Bank Reviews

US Bank Reviews, Rates: CDs, Savings, Money Market, Mortgages

US Bank’s slogan is “all of us serving you” and this is certainly true. They have over 60,000 employees and continue to grow to this day. US Bank was founded in 1863 and has over $288 billion in assets. US Bank works with communities and organizations to help better the future and to stimulate the economy.

They provide easy access to branches and ATMs because they are located in multiple states, including California and Indiana. US Bank offers services to small businesses by providing payroll cards, payment solutions, and deposit express. Commercial and government business solutions are also provided by US Bank. It seems fairly easy to do all your business in one place with their friendly customer service.

Review: US Bank Services

Checking Accounts: US Bank offers accounts to meet several, personalized needs you may have. They offer account recommendations for the person who needs basic checking and for those who want extra privileges. One of the most simple and straightforward checking accounts is called Easy Checking. It offers a $0 monthly maintenance fee and comes with free Internet banking with Internet bill pay. Premium Checking includes all of the benefits of Easy Checking however there is a monthly maintenance fee of $10.95 with online statements or $12.95 with paper statements. This fee can easily be waived if the account holder is 65 or over or if the average account balance is $5,000. From looking at the different checking accounts that US Bank has to offer, most of them come with great perks, however they do require large balance requirements to waive the monthly maintenance fee.

Savings Accounts: US Bank offers the same account customization as with the checking accounts to help you meet your savings goals. Whether it is short-term or for the long haul, US Bank has the right type of account for you.

[tab:CDs]

U.S. Bank provides CDs to meet anyone’s financial needs. They offer standard CDs for short periods of time such as 1 or 2 months. The CD specials are inviting and the option of trading up your current CD for a higher interest rate is possible with U.S. Bank.

U.S. Bank Standard CD Rates – Amounts $500-$249,999 – California – as of 7/9/2011

  • 1-month term – 0.05% Interest Rate – 0.05% APY
  • 2-month term – 0.05% Interest Rate – 0.05% APY
  • 3-month term – 0.05% Interest Rate – 0.05% APY
  • 6-month term – 0.05% Interest Rate – 0.05% APY
  • 9-month term – 0.05% Interest Rate – 0.05% APY
  • 12-month term – 0.10% Interest Rate – 0.10% APY
  • 18-month term – 0.25% Interest Rate – 0.25% APY
  • 24-month term – 0.45% Interest Rate – 0.45% APY
  • 36-month term – 0.65% Interest Rate – 0.65% APY
  • 48-month term – 1.09% Interest Rate – 1.10% APY
  • 60-month term – 1.59% Interest Rate – 1.60% APY

U.S. Bank CD Specials – Amounts $1,000-$249,999 – California – as of 7/9/2011

  • 19 –month term – 1.14% Interest Rate – 1.15% APY
  • 37-month term – 1.73% Interest Rate – 1.75% APY
  • 59-month term – 2.47% Interest Rate – 2.50% APY

U.S. Bank Trade Up CDS – Amounts $1,000-$249,999 – California – as of 7/9/2011

  • 30-month term – 0.85% Interest Rate – 0.85% APY
  • 60-month term – 1.64% Interest Rate – 1.65% APY

TermsOption to trade up one time only during the initial term requires you to visit a U.S. Bank branch to redeem before the maturity date. Rate change option is based on the published rate for the closest standard term that is equal to or less than the remaining term of the original CD. It may take up to ten days for rate change to become effective. Offer good for the initial term only. The CD is automatically renewed into a Standard CD closest to without exceeding the non-standard term at maturity. Advertised rate and APY are offered at the bank’s discretion and may change daily.

[tab:Savings Accounts]

Helping saving your money is one of the primary goals with U.S. Bank. They offer a savings goal calculator on their website and provide different accounts to best suit your needs. It is never too early to start saving and U.S. Bank allows youngsters to start saving for their future by learning money management skills.

U.S. Bank Standard Savings Account – California – as of 7/9/2011

  • $25 minimum opening deposit
  • Monthly maintenance fee varies by region
  • $300 minimum daily ledger balance or $1,000 average monthly collected balance to waive monthly maintenance fee
  • Free ATM transactions at U.S. Bank ATMs
  • Interest compounded daily, paid quarterly

U.S. Bank Standard Savings Account Rates – California – as of 7/9/2011

  • $0 and above – 0.05% Interest Rate/Bonus Interest Rate – 0.05% APY/Bonus APY

U.S. Bank Goal Savings Account – California – as of 7/9/2011

  • $0 minimum opening deposit – $25 automatic monthly transfer from a U.S. Bank checking account, must have U.S. Bank checking account to qualify
  • $0 monthly maintenance fee
  • Free ATM transactions at U.S. Bank ATMs
  • Interest compounded daily, paid monthly
  • Goal Savings account can be named to reflect your savings goal

