U.S. Bank offers two different account options for savers, and the yield you earn depends on the account you choose and your balance. While savers with relatively large balances can earn attractive rates, you can tap into higher rates through other financial institutions.
Account details and annual percentage yields (APYs) are accurate as of April 8, 2024 and were found using the ZIP code 33966.
Are U.S. Bank savings account interest rates worth it?
U.S. Bank offers both a Standard Savings Account and an Elite Money Market Account. The U.S. Bank Standard Savings Account offers a dismal 0.01% APY, which is significantly lower than the national average and far from a competitive rate. You need at least $25 to open this account.
The U.S. Bank Elite Money Market Savings Account offers a chance at more attractive rates through a tiered balance structure. Savers with a higher balance in their account can tap into higher interest rates.
Interested in a money market account? Check out your best options.
As of writing, savers can earn 4.25% APY on account balances greater than $25,000 and 0.01% on account balances less than $25,000. You will need to open the account with a deposit of at least $100.
If you want to explore all your options, check out this list of the best high-yield savings accounts.
Overview of U.S. Bank interest rates
| ACCOUNT | APY | MIN. DEPOSIT | MONTHLY MAINTENANCE FEE |
|---|---|---|---|
Standard Savings Account | 0.01% | $25 | $4 (waivable) |
Elite Money Market Account | Up to 4.25% | $100 | $10 (waivable) |
The U.S. Bank Standard Savings Account is a basic option with an APY of 0.01% on all balances.
The Elite Money Market Account offers higher rates, to savers with a larger stash. Savers can tap into higher rates after crossing the threshold of a balance of $25,000 or greater. But below that mark, savers earn the lower APY on their savings.
| ELITE MONEY MARKET ACCOUNT BALANCE | APY |
|---|---|
$0 to $9,999.99 | 0.01% |
$10,000 to $24,999.99 | 0.01% |
$25,000 to $49,999.99 | 4.25% |
$50,000 to $99,999.99 | 4.25% |
$100,000 to $499,999.99 | 4.25% |
$500,000+ | 4.25% |
Both of these accounts come with a monthly maintenance fee, which is waivable.
Standard Savings Account holders face a monthly fee of $4 which can be waived by maintaining a minimum daily balance of at least $300, having an average monthly collected balance of $1,000, holding the account with someone age 12 or younger or by opening a U.S. Bank Smartly® Checking account and enrolling in the Smart Rewards® Primary tier.
Elite Money Market Account holders have a monthly maintenance fee of $10 which can be waived with a $10,000 minimum daily ledger balance or by opening a U.S. Bank Smartly® Checking account and enrolling in the Smart Rewards® Primary tier.
How much can you earn?
The APYs offered through U.S. Bank include an interest rate that compounds daily and is credited to your account monthly. Although rates can change, the table below shows how much your savings could grow if rates stay the same.
| ACCOUNT | DEPOSIT AMOUNT | APY | INTEREST EARNED AFTER 5 YEARS | INTEREST EARNED AFTER 10 YEARS |
|---|---|---|---|---|
Standard Savings Account | $10,000 | 0.01% | $5 | $10 |
Elite Money Market Account | $10,000 | 0.01% | $5 | $10 |
Elite Money Market Account | $25,000 | 4.25% | $5,779.96 | $12,896.24 |
How U.S. Bank compares
U.S. Bank offers less than ideal interest-earning possibilities.
The Standard Savings Account offers a very low rate, slightly better than earning nothing on your savings. The Elite Money Market Account offers a better rate, for savers with $25,000 or greater to stash away. If you can maintain that size savings account, then you can tap into the higher APY, which is relatively competitive.
But the reality is that you can find a place to stash your savings with similar APYs that don’t have as many hoops to jump through. For example, the Capital One 360 Performance Savings account offers a 4.25% APY without any minimum balance requirements or monthly fees.The Ally Bank Savings Account and BMO Alto Online Savings Account offer similar rates.
| ACCOUNT | APY | MIN. DEPOSIT | MONTHLY MAINTENANCE FEE |
|---|---|---|---|
U.S. Bank Elite Money Market Savings | Up to 4.25% | $100 | $10 (waivable) |
Capital One 360 Performance Savings | 4.25% | $0 | $0 |
Ally Bank Savings | 4.25% | $0 | $0 |
BMO Alto Online Savings | 5.10% | $0 | $0 |
Other savings options offered by U.S. Bank
If you want to work with U.S. Bank, the savings accounts listed aren’t your only options. The financial institution also offers certificates of deposit (CDs).
U.S. Bank offers four types of CDs, with different term length options for each. You can opt for a CD Special with a term of seven, 11 or 15 months. U.S. Bank CD Special APYs range from 4.00% to 4.75%. But the limited number of CD Special term lengths, which offer its highest rates, might not suit your needs. For example, you might need a three-month or 10-year CD. Others might prefer a standard 12-month CD or need a jumbo CD to stash their stockpile.
All of the CDs offered involve an early withdrawal penalty, which means you’ll need to look for no-penalty CDs elsewhere. If you want to explore other CDs, check out this list of the best CDs. Or if you aren’t sure where to get started, consider mapping out a CD ladder with the help of our free CD calculator.
U.S. Bank review
U.S. Bank offers a suite of personal banking products, which include checking accounts, savings accounts, CDs, personal loans, home loans and more. In terms of asset size, the Minnesota-based bank is the fifth largest in the country. It boasts 2,000 branches in 26 states. You can tackle your banking needs online or in person.
Frequently asked questions (FAQs)
As of writing, savers can earn 4.25% APY on account balances greater than $25,000 and 0.01% on account balances less than $25,000 with the U.S. Bank Elite Money Market Savings Account.
Interest is compounded daily and credited to your account monthly.
You can open a U.S. Bank savings account either online or in person. Be prepared to provide personal information like your name, citizenship status, Social Security number, date of birth, email address, an opening deposit, and more to set up your account.
Yes. The savings products offered by U.S. Bank are insured by the Federal Deposit Insurance Corporation (FDIC). With that, your funds are protected for up to $250,000 per depositor, per account type.
Yes. The Standard Savings Account requires a minimum deposit of $25. The Elite Money Market Account requires a minimum deposit of $100.
