U.S. Bank offers one standard savings account that earns the same APY regardless of your balance. While the bank is known for innovating, U.S. Bank’s savings account offers a very low interest rate. People looking for a competitive savings rate should look elsewhere.
U.S. Bank earned a 2.7 out of 5 in Bankrate’s overall rating.
U.S. Bank savings rates
Let’s look at U.S. Bank’s savings account rate.
|Account Name||Interest rate||APY||Minimum deposit|
|Standard Savings Account||0.01%||0.01%||$25|
Note: The APYs (Annual Percentage Yield) shown are as of August 10, 2020. The APYs for some products may vary by region.
How U.S. Bank savings rates compare to top-yielding banks
U.S. Bank’s yield is very low. If you open its standard savings account, you will earn almost no interest as is the case at many bigger banks. Savers could get a much higher payout by opening an account with an online bank competitor, such as BMO Harris, CIT Bank or Marcus by Goldman Sachs.
Other savings options at U.S. Bank
If you want an alternative to a savings account but still want to bank with U.S. Bank, the institution also offers certificates of deposit. Generally, the CD rates are also quite low, but some of its promotional term CDs have more attractive rates, making them worth considering.
The bank also offers money market accounts; however, you can still find higher yields elsewhere.