April 20, 2024

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.

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!

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

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

For U.S. Bank Standard Savings, interest is compounded daily and credited to your account quarterly.

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 Standard Savings account:

Savings Calculator

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


  • Has physical branches
  • Monthly fees can be waived
  • $0 ATM transaction fee at U.S. Bank ATMs
  • FDIC-insured


  • Very low APY
  • $25 initial deposit requirement
  • Interest credited quarterly

What matters most to you when choosing a savings account?

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:

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

How to fund your Standard 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 Standard 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 Standard Savings account. They have other deposit accounts for you to check out like the ones below:

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.


  1. ^ US Bank. Standard Savings Account, Retrieved 02/08/2024
Member FDIC

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Expires 7/24/2024
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Bank of America
Member FDIC

Bank of America Advantage Banking - $200 Bonus Offer

Expires 9/30/2024
  • 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 9/30/2024.
  • To qualify, open a new eligible 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 eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
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BMO Bank
Member FDIC

BMO Smart Advantage Checking - $350 Cash Bonus

Expires 9/9/2024

Get a $350 cash bonus when you open a new Smart Money Checking or Smart Advantage Checking account and have a cumulative total of $4,000 in qualifying direct deposits within 90 days of 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.

Discover Bank
Member FDIC

Online Savings Account - Earn 4.25% APY

  • No fees
  • No minimum opening deposit
  • No minimum balance required
CIT Bank
Member FDIC

CIT Bank Platinum Savings - 5.00% APY

  • 5.00% 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

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About CreditDonkey
CreditDonkey is a bank comparison website. We publish data-driven analysis to help you save money & make savvy decisions.

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.

*See the card issuer's online application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However, all information is presented without warranty. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website.

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