U.S. Bank vs. Chase Bank: Which Is Better For You?

Written by Jane Thier

Edited by Mo Mozuch

Reviewed by Arturo Conde, CEPF®

Updated on April 30, 2025, 5:54pm ET

JPMorgan Chase is the largest and most powerful bank in America, holding nearly $4 trillion in assets. Its competitor, U.S. Bancorp, takes fifth place. But bigger doesn’t always mean better when it comes to where you’re looking to open an account. Both U.S. Bank and Chase Bank offer a long list of perks and benefits, but it’s important to find out which one best suits your needs. Here, we uncover the pros and cons of banking at Chase versus U.S. Bank. If you’re not sure where to keep your money, you can also consider working with a financial advisor who can help you create a financial plan and manage your assets.

What to Know About U.S. Bank

JPMorgan Chase may be bigger, but U.S. Bank still offers some competition.. U.S. Bancorp, better known as U.S. Bank, has a breadth of options that you can’t quite find in many other places. Firstly, U.S. Bank has more than 2,000 locations in 26 states, and you can gain access to all of your funds through the company’s banking app and website or with a standard ATM.

If you’re in the market for options, U.S. Bank has you covered: it offers two tiers of checking accounts, two savings account options, and a range of CDs for customers looking to invest in long-term savings. Its Bank Smartly checking account is their more popular option. It offers a range of online banking and budgeting services, and charges a $6.95 monthly fee that can be waived if you meet certain balance or deposit minimums. The Safe Debit account doesn’t offer as many perks, but charges a flat $4.95 fee that cannot be waived.

One big advantage to U.S. Bank is its specialty programs for teenagers, young adults, or seniors over 65. Each age group is entitled to lower or no fee banking along with supplemental services targeted towards things like education or retirement.

What to Know About Chase Bank

Chase has a reputation for doing things bigger and better than most banks out there, and as the number one bank in the nation, it’s not hard to see why. But for all its resources, its interest rates remain generally unimpressive across the board. Chase Bank offers two basic savings accounts, Chase Savings and Chase Premier Savings accounts. The Chase Savings account is the more standard of the two, without any extra perks. It also earns at the lowest annual percentage yield (APY), 0.01% APY, regardless of your account balance.

U.S. Bank vs. Chase Bank: Checking and Savings Accounts

When considering the U.S. Bank vs. Chase Bank comparison, both offer full-fledged checking and savings accounts, with generally similar advantages and drawbacks. But they also have a few key differences. U.S. Bank offers an impressive array of free checking and savings account options for students and retirees. It also offers a money market account you can link to your checking account.

Chase Bank does it a little differently. Once you cover its minimum opening deposit of $25, for any of its account offerings, you can open a checking account for free. Many Chase checking and savings accounts have monthly fees—anywhere from $5 to $12 or more—but these are proven to be more easily waivable than the fees attached to U.S. Bank accounts.

While both banks allow you to manage your account details online, Chase’s web interface and mobile app have accrued better ratings across the board.

U.S. Bank vs. Chase Bank: Fees

In the U.S. Bank vs. Chase Bank match-up, both have room for improvement when it comes to finding ways around their mounting fees. In addition to standard monthly maintenance fees you’ll need to be mindful of additional monthly charges for overdrafts and wire transfers. In order to qualify for a U.S. Bank free checking program, you must meet a $1,500 minimum balance requirement and maintain it for the future. If this doesn’t sound attainable for you, you may decide to bank with Chase.

Chase, on the other hand, will grant you access to an expansive network of ATMs and branches around the globe, but nearly all of its specialty accounts incur fees. These fees can come in the form of anything from monthly maintenance fees to overdraft fees—$34 per item if the account stays overdrawn for more than a few days. Other fees include wire transfer fees and $3-5 ATM fees for using a non-Chase ATM.

Chase’s basic savings account has a $5 monthly fee, which you can avoid by keeping a daily balance of $300, setting up a $25 automatic transfer from a Chase checking account, having an account holder under 18, or linking to certain premium Chase checking accounts. The Premier Savings account has a $25 fee, which can be waived by linking it to eligible Chase checking accounts or maintaining a $15,000 daily balance. Chase also offers reduced checking fees for students, and other users can avoid fees by keeping at least $1,500 in the account each day.

U.S. Bank vs. Chase Bank: Rates

In the debate of U.S. Bank vs. Chase Bank, U.S. Bank has decent CD rates and money market accounts. But given the need for U.S. Bank to support its extensive network of brick-and-mortar branches, its baseline rates don’t quite compare to the much higher rates of banks who operate mostly online and on mobile apps. Unless it’s of vital importance for you to work with a bank that has a strong physical presence and a branch near you, banking online or with a fully digital credit union is very likely your best bet, at least as far as rates are concerned.

The same can be said for Chase. Because it must foot the bill to operate over five thousand domestic branches, rates are equally unimpressive. The most respectable CD rates, as always, are online. Even so, Chase’s minimum deposit to open a CD is $1,000, which is lower than that of its closest competitors.

That said, Chase’s CD rates are far from the best you could find. Its close competitors—including U.S. Bank—offer better APY rates, especially for one-year CDs. If you do decide to forge a business relationship with Chase, its “relationship rates” program boasts a heightened APY. These “relationship rates” are offered to customers who link their CDs to one of Chase’s many personalized banking accounts.

Bottom Line

Everyone’s financial needs differ and the right bank for you is going to depend on what you’re looking for. The hefty bonuses that Chase offers new checking and savings customers for signing up are much higher than any bonuses offered for any reason at U.S. Bank. Chase also provides just a few more ways to waive its many account fees, which, if you’re on top of your account management, could save you thousands in the long term. When the bank has more resources

Tips for Finding the Right Bank

Finding the perfect bank only goes so far if your holistic financial strategy isn’t in order. Working with a financial advisor can prepare you for retirement as well as kickstart a plan to achieve your personal financial goals. SmartAsset’s free tool matches you with vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
If you’re not in great shape to be shelling out monthly cash for a variety of fees, you may want to consider a free checking account. But nothing’s totally free; these accounts can still drain your finances through overdraft fees or foreign ATM transactions.