U.S. Bank Savings Account Interest Rate for November 2024

U.S. Bank savings account interest rate

 A U.S. Bank standard savings account is a low-yield account with an APY of 0.01%.

That means it earns minimal interest versus the much larger return you might get from a high-yield savings account. That 0.01% interest rate is also far less than the national average for savings accounts across the United States, which is 0.46%. All account tiers earn the same APY regardless of the amount of money you have in your account.

U.S. Bank requires applicants to deposit a minimum of $25 to open a savings account. There’s no withdrawal limit, but fees may be associated with the method of withdrawal. You can take out money in person at a U.S. Bank brick-and-mortar branch or via a U.S. Bank ATM for free. Withdrawals made through an ATM outside of the U.S. Bank network are subject to a fee of $2.50 plus any additional surcharges levied by the ATM operator.

All savings accounts are subject to a $4 monthly maintenance fee, but that fee may be waived if you meet one of the following requirements:

• Maintain a daily minimum balance of at least $300
• Average a collected balance of $1,000
• Hold the account for someone aged 17 years or younger
• Also have a checking account with U.S. Bank and enroll in Smart Rewards or a higher tier that includes fee waivers as a tier perk

U.S. Bank Standard Savings Account Interest Rate & Fees*

*Figures are correct as of September 2024.

How to find the U.S. Bank savings account interest rate

You can find the current U.S. Bank savings account interest rate by visiting the U.S. Bank savings account landing page and editing the zip code to match your location. This is an important step to verify the interest rate in your geographic area before you commit to an account.

You can check current interest rates through U.S. Bank’s mobile app if you already have an account. Sign in to the app, then click on “Products & offers” in the lower right corner. You’ll be prompted to pick which type of savings account you’re interested in, and the going APY should show on your screen immediately following your selection.

How the U.S. Bank savings account interest rate compares

The U.S. Bank savings account interest rate for a low-yield, traditional account is 0.01%. That’s considerably lower than the national average interest rate for savings accounts of 0.36% but on par with other big brick-and-mortar banks, like Chase (also 0.01%), Wells Fargo (0.01%), TD Bank (0.02%) and Citibank (0.03%).

U.S. Bank’s traditional savings account has a much lower return than high-yield savings accounts, especially those offered by online banks. With an online savings account, you could be eligible for an interest rate of 4.5% or higher, generating far more earnings compared to what you’d get with a traditional account. Online savings accounts that offer higher interest rates include Synchrony (4.30%), Ally (4.20%), Discover (4.10) and American Express (4.00%).

Is a U.S. Bank savings account right for me?

The only way to know whether a U.S. Bank savings account is the best savings account option for you is to make two lists.

The first list should contain your needs and wants. Think about what your savings goal is, how much money you have ready to sock away, and whether you’re more comfortable with a brick-and-mortar bank or if an online-only institution is okay.

Then make a second list of the pros and cons of the bank account and see how that compares to the first list. The more the lists overlap, the more likely it is you’ll be happy with a U.S. Bank account.

To get you started, check out these pros and cons associated with savings at U.S Bank.

Who is best suited for a U.S. Bank savings account?

U.S. Bank traditional savings accounts are best suited for first-time savers, such as a college-aged person who’s just beginning to build a rainy-day fund. These low-risk accounts are also low-reward, but the low deposit and daily minimum balance requirements make it easy to open and maintain a savings account for the average person.

An account with U.S Bank might also be a smart play for someone who prefers to access a brick-and-mortar branch or U.S. Bank ATM while traveling. There are more than 3,600 U.S. Bank locations in the United States, including more than 700 locations in California alone. It also has one of the largest ATM networks in the nation. You can use its ATM finder to locate an access point near your home, work or next travel destination.

How to apply for a U.S. Bank savings account

You can apply for a U.S. Bank savings account online, through the U.S. Bank mobile app or in person at many of the bank’s physical branch locations.

It only takes a few minutes to complete an application, and if you already have another account with the institution, the process will be even quicker.

If you’re starting from scratch, follow these steps:

Once your account is up and running, explore different ways to maximize your account potential and make your life easier. For instance, you can set up automatic transfers triggered by your paydays so a certain amount of each paycheck automatically goes from your checking to your savings account when you get paid.

Other savings options at U.S. Bank

Not everyone wants a standard savings account, which is why U.S. Bank offers other options to help you save.

Savings account alternatives like certificates of deposit (CDs) and money market accounts (MMAs) help you make the most of every dollar you save while giving you some wiggle room in terms of minimum deposits, interest rates and withdrawal limits.

U.S. Bank Certificate of Deposit (CD)

U.S. Bank’s certificates of deposit are like savings accounts you can’t access until the account “matures” or reaches its full potential. The APY for CDs changes depending on the terms of the CD. As of August 2024, an 11-month CD Special issued to a resident of ZIP code 90012 has an APY of 3.50%, while a 7-month CD has an APY of 4.00%.

With these rates, you could put your $5,000 tax refund in an 7-month account and receive a total payout of $5,137.17.

To qualify for a CD Special account, you must deposit at least $1,000. There are other lower-yield CD options with interest rates between 0.20% and 0.40% with far longer terms of up to 60 months.

All CDs are considered “locked down” accounts. You cannot withdraw money early without risking hefty financial penalties.

U.S. Bank Elite Money Market Account

U.S. Bank’s Elite Money Market Account is kind of like getting the best of both worlds between a checking and savings account. You can access funds when and where you need them, but you also get higher earning power courtesy of interest rates that are far more generous than you’d see with a standard savings account.

With a low $100 opening deposit requirement, it’s easy to establish an MMA, but the perks only begin rolling in once you meet (and stick to) a few other very important thresholds.

For starters, your MMA from U.S. Bank comes with an APY of up to 4.25%, but to get that rate, you need to deposit at least $25,000 within 30 days of opening your account. You must maintain that balance to keep the favorable APY. If your balance drops below $25,000, you lose your tier status and will be dropped to the standard interest rate (equal to a traditional savings account) of just 0.01%.

Note that interest for these accounts is compounded daily and credited monthly. That means you’ll be earning interest based on your daily balances, but you won’t see earned interest show up as part of that balance until the calculation is run for that month. Interest begins accruing the minute you open and fund your new MMA. If you close your account before the monthly interest credit occurs, you will not get your interest credit for that month.

U.S. Elite Money Market Accounts are also subject to a monthly maintenance fee of $10.

You can get that fee waived if you tick one of the following boxes:

• Open a U.S. Bank Smartly checking account and enroll in the Smart Rewards Primary or higher tier
• Maintain a minimum daily balance of at least $10,000

U.S. Bank Elite Money Market Account Interest Rates & Fees*

*Figures are correct as of September 2024.

**Fee may be waived if you meet certain requirements, as described above.