Clear Access Banking is a checking account, not a savings account

Clear Access Banking is a checking account offered by U.S. Bank. It is not a savings account. The account is designed for people who have had trouble with traditional banking — it reports to ChexSystems (the banking history system) but does not require a minimum balance, does not charge overdraft fees, and does not penalize you for low balances.

If you are looking for a place to store money and earn interest, this is not the right product. If you need a checking account that will not reject you based on your banking history, or that will not hit you with fees when your balance drops, this account does what it says.

The distinction matters because checking accounts and savings accounts serve different purposes. A checking account is for money you spend regularly — you write checks, use a debit card, set up automatic payments. A savings account is for money you are setting aside and want to keep separate, and most savings accounts pay interest on your balance.

Key Takeaways

  • Clear Access Banking is a checking account, not a savings account, so it is meant for regular spending and bill payments, not for storing money to earn interest.
  • The account has no minimum balance requirement and no overdraft fees, which makes it useful if you have been denied by other banks or want to avoid surprise charges.
  • You can open Clear Access Banking online or at a U.S. Bank branch, and you will need a government ID and Social Security number.
  • If you want to save money and earn interest alongside a checking account, you would need to open a separate savings account at the same bank or elsewhere.

What Clear Access Banking includes and what it does not

Clear Access Banking gives you a debit card, online banking access, and the ability to set up direct deposit and automatic bill payments. You can deposit checks through mobile deposit or at a branch. There is no monthly maintenance fee, no minimum balance, and no overdraft fees — if you spend more than you have, the transaction will be declined rather than charged a fee.

What it does not include is interest on your balance. Money in a Clear Access Banking account sits at zero percent interest. If you keep $5,000 in the account for a year, you earn nothing. That is the trade-off for the flexibility and the lack of fees.

The account also does not come with a linked savings component. U.S. Bank offers savings accounts separately, and you would need to open one as a different product if you want to earn interest on money you are not spending.

How Clear Access Banking differs from a traditional savings account

A savings account is built for money you want to keep separate from your spending money. Most savings accounts charge a fee if you make more than a certain number of withdrawals per month (often six), because the account is meant to discourage frequent spending. Savings accounts pay interest — the rate varies by bank and by the current economy, but as of 2024 many banks offer between 4 and 5 percent annual interest on savings accounts.

Clear Access Banking has no withdrawal limits and no interest, because it is a checking account. You can pull money out as many times as you want without penalty. The trade-off is that your money does not grow.

If you want both a checking account for daily spending and a savings account for money you are setting aside, you would open both. Many people keep a small balance in checking (enough to cover regular bills and spending) and move extra money into savings where it earns interest.

Who Clear Access Banking is actually for

Clear Access Banking is designed for people who have been denied a checking account elsewhere, or who want to avoid overdraft fees and surprise charges. If you have had accounts closed due to unpaid fees, or if you have a history of overdrafts that other banks penalize heavily, this account removes those risks.

It is also useful if you simply want a straightforward checking account with no tricks — no minimum balance to maintain, no fees for low balances, no overdraft charges. Some people prefer that simplicity even if they could open a traditional account elsewhere.

It is not the right choice if your main goal is to save money and earn interest. For that, you need a savings account, whether at U.S. Bank or at another bank that offers a higher interest rate.

How to open Clear Access Banking and what you need

You can open Clear Access Banking online at usbank.com or at a U.S. Bank branch in person. You will need a government-issued ID (driver's license, passport, or state ID) and your Social Security number. The process takes about 10 minutes online.

Once the account is open, you can request a debit card, which arrives by mail in about 7 to 10 business days. You can start using the account for direct deposit and bill payments immediately, even before the card arrives.

If you already have a U.S. Bank savings account or other account, you can link them together for transfers between accounts, but they remain separate products with separate balances and separate rules.

Interest rates and fees to know about

Clear Access Banking pays zero percent interest on your balance. This is not negotiable — the account is not designed to earn you money on deposits.

There is no monthly maintenance fee, no minimum balance fee, no overdraft fee, and no fee for using out-of-network ATMs at MoneyPass ATMs (U.S. Bank's partner network). If you use an ATM outside that network, you may be charged a fee by the other bank, but U.S. Bank will not charge you.

There is no fee to close the account if you decide it is not what you need.

Alternatives if you want both checking and savings

If you need a checking account for spending and a savings account for interest, you have several options. You can open both at U.S. Bank — a Clear Access Banking checking account and a U.S. Bank savings account. You can also open a checking account at one bank and a savings account at another if you find better interest rates elsewhere.

Some online banks like Ally, Marcus, or Discover offer savings accounts with higher interest rates than traditional banks, and you can keep your checking account at U.S. Bank or another bank you prefer. The two accounts do not have to be at the same place.

If you want everything in one place and do not want to manage multiple accounts, look for a bank that offers both a checking account with no fees and a savings account with competitive interest. Many online banks do this, though they may require a minimum balance for the savings account.

Frequently Asked Questions

Can I earn interest on money in Clear Access Banking?

No. Clear Access Banking is a checking account and pays zero percent interest. If earning interest on your savings is important to you, you need to open a separate savings account at U.S. Bank or another bank.

What happens if I spend more money than I have in the account?

The transaction will be declined. You will not be charged an overdraft fee. The merchant or service you are trying to pay will be told the payment failed, and you will need to try again once you have enough money in the account.

Can I transfer money between Clear Access Banking and a savings account?

Yes, if both accounts are at U.S. Bank. You can set up transfers online or through the mobile app. If your savings account is at a different bank, you can transfer money between them, but it may take one to three business days depending on the banks involved.

Do I need a minimum balance to keep the account open?

No. You can keep a zero balance in Clear Access Banking without any penalty or fee. The account will remain open and active.

Is Clear Access Banking reported to credit bureaus?

No. Checking and savings accounts are not reported to credit bureaus. Only credit products like credit cards, loans, and lines of credit show up on your credit report. Clear Access Banking will not help or hurt your credit score.