Banking » Compare Banks » Bank of America vs US Bank: Which is Best For You?
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Bank of America vs US Bank: Which is Best For You?

Bank of America Preferred Rewards customers can gain access to higher savings rates, but US Bank offers far better rates with its Special CDs. Here's our full banking comparison.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Interest Rates Last Update: August 20, 2023
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Interest Rates Last Update: August 20, 2023

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

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

bank of america logo
bank of america logo

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.

us bank logo

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

us bank logo
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
  • Mobile check deposits
  • Automatic transfers
  • Custom alerts
  • Other saving account options available
  • No ATM fees

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
  • Automated savings feature – set your savings goals
  • $35 return item and overdraft item fee.
  • Virtual banking assistant
  • Multiple payment methods – you can use your debit card, Zelle or digital wallet to make payments from your phone.
  • Overdraft protection with fee free transfers from a linked deposit account.
  • Mobile check deposit with a simple snapshot
  • Fast and secure online application
  • $2 statement fee applies if you don’t agree to e-statements

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% – 4.75%
0.05% – 4.90%

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.

Bank_of_America

us-bank-logo

The Smart Investor Logo
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
Open Account
on Bank of America website
Open Account
on US Bank website
Compare
on our website

FAQs

US Bank promotions are focused on both bank accounts and credit cards. For example, as of {month_year], you can get up to Up to $500.

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 September 2023.

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.

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

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.

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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Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann's areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
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