Table of Contents
Table of Contents
U.S. Bank Savings Account Rates
U.S. Bank Savings Accounts: Key Features
About U.S. Bank: Other Savings Options
Compare Savings Account Rates
FAQ
- Banking
- Savings Accounts
With lower-than-average rates and monthly fees on its savings accounts, U.S. Bank may not be the best option
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Updated February 21, 2024
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Samantha Silberstein
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Reviewed bySamantha Silberstein
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Samantha Silberstein is a Certified Financial Planner, FINRA Series 7 and 63 licensed holder, State of California life, accident, and health insurance licensed agent, and CFA. She spends her days working with hundreds of employees from non-profit and higher education organizations on their personal financial plans.
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U.S. Bank Savings Account Rates
Despite only operating branches in 26 states, U.S. Bank is one of the largest banks in the country. It offers a variety of banking products, including checking accounts, certificates of deposit (CDs), and investment accounts.
U.S. Bank only has one savings account option, and the interest rates tend to be quite low.
The APYs listed below use ZIP code 55402 (that of U.S. Bank's headquarters) and are up to date as of the date of publication of this article. We review the bank’s savings account rates every two weeks and update the information below accordingly.
| Account Name | Minimum Deposit To Open | APY Range | Monthly Fee |
|---|---|---|---|
| Standard Savings | $25 | 0.01% | $4 |
See the best savings account rates today:
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U.S. Bank Savings Accounts: Key Features
| U.S. Bank Standard Savings Account Key Features | |
|---|---|
| APY Range | 0.01% |
| Minimum Balance to Earn Highest APY | Any Balance |
| Minimum Deposit | $25 |
| Withdrawal Limit | N/A |
| Monthly Service Fee | $4 (Can be waived) |
U.S. Bank’s single personal savings account is the Standard Savings account. You can open an account online with as little as $25, and set up account alerts and automatic savings to build your money.
It may be easily accessible, but the account’s annual percentage yield (APY) is significantly lower than the national average for savings accounts, so your money will grow very little over time. U.S. Bank compounds interest in savings accounts daily, and it credits the interest to your account quarterly.
Unlike some banks that have free savings accounts, U.S. Bank charges monthly fees on the Standard Savings account; it charges $4 per month to maintain the account. But there are some ways to qualify for a waiver of the monthly fee:
- Maintain a daily balance of $300 or more
- Have a $1,000 average monthly collected balance (the collected balance is calculated by adding the principal of each calendar day together and dividing that number by the number of calendar days in the statement period)
- Hold the account with someone 17 or younger
- Open a U.S. Bank checking account and enroll in the Smart Rewards Primary tier or above (by enrolling in the program, you may qualify for other benefits based on your total balances; the Primary tier is for balances between $20,000 and $49,999.99)
There are no fees or surcharges at U.S. Bank ATMs, but transactions at other ATMs will incur a $2.50 fee.
About U.S. Bank: Other Savings Options
U.S. Bank savings account interest rates are quite low, so you may be looking for alternatives to grow your money. U.S. Bank does have some other options, including money market accounts and CDs.
Some of U.S. Bank’s money market accounts and CDs have significantly higher APYs than the national average for the respective products. And it also has several options to choose from.
U.S. Bank’s standard CDs may have promotional offers, allowing you to secure a higher APY under certain terms. But U.S. Bank has other CDs too, such as step-up CDs that allow you to lock in regular rate increases, and trade-up CDs that you can use to take advantage of rising rates after the CD is opened.
Although you can open a U.S. Bank account online, it only has branches in 26 states. If you want to visit a local branch, use the bank’s locator tool to see if there is one near you.
Compare Savings Account Rates
U.S. Bank’s footprint is limited, and its rates are quite low. Take a look at a selection of savings accounts with higher yields, where you can easily find a better home for your money.
What Is the Minimum Deposit for Savings Accounts at U.S. Bank?
U.S. Bank requires a minimum deposit of $25 to open a savings account. Some of its other accounts, such as money market accounts and CDs, have higher minimums. You may need to deposit at least $100 to $1,000 with those accounts.
Does U.S. Bank Have a High-Yield Savings Account?
U.S. Bank’s Standard Savings account has a lower-than-average APY, so it doesn’t qualify as a high-yield savings account (HYSA).
High-yield savings accounts typically pay out 10 to 12 times the national average, so they’re attractive options for those who want their money to grow faster. You can find the best rates in our choices for the best high-yield savings accounts.
How Often Does U.S. Bank Pay Interest on Savings Accounts?
With the U.S. Bank Standard Savings account, interest will be compounded daily and credited to your account on a quarterly basis.
Are U.S. Bank Savings Accounts FDIC-Insured?
Yes, U.S. Bank’s savings accounts are backed by FDIC insurance, so your deposits are protected up to $250,000.
Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy.
FDIC. "Large Commercial Banks."
U.S. Bank. "About Us."
U.S. Bank. "Standard Savings Account."
U.S. Bank. "Savings Accounts."
FDIC. "National Rates and Rate Caps."
U.S. Bank. "Smart Rewards."
U.S. Bank. "Consumer Pricing Information Addendum."
U.S. Bank. "Certificate of Deposit."
FDIC. "Deposit Insurance."
Related Terms
What Is a Certificate of Deposit (CD) and What Can It Do for You?
A certificate of deposit (CD) is a type of savings account offered by banks and credit unions that pays a fixed interest rate on money held for an agreed upon period of time.
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What Is a Savings Account and How Does It Work?
A savings account is a deposit account held at a financial institution that provides security for your principal and a modest interest rate.
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What Are Savings? How to Calculate Your Savings Rate
Savings is the money left over after subtracting consumer spending from disposable income. Learn about high-yield savings, CDs, and money market accounts.
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No-Penalty Certificate of Deposit (CD): What It Is, How It Works
A no-penalty certificate of deposit, also known as a liquid CD, allows investors to make early withdrawals without paying a penalty. But it also pays lower interest rates.
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Money Market Account: How It Works and How It Differs From Other Bank Accounts
Money market account is an interest-bearing account at a bank or credit union, not to be confused with a money market mutual fund.
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Add-On CDs: Meaning, Pros and Cons, Example
Add-on CDs are specialty CDs that allow you to add more funds to your CD after the initial deposit. Learn whether an add-on or standard CD is a better choice for you.
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