Fairly accessible bank. With 2,900 locations and 4,700 ATMs, US Bank’s availability is extensive.
24/7 customer service. It doesn’t matter what time it is, US Bank’s customer service is available around the clock to assist customers.
Branches are not evenly spread. US Bank’s branches are found in 26 states, and most of them are located on the West Coast.
US bank Checking and saving accounts Pros&Cons
Various account types. There are five checking accounts and five savings accounts to choose from, with Easy Checking being the most popular account.
Free student accounts. No monthly service fees are levied on student accounts.
No fee for underage savers. Anyone under 18 will not pay a monthly service fee when they open a Standard Savings account.
Mobile app. The mobile app makes managing your account and finances easier. You can do a lot, from depositing a check to moving money between accounts to paying your bills. The app also offers intelligent insights on your account usage, allowing you to make informed spending and saving decisions.
Zelle. You can send, receive and request funds from friends, family, and other third parties online or through the mobile app.
Low interest rate. US Bank’s APY is 0.01%, which is considered very low in the industry.
High minimum waiver balance. The minimum balances for waiving the monthly service fees on most accounts are considered too high. For instance, the Standard Savings account: you’ll have to maintain a minimum balance of $300 daily or $1,000 monthly.
US bank Credit cards Pros&Cons
Extensive credit card selection. US Bank offers cash back, rewards, low interest, travel, small business, retail, credit building, and no annual fee cards. The credit cards give you the chance to earn cash back or points that you can redeem for various US Bank and co-branded rewards.
Introductory bonus. US Bank offers a sign-up bonus with its credit cards.
You need a good credit score at the minimum. For most cards, a good or better credit rating is a requirement.
Penalty for late payment. If you don’t make your payments on time, US Bank can charge up to $40, which is high compared to what other banks charge. You will be charged the same if you try to pay your credit card bill from an account with insufficient funds.
US bank Personal loans Pros&Cons
Quick access to funds. The typical waiting time for personal loans is 1 - 5 days, but with US Bank, your account is credited within one business day after finalizing the application.
Competitive APR. The lowest possible APR you can get with US Bank is 5.99%. This rate is competitive, considering the industry’s average for excellent credit is between 10.3% and 12.5%. Furthermore, the bank’s highest APR is 18.49%, while others can charge 28.5% - 32.0%.
Rate discount. You can get a 0.5 percentage points discount on your rate provided you set up autopay.
Flexible loan amount. With a loan amount ranging from $1,000 to $50,000 (for existing customers), you can meet a wide range of personal needs, whether big or small.
Lack of prequalification. A hard credit check is required if you want to see your rates.
Penalty for early payment. If you pay off the loan within one year, you’ll be charged a prepayment penalty.
May need to close in person. If US bank approves your loan, you may need to visit a branch to finalize the application process. Depending on where you live, this in-person visit can be a nuisance.
US bank Mortgage Pros&Cons
Full range of loan types. US Bank offers a comprehensive selection of mortgage products, including several options that you won’t find with small lenders.
Closing cost assistance. If your initial mortgage was with US Bank, you could get up to $1,000 in closing cost credit.
A+ BBB rating. An A+ Better Business Bureau (BBB) rating indicates that US Bank is a trustworthy mortgage lender, scoring highly on customer satisfaction, honest advertising and transparent business practices.
No USDA loans. Many will find US Bank’s lack of a USDA loan disappointing.
Customized rates require more effort. You won’t know your rates until you contact a mortgage loan officer.
US bank Investment Pros&Cons
Investing with Bancorp. Bancorp is US Bank’s automated investment platform, offering automatic portfolio rebalancing and brokerage services.
No trade commissions. Buying and selling stocks and ETFs is commission-free.
$10,000 minimum opening investment. Many will find this minimum investment amount to be a significant barrier to entry.
No 529 plan. You might have to consider traditional brokerage services if you want this type of investment plan.