U.S. Bank Review: Services, Pros and Cons (original) (raw)

U.S. Bank is the fifth-largest bank in the U.S. by assets, according to the Federal Reserve. It has over 2,200 branches across 26 states, over 4,500 ATMs and a wide selection of consumer deposit accounts. U.S. Bank customers also have access to its mobile app.

In this review, we at the MarketWatch Guides team cover U.S. Bank’s personal deposit accounts and its reputation for customer satisfaction. We also compare U.S. Bank to some of the other largest banks in the U.S. to help you determine if it’s a good option for you.

Key Takeaways

• U.S. Bank offers competitive rates on its promotional CDs, as well as money market accounts with balances of at least $25,000.
• Its checking and savings accounts pay little interest, and they charge account fees and offer few perks.
• U.S. Bank is best for someone who’s looking for an all-in-one banking option and lives near its branches or in-network ATMs.

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SoFi Checking + Savings

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U.S. Bank At a Glance

Our U.S. Bank Ratings

We’ve researched more than 100 banks and credit unions, and we give U.S. Bank 4 out of 5 stars overall. It earns higher scores for its banking accessibility — including thousands of branches and free ATMs — as well as for offering high-yield CDs and multiple checking and money market accounts.

U.S. Bank earns lower scores for its savings account and CD options. It only offers one savings account, a traditional savings account, which earns a much lower annual percentage yield (APY) than the national average of 0.46% for savings accounts.

While the bank offers a variety of CD types and terms, many of its CD rates tend to be much lower than the national average interest rates for CDs.

*Ratings are determined by our editorial review team. Learn more about our scoring methodology.

U.S. Bank Accounts

U.S. Bank offers a variety of consumer deposit accounts, including two checking accounts, a savings account, several CD options and two money market accounts. You can open most of these accounts online, but some must be opened at a branch.

All customers have access to online banking and the U.S. Bank mobile banking app. The app includes standard features such as online bill pay and account information. It also includes Smart Assistant, which lets you use voice or text commands to complete tasks such as transferring money between your accounts.

*APY accurate as of November 14, 2024. Rates listed are for Minneapolis’ 55402 ZIP code. Rates may vary by location.

U.S. Bank Reputation and Customer Satisfaction

U.S. Bank has mixed reviews for its reputation and customer satisfaction. It has a “Superior” rating of 5 out of 5 stars from Bauer Financial, a bank research firm. In the J.D. Power 2023 U.S. Retail Banking Satisfaction Study, U.S. Bank was the highest-ranking bank for consumer satisfaction in California.

It also scored above average in the study in the Southwest, South Central and Upper Midwest regions. However, U.S. Bank received below-average consumer satisfaction ratings in the Illinois, Lower Midwest, Northwest and North Central regions.

Customer reviews on Trustpilot and the Better Business Bureau (BBB) are generally unfavorable. Reviewers complain about poor communication with customer support and mistakes with setting accounts up, such as CDs being renewed at low rates without the account holder’s permission. The bank has an average of 1.3 out of 5 stars on Trustpilot and 1.1 out of 5 stars from customers on the BBB’s website.

Our review team reached out to U.S. Bank for a comment on its customer satisfaction scores and reviews but did not receive a response.

U.S. Bank’s reputation took a hit in 2022 because employees had opened credit and deposit accounts without customers’ permission in order to reach sales goals. The Consumer Financial Protection Bureau (CFPB) fined U.S. Bank $37.5 million and required it to refund any fees customers were charged because of the unauthorized accounts.

U.S. Bank Mobile App

U.S. Bank receives mostly positive reviews in the App Store and Google Play. On the App Store, the mobile app receives an average of 4.8 out of 5 stars from over 1.6 million customers. Customers on Google Play rate the app similarly, giving it an average of 4.7 out of 5 stars from over 414,000 reviews.

U.S. Bank ATM Availability

U.S. Bank ATMs are available in the following 27 states:

U.S. Bank vs. Other Top Banks

U.S. Bank is the fifth largest bank in the country, but it’s considerably smaller than the four big banks: Chase, Bank of America, Wells Fargo and Citibank. U.S. Bank also has far fewer branch locations and ATMs than these larger competitors.

Still, U.S. Bank scores as well as or better than these other banks in our reviews. It stands out for offering money market accounts, which aren’t as common as other types of deposit accounts.

*The bank offers a low fee that is waivable if at least one requirement is met, such as a recurring direct deposit, a minimum monthly balance or a linked savings account. Requirements vary by bank.

>> Related: Learn more about the largest banks in the U.S.

The Bottom Line: Is U.S. Bank Right for You?

U.S. Bank offers a good selection of consumer deposit accounts. These accounts offer the banking features most people need, and they have reasonable monthly fees that can typically be avoided. The bank also has good customer service in person, by phone and through its mobile app.

U.S. Bank could be worth it if you’re interested in promotional CDs or want to deposit a large sum in a money market account. You might also consider U.S. Bank if you live near its branches and ATMs and want a convenient checking account for withdrawals, even if that means not earning much interest.

