U.S. Bank Savings Account Interest Rates

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

Relaxed young adult woman with cell phone to check savings account

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U.S. Bank Savings Account Rates

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), and investment accounts.?

U.S. Bank only has one savings account option, and the interest rates tend to be quite low.?

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.

Account Name Minimum Deposit To Open APY Range Monthly Fee
Standard Savings $25 0.01% $4

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. 

About U.S. Bank: Other Savings Options

U.S. Bank savings account interest rates are quite low, so you may be looking for alternatives to grow your money. U.S. Bank does have some other options, including money market accounts and CDs.?

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.

Compare Savings Account Rates

U.S. Bank’s footprint is limited, and its rates are quite low. Take a look at a selection of savings accounts with higher yields, where you can easily find a better home for your money.

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.

Article Sources
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  1. FDIC. "Large Commercial Banks."?

  2. U.S. Bank. "About Us."?

  3. U.S. Bank. "Standard Savings Account."

  4. U.S. Bank. "Savings Accounts."

  5. FDIC. "National Rates and Rate Caps."?

  6. U.S. Bank. "Smart Rewards."?

  7. U.S. Bank. "Consumer Pricing Information Addendum."

  8. U.S. Bank. "Certificate of Deposit."

  9. FDIC. "Deposit Insurance."