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 - 5.31% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.
CIT Bank Platinum Savings - 4.85% APY
- 4.85% 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
High Yield Savings Account - 5.15% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- Deposits are FDIC insured through Third Coast Bank
High-Yield Savings Account - 5.21% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
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 - Up to $450 Bonus
Earn up to $450 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 $2,000 to $4,999.99 to earn $250, $5,000 to $7,999.99 to earn $350 or $8,000 or more to earn $450
Fund your new account within 30 days to start qualifying activities. 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
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
- 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 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.
- Once all requirements are met, 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.
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.
CIT Bank Platinum Savings - 4.85% APY
- 4.85% 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
Free Business Checking - Up to 2.0% APY
- 2.0% APY on your balance up to $250,000 for customers that meet monthly eligibility requirements
- $0 minimum opening deposit
- $0 monthly service fee
Write to Darlene Santos at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
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