April 20, 2024

US 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 or Safe Debit account
  • 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.

Chase
Member FDIC

Chase Total Checking® - $300 Bonus

Expires 1/22/2025
  • 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
Member FDIC

Bank of America Advantage Banking - $300 Bonus Offer

Expires 1/31/2025
  • The $300 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 01/31/2025.
  • 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.
  • *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.
Discover Bank
Member FDIC

Discover® Online Savings - $200 Cash Bonus

Expires 3/13/2025

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
Member FDIC

CIT Bank Platinum Savings - 4.55% APY

  • 4.55% 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
Bluevine

Free Business Checking - Earn $300 Bonus

Expires 12/31/2024

To earn the $300 bonus, customers must apply for a Bluevine Business Checking account anytime between now and 12/31/2024 using the referral code CD300.

After opening the account, customers must add funds within 30 days, then meet at least one of the following eligibility requirements every 30 days for the next 90 days from account funding:

  • Deposit at least $5,000 from eligible merchant services to your Bluevine account OR
  • Make at least $5,000 of outbound payroll payments from your Bluevine account using eligible payroll providers OR
  • Spend at least $2,000 with your Bluevine Business Debit Mastercard® and/or Bluevine Business Cashback Mastercard®

Banking services provided by Coastal Community Bank, Member FDIC

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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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.

CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.

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