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U.S. Bank Savings Account Interest Rates: September 2024

With lower-than-average rates and monthly fees on its savings accounts, U.S. Bank may not be the best option

By

Kat Tretina

Updated September 03, 2024

Reviewed by

Samantha Silberstein

Fact checked by

Michael Rosenston

Relaxed young adult woman with cell phone to check savings account — Xavier Lorenzo / Getty Images

U.S. Bank only has one savings account option and its interest rate of 0.01% is significantly low. You can easily find savings account that pay higher yields, including with some of the best high-yield savings accounts.

The APYs listed below use ZIP code 55402 (that of U.S. Bank's headquarters) and are up to date as of the date of publication of this article. We review the bank’s savings account rates every two weeks and update the information below accordingly.

U.S. Bank Savings Account Rate
Account Name	Minimum Deposit To Open	APY Range	Monthly Fee
Standard Savings	$25	0.01%	$4

Compare U.S. Bank Savings Account Rates

If you're looking for a high interest rate on a bank account, you will want to compare U.S. Bank's rate with other offerings. Many banks offer a significantly higher rate and potentially better terms.

U.S. Bank Savings Accounts: Key Features

U.S. Bank Standard Savings Account Key Features
APY Range	0.01%
Minimum Balance to Earn Highest APY	Any Balance
Minimum Deposit	$25
Withdrawal Limit	N/A
Monthly Service Fee	$4 (Can be waived)

U.S. Bank’s single personal savings account is the Standard Savings account. You can open an account online with as little as $25, and set up account alerts and automatic savings to build your money.

It may be easily accessible, but the account’s annual percentage yield (APY) is significantly lower than the national average for savings accounts, so your money will grow very little over time. U.S. Bank compounds interest in savings accounts daily, and it credits the interest to your account quarterly.

Unlike some banks that have free savings accounts, U.S. Bank charges monthly fees on the Standard Savings account; it charges $4 per month to maintain the account. But there are some ways to qualify for a waiver of the monthly fee:

Maintain a daily balance of $300 or more
Have a $1,000 average monthly collected balance (the collected balance is calculated by adding the principal of each calendar day together and dividing that number by the number of calendar days in the statement period)
Hold the account with someone 17 or younger
Open a U.S. Bank checking account and enroll in the Smart Rewards Primary tier or above (by enrolling in the program, you may qualify for other benefits based on your total balances; the Primary tier is for balances between $20,000 and $49,999.99)

There are no fees or surcharges at U.S. Bank ATMs, but transactions at other ATMs will incur a $2.50 fee.

U.S. Bank Account Pros and Cons

Pros

Wide branch network
Potential to waive monthly fee

Cons

Very low interest rate
Monthly maintenance fees

Pros Explained

Wide branch and ATM network: As a larger bank that operates in 26 states, you can find many branch or ATM locations. Make withdrawals with a debit card from an ATM with no fee.
Potential to waive monthly fee: If you have more than $300 in your savings account, you can get the monthly fee waived.

Cons Explained

Very low interest rate: U.S. Bank's savings account offers a very minimal interest rate of 0.01%. You can easily find a savings account with a higher interest rate by shopping around.
Monthly fees: Some banks don't charge monthly maintenance fees on their bank account but U.S. Bank customers will pay $4 each month for a savings account.

About U.S. Bank: Other Savings Options

Despite only operating branches in 26 states, U.S. Bank is one of the largest banks in the country. It offers a variety of banking products, including checking accounts, certificates of deposit (CDs), money market accounts, and investment accounts.

Some of U.S. Bank’s money market accounts and CDs have significantly higher APYs than the national average for the respective products. And it also has several options to choose from.

U.S. Bank’s standard CDs may have promotional offers, allowing you to secure a higher APY under certain terms. But U.S. Bank has other CDs too, such as step-up CDs that allow you to lock in regular rate increases, and trade-up CDs that you can use to take advantage of rising rates after the CD is opened.

Although you can open a U.S. Bank account online, it only has branches in 26 states. If you want to visit a local branch, use the bank’s locator tool to see if there is one near you.

Alternatives to U.S. Bank Savings Account

Other high-yield savings accounts: The best high-yield savings accounts typically feature APYs that are higher than the national average from banks that offer FDIC insurance to keep your money safe.
Certificates of deposit (CDs): If you’re comfortable keeping your cash in savings for a set period of time, a certificate of deposit might be worth considering. In return, the best CD rates often feature higher returns than savings accounts or other deposit accounts.
Money market accounts (MMAs): If you’re interested in a savings account with the option to write checks, a money market account might be a good fit for you. The best money market accounts often come with competitive interest rates, FDIC insurance, and other great benefits for savers.
Savings account bonuses: Banks and credit unions compete with one another for business. In an effort to attract new customers, some financial institutions offer savings account bonuses that you might benefit from if you’re in the market for a new account.

Frequently Asked Questions (FAQs)

What Is the Minimum Deposit for Savings Accounts at U.S. Bank?

U.S. Bank requires a minimum deposit of $25 to open a savings account. Some of its other accounts, such as money market accounts and CDs, have higher minimums. You may need to deposit at least $100 to $1,000 with those accounts.

Does U.S. Bank Have a High-Yield Savings Account?

U.S. Bank’s Standard Savings account has a lower-than-average APY, so it doesn’t qualify as a high-yield savings account (HYSA).

High-yield savings accounts typically pay out 10 to 12 times the national average, so they’re attractive options for those who want their money to grow faster. You can find the best rates in our choices for the best high-yield savings accounts.

How Often Does U.S. Bank Pay Interest on Savings Accounts?

With the U.S. Bank Standard Savings account, interest will be compounded daily and credited to your account on a quarterly basis.

Are U.S. Bank Savings Accounts FDIC-Insured?

Yes, U.S. Bank’s savings accounts are backed by FDIC insurance, so your deposits are protected up to $250,000.

Your Guide to Savings Accounts

Article Sources

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U.S. Bank. "Standard Savings Account."
U.S. Bank. "Savings Accounts."
FDIC. "National Rates and Rate Caps."
U.S. Bank. "Smart Rewards."
U.S. Bank. "Consumer Pricing Information Addendum."
FDIC. "Large Commercial Banks."
U.S. Bank. "About Us."
U.S. Bank. "Certificate of Deposit."
FDIC. "Deposit Insurance."