U.S. Bank Savings Account Rates
U.S. Bank, a prominent financial institution with operations in 26 states, ranks among the largest banks nationwide. Offering an array of financial products, including checking accounts, certificates of deposit (CDs), and investment options.
U.S. Bank features a single savings account option, albeit with relatively modest interest rates.
The following Annual Percentage Yields (APYs), applicable to ZIP code 55402 (U.S. Bank’s headquarters), are current at the time of this article. We routinely review and update the bank’s savings account rates biweekly to provide accurate information.
| Account Name | Minimum Deposit To Open | APY Range | Monthly Fee |
|---|---|---|---|
| Standard Savings | $25 | 0.01% | $4 |
Explore the latest high-yield savings account rates before selecting the best savings account for your needs.
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: None
- Monthly Service Fee: $4
(Waivable under certain conditions)
U.S. Bank offers its primary personal savings account, the Standard Savings account, allowing online account opening with just $25. You can utilize account alerts and automatic savings features to enhance your funds.
While easily accessible, the account’s APY remains below the national average for savings accounts, limiting potential growth over time. U.S. Bank compounds interest daily and credits it quarterly to your account.
Unlike institutions offering free savings accounts, U.S. Bank imposes a $4 monthly fee on the Standard Savings account, yet this fee can be waived through various means:
- Maintain a daily balance of $300 or more
- Average monthly collected balance of $1,000
- Hold the account with an individual aged 17 or younger
- Enroll in the Smart Rewards Primary tier or above in a U.S. Bank checking account
U.S. Bank ATMs do not carry additional fees, but using other ATMs incurs a $2.50 fee per transaction.
About U.S. Bank: Other Savings Options
Considering U.S. Bank’s conservative savings account rates, you may explore alternatives for better growth opportunities. U.S. Bank presents options like money market accounts and CDs.
Some of U.S. Bank’s money market accounts and CDs offer notably higher APYs compared to the national averages, with a range of choices available.
In addition to standard CDs, U.S. Bank extends promotional rates, along with specialized CDs like step-up and trade-up options, catering to various saving preferences.
If considering a U.S. Bank account, note that physical branches are strictly in the 26 operational states; utilize the bank’s locator tool to identify a nearby branch.
Compare Savings Account Rates
Given U.S. Bank’s limited reach and modest rates, exploring alternative accounts with higher yields will present improved opportunities for your savings.
What Is the Minimum Deposit for Savings Accounts at U.S. Bank?
For U.S. Bank savings accounts, an initial deposit of $25 is required. Other accounts like money markets and CDs may demand higher minimums ranging from $100 to $1,000.
Does U.S. Bank Have a High-Yield Savings Account?
U.S. Bank’s Standard Savings account offers an APY below the high-yield threshold, rendering it as a non-high-yield savings account. High-yield accounts typically yield significantly more than the national average, supporting faster money growth.
How Often Does U.S. Bank Pay Interest on Savings Accounts?
Interest on U.S. Bank’s Standard Savings account is compounded daily and credited quarterly to your balance.
Are U.S. Bank Savings Accounts FDIC-Insured?
U.S. Bank ensures FDIC insurance backing its savings accounts, offering deposit protection up to $250,000.
Your Guide to Savings Accounts
- What Is a Savings Account and How Does It Work?
- What Is a High-Yield Savings Account?
- How to Open a High-Yield Savings Account
- How to Close a Savings Account
- Besides a Savings Account, Where Is the Safest Place to Keep My Money?
- How Many Savings Accounts Should I Have?
- How Savings Account Interest Rates Are Determined
- How Interest Works on Savings Accounts
- How Is a Savings Account Taxed?
- Money Market Fund vs. MMA vs. Savings Account: What’s the Difference?
- Certificates of Deposit (CDs) vs. Savings Accounts: Which Is Better for You?
- 4 Savings Accounts for Investors
- Best High-Yield Savings Accounts
- Best Free Savings Accounts
- Best Savings Accounts for Kids and Teens