US Bank Savings Account Interest Rate
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U.S. Bank offers a beginner-friendly savings account with a low APY. Is it worth it? Read on to find out.
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U.S. Bank has a broad range of banking products. One of those is a Standard Savings account, perfect for those who are just getting started on their budgeting journey.
But, if you're looking for high APY, U.S. Bank may not be the best option. Read on to learn the current savings rates they offer!
US Bank: Standard Savings
- $25 minimum opening deposit
- $4 monthly maintenance fee waived with a minimum daily balance of $300, an average monthly collected balance of $1,000, one of the account holders is 12 years old or under, or opening a U.S. Bank Smartly Checking account and enrolling in the Smart Rewards® Primary tier or above.
U.S. Bank Savings Account Interest Rates
U.S. Bank offers a Standard Savings account with a 0.01% APY on all balance tiers.
It requires a $25 minimum opening deposit and has a monthly maintenance fee of $4. To avoid this, you simply need to meet any of the following:[1]
- Maintain a minimum daily balance of $300
- Have an average monthly collected balance of $1,000
- Hold the account with an individual age 12 or younger
- Open a U.S. Bank Smartly Checking Account and enroll in the Smart Rewards Primary tier or above
How Much Can You Earn?
Here's a calculator you can use to see just how much your money can grow in a U.S. Bank Standard Savings account:
Can You Lose Money With Standard Savings?
No. With U.S. Bank, your money should be safe. They are FDIC-insured (Cert #6548) which means deposits are covered up to $250,000 for individual accounts and $500,000 for joint accounts.
However, if you're unable to waive the monthly fee, your balance can be reduced.
Pros and Cons
Pros
- Has physical branches
- Monthly fees can be waived
- $0 ATM transaction fee at U.S. Bank ATMs
- FDIC-insured
Cons
- Very low APY
- $25 initial deposit requirement
- Interest credited quarterly
Should You Open an Account?
For folks looking for a straightforward savings account, Standard Savings could be a good choice. You can also consider it if you want to start a savings account for your teenager.
Otherwise, the APY on Standard Savings is very low. So if you need a high-yield savings account, you are better off looking at offers by online banks or credit unions.
How to Open an Account
To open a U.S. Bank savings account, you can do it at one of their branches, on the phone, or online.
Here's how to do it through their website:
- Go to their Savings Accounts page, and choose Standard Savings Account.
- Answer the online application form.
- Wait for confirmation and fund your account with at least $25.
You have a few options to fund your savings account. You can visit a branch and deposit cash or a check. Alternatively, online methods include using your debit card or transferring money from another bank account.
How U.S. Bank Standard Savings Compares
High-Yield Savings Premier - 5.36% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
CIT Bank Platinum Savings - 5.05% APY
- 5.05% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
UFB Secure Savings - Earn up to 5.25% APY
- Earn up to 5.25% APY*
- No monthly maintenance fees
- No minimum deposit required to open an account
- Access your funds 24/7 with easy-to-use digital banking tools
Online Savings Account - Earn 4.25% APY
- No fees
- No minimum opening deposit
- No minimum balance required
High Yield Savings Account - 5.24% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- Deposits are FDIC insured through Third Coast Bank SSB
Other U.S. Bank Savings Products
U.S. Bank has a full suite of banking products, so you're not limited to just their Standard Savings account. They have other deposit accounts for you to check out like the ones below:
U.S. Bank Smartly® Checking and Standard Savings - Up to $700 Bonus
Earn up to $500 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:
- Enroll in online banking or the U.S. Bank Mobile App
- Make two or more direct deposit(s) totaling $3,000 to $4,999.99 to earn $100, $5,000 to $9,999.99 to earn $300 or $10,000 or more to earn $500
Earn up to $200 with a new Standard Savings account.
- Make new money deposit(s) totaling $15,000 or more by July 17, 2024
- Maintain that balance until October 31, 2024
Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.
US Bank Smartly Checking for Students
- $0 monthly fee for ages 24 and under
- $25 minimum deposit
- $0 overdraft fees when overdrawn $50 or less
US Bank: 1-Month CD - 0.05% APY
Bottom Line
The Standard Savings account at U.S. Bank offers a low interest rate, meaning you won't make much money by depositing your funds there.
But, if you're not concerned about interest rates and just need a place to keep your money, U.S. Bank is a convenient option with physical locations.
References
- ^ US Bank. Standard Savings Account, Retrieved 02/08/2024
U.S. Bank Smartly® Checking and Standard Savings - Up to $700 Bonus
Earn up to $500 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:
- Enroll in online banking or the U.S. Bank Mobile App
- Make two or more direct deposit(s) totaling $3,000 to $4,999.99 to earn $100, $5,000 to $9,999.99 to earn $300 or $10,000 or more to earn $500
Earn up to $200 with a new Standard Savings account.
- Make new money deposit(s) totaling $15,000 or more by July 17, 2024
- Maintain that balance until October 31, 2024
Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- Access to more than 15,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
Bank of America Advantage Banking - $200 Bonus Offer
- The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 5/31/2024.
- To qualify, open a Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new account within 90 days of opening.
- Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- Bank of America, N.A. Member FDIC.
BMO Smart Advantage Checking - $250 Cash Bonus
Open a new BMO Smart Advantage Checking account and get a $250 cash bonus when you have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening. Offer is limited to one per customer and is not available for existing BMO personal checking customers (including signers on joint accounts) or those who have closed a BMO personal checking account within the past 12 months. Conditions apply.
Online Savings Account - Earn 4.25% APY
- No fees
- No minimum opening deposit
- No minimum balance required
Write to Darlene Santos at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
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