U.S. BANK

At A Glance

The history of U.S. Bank dates back to 1863 when it was originally known as First National Bank. Today, U.S. Bank is the fifth-largest bank in the country, with 3,100 branches in 28 states, 4,700 ATMs.U.S. Bank offers a wide selection of banking products including brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. They are also well equipped for the average consumer providing multiple options for checking, savings, CDs and retirement accounts. U.S. Bank also caters to family-style banking by offering student and senior specific accounts.

Mission Statement: “One U.S. Bank”
U.S. Bank looks to ensure that every customer interaction reflects the bank as one entity. Bringing the power and trust of the whole bank to every customer, every single day to provide safe, convenient and simple banking.

Types of Accounts

At TD Bank You can handle just about any financial need from day-to-day banking and investments to business banking and more. TD full-service includes, but is not limited to the following:

Checking account

Savings account

Certificates of Deposit

Money Market Accounts

Credit Cards

Personal Loans

Checking Account

All U.S. Bank Checking accounts come with a Visa Debit Card that gives access to online/mobile banking, online bill payments, and free use of U.S. Bank ATMs. All checking accounts require a minimum opening balance of $25. The Platinum account is also an interest-bearing account with rates varying by state but usually the standard rate is 0.01%.

Savings Account

U.S. Bank has two savings account designed to help you and your kids manage and attain your personal savings goals.

Standard Savings: this savings account is a basic savings account with low interest earnings at 0.01% APY. The minimum opening deposit required is $25 and there is a low monthly maintenance fee of $4. The fee can be waived:

• Keep a $300 daily balance
• Maintain a $1,000 average monthly collected balance

Star Savers Club Account: this account is designed for children under the age of 17. It also requires a $25 opening deposit but has no monthly fees. It is also interest-bearing at 0.01% and is automatically converted to a standard savings account when the child comes of age.

Certificates of Deposits (CDs)

U.S. Bank offers a number of different types of CDs, from Standard to Trade Up CDs, with affordable opening deposits.

U.S. Bank Standard CD: suits a variety of investing needs and requires a $500 opening deposit to a maximum of $249,000.

U.S. Bank CD Special: allows you to lock in better rates despite the term lengths being limited. This type of CD requires a minimum deposit of $1,000. The rates offered by this account are some of the most competitive rates on the market.

U.S. Bank Step-Up CD: allows you to boost your return over time by choosing a longer CD term of 28 months. The minimum required deposit is $1,000 up to $249,000 generating a 0.40% blended APY. Step-up CD offers an increasing rate every 7 months. The blended APY assumes the principal and interest remain on deposit for the term of the certificate.

U.S. Bank Trade-Up CD: this type of CD allows you to trade-up your interest rate during the same term. In other words, your rate is not locked in, if rates go up or specials are offered by U.S. Bank you can make the switch to the higher rate. This account only requires a minimum deposit of $1,000.

• 30 Month term = 0.40% APY & 60 Month term = 0.80% APY

Money Market Accounts

At U.S. Bank their a several options when it comes to choosing a Money Market account:

Standard Money Market Account is a basic account that pays more interest than your average savings account. The minimum opening deposit requirement is $100 and there is also a small monthly fee of $10. This fee can be waived by maintaining $1,000 daily balance or a $2,500 monthly collected balance.

Package Money Market Savings is only available to bearers of the Gold U.S. Bank Checking account. The rates remain the same as per the Standard account but increase after $50,000 to 0.07% APY. The minimum deposit required is only $25 and there is no maintenance fee.

Platinum Select Money Market Savings is an available account for Platinum U.S. Bank Checking Account holders. These customers have access to an introductory bonus rate for the first 12 months.

• Bonus APY for balances between $10,000 and $499,000 = 1.12% and 1.15%

After the first year, the standard APY rates will be applied to the account balance.

Elite Money Market Account requires a high balance for a low APY. This account also requires a minimum opening deposit of $100 and has a $10 maintenance fee. The fee can be waived by maintaining a daily balance of $10,000.

Retirement Money Market Savings is geared towards saving for retirement while earning tiered interest rates over time with tax-advantaged benefits. There is no monthly fee for this type of MMA but requires a $100 opening deposit or a $25 automatic deposit. If you hold a U.S. Bank Silver, Gold, Platinum or Silver Elite Checking account then you are eligible for the Bonus APY rates.

• Bonus APY are 0.55% for balances under $5,000 and 0.60% for all balances over %5,000

Otherwise, standard APY rates for this Retirement MMA are 0.05% for any amount below $5,000 and 0.10% for balances over $5,000.

Credit Cards

U.S. Bank has eight exclusive credit cards available to their customers which range in various categories: cash back, travel, low interest, grocery & fuel, secured and even small business. They are also partnered with various retailers, airlines and businesses to offer to their customers depending on their needs.

