U.S. Bank is the fifth-largest bank in the country based on consolidated assets, with more than 2,000 branches in 26 states. It offers several useful credit cards, as well as business and consumer checking accounts that often run attractive welcome bonuses.
But when it comes to savings accounts, U.S. Bank’s annual percentage yield pales in comparison to the best rates on savings accounts currently available at other banks.
If you already have an account with U.S. Bank and want to keep all your money in one place, the convenience of opening a savings account there may outweigh considerations about interest rates.
U.S. Bank savings account overview
| Account name | APY | Minimum deposit | Fees |
| Standard Savings Account | 0.01% | $25 | $4 ($0 with fee waiver) |
APYs as of Nov. 3, 2023.
U.S. Bank savings account rates and fees
U.S. Bank’s Standard Savings account has a low savings rate of 0.01% APY, which is well below the Federal Deposit Insurance Corporation’s national average of 0.46%. U.S. Bank’s low savings rate doesn’t even come close to the competition. You’ll typically find higher savings rates at online-only banks and credit unions – some of which offer annual percentage yields between 4% and 5%.
U.S. Bank’s Standard Savings Account
U.S. Bank’s Standard Savings account has a low initial deposit requirement of $25. The bank charges a $4 monthly maintenance fee, which can be waived if any of the following applies:
- You maintain a $300 minimum daily balance.
- You have a $1,000 average monthly collected balance.
- You add a joint account holder who's 17 or younger.
- You open a U.S. Bank Smartly® Checking Account and enroll in the Smart Rewards® Primary tier or above (requires maintaining a $20,000 minimum daily balance across all your accounts).
U.S. Bank doesn’t impose transaction limits or excessive transaction fees for savings withdrawals, which are pretty standard for most savings accounts. And if you have a U.S. Bank checking account, you can link your Standard Savings account to provide overdraft protection.
However, other banks provide overdraft protection without you needing to have multiple accounts at the same institution.
How U.S. Bank’s savings account compares with other banks
U.S. Bank’s Standard Savings account APY is well below the national average. Unless the convenience of physical branch access is what you’re after, there aren’t many reasons to keep your money in this savings account.
Here’s how U.S. Bank compares with our top picks for best high-yield savings accounts, which currently earn up to 12 times the national average (and don’t charge any monthly maintenance fees):
| Account name | APY |
| U.S. Bank | 0.01% |
| Newtek Bank | 5.25% |
| Bread Savings | 5.60% |
| BMO Alto | 5.10% |
| Bask Bank | 5.10% |
| Synchrony | 4.75% |
| Capital One 360 Performance Savings | 4.30% |
APYs are as of Nov. 3, 2023.
Pros and cons of U.S. Bank’s savings account
Pros
- Small minimum opening deposit of $25
- The convenience of a vast branch and ATM network
- No transaction limits
Cons
- Lower-than-average savings account APY
- You have to meet certain criteria to waive the $4 monthly maintenance fee
Additional savings options at U.S. Bank
In addition to savings accounts, U.S. Bank offers three types of certificates of deposit, with various terms and a money market account. The standard CDs have terms ranging from one month to five years.
But the bank also has a few specialty CDs available, such as a Trade Up CD, which allows you to take advantage of a one-time rate increase if rates rise during your CD term. Despite the variety of options, U.S. Bank has low yields for some CDs compared with other banks.
| Account name | APY | Minimum deposit | Terms (months) |
| Standard CD | 0.05% – 0.25% | $500 | 1 - 60 |
| Standard CD Special | 4.00% - 4.60% | $1,000 | 7, 11, 13 and 19 |
| Step Up CD | Rate increases 0.20% every seven months (blended APY is 0.35%) | $1,000 | 28 |
| Trade Up CD | 0.10% or 0.40% | $1,000 | 30 or 60 |
APYs as of Nov. 3, 2023. Rates and terms may vary by region. Check your ZIP code on U.S. Bank’s website to see your options.
But much like with its CD offerings, you can find better rates and terms with other banks. Some of the best money market accounts offer between 4% and 5%, and most don’t require high minimum balance requirements to secure a competitive rate.
| Account name | APY | Minimum deposit |
| Elite Money Market Account | 0.01% – 4.50% | $100 |
APYs as of Nov. 3, 2023. Rates and terms may vary by region. Check your ZIP code on U.S. Bank’s website to see your options.
Should you get a U.S. Bank savings account?
If you already have a checking account, loan or credit card account with U.S. Bank and care more about convenience than maximizing your money, opening a savings account at this bank can help you keep all your finances in one place. U.S. Bank also offers a few other convenient perks, including access to over 4,700 ATMs nationwide; 24-hour customer service help with checking, savings and loan accounts; and relationship rewards if you also have a checking account.
But if you’re chasing competitive yields and don't mind banking online, you can find high savings APYs elsewhere -- between 4% and 5%, without monthly maintenance fees.
The bottom line
U.S. Bank’s savings account doesn’t stand up to offers provided by many other banks or credit unions. Its APY is well below the national average, and the criteria for monthly fee waivers may be a challenge for new savers. There are plenty of competitive savings accounts with better rates, fewer fees or more perks that are better alternatives to the one offered by U.S. Bank.
The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.
