in addition, you get free access to your credit score, discounts on money orders, and there are no overdraft fees.

Gold Checking

  • Minimum Opening Deposit: $25
  • Monthly Fee: $14.95
  • Fee Waiver: You can have this fee waived if you have one of the following: a US Bank personal loan, a US Bank Mortgage, or their credit card.

The Gold Checking provides free ATM use throughout their vast ATM network, and your first two non-US Bank ATM uses are free.

Additionally, account holders get overdraft protection, and two family members can get an Easy Checking Account with no monthly fee.

Some other Gold Checking benefits include competitive interest rates for their savings accounts, 0.25% savings on mortgage closing costs and 100 free trades per year with a self-directed brokerage account.

Student Checking

  • Minimum Opening Deposit: $25
  • Monthly Fee: $0 😊

Some benefits of the Student Checking account are no ATM fees at US Bank ATMs plus your first four non-US Bank ATMs, overdraft protection, and your initial checks are free.

If your school participates, you can also take part in campus banking. This gives you convenient ATM access, on-campus branches and customer advisory centers, campus card programs, and additional features.

Platinum Checking

  • Minimum Opening Deposit: $25
  • Monthly Fee: $24.95
  • Fee Waiver: The fee can be waived if you have $25,000 in combined personal deposits or credit balances with US Bank, $25,000 invested with US Bancorp Investments, or if you have a personal trust relationship with US Bank Wealth Management.

As the title of the checking account implies, the Platinum checking is US Bank’s top echelon when it comes to its checking accounts.

You get all the benefits the other checking accounts receive, but the platinum checking account comes with a 0.01% APY.

Some other benefits are waived paper statement fees, 50% off checks, and no annual fee on a US Bank Home Equity Line of Credit.

It is always nice to have options, and US Bank offers five different checking accounts.

However, other than the Student Checking, the monthly fees, and minimum monthly commitments make US Bank less appealing than the best checking accounts we reviewed previously.

US Bank Savings Accounts: Are They Any Good?

Standard Savings Account

  • Minimum Opening Deposit: $25
  • Monthly Maintenance Fee: $4
  • Fee Waiver: The monthly fee on the Standard Savings Account can be waived in one of three ways: (1) $300 minimum daily ledger balance, (2) $1,000 average monthly collected balance, (3) the account holder is under the age of 18.

Even though the monthly fee can be waived, this savings account is not ideal. You can earn a higher APY elsewhere.

>> More: Explore the Best High Yield Savings Accounts

US Bank Money Market Accounts

US Bank offers four different money market accounts. Let’s explore what each one offers and how they are different.

Platinum Select Money Market Savings

  • Minimum Opening Deposit: $25
  • Monthly Maintenance Fee: $0

You must have a Platinum Checking account to apply, and you earn interest at 0.01% APY no matter your balance.

All US Bank savings accounts can access mobile banking, automated savings options, e-statements, no ATM transaction fees at US Bank ATMs, overdraft protection, and customer account alerts.

Package Money Market Savings

  • Minimum Opening Deposit: $25
  • Monthly Maintenance Fee: $0

You can only apply for the Package Money Market Savings account if you have the Gold Checking account.

Although US Bank says the Package Money Market Savings account has competitive interest rates, their graph is currently showing interest being earned at 0.01% APY no matter the account balance. This is obnoxiously low.

Elite Money Market Account

  • Minimum Opening Deposit: $100
  • Monthly Maintenance Fee: $10
  • Fee Waiver: The $10 monthly maintenance fee can be waived if you have a $10,000 minimum daily ledger balance.

You will earn interest at 0.01% APY no matter your account balance with the Elite Money Market Account.

Retirement Money Market

  • Minimum Opening Deposit: $100 or $25 with an automatic monthly deposit.
  • Monthly Maintenance Fee: $0

To be eligible for the Retirement Money Market account, you must have an individual retirement account plan with US Bank.

You will earn interest at 0.01% APY no matter your account balance size. With a Retirement Money Market account, you can diversify your retirement portfolio with a tax advantage account.

US Bank CD Rates

1 Year:0.05%
2 Year:0.05%
3 Year:0.10%
4 Year:0.15%
5 Year:0.25%

US Bank offers three different certificates of deposit (CD) options that range from a $500 minimum to $1,000 minimum deposit requirements and terms from 1 month to 60 months.

