U.S. Bank Business Savings Account Review 2025

At a glance

U.S. Bank business savings account overview

U.S. Bank offers several business savings options, with the Basic Business Savings account serving as its entry-level product. Though this standard savings account earns a modest 0.05 percent annual percentage yield (APY), U.S. Bank also offers more competitive rates through its Platinum Business Money Market account, currently featuring a promotional rate of 4.00 percent APY for balances between $25,000 and $2,999,999.99. 

The bank's savings products integrate well with its full suite of business banking services, including checking accounts, merchant processing and loans — making it a solid option for businesses wanting comprehensive banking under one roof.

Where U.S. Bank stands out

• Extensive physical branch network. With over 2,000 branches in 26 states (mostly in the Midwest and West), U.S. Bank gives businesses access to in-person banking that online banks simply can't match. This branch access is valuable for cash-heavy businesses or those who prefer face-to-face banking relationships.
• Promotional rates on higher-tier accounts. Though the Basic Business Savings offers modest returns, the Platinum Business Money Market account currently features a promotional rate of 4.00 percent APY for balances between $25,000 and $2,999,999.99. This rate competes well with many online banks for businesses with larger cash balances.
• Comprehensive banking ecosystem. U.S. Bank offers everything from business checking and savings to merchant services and lending. This full-service approach allows for convenient features like combined statements, easy fund transfers and potential benefits for customers using multiple products.
• Business Savings Sweep service. The bank offers an automated sweep service that moves excess funds from checking to savings daily. This helps earn more interest while keeping enough money in checking for day-to-day needs.

Where U.S. Bank could improve

• Low standard interest rate. The Basic Business Savings account's 0.05 percent APY falls far below what online competitors offer. Even with promotional rates on higher-tier accounts, these require substantial deposits ($25,000+) to qualify.
• Monthly maintenance fee. The $5 monthly fee on the Basic Business Savings account isn't high, but many online banks charge no monthly fees. While you can avoid this fee by keeping a $500 daily balance, this may not always be possible for small businesses.
• High balance thresholds for competitive rates. To get U.S. Bank's best rates (up to 4.00 percent APY), you need a Platinum Business Money Market account with a balance between $25,000 and $2,999,999.99. This puts better rates out of reach for many small businesses with modest cash holdings.
• Limited fee-free transactions. Like many savings accounts, U.S. Bank limits the number of free transactions per statement cycle. This can be problematic if your business needs frequent access to savings funds.

U.S. Bank customer experience

Customer support

U.S. Bank offers good customer service options for business clients. Phone support runs from 7 a.m. to 9 p.m. EST Monday through Friday and 9 a.m. to 3 p.m. EST on Saturdays. The bank also provides 24/7 general support for urgent matters. In-branch support is available at any U.S. Bank location for those who prefer in-person support.

Digital experience

The U.S. Bank mobile app and online banking platform deliver solid functionality. The app has earned high ratings (4.7/5 in Google Play and 4.8/5 in Apple's App Store). 

Business customers can manage accounts, move money, deposit checks remotely and set up automatic savings through these digital tools. The platform also connects with common accounting software, making financial management more streamlined.

How U.S. Bank compares to other banks

U.S. Bank's business savings products compete differently against traditional and online banks, with strengths in physical locations and full-service banking.

U.S. Bank vs. Chase

Chase Business Total Savings has a similar structure to U.S. Bank's Basic Business Savings. Both banks offer extensive branch networks, though Chase has more locations nationwide (around 4,700 compared to U.S. Bank's 2,000).

Chase charges a higher monthly fee ($10 compared to U.S. Bank's $5), but waives it with a $1,000 daily balance or linked Chase business checking. Both banks offer similarly low standard interest rates (around 0.01-0.05 percent).

For cash-heavy businesses, Chase allows more monthly fee-free cash deposits ($5,000 vs. U.S. Bank's lower limits), which may benefit retail operations.

U.S. Bank vs. Live Oak Bank

Live Oak Bank's Business Savings highlights the difference between traditional and online banks. Live Oak pays a much higher standard rate (3.50 percent) than U.S. Bank's 0.05 percent, with no monthly fees and no minimum balance requirements.

However, Live Oak has no branches and doesn't accept cash deposits. U.S. Bank offers the advantages of in-person service and more business products, including merchant services and more loan options.

Businesses focused on earning higher interest without needing branches may prefer Live Oak, while those wanting full-service banking with physical locations will find more value with U.S. Bank.

Is U.S. Bank right for you?

Who U.S. Bank is best for

U.S. Bank works well for established businesses that already have accounts with U.S. Bank and want to keep all banking in one place. The bank serves cash-heavy businesses that need branch access, especially in the Midwest and Western states.

Larger companies with substantial funds ($25,000+) can benefit from promotional rates on the Platinum Business Money Market account. Businesses that value in-person banking and may need additional services like loans, merchant accounts or treasury management will appreciate U.S. Bank's complete business banking offerings.

Who U.S. Bank might not be best for

U.S. Bank probably isn't the right choice for businesses mainly focused on maximizing interest earnings, especially those with smaller account balances. Online banks like Live Oak offer much higher standard rates (3.50 percent and above) without balance requirements or monthly fees.

Very small businesses may have trouble maintaining minimum balances to avoid fees. Companies outside of U.S. Bank's 26-state footprint will have limited access to branches. 

Digital-first businesses comfortable with online-only banking will likely get better value from internet banks offering higher rates, fewer restrictions and lower fees.

How to open a business savings account with U.S. Bank

1. Gather your business documents, including your Employer Identification Number (EIN) or Social Security Number (for sole proprietors), business formation documents and valid ID for all owners with 25 percent or greater ownership.
2. Choose to apply online, by phone or at a U.S. Bank branch. For personalized guidance, visiting a branch works best, especially for more complex business structures.
3. Fill out the application with your business details, including legal business name, address, industry type, annual revenue and ownership information.
4. Provide personal details, including name, address, Social Security number and date of birth.
5. Fund your account with the $100 minimum opening deposit via electronic transfer, check or cash (if opening in-branch).
6. Set up online and mobile banking to manage your new account efficiently.
7. Consider setting up automatic transfers from your business checking account to build savings consistently.
8. If eligible, link your savings account to your checking account for overdraft protection and easier fund management.

How we rated this account

Every bank review we publish has undergone a rigorous editorial process to ensure accuracy and objectivity.

Bankrate evaluates business savings accounts using a 5-star rating system that weighs factors most important to business owners. Our methodology assigns the highest weight (50 percent) to APY offerings, as earning potential is crucial for business cash reserves. We also consider monthly service fees (20 percent), minimum balance requirements (20 percent) and account accessibility (10 percent). 

Accounts receive higher scores for competitive interest rates, low or no monthly fees, reasonable minimum balance requirements and flexible access options including online transfers, mobile deposit and ATM access.

Learn more about our methodology here.

Review methodology

Choosing the right business savings account can significantly impact your company's financial health. Bankrate's comprehensive list of business savings account reviews is regularly updated to help business owners make informed decisions. Our editorial team thoroughly analyzes each financial institution's business savings offerings, evaluating key factors including APY, minimum deposit requirements, monthly service fees, balance requirements and account accessibility options.

We research accounts from national banks, online banks, credit unions and regional institutions to provide a wide range of options for businesses of all sizes. Our team collects data directly from financial institutions, verifying information through multiple sources to ensure accuracy. This rigorous process helps us identify accounts that offer the best combination of competitive rates, low fees and business-friendly features.