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

  • U.S. Bank savings accounts are low-yield accounts with an APY of 0.01%.
  • These interest rates are lower than the national average and far less than a high-yield account from an online bank.
  • A U.S. Bank account might be right for you if you’re just starting to build your savings or if you need the access points offered by this well-known institution.
  • U.S. Bank offers different savings rates for basic savings and money market accounts.
  • You can also opt for a certificate of deposit (CD) that pays out rates comparable to what you’d get from a high-yield savings account.

You’ve worked hard to bring home enough money to cover your bills and treat yourself to a few extras here and there. That’s something to be proud of! But after balancing your books, you realize you’re finally amassing enough cash to start saving for the future.

Whether you’ve come into some inheritance or just want to funnel a few bucks a month into a savings account, it’s crucial you get to know important details related to your finances — for instance, what’s the current U.S. Bank savings account interest rate? And is a savings account with U.S. Bank the best way to turn a handful of cash into a significant financial cushion?

The truth is that you can actually make money with the right savings account, but only if the interest rate and fees are competitive and suit your specific needs. Before you apply, learn the ins and outs of U.S. Bank and see how its savings options stack up against other banks across the country and online.

In this guide to U.S. Bank savings options, we’ll dig into topics like:

  • U.S Bank savings account interest rates
  • How the U.S. Bank savings account rate compares
  • Is a U.S. Bank savings account right for me?

Our top picks for savings accounts

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 0.47%. 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:

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

APY Monthly Fee Minimum Deposit
0.01% $4 $25

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 0.45% 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 (4.75%), Ally (4.25%), Discover (4.30%) and American Express (4.25%).

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.

Pros
  • All account tiers have the same APY, regardless of how much money you have in the account.
  • You can get the monthly maintenance fee waived if you meet certain requirements.
  • There’s no limit to the number of withdrawals you can make.
  • Withdrawals made in person at a U.S. Bank branch or through a U.S. Bank ATM are free.
  • You only need to deposit $25 to open an account.
  • Your money is FDIC-insured for up to $250,000 per account, per depositor.
  • U.S. Bank offers mobile and online banking for even more access.
  • You can link your U.S. Bank checking and savings accounts for overdraft protection.
Cons
  • The interest rate of 0.01% is below the national average of 0.45%, which is kind of like leaving money on the table.
  • This type of low-yield account also offers far less return on your investment than a high-yield savings account or another savings option like a certificate of deposit (CD).
  • Accounts have a monthly maintenance fee of $4.
  • Withdrawals made from non-U.S. Bank ATMs are subject to a $2.50 fee.

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:

1

Gather the essential information.

This includes your driver’s license and social security number (SSN) or individual taxpayer identification number (ITIN) and bank account information (for linking accounts or using your checking account to fund your new savings account).

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2

Provide your personal information.

Answer the questions on the application regarding your personal information (e.g., your legal name, mailing address, marital status, etc.).

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3

Add information for anyone else that will be on the account.

Add the same information above for anyone else who will be on the account, such as a spouse or a dependent.

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4

Fund your savings account.

Fund the account by transferring or using a cash deposit to meet or exceed the $25 minimum.

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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 June 2024, an 11-month CD Special issued to a resident of zip code 89178 has an APY of 3.80%, while a 7-month CD has an APY of 4.55%.

With these rates, you could put your $5,000 tax refund in an 11-month account and receive a total payout in 11 months of $5,176.95.

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:

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

Daily Balance APY Monthly Fee Minimum Opening Deposit
Under $25,000 0.01% $10* $100
$25,000 and above 4.25% $0 $100

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

Our top picks for savings accounts

FAQ: U.S. Bank savings account interest rate

What is the current U.S. Bank savings account rate?

As of June 2024, the U.S. Bank savings account interest rate was 0.01%. That’s considerably less than the national average of 0.45% and far lower than you’d get with a high-yield savings account through an online bank.

Does U.S. Bank have a high-yield savings account?

U.S. Bank doesn’t have a high-yield savings account. You can choose between a standard savings account with an interest rate of 0.01% or explore alternative savings accounts like U.S. Bank’s Elite Money Market account or a certificate of deposit.

How often does U.S. Bank pay interest on savings accounts?

U.S. Bank savings accounts accrue interest daily, but that interest is only credited to your account once a month. If you plan on closing your account, wait until your monthly interest credit hits your balance so you don’t lose out on the money that has accrued over the last cycle.

Are U.S. Bank savings accounts FDIC-insured?

All U.S. Bank accounts are insured by the Federal Deposit Insurance Corporation for up to $250,000 per account, per depositor. That means that if the bank fails, you’ll still receive your money back, with a cap of a quarter of a million dollars per depositor, per bank and per account type.

About the Author

Alana Luna (Musselman)
Alana Luna (Musselman) Writer & Content Strategist

Alana Luna (Musselman) is a versatile storyteller with over a decade of writing experience. She is passionate about helping people build their business through unique and engaging content.

Some examples of her current freelance projects include building content strategies for small businesses, completing industry research to build case studies, crafting buyer guides and more.

She has a passion and keen ability to simplify complex ideas through storytelling to make it easier for readers to understand hard-to-digest information. To accomplish this, Alana’s writing holds strong three principles – content that educates, engages and entertains.

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