Branches:
3,080 in 25 states
Minimums to avoid fees on basic accounts:
• $1,500 monthly balance or $500 monthly direct deposit for basic checking
• $300 balance for basic savings
• $1,000 balance for money-market account
Interest rates:
• 0.05% on basic savings
• 0.05% on up to $10,000; 0.10% for $10,000 and up via money-market account
Why it's a winner for basic accounts: None of the mammoth banks offer truly free checking, but U.S. Bank -- fourth by number of branches -- waives the $7 to $11 monthly charge on its basic checking accounts with a relatively low direct deposit, an easier hurdle than the minimum balance since you can set it and forget it.
Other fees are lower than those of peer banks (for example, $2.50 to use an out-of-network ATM compared to $3). Plus, the bank is among only a handful offering remote check deposit via its mobile app.
Best of all? U.S. Bank ranked first for employee professionalism and competence in this year's ath Power Ideal Banking study.
Caveat: A measly rate on saving -- less than the industry average of 0.12%. But other big banks are paying even less.
Why it's a winner for senior checking: The simplest option for people 65 plus who want free checking from a big brick-and-mortar bank. Though a recent Pew study found that some senior accounts come with sneaky terms, U.S. Bank's version is in a different league. Seniors are entitled to a Premium Checking account with no maintenance fee (everyone else has to maintain a $5,000 balance or pay up to $13 a month). The account doesn't levy fees for using another bank's ATM and comes with free money orders, free cashier's checks, and a 50% discount on a safe-deposit box. And there's no minimum to avoid fees.
Caveat: It doesn't have some of the perks of our other picks -- such as paying interest or reimbursing fees that other banks charge for using their ATMs. Seniors comfortable banking electronically may be better off with Ally's package.
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