Summary


For many businesses just getting started, U.S. Bank may be the most accessible banking option available. With over 3000 locations and 4,500 ATMs across 25 states (mostly concentrated in the west and midwest), U.S. Bank is the most convenient option for many Americans. Their Silver Business Checking package lets you open an account for free without any monthly fees or minimum requirements.

Unfortunately, U.S. Bank’s premium accounts fail to offer the extra features or added value you would like to see. They also have a tendency to add several hidden fees. As far as national banks go, their interest rates are average, and you will likely be able to find a better offer elsewhere online if you do not need a physical bank.

Who is U.S. Bank right for?

U.S. Bank is typically ideal for businesses who work with cash or who may need a free bank account without a minimum balance.

Note: You must open an account with U.S. Bank in person. 

Compare U.S. Bank Business Accounts

Pros

  • Strong mobile app.
  • No minimum requirements for free checking.
  • Many locations across the western half of the U.S.

Cons

  • Hefty fees, including overdraft, transfer, and cash deposit limit fees.
  • Customer Support email and phone lines are poor, though local banks may offer more help.
  • Middling interest rates.
  • Lacks extra features or rewards offered by competitors.

U.S. Bank Business Account Alternative

Chase Bank offers banking options for every business owner, no matter the size of your company.

Chase Business Bank Account: Starting at $0 in monthly fees (when you maintain a minimum balance of $1,500)

Read our Chase Business Bank Account review

Pricing


Typically, US Bank customer reps will work with you and adjust specific pricing details and features to fit your company. Still, this section will give you an overview of what to expect. 

Base Features

  • Online and mobile banking with bill pay
  • Card payment processing
  • Check fraud protection
  • Remote check deposit
  • No monthly maintenance fees
  • 25 free cash deposit units per statement cycle
  • 150 transactions per statement cycle
  • Business Edge Debit Card
  • 50% discount on first check order up to $50
  • Business Reserve Line -- A $1,000 to $5,000 unsecured line of credit for overdraft protection.

Silver Business Package

  • Discounted card reader for $49 when you sign up for their Clear & Simple Pricing program through U.S. Bank Payment Solutions.

Cost:

  • $0.50 for each transaction above 150 per transaction cycle

Who should open a Silver Business Package?

  • This package is best for new businesses that do not expect to maintain high balances.

Gold Business Package

  • 300 free transactions per statement cycle
  • $0.45 per transaction over the 300 transaction limit
  • 100 free cash deposit units per statement cycle
  • 50% discount on first check order up to $100
  • Spend $2,500 in the first four billing cycles and earn a $50 cash bonus on your Business Edge Cash Rewards card or a 3,500 FlexPoint bonus on your FlexPerks Business Edge Travel Rewards Card
  • First year annual fee waiver on the Business Reserve Line
  • Preferred interest rates on the Cash Flow Manager

Cost:

  • $20 monthly maintenance fee plus $0.45 for each transaction above 300 per statement cycle

Who should open a Gold Business Package

  • If you expect to maintain a $10,000 balance in your business checking account, and would like to access perks like lower transaction fees, cash bonuses, and preferred rates, the Gold package is worth the upgrade.

Platinum Business Package

  • 500 free transactions per statement cycle
  • $0.40 per transaction over the 500 transaction limit
  • 200 free cash deposit units per statement cycle
  • Free front and back images on your monthly checking account statement
  • Spend $2,500 in the first four billing cycles and earn a $75 cash bonus on your Business Edge Cash Rewards card or a 5,000 FlexPoint bonus on your FlexPerks Business Edge Travel Rewards Card
  • Syncs with a Platinum Business Money Market Account, offers a bonus interest rate when both are used

Cost:

  • $25 monthly maintenance fee plus $0.40 for each transaction above 500 per transaction limit.

Who should open a Platinum Business Package?

  • The Platinum Business Package is for high volume accounts that want to maximize their perks, minimize fees, and open a Money Market account as well.

Basic Business Savings

  • $500 minimum balance
  • .01% interest rate
  • $100 minimum deposit
  • Online & Mobile Banking
  • Online Statements
  • Overdraft Protection

Cost:

  • $5 monthly maintenance fee (only incurred if you go below the minimum balance)

Who should open a Basic Business Savings?

  • This is a starter Savings account for those expecting to maintain one low-volume Savings account.

