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U.S. Bank Savings Rate
The U.S. Bank Standard Savings Account is the only U.S. Bank savings account offered.
If you’re interested in getting a money market account or CD, you might consider U.S. Bank’s other savings options.
Compare Today’s Savings Rates
Below, you’ll find more information on the U.S. Bank savings account interest rate:
U.S. Bank Standard Savings Account
Fees
$4 monthly service fee
Annual Percentage Yield (APY)
0.01%
Minimum Deposit Amount
$25
- $25 minimum opening deposit
- You may qualify to waive the monthly fee
- Low APY
- $4 monthly service fee
Product Details
- Over 2,200 branches in 26 US states
- Free access to around 4,500 ATMs
- Waive $4 monthly service fee by maintaining a $300 daily balance, OR average $1,000 monthly balance, OR being under age 18
- Interest compounded daily, paid monthly
- FDIC insured
The U.S. Bank Standard Savings Account could be a decent option if you meet one of the requirements for waiving the $4 monthly service fee. There’s no monthly service fee if you open a joint account with someone age 17 or younger. You’ll also be able to waive the fee if you keep at least $300 in your savings account daily or an average monthly collected balance of $1,000 or more.
Is U.S. Bank Trustworthy?
The Better Business Bureau rates businesses on how they handle customer issues and whether they have transparent business practices. A good BBB rating doesn’t necessarily mean that your relationship with a business will be perfect. If you have friends or family that have used U.S. Bank, chat with them about their perspectives. Online customer reviews are another option.
The BBB gives U.S. Bank a NR (No Rating) rating because it’s profile is being updated.
In 2022, U.S. Bank paid $37.5 million in a settlement with the Consumer Financial Protection Bureau. The CFPB accused the bank of obtaining customers’ credit reports and opening checking accounts, savings accounts, credit cards, and lines of credit without their knowledge.
U.S. Bank Savings FAQs
The U.S. Bank Standard Savings Account has a $4 monthly service fee. The monthly service fee will be waived if you open a joint account with someone age 17 or younger. You’ll also be able to waive the fee if you keep at least $300 in your savings account daily or an average monthly college balance of $1,000 or more.
How U.S. Bank Savings Account Rates Compare
How the U.S. Bank savings account compares
U.S. Bank Savings Account vs. Chase Savings Account
Chase Savings℠ doesn’t require an initial deposit, while U.S. Bank Standard Savings Account needs a minimum of at least $25.
Chase Savings offers more ways to waive the monthly service than U.S. Standard Savings. To waive the $5 monthly service fee with Chase, you must fulfill one of the following requirements: maintain an average daily balance of $300 or more, have a repeating automatic transfer of $25 or more from a Chase checking account, or link a qualifying Chase checking account. The fee will also automatically be waived for anyone under the age of 18.
Chase Savings and the U.S. Bank Standard Savings both offer low interest rates. You’ll be better off with an online bank for a high yield.
U.S. Bank Savings Account vs. Wells Fargo Savings Account
Deciding between U.S. Bank and Wells Fargo savings accounts could depend on whether you find it easier to waive monthly service fees at a particular bank.
You can waive a $5 monthly service fee on the Wells Fargo Way2Save® Savings Account if you meet one of the following requirements each month: Maintain a $300 minimum daily balance, schedule an automatic transfer of $25 or more from a Wells Fargo checking account, or make a Save As You Go transfer from a Wells Fargo checking account. The Wells Fargo Way2Save® Savings Account also automatically waives monthly service fees for anyone age 24 or younger.
Wells Fargo savings rates are slightly higher than the U.S. Bank savings rates. However, there are savings accounts available at online banks that offer much higher interest rates right now.
Other U.S. Bank Savings Options
The U.S. Bank Elite Money Market Account pays 0.01% to 4.50% (varies by location) APY. The bank also has several types of CDs to choose from. U.S. Bank CD rates are low overall, with the exception of its CD Special terms, which pay 4.20% to 4.80% (Varies by location) APY.
Why You Should Trust Us: How We Reviewed U.S. Bank Standard Savings
At Business Insider, we use our bank account methodology to rate bank products and services. We use a scale of 0 to 5 stars to rate bank accounts. When we rated the U.S. Bank Standard Savings Account, we looked at minimum opening deposit requirements, monthly service fees, and interest rates. We also consider the overall banking experience, examining customer support availability, mobile app ratings, and ethics.