U.S. Bank Goal Savings Account Rates – California – as of 7/9/2011

  • $0-$999 – 0.05% Interest Rate/Bonus Interest Rate – 0.05% APY/Bonus APY
  • $1,000 – $9,999 – 0.05% Interest Rate/Bonus Interest Rate – 0.05% APY/Bonus APY
  • $10,000-$24,999 – 0.05% Interest Rate/Bonus Interest Rate – 0.05% APY/Bonus APY
  • $25,000+ – 0.05% Interest Rate/Bonus Interest Rate – 0.05% APY/Bonus APY

U.S. Star Savers Club – as of 7/9/2011

  • $25 minimum opening deposit
  • $0 monthly maintenance fee
  • Free ATM transaction with U.S. Bank ATMs
  • Automatically converted to a Standard Savings account when minor reaches 18 years

TermsMinimum opening deposit may differ from your local branch and is only valid when you apply online.

[tab:Money Market]

U.S. Bank has manymoney market accounts that can suit various needs. The money markets are supplied with competitive rates and offer exclusive benefits to existing U.S. bank account holders. They all offer a small opening deposit amount and only ask to maintain the minimum balance.

U.S. Bank Money Market – California – as of 7/9/2011

  • $100 minimum opening deposit
  • Monthly maintenance fee varies by region
  • $1,00 minimum daily balance or $2,500 average monthly collected balance to waive monthly maintenance fee
  • Free ATM transactions at U.S. Bank ATMs
  • Interest compounded daily, paid monthly
  • Free check safekeeping – up to 3 per statement cycle

U.S. Bank Money Market Rates – California – as of 7/9/2011

  • $0-$999 – 0.05% Interest Rate/Bonus Interest Rate – 0.05% APY/Bonus APY
  • $1,000-$9,999 – 0.15% Interest Rate/Bonus Interest Rate – 0.15% APY/Bonus APY
  • $10,000-$24,999 – 0.20% Interest Rate/Bonus Interest Rate – 0.20% APY/Bonus APY
  • $25,000+ – 0.25% Interest Rate/Bonus Interest Rate – 0.25% APY/Bonus APY

U.S. Bank Package Money Market Savings – California – as of 7/9/2011

  • $25 minimum opening deposit
  • $0 monthly maintenance fee
  • Account must be opened with a U.S. Bank Checking account
  • Free ATM transactions at U.S. Bank ATMs
  • No checks available
  • 6 withdrawals per cycle – $15 charge when exceeded

U.S. Bank Package Money Market Savings Rates – California – as of 7/9/2011

  • $0-$1,499 – 0.05% Interest Rate/Bonus Interest Rate – 0.05% APY/Bonus APY
  • $1,500-$9,999 – 0.10% Interest Rate/Bonus Interest Rate – 0.10% APY/Bonus APY
  • $10,000-$49,999 – 0.30% Interest Rate/Bonus Interest Rate – 0.30% APY/Bonus APY
  • $50,000-$99,999 – 0.45% Interest Rate/Bonus Interest Rate – 0.45% APY/Bonus APY
  • $100,000-$499,999 – 0.55% Interest Rate/Bonus Interest Rate – 0.55% APY/Bonus APY
  • $500,000+ – 0.45% Interest Rate/Bonus Interest Rate – 0.45% APY/Bonus APY

U.S. Bank Elite Money Market – California – as of 7/9/2011

  • $100 minimum opening deposit
  • $0 monthly maintenance fee
  • To open, the account must be funded with $25,000 from a source outside of U.S. Bank
  • Free ATM transactions at U.S. Bank ATMs
  • Free check safekeeping – 3 checks per statement cycle, no option for check return

U.S. Bank Elite Money Market Rates – California – as of 7/9/2011

  • $0-$9,999 – 0.05% Interest Rate/Bonus Interest Rate – 0.05% APY/Bonus APY
  • $10,000-$24,999 – 0.10% Interest Rate/Bonus Interest Rate – 0.10% APY/Bonus APY
  • $25,000-$49,999 – 0.15% Interest Rate/Bonus Interest Rate – 0.15% APY/Bonus APY
  • $50,000-$99,999 – 0.25% Interest Rate/Bonus Interest Rate – 0.25% APY/Bonus APY
  • $100,000-$499,999 – 0.25% Interest Rate/Bonus Interest Rate – 0.25% APY/Bonus APY
  • $500,000+ – 0.25% Interest Rate/Bonus Interest Rate – 0.25% APY/Bonus APY

[tab:Mortgages]

U.S. Bank makes home-buying a simple, calculated process. They provide you with all the necessary steps to take and guidance along the way. By offering a variety of financing options at competitive interest rates, they succeed in helping first-time and previous home buyers. They want to help you prepare for and reach home ownership goals so they provide a mortgage learning center to help you get the facts.

The rates presented below are indicative of the current rates for the purchase of a single-family, primary residence based on a 45-day rate lock period.