Business Savings Sweep

  • Excess funds sweep from checking accounts to your savings account in $500 increments
  • Funds sweep from savings to checking when it dips below your target balance
  • $10,000 minimum balance requirement
  • Interest rates increase with your saving balance
  • You get five sweeps from savings to checking per monthly cycle. Upon the sixth sweep, all funds remain in the checking account until the end of the cycle.
  • Online & Mobile Banking
  • Online Statements
  • Overdraft Protection

Cost:

  • No monthly fee

Who should open a Business Savings Sweep?

  • If you have multiple or high-volume business checking accounts, this is a high-yield way to manage your accounts.

Platinum Business Money Market

  • $10,000 minimum balance to avoid the monthly fee; $100 minimum deposit to open an account
  • Allows up to 6 withdrawals per month
  • Online & mobile banking
  • Online statements
  • Overdraft protection
  • Check writing privileges

Who should open a Platinum Business Money Market?

  • Platinum Business Checking account holders, as well as other high volume U.S. Bank customers, should use this account.

Premium Business Money Market

  • Online & mobile banking
  • Online statements
  • Overdraft protection
  • Check writing privileges
  • Waived service charges when linked to a Premium Business Checking account

Cost:

  • $10 monthly maintenance fee

Who should open a Premium Business Money Market?

  • For some high volume account holders, this may be a better fit than the Platinum option. We recommend talking to a customer support agent.

Ratings


Value - 3/5

The good news is that U.S. Bank lets you get started for free. Their Silver package has no monthly fees, and the Monthly Maintenance Fees at the premium levels can be voided if you meet certain balance minimums. Premium accounts will also give you special discounts on other U.S. Bank products, including their Cash Flow Manager, Rewards Credit Cards, and Money Market accounts.

Unfortunately, U.S. Bank makes you subject to a litany of fees, and there is often a lack of clarity surrounding them. They charge hefty overdraft and wire transfer fees, and the fees for cash deposit limit, transaction limits, and going under balance minimums can sneak up on you. Often, additional fees like these will just get added to your “Monthly Maintenance Fee” with no description, which can be confusing.

As far as interest rates and special perks or rewards, U.S. Bank is fairly middling. While tellers can sometimes work with customers to sweeten offerings, this may not be ideal for premium customers. U.S. Bank’s best value will be for Silver Package customers with relatively low transaction volume.

Customer Service - 2.5/5

We did not have good experiences with U.S. Bank’s corporate phone or email support. Their phone line is characterized by long wait times and their reps tended to talk in general terms, which can be difficult if you want a question answered. Emails went unanswered for days.

Fortunately, most U.S. Banks users will rely on their local branch. Experiences will vary across locations, but typically it can be fairly easy to build relationships with tellers and managers.

Ease of Use - 3.5/5

U.S. Bank offers a strong mobile app with a fairly high degree of functionality. Obviously, U.S. Bank lets you deposit cash, which a lot of trendier web-based bank accounts don’t, and they also let you make deposits from mobile. You can easily make payment requests and send money anywhere in the country for free on mobile. For checking account users who utilize U.S. Bank’s other products, everything syncs fairly well.

Theirs is a no-frills product, and their online layout is pretty basic -- but then again, basic can make things easier.

Included Features - 3/5

U.S. Bank will give your business everything most users have come to expect from a bank account, but not much else. They lack a lot of unique features, aside from a discounted card reader. Still, you get solid security and fraud prevention, special offers for Rewards Credit Cards, payment processing, and a Business Reserve Credit Line. For many businesses, this can be more than suitable. But if you expect to maintain a high volume account, there are better interest rates and perks to be had.

Conclusion


If your business is launching near a U.S. Bank location, they can work well. They are a perfect starter bank account for businesses with low transaction volume or inconsistent balances, and they can work with you as your company grows. For customers looking for more advanced banking packages or preferable rates, U.S. Bank will not do as well as Chase, for example.

Who is U.S. Bank right for?

U.S. Bank is typically ideal for businesses who work with cash or who may need a free bank account without a minimum balance.

Note: You must open an account with U.S. Bank in person. 

Compare U.S. Bank Business Accounts

U.S. Bank Business Account Alternative

Chase Bank offers banking options for every business owner, no matter the size of your company.

Chase Business Bank Account: Starting at $0 in monthly fees (when you maintain a minimum balance of $1,500)

Read our Chase Business Bank Account review