U.S. Bank Altitude Reserve Visa Infinite Card

• Bank 50,000 bonus points worth $750 in travel redemption once you spend $4,500 in purchases in the first 90 days
• Standard 3X points on travel and mobile wallet purchases
• Get reimburses up to $325 on travel purchases annually
• No foreign transaction fees
• 12 in-flight complimentary Gogo Wifi passes per year
• Customizable engraved card
• Airport VIP Lounge access
• $100 reimbursement on TSA Pre Check or Global entry application
• $400 annual fee

U.S. Bank Cash+ Visa Signature Card

• Get $150 cash back after making $500 in purchases in the first 90 days
• Earn up to 5% cash back on your first $2,000 combined spend of the two categories of your choice, earn 2% cash back on gas, grocery and restaurants and 1% cash back on other purchases
• No annual fee

U.S. Bank Cash 365 American Express Card

• Get $150 cash back after making $500 in purchases in the first 90 days
• 0% introductory APR on balance transfers for the first year
• Earn 1.5% unlimited cash back on purchases
• Entertainment Access for concert ticket purchases
• No annual fee

U.S. Bank Visa Platinum Card

• 0% Introductory APR on purchases and balance transfers for the first 18 billing cycles
• Cellphone protection when you pay your phone bill monthly with card
• No annual fee

U.S. Bank FlexPerks Gold American Express Card

• Earn 30,000 bonus FlexPoints worth $450 in travel redemption, once you spend $2,000 in the first 4 months
• Standard 3X FlexPoints at restaurants, 2X on airline and gas purchases
• 85$ annual fee

U.S. Bank FlexPerks Travel Rewards Visa Signature Card

• Within the first 4 months, earn 25,000 FlexPoints worth $375 on $2,000 spend
• Standard 2X FlexPoint on category with most spend per billing cycle and cellphone provider charges
• No annual fee for the first year, then $49

U.S. Bank FlexPerks Select+ American Express Card

• Spend $1,000 and earn 10,000 bonus FlexPoints worth $150 within the first 4 months
• 0% Introductory APR for the first 9 billing cycles
• Standard 1 FlexPoint for every $1 in purchases
• No annual fee

U.S. Bank Secured Visa Card

• Best for building or rebuilding your credit
• $29 annual fee

Personal Loans

U.S. Bank offers two types of personal lending options when it comes to loans. Both types have no origination fees:

Simple Loan:

• Unsecured loan available to customers with a U.S. Bank Checking account
• Borrow up to $1,000 in $100 increments
• Quick and easy application, can be done online
• Repayment in 3 monthly payments
• No late fees or prepayment fees

Premier Loan:

• Available to holders of any type of U.S. Bank account
• Borrow up to $25,000
• Borrow $2,000–$50,000
• Fixed interest rates and set monthly payments

At U.S. Bank, you can also acquire loans for other personal and specific items that include: home equity, auto loans, RV loans and Boat loans. U.S. Bank offers a financing tool via their website to calculate potential payments and help facilitate your loan application.

Bank Features

• Opening an Account is relatively simple at U.S. Bank, some applications for certain accounts can be done online while the rest can be done by visiting a nearby branch with your required pieces of ID. You can also open accounts for your kids under the age of 17 to help them manage and earn interest.
• Small Business Banking is offered at U.S. Bank. They provide funding options including equipment financing, invoice financing and lines of credit. Depending on credit, U.S. Bank is also able to offer SBA loans and commercial real estate loans.

• Online Banking tools include Zelle for money transfers and an easy mobile app software. The U.S. Bank app offers a digital wallet that works like Apply Pay. You can also make mobile check deposits, pay bills, transfer funds and activate new bank cards via the app. The Instant balance feature allows you to view at a glance your account balances without logging into your account.

• Security has become a top priority at U.S. Bank. They offer 24/7 customer support and fraud monitoring. They are also FDIC-insured protecting your accounts up to $250,000 each.

About U.S. Bank

U.S. Bancorp, an American bank holding company established in 1863. After a series of mergers in the following eras the bank formally adopted the U.S. Bank name at the beginning of the 21^st century and established their headquarters in Minnesota. U.S. Bank is the 5^th largest bank in the USA with 74,000 employees and $467 billion in assets as of December 31, 2018. The core businesses provided by the bank include consumer & business Banking, corporate & commercial Banking, payment Services and wealth Management & investment Services.

No stranger to the headlines, U.S. Bank was charged by the Department of Justice in February 2018 with failing to implement measures preventing illegal activities. To defer prosecution, U.S. Bancorp agreed to pay $613 million in fines and implement measures to improve the monitoring of its customer transactions.

 The Bottom Line

U.S. Bank has lots to offer, if you’re looking to keep all your finances in one place for the entire family, from kids’ savings to seniors’ retirement, then this could be the place for you.

If on the other hand, you’re looking to save and grow your money with the best interest rates in the industry, you may want to look elsewhere. U.S. Bank offers market standard interest rates but you can find much higher-earning accounts elsewhere.