FAQ: U.S. Bank Reviews

Yes, U.S. Bank is considered to be a reliable bank because it’s FDIC-insured, meaning up to $250,000 in deposits are insured per person, per account category. You’ll see this noted on its website as “Member FDIC.” Also, U.S. Bank has been in business since 1863 and is the fifth largest bank in the country, with plenty of assets to cover its deposits. It also offers 24/7 phone customer service, roughly 2,200 branches, over 4,500 ATMs and a highly rated mobile app.

U.S. Bancorp currently owns U.S. Bank. It’s a publicly traded company.

The advantages and disadvantages of U.S. Bank depend on what you’re looking for in a bank. It could be a good choice for a one-stop-shop bank since it offers a variety of deposit and retirement accounts, credit cards, investment options, personal loans, auto loans and home loans, including home equity lines of credit (HELOCs).

U.S. Bank’s CD specials offer high APYs, but most of its other deposit accounts offer low APYs or no interest. Most of its accounts charge monthly fees, some of which can’t be waived.

Methodology

Our team researched more than 100 of the country’s largest and most prominent financial institutions, collecting information on each provider’s account options, fees, rates, terms and customer experience. We then scored each firm based on the data points and metrics that matter most to potential customers. Read our full methodology.

Savings and money market accounts

The best scores go to banks, loans and fintech companies with high interest rates and low or no fees or minimum opening deposits.

High marks are given to those with multiple accounts and minimal fees, plus benefits such as reward programs and mobile check deposit.

Top-rated financial institutions have low or no minimum opening deposits, as well as a variety of term options and specialty CDs for flexibility.

Banking experience and access

Providers that excel in this category have large branch and ATM networks and multiple checking and savings accounts, and they earn more points for offering CDs and money market accounts.

35% Savings and money market accounts

30% Checking accounts

20% Certificates of deposit

15% Banking experience and access

Savings and money market accounts

The best scores go to banks, loans and fintech companies with high interest rates and low or no fees or minimum opening deposits.

Checking accounts

High marks are given to those with multiple accounts and minimal fees, plus benefits such as reward programs and mobile check deposit.

Certificates of deposit

Top-rated financial institutions have low or no minimum opening deposits, as well as a variety of term options and specialty CDs for flexibility.

Banking experience and access

Providers that excel in this category have large branch and ATM networks and multiple checking and savings accounts, and they earn more points for offering CDs and money market accounts.

All America Bank, Alliant Credit Union, Ally Bank, Amerant Bank, America First Credit Union, American Airlines Credit Union, American Express National Bank, Apple Bank, Arvest Bank, Associated Bank, Axos Bank, Banesco Bank, Bank of America, Bank of Hope, Bank Purely, Bank5 Connect, Barclays, Bask Bank, BECU (Boeing Employees Credit Union), Bethpage Federal Credit Union, BMO, BMO Alto Bank, Bread Savings (formerly Comenity Direct), BrioDirect, Capital One Bank, CFG Bank, Charles Schwab, Charlie Financial, Chase Bank, Chime, CIBC USA, CIT Bank, Citibank, Citizens, Citizens Bank, Colorado Federal Savings Bank, Comerica Bank, Connexus Credit Union, Consumers Credit Union, Credit One Bank, Cross River Bank, Current, Customers Bank, Delta Community Credit Union, Discover Bank, East West Bank, Emigrant Direct, EverBank (formerly TIAA Bank), Federal Savings Bank, Fifth Third Bank, First Citizens Bank, First Internet Bank (of Indiana), First National Bank of America, First Tech Federal Credit Union, FNBO Direct, Frost Bank, Golden 1 Credit Union, Heritage Bank NA, HSBC, Huntington Bank, KeyBank, Lafayette Federal Credit Union, Lake Michigan Credit Union, LendingClub, Limelight Bank, Live Oak Bank, Lonestar Bank, M.Y. Safra Bank, M&T Bank, Marcus by Goldman Sachs, Mercury Bank, Merrick Bank, Michigan State University Federal Credit Union, Milli, Morgan Stanley Private Bank, Mountain America Credit Union, My eBanc, MySavingsDirect, National Bank of Kansas City, Navy Federal Credit Union, NBKC Bank, North American Savings Bank (NASB), Northpointe Bank, Patelco Credit Union, PenFed Credit Union (Pentagon Federal), PNC Bank, Popular Direct, Presidential Bank, Provident Bank, Quontic Bank, Quorum Federal Credit Union, Randolph-Brooks Federal Credit Union, Regions Bank, Ridgewood Savings Bank, Rising Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit Union, SoFi Bank, South State Bank, Spectrum Credit Union, Spring Bank, Star One Credit Union, State Bank of Texas, State Department Federal Credit Union, State Employees’ Credit Union, Suncoast Credit Union, Sutton Bank, Synchrony Bank, Synovus Bank, TD Bank, Texas Capital Bank, Third Federal Savings & Loan, Transportation Alliance Bank (TAB Bank), Truist Bank, U.S. Bank, UFB Direct, Umpqua Bank, Upgrade, USAA Bank, USAlliance Financial, Valley National Bank, Varo Bank, Vio Bank, VyStar Credit Union, Webbank, Webster Bank, Wells Fargo, Western State Bank, Zions Bank, Zynlo Bank

_*Data accurate at time of publication

Editor’s Note: Parts of this story were auto-populated using data from Curinos, a research firm that collects data from more than 3,600 banks and credit unions. For more details on how we compile daily rate data, check out our methodology here.