*Rates as of May 29th, 2021

Other Financial Products Offered by US Bank

  • Home Loans: US Bank has home loans for first-time buyers (mortgages), home improvements (home equity lines of credit), and refinancing opportunities.
  • Vehicle Loans: US Bank offers vehicle loans on auto, boats, RV’s, motorcycles, ATVs, and more. Oftentimes you can get same-day pre-approvals.
  • Personal Loans: As a US Bank customer, and with credit approval, you can borrow as little as $1,000 and up to $50,000.
  • Credit Cards: US Bank has 7 different credit cards to choose from. From no annual fee to low interest rates, and even travel rewards, you can find a card the fits best in your lifestyle.
  • Debit Cards: Your US Bank debit card is tied directly to your checking account. You can use your debit card at ATMs and anywhere Visa is accepted. You can get the default card design or a custom design, including some pro sports teams.

US Bank Benefits & Features

US Bank understands consumers are always on the move and mobile banking is more important than ever.

That is why US Bank allows you to do all your banking needs online and via the US Bank mobile app that is available on all devices.

Easily Transfer Funds

You can instantly transfer funds to or from your US Bank account from any other accounts you have.

Review & Monitor Transactions

US Bank allows you to view all current balances and transactions that have taken place in your account and debit card.

Strong Security

Setting up alerts is just one security feature. You can grant certain people access or no one at all. You can comfort knowing that US Bank uses industry-standard security for their online access and mobile app, which includes touch and face ID login security features, 256-bit encryption, and tailored protocols.

Paperless Documents

Losing bank statements is no longer a concern. You can view all your statements, tax documents, and notices online.

Customized Alerts

You can set up your US Bank account to notify you via text message or email on balance changes, transfers, payments, and card usage. These added features keep you in the know.

US Bank Review: Fees, Customer Support, & Experience


US Bank has monthly fees for just about all of its products. However, you can get them waived by meeting certain requirements (e.g., an account balance over a certain threshold).

Customer Support

US Bank offers 24/7 support via their 800 number as well as support through online and mobile banking.

If you are looking to speak with someone local, you can call your local US Bank office during normal business hours.

Banking Experience

US Bank is a full-servicing bank that can help you achieve your financial goals. Where US Bank becomes more appealing is if you can meet their requirements to waive select fees. Additionally, utilizing multiple US Bank products can further alleviate the costs with their discounts.

However, if you are looking for a stand-alone product, odds are you can find that product cheaper and better elsewhere.

How Does US Bank Compare to Other Banks?

Here is how US Bank compares to other banks.

#1. US Bank vs. CIT Bank

CIT Bankis an online bank only. Because of this, CIT bank normally pays higher interest rates when it comes to savings and money markets.

CIT also does not have any monthly service fees. These are just a few reasons why CIT Bank is a far superior option for consumers.

>> More: CIT Bank Review

#2. US Bank vs. Wells Fargo

Wells Fargo and US Bank are very similar in that they both offer the same product lines, albeit different names, and both have a national presence.

You will find that both banks have monthly fees on their products that can be waived when you meet certain requirements. Neither of their investments offers a high APY.

#3. US Bank vs. Bank of America

Bank of America is another bank that is similar to both Wells Fargo and US Bank. Bank of America offers the same products/services that US Bank offers.

Bank of America is larger, as far as the number of branches/ATMs available.

#4. US Bank vs. Chase Bank

Chase Bank is another bank that is like US Bank regarding the services they provide. US Bank does pay a higher CD APY rate and offers longer support hours.

Outside of those two differences, the banks are similar in their fees and ways to waive the fees.

US Bank Review: FAQs

Is US Bank in All 50 States?

No, US Bank is in 26 states. However, you can bank online, which makes US Bank available in all 50 States.

Who Is Better Wells Fargo or US Bank?

You cannot go wrong with either decision. However, if you are a student, US Bank is better due to their lack of fees for students.

Is US Bank FDIC Insured?

Yes, US Bank is FDIC insured.

IS Chase or US Bank Better?

Chase Bank is larger, provides a better customer experience, and offers more financial products for consumers.

Additionally, Chase Credit Cards offer better rewards and features. Thus, Chase Bank is better than US Bank across the board in all metrics.

Is US Bank a Good Bank to Bank With?

US Bank is a good bank, but you can find higher APYs, lower fees, and more offerings elsewhere.

Bottom Line: US Bank Review

If you still need brick-and-mortar banking, then US Bank is a good choice. They do have higher fees than other banks, but those can be offset when meeting certain thresholds.

If you find yourself no longer going to banks, you will be better off with mobile banks (referred to as neobank’s) that offer better rates and fewer fees due to having less overhead.

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Brian Latchford
Brian Latchford

Brian is a serial entrepreneur that loves financial technology and personal finance. From working with start-ups to creating his own recruiting company, Brian knows first hand what it takes to manage money. Throughout his career, Brian has become a respected writer covering topics in personal finance, business, and financial technology.