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U.S. Bank savings account rates

Updated July 18, 2024
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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 2.5 out of 5 stars.

U.S. Bank savings account interest rate

U.S. Bank’s Standard Savings account has multiple interest rate 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 July 18 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 meager. 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 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 offer a competitive yield. 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 offers a hefty bonus APY for Elite Money Market account holders with balances of $25,000 and above (rates may also vary by location).

Matthew Goldberg Arrow Right Senior Consumer Banking Reporter
Matthew Goldberg is a consumer banking reporter at Bankrate where he uses his more than 13 years of financial services experience to help inform readers about their important personal finance decisions.