U.S. Bank and Chase are top-five banks by deposits, giants that are able to offer a large range of products and services. We looked at several categories to find which bank scores best for customers.
Who wins
| U.S. Bank | Chase | |
|---|---|---|
| Checking |
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| Savings and money market accounts |
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| CDs |
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| Customer experience |
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| Other fees |
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| Overall |
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Chase is the clear winner. It isn’t complete domination; U.S. Bank matches or beats its rival in a few categories.
Here’s a closer look at how these banks compare:
Checking accounts
| U.S. Bank Easy Checking | Chase Total Checking | |
|---|---|---|
| Monthly fees |
$8.95 ($6.95 if you opt for online statements); the fee is waived if you have monthly direct deposits of $1,000 or an average balance of $1,500 | $12; fee is waived if you have $500 in monthly direct deposits, a $1,500 minimum daily balance or an average daily balance of at least $5,000 among deposit accounts and investments at Chase |
| Minimum opening deposit | $25 | $25 |
| ATM fee | $2.50 at non-U.S. Bank ATMs | $2.50 at non-Chase ATMs |
| ATM network | 4,900 ATMs | 15,500 ATMs |
| Interest on balances | None | None |
The Chase Total Checking account has easier ways to waive the monthly fee, and new customers can qualify for a $150 sign-up bonus if they set up direct deposit, making Chase a better choice for basic checking.
Both U.S. Bank and Chase also have premium checking accounts that earn a tiny amount of interest — generally no more than 0.02% APY — or other perks, but they come with higher minimum-balance requirements.
U.S. Bank offers Silver, Gold and Platinum checking account packages that require you to have other linked accounts at the institution or be charged at least $6.95 a month. But you receive preferred rates on new loans with the bank and can have either two free non-U.S. Bank ATM transactions a month (Gold) or unlimited non-U.S. Bank ATM transactions (Platinum). The ATM owner may still charge a fee.
Chase has Premium Plus Checking, which allows four free ATM withdrawals a month from non-Chase ATMs (the owner may still charge a fee). The account maintenance fee is $25 a month, unless you have an average daily balance of $15,000 in checking or across qualifying deposit and investment accounts. The bank also offers Premier Platinum Checking, which allows unlimited non-Chase ATM withdrawals without a fee from Chase. The account fee is $25 a month ($35 in Connecticut, New Jersey and New York), waived if you have an average daily balance of $75,000 in checking or across qualifying accounts.
Read our bank reviews section to learn more about what some of these banks’ competitors have to offer.
» MORE: Wells Fargo review
Savings accounts
| U.S. Bank Standard Savings Account | Chase Savings |
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|---|---|---|
| Monthly fees | $4; waived with a $300 minimum daily balance or $1,000 average monthly balance | $5; waived if you meet one of the following conditions:
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| APY on balances | 0.01% | 0.01% (effective 3/15/16) |
| Minimum opening deposit | $25 | $25 |
| Automatic transfer from a linked checking account |
Yes | Yes |
The basic savings accounts for both banks earn a lousy rate: 0.01% APY. And both banks charge a monthly fee, which means you could lose money while you’re trying to save it. But Chase has easier ways to waive the fee, and there’s a $100 sign-up bonus if you keep a minimum balance of $10,000 for the first 90 days.
U.S. Bank and Chase also have premium savings accounts that earn somewhat better rates, but they also require a qualifying linked account or higher minimum balance. U.S. Bank offers its premium checking customers Package Money Market accounts and Platinum Select Money Market Savings accounts that earn between 0.05% APY and 0.10% APY.
Chase Plus Savings earns between 0.01% APY and 0.06% APY. The account charges a $20 monthly fee, which is waived if you meet a $15,000 minimum daily balance or have a linked premium Chase checking account.
You can still find better savings rates and money market rates at other banks and credit unions.
Certificates of deposit
| U.S. Bank | Chase | |
|---|---|---|
| Minimum deposit | $500 | $1,000 |
| Short-term CD rate | 0.20% APY for two years | 0.25% APY for two years if you have a linked checking account; deposits over $100,000 earn 0.30% APY |
| Long-term CD rate | 0.75% APY for five years | 0.35% APY for five years if you have a linked checking account; deposits over $10,000 earn slightly more, starting at 0.55% APY |
U.S. Bank gets the nod over Chase because most of U.S. Bank’s CDs earn a little more interest when compared with similar Chase CDs. And U.S. Bank has lower deposit requirements for its regular CDs.
U.S. Bank also has a CD Special with rates up to 1.90% APY for a 59-month term, if you deposit at least $1,000.
» MORE: Compare CD rates
Customer experience
| U.S. Bank | Chase | |
|---|---|---|
| Branches |
3,000 | 5,300 |
| Website | Nicely arranged; helpful for comparing account options | Sleek, fast, easy to use |
| Banking apps (ratings from app store users) | 2.5 out of 5 stars for iOS; 3.8 out of 5 for Android | 4.5 out of 5 stars for iOS; 4.5 out of 5 for Android |
| Customer service | Available 24/7 by phone, email and social media | Available 24/7 by phone, chat, email and social media |
Both banks have 24/7 customer service and respond to customer questions on social media. But Chase does a better job of putting its technology to use, offering customer service by chat and mobile apps that receive consistently high scores from users.
Other fees
| U.S. Bank | Chase | |
|---|---|---|
| Overdraft fee | $36 (maximum of eight per day; four paid and four returned unpaid) |
$34 (maximum of three per day) |
| Overdraft protection transfer fee | $12.50 per day | $10 per day |
| International debit card fee | 3% | 3% |
| Extended overdraft fee | $25 per week, beginning on the eighth day with a negative balance | $15, beginning on the fifth consecutive business day |
These are big banks that charge typically high big-bank fees, especially for overdrafts, which you’ll want to avoid. If your account ever does go into the negative, though, you’d probably pay less in fees with Chase than U.S. Bank.
But if you shop around you could do better than either of these banks, especially if you’re trying to save money.
Margarette Burnette is a staff writer at NerdWallet, a personal finance website. Email: mburnette@nerdwallet.com. Twitter: @margarette.
from NerdWallet
https://www.nerdwallet.com/blog/banking/u-s-bank-vs-chase-comparison/
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