US Bank is the fifth largest bank in America, with more than 70,000 employees across the country. They boast nearly $500 billion in assets and have one of the best bank structures to suit any needs you may have.
Continue reading our guide to help you on finding the right account for you, which important documents needed to open one, and how to play in person or online!
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Table of Contents
- 1 Steps on Opening an US Bank Account
- 2 US Bank Account Fees & Features
- 3 How to Avoid Unwanted Fees
- 4 How to Protect Your Bank Account
- 5 Bottom Line
Steps on Opening an US Bank Account
1. Determine Which Account to Open
US Bank offers different accounts, so the US Bank account you want to open will depend on your current banking needs.
Traditional Checking and Savings Accounts
- Easy Checking: Best for people who don’t need much from their bank; fewer fees and hassle
- Gold Checking: Best for people also looking to use a US Bank credit card or loan
- Platinum Checking: Best for people with more money to deposit who want to earn interest
- Student Checking: Best for students
- Safe Debit Account: Best for people new to banking; no checks or overdraft fees
- Standard Savings Account: Best for first-time savers with lower balances
- Platinum Select Money Market Savings: Best for people who also have a Platinum Checking Account
- Package Money Market Savings: Best for people who also have a Gold Checking Account
- Elite Money Market Account: Best for people with a higher balance who want to earn more interest
- Retirement Money Market: Best for retirement planners who want a tax-advantaged account
2. Gather Personal Information
If you choose to apply for an account online or in person, US Bank will need the following documents and information from you in order to meet their account opening requirements.
- Personal information (name, date of birth)
- Social Security number
- Contact information (phone number, email, address)
- Legal physical address
- Any other information that will allow US Bank Bank to verify that you are who you say you are
When applying in person, make sure to bring your driver’s license, state ID or military ID to verify your identity.
3. Apply online or in Person
Once you’ve gathered the important documents and information, you can apply to open an account with US Bank either online or in person. You can follow these steps:
- Go to the US Bank homepage
- Click on the type of account you want to open
- Select the specific account you would like to open
- Click “Apply Now”
- Fill out the necessary information
You can visit the nearest US Bank branch to apply in-person and a representative will help you with the application process. We recommend this for new US Bank customers, so they can get the starting guide they need!
US Bank Account Fees & Features
Like many other major banks, US Bank gives you access to a variety of checking, savings, and CD accounts. Keep reading the tables below to see the main fees and features of their checking and savings accounts.
Checking Account Fees & Features
The table below lists all the different minimums, fees and benefits for each US Bank checking account, so you can decide which is right for you.
|US Bank Checking Accounts at a Glance|
|Fees and Features||Easy Checking||Gold Checking||Platinum Checking||Student Checking||Safe Debit Account|
|Minimum opening deposit||$25||$25||$25||$25||$25|
|Monthly service charge||$6.95 (may qualify to waive fee)||$14.95 (may qualify to waive fee)||$24.95 (may qualify to waive fee)||$0||$4.95 (can’t be waived)|
|Out-of-network ATM withdrawal fee||$2.50||$0 for first two withdrawals every month, then $2.50||$0||$0 for first four withdrawals every month, then $2.50||$2.50|
|Overdraft fee||$36 for an overdraft of more than $5||$36 for an overdraft of more than $5||$36 for an overdraft of more than $5||$36 for an overdraft of more than $5||$0|
|Early closure fee||Low minimum deposit and threshold to waive fees||100 free trades a year with a self-directed brokerage account||Interest-bearing account with 100 free trades a year through a brokerage account||Easy banking with no monthly fee||No overdraft fee|
Savings Account Fees & Features
US Bank offers many different types of savings accounts to choose from. Take a quick glance at the difference to help decide which is better for you:
|US Bank Savings Accounts at a Glance|
|Fees and Features||Standard Savings Account||Platinum Select Money Market Savings||Package Money Market Savings||Elite Money Market Account||Retirement Money Market|
|Minimum opening deposit||$25||$25||$25||$100||$100 (or $25 monthly deposit)|
|Monthly service charge||$100 (or $25 monthly deposit)||$0||$0||$10 (may qualify to waive fee)||$0|
|Out-of-network ATM withdrawal fee||$2.50||$2.50||$2.50||$2.50||N/A|
|Overdraft fee||$36 for an overdraft of more than $5||$36 for an overdraft of more than $5||$36 for an overdraft of more than $5||$36 for an overdraft of more than $5||N/A|
|Early closure fee||Low deposit and balance minimums||Tiered interest rates based on balance.||Tiered interest rates based on balance.||Tiered interest rates based on balance.||Tiered interest rates based on balance.|
How to Avoid Unwanted Fees
The best way to avoid any unwanted fees that you might occur during your time with the bank is to keep yourself informed as to what’s happening. With your account opening, you should have access to the full fee schedule for any bank account you may sign up for. This will prevent having to pay $36 for the US Bank overdraft fee
Additionally,US Bank can also charge a fee when you use an ATM that is not associated with US Bank Bank. To avoid this $3-$5 charge, use a US Bank Bank ATM if possible.
How to Protect Your Bank Account
In today’s digital age, everything has transferred to the online world, and that includes crimeHere are some precautions to take to avoid fraud:
- Use strong passwords that nobody else could guess.
- Enable two-factor authentication, meaning your account is accessed with a two-step process including a password and fingerprint or face scan.
- Install cybersecurity protection on your computer and phone.
- Monitor your transaction history for suspicious activity.
- Turn on online banking alerts so you’ll be notified with each transaction.
US Bank is a well known bank with a solid reputation. They offer competitive rates on their online savings account!
If you travel often and want access to your bank account anywhere with little to no ATM fees then consider checking out US Bank’s offerings.
However, if you prefer lower balance requirements that earn high interest rates then you might want to look elsewhere.