U.S. Bank uses balance tiers to assign annual percentage yields (APYs), so the higher your account balance, the greater your potential APY. You can score an even higher rate if you have a combined balance with another U.S. Bank account.
All rates and fees are current as of December 10, 2024, and are subject to change.
U.S. Bank savings account rates at a glance
| Standard Savings APY | 0.01% |
|---|---|
| Bank Smartly Savings APY | Tiered; up to 3.50% |
| National average savings rate | 0.43% |
| Minimum opening deposit | $25 |
U.S. Bank’s Smartly Savings Account tiered rates
| Without any combined eligible products | Combined qualifying balances under $5,000 | Combined qualifying balances from $5,000–$24,999.99 | Combined qualifying balances from $25,000–$49,999.99 | Combined qualifying balances from $50,000–$99,999.99 | Combined qualifying balances over $100,000 | |
|---|---|---|---|---|---|---|
| Under $5,000 | 0.05% APY | 2.00% APY | 2.50% APY | 3.50% APY | 3.50% APY | 3.50% APY |
| $5,000–$24,999.99 | 0.05% APY | 2.00% APY | 2.50% APY | 3.50% APY | 3.50% APY | 3.50% APY |
| $25,000–$49,999.99 | 0.05% APY | 2.00% APY | 2.50% APY | 3.50% APY | 3.50% APY | 3.50% APY |
| $50,000–$99,999.99 | 0.05% APY | 2.00% APY | 2.50% APY | 3.50% APY | 3.50% APY | 3.50% APY |
| Over $100,000 | 0.05% APY | 2.00% APY | 2.50% APY | 3.50% APY | 3.50% APY | 3.50% APY |
U.S. Bank
| Checking accounts: | Starting with a $25 initial deposit |
| Savings accounts: | Open with as little as $25 |
| CD rates: | Earn as much as a 0.05% annual percentage yield (APY) on a 5-month CD Special |
at Money Lion
Pros and Cons
Pros
- There’s a low minimum to open a checking or savings account at $25
- A wide variety of CD terms, from 1 month to 5 years
Cons
- There are monthly maintenance fees if you don’t meet certain account requirements
- Standard CD rates are very low compared to competitors, with the highest standard CD rate only reaching 0.25% APY
Who is U.S. Bank good for? Who shouldn’t use U.S. Bank?View offer
U.S. Bank savings rates vs. popular banks
U.S. Bank’s standard savings rates are nothing to write home about. However, if you’re able to maintain at least a $25,000 combined balance between your checking and savings accounts, you can score an APY that’s far above the national average. Here’s a closer look at how U.S. Bank stacks up against other popular large or online banks.
| Major institution | APY | Minimum opening deposit | Monthly fees | Learn more |
|---|---|---|---|---|
| U.S. Bank | 0.01% | $25 | $5 | View offer at MoneyLion |
| American Express | 3.8% | $0 | $0 | View offer at Bankrate |
| Capital One | 3.80% | $1 | $0 | View offer at Bankrate |
| SoFi | 4.00% | $0 | $0 | View offer at SoFi |
| Chase | 0.01% | $0 | $12 (waivable) | View offer at MoneyLion |
| Discover | 3.90% | $1 | $0 | View offer at MoneyLion |
| Ally Bank | 3.80% | $1 | $0 | View offer at MoneyLion |
| PNC Bank | 0.01% | $0 | $7 (waivable) | View offer at MoneyLion |
U.S. Bank’s savings rates compared to the national average
The national average savings APY is currently 0.43% according to the Federal Deposit Insurance Corp. (FDIC). That’s nearly 8x lower than U.S. Bank’s top potential APY of 3.80%.
However, if you compare it to U.S. Bank’s standard savings rates, you’ll see that U.S. Bank is far below average, as the Standard Savings account only earns 0.01%. To put that in perspective, if you deposited $1,000 and left it untouched for one year, you’d earn 10 cents at U.S. Bank compared to $4.60 at another bank with average rates.
U.S. Bank’s savings rates compared to current top rates
U.S. Bank’s savings rates aren’t among the best high-yield savings rates, and they’re quite a bit off. Right now, you can earn upward of 5% on your savings at other banks. At U.S. Bank, the most you can earn is 3.80%—and that would require you to have at least $25,000 in combined balances across your checking and savings accounts.
If you use U.S. Bank as your only bank, that might be possible. But if not, you’re better off storing your money somewhere like Western Alliance Bank, LendingClub Bank, or Forbright Bank, which top our list of the banks with the highest saving rates with 4.46%, 4.75%, and 4.60% APY, respectively.
Using the same monetary example from above, you’d earn a maximum of $38 in interest with a U.S. Bank account each year compared to $51 from Western Alliance. Over time and with higher balances, these differences can add up.
U.S. Bank savings account fees
If you don't qualify for a waiver, you'll have to pay a $5 monthly fee to maintain your Smartly savings account. U.S. Bank also charges you $2.50 for transactions at out-of-network ATMs and a 3% fee for international transactions. You might also be charged fees if you experience overdrafts. If the overdraft is $5 or less, there's no charge, but anything over that amount results in a $36 fee per item. If you opt for overdraft protection, there's a $12.50 fee to transfer money from a linked account.
How to open a U.S. Bank savings account
Do you want to take advantage of U.S. Bank savings rates? Here's how to open an account:
- Log in to your U.S. Bank account if you have one: This greatly reduces the information you need to provide.
- Provide your personal info: This includes your name, contact information, date of birth, Social Security number, and address.
- Answer questions about your income: U.S. Bank will want to know about your employment status, occupation, and how you'll use the account.
- Confirm your info and agree to legal documents: Now's your chance to review the deposit account agreement and make sure all of your taxpayer info is correct.
- Apply and fund your account: Once you're approved, you'll need to make an opening deposit to officially open your account.
Other deposit products from U.S. Bank
U.S. Bank also offers other interest-earning accounts. While its checking account interest rates are minuscule—less than 0.01%—you can enjoy above-average rates from its money market and certificate of deposit (CD) accounts.
| APY | Minimum deposit to open | Monthly fees | |
|---|---|---|---|
| Checking account | Tiered: 0.001%–0.005% | $25 | $6.95 |
| Money market account (MMA) | Up to | $0 | |
| CDs | Up to 0.25% (CD specials may have higher rates) | $500 | $0 |
Learn more: Read our U.S. Bank review
Frequently asked questions
Why are U.S. Bank interest rates so low?
U.S. Bank has lower-than-average interest rates on its savings products because it's a large bank with many in-person branches. The high cost of running these branches means there is less money to share with customers in the form of interest.
Does U.S. Bank have a free savings account?
U.S. Bank does not have a savings account without a monthly maintenance fee. That said, you can easily waive the $5 monthly fee just by opening a U.S. Bank checking account.
How does U.S. Bank credit interest?
U.S. Bank compounds interest daily and credits it to your account on a monthly basis. It uses the daily balance method when calculating interest.
Read more
- Our ranking of the best CD rates can help you find term deposits to meet your goals.
- The best jumbo CD rates can help you maximize your earnings on big deposits.
- Choosing one of the best money market accounts can help you maximize your returns.
- Maximize your returns with one of the best high-yield savings accounts.
- Earn a better return on your balance with one of the best savings accounts.
- Whip your finances into shape with one of the best budgeting apps.
