The Standard Savings Account offered by U.S. Bank earns the same annual percentage yield (APY) regardless of account balance, and it’s very low. Savers looking for more competitive rates should consider a high-yield savings account where they can find the top online banks offering around 5 percent APY.

U.S. Bank earned 3.5 stars out of 5 in Bankrate’s overall rating. For savings accounts, it scored 2.7 out of 5 stars.

U.S. Bank savings rates

U.S. Bank’s Standard Savings account has multiple interest tiers, but they all earn the same APY regardless of balance. There is a $4 monthly maintenance fee, which can be waived by keeping a $300 daily balance or $1,000 monthly balance. The fee is also waived for account holders age 17 and younger.

Here’s a breakdown of U.S. Bank’s savings account.

Account Name APY Minimum deposit
Standard Savings Account 0.01% $25

Note: The annual percentage yield (APY) shown is current as of Sept. 18, 2023, and may vary by region.

How U.S. Bank savings rates compare with top-yielding banks

The yield for U.S. Bank’s Standard Savings Account is very low. It earns minimal interest, which is the case for standard savings accounts at many other big brick-and-mortar banks. Savers can get a much higher payout by opening an account with an online bank, such as Ally Bank, LendingClub or Marcus by Goldman Sachs.

Other savings options at U.S. Bank

The institution also offers certificates of deposit (CDs), if you want an alternative to a savings account but still want to bank with U.S. Bank. Its regular CD rates are also quite low, but its special CDs do offer a competitive yield. But there are still better options at the top FDIC-insured online banks.

The bank also offers a money market account, but again, the standard yields are low. So, you can find better APYs elsewhere. One thing to note: U.S. Bank is currently offering a hefty bonus APY for Elite Money Market account holders with balances of $25,000 and above (rates may also vary by location).