U.S. Bank Smartly Checking Account Review 2024
Written by
Kristopher Kane
Edited by
Susan Kim
Commitment to Our Readers
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20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
US Bank
-
Benefits
4.6
-
Fees
3.5
-
Interest
3.0
-
Financial Management Tools
4.8
Pros
- Robust online banking options and award-winning app
- Multiple ways to have monthly service fees waived
Cons
- Not available in 24 states
U.S. Bank Smartly Checking Account Overview
The U.S. Bank Smartly Checking account comes with the features you’d expect from a personal checking account, including optional overdraft protection, the ability to send person-to-person money transfers, access to an extensive ATM network and various incentives and rewards. U.S. Bank is a member of the Federal Deposit Insurance Corp., so your deposits are insured on eligible balances up to $250,000.
Key Features
Here’s a look at key features to consider to help you decide whether the U.S. Bank Smartly Checking account is right for you.
Benefits
The U.S. Bank Smartly Checking account offers the essentials along with some unique benefits. Though it’s optional, Bank Smartly Checking offers robust overdraft protection with double-layered options and several ways to avoid having to pay overdraft fees. While no fee is charged for overdrafts smaller than $50, you may also be able to avoid charges for higher overages with the Overdraft Fee Forgiven program.
Bank Smartly Checking also offers valuable financial tools such as a goal planner, automatic spending categories, personalized market insights and the complimentary Smart Rewards program. After enrolling in the program, you can earn increasingly valuable benefits as your balance grows across all of your linked U.S. Bank accounts.
Fees
You can open an account with a minimum deposit of $25. There is a $6.95 monthly maintenance fee, but it can be waived if you receive direct deposits totaling $1,000 or more, maintain an average account balance of $1,500 or more or have an active eligible U.S. Bank credit card.
U.S. Bank’s fee structure is middle-of-the-road, with slightly below average out-of-network ATM fees and slightly higher than average overdraft fees if you’re not enrolled in one of the optional overdraft protection programs.
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Interest
U.S. Bank offers an APY of 0.001% on Bank Smartly Checking accounts with balances less than $25,000 and 0.005% on accounts with $25,000 or more. Though earning interest on a checking account is a definite plus, U.S. Bank’s rate is well below the national average for interest-bearing checking accounts.
Financial Management Tools
U.S. Bank offers a variety of financial planning and management tools through its app. You can track spending categories and set up optional alerts to let you know when you’re approaching the limit you set. Perhaps the standout feature here is the ability to manage accounts at other banks through the app, which can also draw data from these third-party accounts to add to your budgeting and goal tracking.
How the U.S. Bank Smartly Checking Account Stands Out
Bank Smartly Checking offers an inclusive banking rewards program that allows users to take advantage of U.S. Bank’s free Smart Rewards program, which provides perks like reimbursements for out-of-network ATM fees, a higher interest rate for a linked savings account and a free online consultation with a U.S. Bank wealth management specialist.
The mobile app is well reviewed, available on both Android and iOS devices, and it includes all of the features that are available via U.S. Bank’s web-based customer banking portal, which allows you to conduct your financial business from anywhere.
The app also features the U.S. Bank Smart Assistant, which can help you with basic banking questions and retrieve specific account information. You can even use voice prompts with the Smart Assistant, though you should take steps to protect any sensitive information from being overheard.
Comparable Checking Account Options
Choosing the best checking account depends on your individual needs and priorities. Here are some comparable alternatives to the U.S. Bank Smartly Checking account.
Chase Total Checking®
Chase has a solid offering with all the essentials you would need for an everyday checking account. The Chase Total Checking account has a $12 monthly service fee that can be waived in several ways, including maintaining a daily balance of at least $1,500 or receiving direct deposits totaling at least $500.
PNC Bank Virtual Wallet®
The money management features of the Bank Smartly Checking account are appealing, but if you’re outside of U.S. Bank’s service area, this alternative could be a good fit. With PNC’s Virtual Wallet, you get a primary checking account, a secondary checking account and a savings account, making it worth considering if you want to manage your bank accounts in one place. PNC offers several Virtual Wallet tiers with waivable monthly service fees ranging from $7 to $25.
How To Apply
Applying for a Bank Smartly Checking account is as easy as visiting its webpage and clicking the “Open an account” button, which is featured prominently throughout the page, along with detailed background information on the account’s various offerings.
Final Take
U.S. Bank may be trying to catch up with the online-only financial technology companies that offer many of the same features, and it’s a solid option for anyone who’s hesitant to take the online banking plunge but still wants access to digital money management. U.S. Bank falls a little short in its fee structure — if you’re looking for an account with no monthly maintenance fees, it’s a good idea to consider free checking account options that are available elsewhere.
FAQ
- What is the monthly fee for a U.S. Bank checking account?
- The Bank Smartly Checking account incurs a monthly maintenance fee of $6.95, but it can be waived if you meet any of the following criteria within the statement cycle:
- Receive direct deposits totaling $1,000 or more
- Maintain an average account balance of $1,500 or more
- Have an active eligible U.S. Bank credit card
- The Bank Smartly Checking account incurs a monthly maintenance fee of $6.95, but it can be waived if you meet any of the following criteria within the statement cycle:
- Does U.S. Bank have a free checking account?
- While U.S. Bank doesn't offer free checking, there are several ways to avoid paying a monthly fee, such as maintaining a balance over $1,500 or making qualifying direct deposits.
- Is U.S. Bank good for a checking account?
- U.S. Bank is a well-established and reputable FDIC-insured bank, making it a good option for anyone who lives in the 26 states it serves.
Information is accurate as of April 11, 2024.
Rates may vary by region. To verify rates in your area, check the bank’s website for details.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
The information related to Chase Total Checking was collected by GOBankingRates and has not been reviewed or provided by the issuer of this product. Product details may vary. Please see the issuer’s website for current information. GOBankingRates does not receive commission for this product.
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