Vault’s Viewpoint on U.S. Bank
- U.S. Bank offers three consumer savings accounts, the majority earn lower-than-average interest rates.
- While some Elite Money Market Account holders may be eligible to earn 4.50% APY on their balance, most account holders are likely to earn only 0.01% APY.
- Account holders may be required to pay a monthly maintenance fee unless they maintain a minimum balance.
Overview of U.S. Bank Savings Accounts
U.S. Bank offers three different savings accounts. The Standard Savings account is a basic account that earns 0.01% APY on all deposits and balances. The Elite Money Market Account is a tiered savings account that offers 0.01% APY on all balances below $25,000 and a 4.50% APY on balances over $25,000.
Some people may also be interested in the tax-advantaged U.S. Bank Retirement Money Market account, which offers 0.01% APY to start and may offer tiered interest rates depending on factors like location and bank balance. You’ll need an individual retirement account plan (IRA) to open a U.S. Bank Retirement Money Market account, so keep that in mind before you apply.
The U.S. Bank Standard Savings account and Elite Money Market Account each charge a monthly maintenance fee—$4 and $10, respectively—but the fee can be waived if account holders maintain a minimum balance. Standard Savings account holders must maintain a $300 minimum daily balance or a $1,000 average monthly collected balance, and Elite Money Market Account holders must maintain a $10,000 minimum daily balance.
The fee may also be waived for both accounts if you open an interest-bearing U.S. Bank Smartly® Checking account and enroll in the Smart Rewards® Primary tier or above. However, the Primary tier requires a minimum combined balance of $20,000 across all U.S. Bank accounts (checking, savings, investment, etc.), which might make it difficult to access.
| Savings Account | APY | Minimum Deposit | Monthly Fees |
| Standard Savings account | 0.01% | $25 | $4 (can be waived) |
| Elite Money Market Account | 4.50% on balances of $25,000 or more, otherwise 0.01% | $100 | $10 (can be waived) |
| Retirement Money Market account | 0.01% | $100, or a $25 automatic monthly deposit | $0 |
Pros of a U.S. Bank Savings Account
Although U.S. Bank interest rates are lower than many competitor banks, there are still a few benefits to opening a U.S. Bank savings account—including the opportunity to get your monthly maintenance fee waived. Some account holders may also be interested in opening a U.S. Bank Smartly Checking account to earn interest on their checking.
- Monthly maintenance fee can be waived
- Can pair savings account with an interest-bearing checking account
Cons of a U.S. Bank Savings Account
The biggest drawback to opening a U.S. Bank savings account is the low interest rate—and although Elite Money Market Account holders can access an APY of up to 4.50%, you’ll need a minimum daily balance of $25,000 to qualify. You’ll also need to maintain minimum balances if you want to see your monthly maintenance fees waived.
- Low interest rates compared to other high-yield savings accounts
- Minimum balance to waive monthly fees
How Much Can You Earn With a U.S. Bank Savings Account?
Since U.S. Bank savings interest rates are so low, you probably won’t earn much money with a U.S. Bank savings account. Here’s a quick overview of how much you might earn with each account if you made a $10,000 deposit and let it accumulate interest for a year:
| Savings Account | APY | Estimated Earnings |
| Standard Savings account | 0.01% | $1 |
| Elite Money Market Account | 0.01% | $1 |
| Retirement Money Market account | 0.01% | $1 |
How to Open a Savings Account With U.S. Bank
If you want to open a Standard Savings account or an Elite Money Market Account with U.S. Bank, here are the steps to follow:
- Begin the application process online. Like many of today’s best banks, U.S. Bank offers simple online applications that take fewer than five minutes to complete.
- Enter your ZIP code. Unlike some bank account applications, U.S. Bank requires your ZIP code at the very beginning of the process.
- Provide basic personal information. U.S. Bank requires you to provide your name, date of birth and contact information. It may ask you to provide a driver’s license or other identifying documentation. This information is used to confirm your identity and determine your eligibility for an account.
- Make an initial deposit. If your account application is approved, the final step is to make an initial deposit. If you are transferring funds from another bank, make sure you have the account number and routing number close at hand. If you’re opening an Elite Money Market Account, don’t forget that the amount of your deposit may determine your interest rate.
If you want to open a Retirement Money Market account with U.S. Bank, you’ll need to apply in person at a U.S. Bank branch.
Alternatives to a Savings Account With U.S. Bank
Since high APYs are only available to people willing to make considerably high deposits, you may want to consider alternatives to a savings account with U.S. Bank. We’ve put together a list of the best high-yield savings accounts on the market, and here are three of our top picks:
CIT Bank Platinum Savings
The CIT Bank Platinum Savings account is a no-fee high-yield savings account that offers up to 5.05% APY on deposits of $5,000 or more. Since you can get a higher interest rate for a lower minimum deposit, people considering U.S. Bank may want to take a look at CIT Bank instead.
CIT Bank is online only, so keep that in mind before you apply. While the best online banks are as reputable and efficient as traditional brick-and-mortar banks, some people prefer to have access to in-person bank branches when they need them.
UFB High-Yield Savings
UFB Direct is another online-only bank, and its no-fee high-yield savings account offers up to 5.25% APY on all balances. While most people haven’t heard of UFB Direct, it was founded as a division of the more established Axos Bank, which has been offering online banking services for nearly 25 years. If you’re looking for high savings account interest rates, add UFB Direct to your list—and see how it might compare to your other options.
SoFi High-Yield Savings Account
SoFi is a user-friendly online bank designed to help people achieve and maintain financial stability. The SoFi High-Yield Savings Account offers up to 4.60% APY with no minimum balance—and account holders automatically get access to a checking account that earns 0.50% APY, as well as money-saving benefits like roundups on debit purchases and automatic savings transfers. Plus, new account holders can earn a welcome bonus of $50 to $300, depending on their direct deposit amount.
Frequently Asked Questions
Is U.S. Bank a Good Savings Account?
U.S. Bank savings accounts have Federal Deposit Insurance Corporation (FDIC) insurance and come with benefits like overdraft protection and easy-to-waive maintenance fees. However, U.S. Bank interest rates are significantly lower than the majority of its competitors—which means that while a U.S. Bank savings account might be a safe and secure place to put your money, it’s unlikely you’ll see much long-term growth on your savings.
Why Are U.S. Bank Savings Interest Rates So Low?
Banks choose savings interest rates that allow them to maintain financial stability while optimizing for long-term growth. Savings account interest rates also indicate a bank’s interest in attracting new account holders. When a bank offers low interest rates on savings—especially when other banks are offering higher rates—it may be an indication that the bank is not prioritizing savings accounts at the moment.
Does U.S. Bank Offer a Free Savings Account?
U.S. Bank offers two savings accounts that come with monthly maintenance fees—the Standard Savings account and the Elite Money Market Account. Both of these accounts’ fees can be waived if account holders maintain a minimum balance or enroll in a U.S. Bank checking account at a certain tier of membership. U.S. Bank also offers a Retirement Money Market account that does not charge a monthly maintenance fee, but it is only available through appointment.
