4.2/5 · Very good
U.S. Bank Smartly Checking
- Best for: Customers who keep $25,000 or more with U.S. Bank, investments included
- What Sets It Apart: At $25,000 in combined balances, the monthly fee and U.S. Bank’s charge at other banks’ ATMs go away, and savings earns its top rate
- Welcome Offer: up to $450 for new customers who enroll in online banking and make two or more direct deposits within 90 days, the full amount for $8,000 or more; open by December 30, 2026
- APY: Checking 0.001% below $25,000; Smartly Savings 1.00% to 3.50% by combined balance, 0.05% without an eligible account; new-account rates vary by ZIP code
- Features: Branches in 27 states; 4,000+ U.S. Bank ATMs; FDIC insurance; Zelle
- Monthly Fee: $12; waived with $1,500 in monthly direct deposits or average balance, $25,000 in combined balances, or the Smartly Visa Signature card
- Minimum Deposit: $25
- Cost: $36 overdraft fee per item past a $50 cushion, waived if covered by 11 p.m. ET; $3 at other banks’ ATMs after two a period below $25,000
- Pros: No fee for ages 13 to 24 or 65+; branches in 27 states
- Cons: Checking pays almost nothing; $3 at other banks’ ATMs below $25,000; mobile check deposits can’t undo an overdraft fee
Smartly Checking is U.S. Bank’s everyday checking account, and what it costs and earns you depends on your combined balance in personal U.S. Bank deposit accounts, IRAs, and U.S. Bancorp Advisors brokerage accounts. With $5,000 in checking and $20,000 in Smartly Savings, you pay no fee, and by our math a year at 3.50% earns about $700 on the savings, against $10 at the 0.05% it pays without the checking account.
Key Features
- $12 monthly fee, waived with $1,500 in monthly direct deposits, a $1,500 average balance, or $25,000 in combined balances
- New Smartly Savings accounts at 3.50% annual percentage yield (APY) from $25,000 in combined balances, 2.00% from $5,000, 1.00% below that, and 0.05% without Smartly Checking or another eligible account
- No fee at 4,000+ U.S. Bank ATMs
- $36 overdraft fee per item, but none when you’re overdrawn $50 or less, or when deposits bring the balance back to $0 by 11 p.m. ET that business day
- Sign-up bonus of up to $450 for new checking customers who enroll in online banking and make two or more direct deposits within 90 days, the full amount for $8,000 or more, on accounts opened by December 30, 2026
Pros
- No monthly fee for owners ages 13 to 24 or 65 and over, or for military members
- Branches in 27 states, and more of them in California, Washington, and Oregon since U.S. Bank bought Union Bank in 2022
- With a Smartly Savings account, checking balances of $10,000 or more also raise the cash back on the Smartly Visa Signature card
Cons
- Checking pays 0.001% APY below $25,000
- $3 fee at other banks’ ATMs, MoneyPass ATMs included, after two a statement period until combined balances reach $25,000
- Mobile check deposits don’t count toward the same-day overdraft fee waiver
Customers who keep $25,000 or more at U.S. Bank pay no monthly fee and earn its top savings rate. Savers with less there earn more at an online bank such as Ally, whose savings account pays 3.20% APY on any balance, against Smartly Savings’ 2.00% or less.
Learn more about U.S. Bank Smartly Checking or see how it compares to the best checking accounts.
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