Conforming rates are for loan amounts not exceeding $417,000 ($625,500 in AK and HI)

U.S. Bank – Conforming Fixed-Rate Mortgages – as of 7/9/2011

  • 30-yr fixed – 4.375% – 4.750% Interest Rate – 1.500% – 0.000% Discount – 0.000% – 0.000% Origination – 4.568% – 4.815% APR – 4.99 – 5.22 Mo. Pmt per $1000
  • 20-yr fixed – 4.250% 4.375% Interest Rate – 1.000% – 0.000% Discount – 0.000% – 0.000% Origination – 4.455% – 4.463% APR – 6.19 – 6.26 Mo. Pmt per $1000
  • 15-yr fixed – 3.500% – 3.875% Interest Rate – 1.625% – 0.000% Discount – 0.000% – 0.000% Origination – 3.849% – 3.985% APR – 7.15 – 7.33 Mo. Pmt per $1000
  • 10-yr fixed – 3.250% – 3.375% Interest Rate – 1.000% – 0.000% Discount – 0.000% – 0.000% – Origination – 3.617% – 3.532% APR – 9.77 – 9.83 Mo. Pmt per $1000

Adjustable-rate loans and rates are subject to change during the loan term. That change can increase or decrease your monthly payment.

U.S. Bank – Adjustable Rate Mortgages – as of 7/9/2011

  • 3-yr ARM – 2.500% – 2.750% Interest Rate – 1.000% – 0.000% Discount – 0.000% – 0.000% Origination – 3.413% – 3.390% APR – 3.95 – 4.08 Mo. Pmt per $1000
  • 5-yr ARM – 2.750% – 3.125% Interest Rate – 1.000% – 0.000% Discount – 0.000% – 0.000% Origination – 3.375% – 3.427% APR – 4.08 – 4.28 Mo. Pmt per $1000

U.S. Bank – FHA Fixed-Rate Mortgages – as of 7/9/2011

  • 30-yr fixed – 4.375% – 4.500% Interest Rate – 1.000% – 0.000% Discount – 0.000% – 0.000% Origination – 4.969% – 5.010% APR – 5.07 – 5.14 Mo. Pmt per $1000
  • 15-yr fixed – 3.750% Interest Rate – 0.000% Discount – 0.000% Origination – 4.312% APR – 7.38 Mo. Pmt per $1000

U.S. Bank – VA Fixed-Rate Mortgages – as of 7/9/2011

  • 30-yr fixed – 4.500% Interest Rate – 0.000% Discount – 0.000% Origination – 4.846% APR – 5.23 Mo. Pmt per $1000
  • 15-yr fixed – 3.875% Interest Rate – 0.000% Discount – 0.000% Origination – 4.467% APR – 7.58 Mo. Pmt per $1000

Jumbo rates are for loan amounts exceeding $417,000 ($625,500 in AK and HI)

U.S. Bank – Jumbo Fixed-Rate Mortgages – as of 7/9/2011

  • 30-yr fixed – 4.250% – 4.625% Interest Rate – 2.000% – 1.000% Discount – 0.000% – 0.000% Origination – 4.485% – 4.777% APR – 4.92 – 5.14 Mo. Pmt per $1000
  • 15-yr fixed – 3.625% – 4.000% Interest Rate – 2.000% – 1.000% Discount – 0.000% – 0.000% Origination – 4.031% – 4.259% APR – 7.21 – 7.40 Mo. Pmt per $1000

Additional Information:

Conforming Fixed, ARM
APR calculation assumes a $150,000 loan amount with a 20% down payment, estimated borrower paid finance charges of .75% of the loan amount plus discount and origination if applicable. If the down payment is less than 20%, mortgage insurance may be needed on the loan. This could increase the monthly payment and the APR.

Jumbo Fixed
APR calculation assumes a $500,000 loan amount with a 20% down payment, estimated borrower paid finance charges of .75% of the loan amount plus discount and origination if applicable. If the down payment is less than 20%, mortgage insurance may be needed on the loan. This could increase the monthly payment and the APR.

FHA Loans
Base loan amount assumed a 3.5% down payment. APR calculation assumes a $153,375 loan amount ($150,000 base loan amount plus $3,375 up-front mortgage insurance premium), estimated borrower paid finance charges of .75% of the loan amount, up-front mortgage insurance premium, monthly mortgage insurance, plus discount points and/or an origination fee may be charged, if applicable. The monthly principal and interest payment shown above does not include the FHA required monthly mortgage insurance payment.

VA Loans
Base loan amount assumed 100% financing. Actual loan amount assumed funding fee percentage based on veteran’s prior usage of entitlement. APR calculations assume a $154,950 loan amount ($150,000 base loan amount plus $4,950 VA Funding Fee), estimated borrower paid finance charges of .75% of the loan amount, VA Funding Fee, plus discount points and/or an origination fee may be charged, if applicable.

 

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