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If you're tired of your boring ol' checking account, the U.S. Bank Smartly® Checking may have some exciting perks for you. With a big welcome offer, digital tools, budget tracking, overdraft protection, and multiple ways to waive monthly fees, this checking account packs a hefty punch. Oh yeah -- and it earns a little interest, too. Find out if the U.S. Bank Smartly® Checking account is right for you in this expert review.
U.S. Bank Smartly® Checking
U.S. Bank is the fifth-largest bank in the U.S. in terms of assets. With its Smartly checking account you can earn special benefits when you enroll in the Smart Rewards™ program. With its digital security coverage, you are not liable for unauthorized transactions that are initiated online at usbank.com or through the U.S. Bank Mobile App as long as you let it know right away.
The monthly maintenance fee can be waived for customers who meet certain criteria. U.S. Bank also provides security alerts, personalized financial insights, and financial goal setting through its award-winning app.
We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.
The U.S. Bank Smartly® Checking is a relatively new product that unites many of the best perks out there for checking accounts. With that in mind, let's take a look at its best strengths and weaknesses.
New account bonus: Earn up to $700 when you open a new U.S. Bank Smartly® Checking account and a U.S. Bank Standard Savings Account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through June 27, 2024. Member FDIC.
Earn up to $500 with a new U.S. Bank Smartly® Checking. Complete the following within 90 days of account opening:
Earn up to $200 with a new U.S. Bank Standard Savings Account.
Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.
Earns interest: Like other top checking accounts, this one will earn interest on your balance. Unfortunately, U.S. Bank doesn't disclose interest rates online. The only way to find out its APY is to reach out to your local bank.
Low minimum opening deposit: You only need $25 to open this account.
Multiple ways to waive monthly maintenance fees: This checking account comes with a $6.95 monthly maintenance fee. But it gives you several ways to waive it, including the following.
Overdraft protection: U.S. Bank will waive fees on overdrawn amounts $50 or below when you link an eligible account to your U.S. Bank Smartly® Checking. Then, if you overdraw by $50 or less, U.S. Bank will automatically transfer the money to your checking account.
Overdraft forgiveness: U.S. Bank could also forgive fees for any overdrawn amount over $50. To get the fee forgiveness, you must get your account to at least $0 before 11 p.m. EST on the day you're charged the fee.
Earn some extras through Smart Rewards: Smart Rewards is a four-tiered program that gives you some extra perks for maintaining a combined balance among all your U.S. Bank accounts (checking, savings, CDs, IRAs). Some of the perks included automatic waiver of monthly fees, savings interest lift, non U.S.-Bank ATM fee reimbursement, and discounts on mortgages and loans.
Fee waiver requirements: If you don't meet the fee waiver criteria listed above, you'll pay a $6.95 monthly account fee. While that fee isn't high (you'll often see $10 to $25 fees), you can find plenty of free checking accounts at other institutions.
Fees | Monthly Maintenance | ATM Withdrawal | Overdraft | Stop Payment | Insufficient Funds |
---|---|---|---|---|---|
U.S. Bank Smartly® Checking | $6.95 | No ATM fee at U.S. Bank ATMs; $2.50 for non-U.S. Bank ATM transactions | $36, but overdraft protection is available | $35 | $0 |
Figuring out how you're going to deposit and withdraw money from your checking account can play a huge role in deciding which one is right for you. Fortunately, as a brick-and-mortar bank. U.S. Bank gives you plenty of options.
Whether you're depositing cash in person or a check through its mobile app, U.S. Bank gives you several ways to add money into your checking account:
U.S. Bank also gives you several ways to withdraw money, including the following:
At The Motley Fool Ascent, checking accounts are rated on a scale of one to five stars, primarily focusing on annual percentage yield (APY) and fees. Our highest-rated banking products generally include competitive APYs without complex qualification tiers, low to no fees, and ease of use. See our full Ratings Methodology here.
Yes, you can link outside bank accounts within the U.S. Bank mobile app.
U.S. Bank will close your U.S. Bank Smartly® Checking if you don't make a $25 deposit within 30 days of opening your account. It can also choose to close your account if you have a $0 balance in the account and no deposit and withdrawal activity.
Basically, U.S. Bank will add the total balance of each calendar day in a statement period, then divide by the number of days within that period. For example, if, in a 30-day period, you had $1,700 for 29 days and $0 for one day, then your total account balance would be about $1,643.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.