U.S. Bank Business Savings Account Review

Advantages Over Traditional Banks

One major advantage of the Business Savings account is its low monthly maintenance fee of $5, which the bank waives altogether if you maintain a daily balance of at least $500. Many other banks require a much larger balance to eliminate the monthly fee. Applying online is also straightforward compared to the lengthy process with some traditional banks.

The U.S. Bank Platinum Business Money Market account offers several features designed to benefit businesses with larger cash reserves. The account requires a minimum opening deposit of $100 and has a monthly maintenance fee of $15, which is waived if you maintain a daily balance of $10,000. It accrues interest daily and pays it monthly, providing tiered interest rates that increase with higher balances.

Cutting-Edge Banking Services

U.S. Bank also has a highly-rated mobile app that helps you do various things such as making transfers, tracking where your money goes, managing bills, and more.

The app also includes some useful tools, such as the Smart Assistant. Instead of searching through the different options to find what you’re looking for, this virtual assistant lets you speak or type your questions and points you in the right direction in seconds.

In addition, the Digital Explorer tool provides helpful demos to walk you through the steps of a handful of everyday banking functions. It can help you pay bills, download the app, add account alerts, and search through transactions, among other tasks.

U.S. Bank also lets you use the digital payments network Zelle to send (and receive) funds in minutes for free—all you need is your recipient's phone number or email.

Managing your account on the go, either online or through the mobile app, is straightforward, and it’s easy to transfer funds to and from your business checking account. You can also keep both your business savings and checking account details in the same statement for streamlined viewing and management.

Traditional Banking Services

U.S. Bank has been around for over 150 years and provides most of the familiar services of a regular brick-and-mortar bank. This includes access to thousands of ATMs and branches all across the country.

The company also offers a wide range of banking products, like certificates of deposit (CDs), money market accounts, personal bank accounts, loans, mortgages, and investments.

In particular, it offers a CD Special account with rates of up to 4.75%, as well as a Business Money Market account with an interest rate of up to 4.5%.

U.S. Bank also offers several credit cards, including a 6% cash back card and numerous rewards cards with up to 5X points on your spending.

Interest Rates and Fees

The U.S. Bank Business Savings account offers a 0.05% interest rate. While this is unimpressive compared to some online banks, it's better than many other large banks and still helps you grow your savings.

There’s a $5 monthly maintenance fee for the Busines Savings account, but you can avoid this by maintaining a $500 balance. You won’t pay a transaction fee for using one of the bank’s own ATMs, but there's a $2.50 fee for using one outside the U.S. Bank network.

For the Platinum Business Money Market account there’s a minimum opening deposit of $100 and a monthly maintenance fee of $15, which is waived if you maintain a daily balance of $10,000. It accrues interest daily and pays it monthly, providing tiered interest rates that increase with higher balances.

Other fees include a $1 Automated Clearing House (ACH) transfer fee and a $36 overdraft fee. However, the latter is only charged if you overdraw by $5.01 or more—overdrafts of $5 and under don’t incur a fee.

Customer Service and Online Experience

U.S. Bank provides customer service over the phone at 800-872-2657. Operating hours are 8am-8pm (CT) on weekdays and 8am-6:30pm (CT) on Saturdays.

The company gets mixed reviews, with a rating of only 1.2 on Trustpilot. Some customers speak of the fraud department taking too long to respond to and investigate issues. Others warn of inconsistent answers and information from one customer service worker to the next. More positive reviews highlight the professional service of some employees. 

U.S. Bank also has a comprehensive online support section that answers questions like how to withdraw funds, report fraud, send money, and more. There are also several blog posts on topics such as saving money, dealing with debt, running a business, and investing.

Overall, the online experience is solid, and the site is easy to navigate. It provides plenty of details about the products and services the company offers. Applying for an account is easy, too.

To apply, you need to:

• Navigate to the Business Savings account page of the U.S. Bank website and click “Apply now.”
• Provide personal information like your name, email, phone number, address, date of birth, and Social Security Number.
• Give business-related information like company structure, company contact information, the date the business started, your industry, and Taxpayer Identification Number. You’ll have to provide additional personal information for anyone else who owns more than 25% of the business, too.
• Answer some questions about how you’re going to use the Business Savings account and estimate the revenue for your business.

Overall, it should take you less than 15 minutes to apply. In some cases, you’ll need to upload documents like articles of incorporation or partnership agreements to verify your business.

Mobile App

The U.S. Bank Mobile Banking app is available on Apple and Android devices. It’s easy to navigate and has a straightforward and clean layout. The app lets you perform a range of banking functions, such as making mobile check deposits, scheduling payments, viewing transactions, setting alerts, customizing notifications, and many others.

The app maintains a 4.8 rating on the Apple App Store and 4.7 on the Google Play Store, with many positive reviews mentioning how user-friendly and convenient it is.

Security

U.S. Bank has numerous security measures and guidelines in place to keep your information safe. It has a dedicated security team, uses network firewalls, and claims to secure its files and buildings.

The bank uses Secure Sockets Layer (SSL) encryption to secure any communication or information transfer between your computer and the company. You can add two-factor and biometric authentication for an extra layer of security on your account. 

For further peace of mind, you can set up security alerts that notify you of suspicious activity on your account. The company also logs you out of your account automatically after 15 minutes of inactivity. 

All deposit accounts with the company have FDIC insurance up to $250,000, which protects your money in case of a bank failure.

The U.S. Bank privacy policy details the types of information it collects, how it gathers it, and how it uses and shares it. It also publishes several security-related resources to help you keep your information safe. These cover topics such as avoiding digital payment scams, spotting signs of identity theft, and more.

Summary

The U.S. Bank Business Savings account has a higher interest rate than many other brick-and-mortar banks and charges only a small, easily avoided monthly fee. It requires a $100 minimum opening deposit and is FDIC insured.

U.S. Bank offers a number of helpful online tools and resources to help you manage your Business Savings account, as well as a highly-rated mobile app for when you’re on the go. You’ll also have access to thousands of branches and ATMS nationwide.

Methodology

This review was created using information from the U.S. Bank website, as well as reviews on  Trustpilot.