U.S. Bank was named the “best big bank” in 16 states – including California, Illinois and Minnesota – and the top regional bank overall in Newsweek’s first-ever rankings of America’s banks.
U.S. Bank “took the top spot in more big-bank state rankings than any other financial institution in the database, dominating in the Midwest and Western regions,” said Newsweek’s America’s Best Banks 2021 report.
The rankings reflect the financial institutions that “best serve their customers’ needs in today’s challenging times” due to the COVID-19 pandemic, wrote Diane Harris, Newsweek’s deputy editor in chief.
"Like virtually every other aspect of our lives – work, school, shopping, dating, entertainment, you name it – the pandemic is changing the way Americans bank,” Harris wrote. “And those changes, in turn, are creating a new set of challenges and opportunities when it comes to picking the financial institution that best suits our banking needs.”
Newsweek recognized U.S. Bank as the best big bank in the following states:
These 16 states comprise about 60% of the U.S. Bank retail footprint, which increased to 26 states last year with the bank’s expansion into Charlotte, North Carolina.
Newsweek’s report highlighted how more customers are embracing online banking due to COVID-19. During the bank’s earnings call this month, U.S. Bank leaders said that the pandemic has accelerated the shift to digital banking. In fact, three-quarters of all transactions and more than half of all loans now come through the bank’s website or app, which received a 4.75 out of 5 rating on Newsweek’s mobile app score.
“This recognition is a tribute to our colleagues who have been working tirelessly to ease the financial pressure facing our customers and communities due to the pandemic,” said Tim Welsh, vice chair of Consumer and Business Banking at U.S. Bank. “We’re committed to providing products and services that are safe, simple and convenient, and will power the potential of our customers as their needs evolve and the pace of innovation accelerates during these challenging times.”
Newsweek published its inaugural bank rankings in September in partnership with LendingTree, an online loan marketplace and comparison site for financial services. The rankings were based on a subjective assessment of checking and savings accounts as well as digital banking tools from more than 2,500 FDIC-insured institutions.