Table Of Content
When Bank of America Wins?
Bank of America has a comprehensive line of banking products. There are a variety of credit cards, different checking and savings accounts, home loans, investments, and auto loans.
Bank of America can be a better choice than US Bank if:
You want a massive choice of credit card options
You are happy to become a Preferred Rewards member to access higher savings rates
You want a discount on your mortgage fees
When US Bank Wins?
US Bank has an even more impressive banking product line. There is a variety of saving and checking account options, investments, personal loans, mortgage products, and wealth management.
This means that either bank will make it easier to switch from your current bank, as you should have access to all the products you would expect and need.
Open a bank account on US can be a better choice than Bank of America if:
You want better CD rates
You are looking for personal loans
You want lower account maintenance fees
Bank of America | US Bank | |
|---|---|---|
Savings Accounts | ||
Checking Accounts | ||
CDs | ||
Money Market Account | ||
Debit Card | ||
Credit Cards | ||
Personal Loans | ||
Mortgage | ||
Government Mortgage | ||
Business Loans | ||
Investing Capabilities |
Savings Account
Bank of America has a conventional savings account that pays 0.01% to 0.04% interest depending on your Preferred Rewards status. If you’re a Preferred Rewards member with a higher savings account balance, you’ll be able to access the higher rates.
While US Bank has several savings account options, if you’re purely looking at the base savings account, Bank of America has a far higher potential rate.
Both savings accounts have a maintenance fee that can be waived, but the US Bank’s fee is far lower, just in case you slip up and fail to meet the waiver requirements in the odd month or two. However, you do need a minimum deposit of $25 to open the account.
Bank of America | US Bank | |
|---|---|---|
APY | 0.01% – 0.04% | 0.01% |
Fees | $8 per month
Can be waived by maintaining a balance of $500+, becoming a Preferred Rewards member or linking to your B of A Advantage Banking account. Fees are also waived for enrolled students aged under 24
| $4
can be waived by $300+ daily ledger balance or $1,000 average monthly balance
|
Minimum Deposit | $100 | $25 |
Checking Needed? | No | No |
Main Benefits |
|
|
Checking Account
Neither bank’s checking account is interest bearing, but both accounts have a maintenance fee. While US Bank’s fee is far lower, you will need to receive more in direct deposits to have the fee waived.
Both accounts have overdraft protection options. However, while US Bank allows you to link a deposit account and have fee free transfers if you have insufficient funds, Bank of America has multiple options, so you can decide how the bank handles your transactions if you slip into a negative balance.
While it may lack features, US Bank does have a number of checking account options, so you can choose an account that suits your preferences and requirements.
Bank of America | US Bank | |
|---|---|---|
APY | 0.01% – 0.02% | 0.001% – 0.005% |
Fees | $12
can be waived by maintaining an account balance of $1,500, qualifying deposit of $250+ per month or enrol in Preferred Rewards
| $6.95
Can be waived by maintaining an average account balance of $1,500, have $1,000+ in direct deposits per month or be aged 65+
|
Minimum Deposit | $25 – $100 | $25 |
Main Benefits |
|
|
CDs
Both Bank of America and US Bank have minimum deposit requirements of $1,000, but while Bank of America has a flat rate of 0.03%, US Bank has special CD rates with the potential to earn up to 0.75%. The rates are tiered, so you’ll gain access to better rates if you commit to a longer term CD.
Bank of America | US Bank | |
|---|---|---|
Minimum Deposit | $1,000 | $500 |
APY Range | 0.03 – 3.80% | 0.05% – 4.20% |
Credit Cards
Bank of America has a vast choice of credit cards. There are student cards for those in full time education and a secured card to build credit while earning rewards. The bank also has partnership cards with brands such as Amtrak, Always, Alaska Airlines, and Free Spirit.
One of the most popular cards is the Customized Rewards, which has tiered cash back categories, but if you prefer simplicity, the Unlimited Rewards card has no spending categories, you’ll earn 1.5% cash back on all your purchases. However, if you are planning a large purchase or need to transfer a balance, the BankAmericard has a 0% APR for 18 months.
US Bank also has a number of credit card options, which you can explore with search categories such as cash back, no annual fee, low intro rate, or credit building. The US Bank reward cards typically have tiered spending categories, but there is the potential to earn up to 5 points per dollar. There is also the Platinum Card that has a 0% rate for 20 billing cycles. With the U.S. Bank Cash+ Visa Signature Card you can earn 5% cash Back on your first $2,000 in combined eligible purchases each quarter on two categories you choose, 2% cash back on one everyday category, like gas stations, grocery stores or restaurants, 1% cash back on all other eligible purchases.
However, what is really nice is that there are three secured card options. You can either earn up to 5% cash back or tiered rewards with up to 4x points. However, the US Bank Secured Visa offers a credit limit of up to $5,000, which is unusual for a secured card.
