April 20, 2024

U.S. Bank Savings Account Interest Rate

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U.S. Bank offers a beginner-friendly savings account with a decent APY if you qualify for relationship rates. Is it worth it? Read on to find out.

U.S. Bank has a broad range of banking products. One of those is a Bank Smartly® 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!

How do you view a low APY savings account with added perks?

U.S. Bank Savings Account Interest Rates

U.S. Bank offers a Bank Smartly® Savings account with a decent APY if you qualify for relationship rates.

It requires a $25 minimum opening deposit and has a monthly maintenance fee of $5. To avoid this, you simply need to meet any of the following:

  • Have a Bank Smartly® Checking, Safe Debit account, or Bank Smartly™ Visa Signature® card
  • Account holder(s) age 17 or younger

For U.S. Bank Smartly® Savings account, interest is compounded daily and credited to your account monthly.

Have you ever switched banks due to interest rate changes?

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 Smartly® Savings account:

Savings Calculator

Can You Lose Money With Bank Smartly® 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

  • Low APY unless you qualify for relationship rates
  • $25 initial deposit requirement

What matters most to you when choosing a savings account?

Should You Open an Account?

For folks looking for a straightforward savings account, Bank Smartly® Savings account could be a good choice. You can also consider it if you want to start a savings account for your teenager.

Otherwise, the APY is quite low if you don't meet certain requirements to qualify for relationship rates. 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:

  1. Go to their Savings Accounts page, and choose Bank Smartly® Savings Account.
  2. Answer the online application form.
  3. Wait for confirmation and fund your account with at least $25.

How to fund your Bank Smartly® Savings account?
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 Bank Smartly® Savings Compares

Other U.S. Bank Savings Products

U.S. Bank has a full suite of banking products, so you're not limited to just their Bank Smartly® Savings account. They have other deposit accounts for you to check out like the ones below:



Bottom Line

The Bank Smartly® Savings account at U.S. Bank offers a low interest rate if you don't qualify for relationship rates, 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.

U.S. Bank
Member FDIC

U.S. Bank Business Essentials - $400 Bonus

Expires 3/31/2026

Promo code Q1AFL26 MUST be used when opening a U.S. Bank Business Essentials® or Platinum Business Checking account. Limit of one bonus per business. A $100 minimum deposit is required to open one of the referenced accounts.

To earn a business checking bonus, open a qualifying U.S. Bank business checking account between 1/15/2026 and 3/31/2026. Make the required deposit(s) in new money within 30 days of account opening, maintain the same required daily balance through the 60th day, and complete 6 qualifying transactions based on posted date within 60 days of account opening.

Business Essentials: $400 bonus with $5,000 new money deposits, daily balance, and 6 qualifying transactions.

Qualifying transactions include debit card purchases, ACH and wire credits or debits, Zelle credits or debits, U.S. Bank Mobile Check Deposit, electronic or paper checks, Bill Pay (excluding payments made by credit card), and payment received via U.S. Bank Payment Solutions. Other transactions, such as person-to-person payments, credit card transfers, or transfers between U.S. Bank accounts, are not eligible.

New money is defined as funds from outside U.S. Bank and cannot be transferred from another U.S. Bank product or a U.S. Bank Affiliate. For accounts opened on non-business days, weekends or federal holidays, the open date is considered the next business day. Account fees may reduce the required daily balance during the qualifying period.

Bonus will be deposited into your new eligible U.S. Bank business checking account within 30 days after the month-end in which all offer requirements are met, provided the account remains open with a positive available balance.

Offer may not be combined with other business checking bonus offers. Existing businesses with a business checking account or had one closed within the past 12 months, do not qualify.

All regular account-opening procedures apply. For full checking account pricing, terms and policies, refer to your Business Pricing Information, Business Essentials Pricing Information, and YDAA disclosure. These documents are available at any U.S. Bank branch or by calling 800.872.2657.

Bonus will be reported as interest earned on IRS Form 1099-INT and recipient is responsible for any applicable taxes. Current U.S. Bank employees are not eligible. U.S. Bank reserves the right to withdraw this offer at any time without notice.
Member FDIC

Chase
Member FDIC

Chase Total Checking® - $400 Bonus

Expires 4/15/2026
  • New Chase checking customers can receive $400 when you open a Chase Total Checking® account and make direct deposits totaling $1,000 or more within 90 days of coupon enrollment.
  • Unlock more offers with Chase. Get up to $500 per calendar year by referring friends and family. Plus, get cash back from top brands with Chase Offers when you use your debit card.
  • Chase Total Checking® has a $15 monthly service fee, you can easily avoid the fee with direct deposits totaling $500 or more, or a minimum average daily balance each statement period.
  • 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*
  • Chase Mobile® app makes banking simple. Manage accounts, pay bills, send money to friends with Zelle® and deposit checks on the go with Chase Quick Deposit℠.
  • Chase has the largest branch network in the U.S. with thousands of ATMs and branches. Use the Chase locator tool to find a branch or ATM near you.
  • Chase helps keep your money protected with features like Zero Liability Protection, fraud monitoring and card lock.
  • Chase Total Checking includes FDIC insurance up to the maximum amount allowed by law.
Bank of America
Member FDIC

Bank of America Advantage Banking - Up to $500 Cash Offer

Expires in 4 days
  • The cash offer up to $500 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 1/31/2026.
  • To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* into that new eligible account within 90 days of account opening. Your cash bonus amount will be based on the total amount of your Qualifying Direct Deposits received in the first 90 days.
    Cash BonusTotal Qualifying Direct Deposits
    $100$2,000
    $300$5,000
    $500$10,000+
  • If all requirements are met 90 days after account opening, Bank of America will attempt to deposit your bonus into your new eligible account within 60 days.
  • Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
  • Additional terms and conditions apply. See offer page for more details.
  • *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
  • Bank of America, N.A. Member FDIC.
Wells Fargo

Wells Fargo Everyday Checking Account - $325 Bonus

Expires 4/14/2026
  • Get a $325 new checking customer bonus when you open an Everyday Checking account and receive $1,000 or more in qualifying direct deposits.
  • Wells Fargo Bank, N.A. Member FDIC
CIT Bank
Member FDIC

CIT Bank Platinum Savings - $300 Bonus

Expires in 13 hours
  • Qualify for a $300 cash bonus with a minimum deposit of $50,000
  • This limited time offer to qualify for a $225 cash bonus with a minimum deposit of $25,000 or a $300 bonus with a minimum deposit of $50,000 is available to New and Existing Customers who meet the Platinum Savings promotion criteria. The Promotion begins on September 23, 2025 and can end at any time without notice.
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Write to Darlene Santos at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

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How do you view a low APY savings account with added perks?
Have you ever switched banks due to interest rate changes?
What matters most to you when choosing a savings account?
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Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

†Advertiser Disclosure: Many of the offers that appear on this site are from companies from which CreditDonkey receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). CreditDonkey does not include all companies or all offers that may be available in the marketplace.

*Terms and conditions apply. Reasonable efforts are made to maintain accurate information. However, all information is presented without warranty. Please review the merchant's website for terms and conditions.

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