Mortgage
Bank of America has a selection of mortgage products including fixed rate and ARM packages, FHA and VA loans, and home equity lines of credit. You can explore the options on the Bank of America website with a variety of calculators and tools that will help you to estimate your costs. Additionally, Preferred Rewards members can qualify for a discount of up to $600 towards mortgage origination fees.
US Bank has various home loan products. There are conventional fixed rate packages, FHA loans, and VA loans. Like Bank of America, US Bank has tools to guide you through the home buying process with payment calculators, blog posts, and FAQ support.
Loans
Bank of America does not have a conventional personal loan. However, you can access fee free auto loans. You can lock in your rate with a one minute application decision, making it easy to comparison shop.
US Bank has several loan options. There are conventional personal loans for up to $50,000, but you can also access home improvement loans. US Bank also offers simple loans for up to $1,000 if you have unexpected or unplanned expenses.
Customer Service
As a large bank, Bank of America does have a large customer service department. You can access live support 8 am to 9 pm ET Monday to Friday, at weekends 8 am to 8 pm on Saturday and 8 am to 5 pm on Sunday. You can also speak to the customer service team via the Bank of America website or social media channels.
US Bank has a toll free number to speak to a member of the customer service team. However, there is a comprehensive support section on the bank’s website to answer any common questions and access blog resources.
However, the ratings on Trustpilot are more of a mixed bag. While Bank of America has a fairly impressive 3.5 out of 5, US Bank has a poor 1.3/5.
Online/Digital Experience
Both banks have an app which allows you to manage your bank accounts at your convenience. The Bank of America’s app is rated 4.8/5 on the Apple Store and 4.6/5 on Google Play, while the US Bank App is rated 4.8/5 and 3.9/5 on Apple and Google respectively.
The bank’s websites are both easy to use, with some excellent learning resources. There is a comprehensive help section that allows you to explore all aspects of the bank’s products and finance in general, which creates an excellent digital experience.
Which Bank is The Winner?
To sum up, we’ll need to look at which bank is better, depending on what you’re looking for.
Both banks have some excellent products, but there are some differences. For example, Bank of America Preferred Rewards customers can gain access to higher savings rates, but US Bank does have more saving account options.
However, in terms of CDs, US Bank offers far better rates with its Special CDs. Additionally, US Bank allows access to personal loans, which are not available with Bank of America.
|
|  | |
|---|---|---|---|
APY Savings
The annual percentage yield (APY) is a percentage that represents the amount of money or interest earned on your savings account over the course of a year. The APY factored in compound interest. A savings calculator can help you quickly determine how much you'll earn with a given APY.
| 0.01% – 0.04% | 0.01%
| Up to 5.02%
|
Checking Fee
The monthly fee on checking account
| $12
can be waived by maintaining an account balance of $1,500, qualifying deposit of $250+ per month or enrol in Preferred Rewards
| $6.95
Can be waived by maintaining an average account balance of $1,500, have $1,000+ in direct deposits per month or be aged 65+
| Compare Banking |
Mobile App Rating | 4.6/5 on iOS 4.6/5 on Android | 4.0/5 on iOS 4.7/5 on Android | Various Banks
|
on Bank of America website |
on US Bank website |
on our website |
FAQs
What are US Bank promotions for new accounts?
US Bank promotions are focused on both bank accounts and credit cards. For example, as of {month_year], you can get up to $300.
Does Bank of America offer Bonuses for new accounts?
Yes, Bank of America bonuses for new accounts are relevant for business and personal accounts. For example, the Advantage Banking Account offers new accounts a $100 bonus as of March 2023.
What Does Bank of America offer for Bad Credit?
At first glance, it doesn’t look like Bank of America has products designed for those with bad credit. While there are basic checking accounts and savings tools, one of the best products is the Customized Cash Rewards Secured credit card.
This card allows you to earn up to 3% cash back while strengthening or building your credit. You can use a refundable deposit of up to $4,900, along with your income and ability to pay to establish a credit line. Bank of America will review your account periodically and you may qualify for the return of your security deposit.
What US Bank products are inflation proof?
As with most banks, savings and deposit accounts are not particularly inflation proof.
However, US Bank does have a number of lending products that allow you to lock in your rate for the duration of your loan term. This means that your monthly repayments are set when you open your loan account, whether this is a mortgage, car loan or personal loan.
So, even if the rate of inflation, and consequently interest rates, go up, you don’t need to worry about your financing costs also increasing
How's US Bank physical coverage?
US Bank has decent coverage with over 3,100 branches across the USA. These branches are primarily in the Midwest and Western states. The bank also has an ATM network with 4,800 machines.
What is required to open a US Bank account?
As with most banks, you will need to provide personal and financial details to open a US Bank account. This will include a valid home address, your Social Security number, and contact information. It is important that you can verify your identity, as US Bank needs to comply with federal regulations.
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