U.S. Bank Savings Account Interest Rates: What’s New for October 2024?
Written by
Daria Uhlig
Edited by
Emily Gadd
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Your savings journey should be as unique to you as the checking and savings accounts you choose to help mold and guide your financial goals. Whether you want a user-friendly mobile banking app or want to secure overdraft protection, a savings account can help. Savings accounts also earn an annual percentage yield that will help your money grow.
U.S. Bank Savings Account Interest Rates
The Standard Savings account is the primary savings option offered by U.S. Bank. It also offers a Basic Business Savings account. Here’s a look at the interest rates for each account.
| Account | APY |
|---|---|
| Standard Savings | |
| Basic Business Savings |
U.S. Bank Savings Account Overview
Here’s what you need to know about U.S. Bank’s Standard Savings and Basic Business Savings accounts.
U.S. Bank Standard Savings Account
There is one standard personal savings account offered by U.S. Bank. Though the rate for this account is much lower than rates for high-yield savings accounts — it has a low APY compared to the national average of 0.46% — it has many other key features to consider.
Standard Savings account holders can use any U.S. Bank ATM without paying a transaction or surcharge fee. If you also have a checking account, you can link the Standard Savings account to it for free overdraft protection. Linking your accounts also lets you automate savings with recurring transfers from the checking account.
To better manage your money, you can set up email or text account alerts to notify you when your balance gets low and alert you to transfers and other account activity. To review all of your activity, log in to your account online to view your statements — U.S. Bank automatically archives them free of charge.
Here are some key takeaways on the Standard Savings account:
- You need a relatively low $25 minimum deposit to open the account.
- There is a $4 monthly maintenance fee that can be waived with any one of the following:
- $300 minimum daily balance
- $1,000 average monthly collected balance
- U.S. Bank Smartly Checking account and enrollment in the Smart Rewards Primary tier or higher
- The fee does not apply to account holders under the age of 18.
It’s important to note that U.S. Bank interest rates may vary depending on your ZIP code.
U.S. Bank Basic Business Savings Account
The Basic Business Savings account offers an APY of . There is a $500 minimum daily balance requirement for this account to avoid the monthly maintenance fee.
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While you can open a business account no matter how your business is structured — including if you’re a sole proprietor — regular customers are more likely to open the Standard Savings account at U.S. Bank.
U.S. Bank Savings Rates Compared to Rates at Competing Banks
Comparing the accounts of similar banks can help you make an informed choice about whether a particular bank is right for you.
PNC Bank
PNC Bank’s Standard Savings account offers a APY but adding a checking account can raise the rate, depending on your balance. The PNC account has a $5 monthly service fee you can waive with a $300 average monthly balance, the addition of a select PNC checking account or an auto savings transfer of at least $25 each statement period.
Truist Bank
Truist Bank’s equivalent savings account is Truist One Savings. It offers the same non-relationship APY as U.S. Bank. The Truist account has a minimum $50 opening deposit and a $5 monthly maintenance fee you can waive with a minimum daily ledger balance of $300 or the addition of any related Truist checking product.
Is the U.S. Bank Savings Account Right for You?
The U.S. Bank savings account is best for those who just want straightforward standard savings options that are FDIC insured.
If you are looking to grow your savings more quickly, interest rates at U.S. Bank might not get you there, as the APY offers is low, setting it well beneath the national average.
U.S. Bank Savings Pros
- Earn the same APY regardless of the balance
- Monthly fee waived if you keep a minimum daily balance of $300
U.S. Bank Savings Cons
- APY well below the national average
- Not a high-yield savings account
U.S. Bank: Other Savings Options
If you want to branch out or get more for your money than the Standard Savings option, U.S. Bank still has you covered with a variety of certificates of deposit as well as a money market account.
Elite Money Market Account
The U.S. Bank Elite Money Market account is a high-yield account that combines features of savings and checking accounts. While it’s intended primarily for saving, you can access your funds by using your debit card, writing a check or transferring money into another account.
The minimum opening deposit for this account is $100, which isn’t unusual for a money market account. The account comes with a $10 monthly maintenance fee that can be waived with a $10,000 minimum daily balance or a U.S. Bank Smartly Checking account and enrollment in the Smart Rewards program with a minimum tier of Primary.
The main caveat with this account is that you’ll need a high balance to earn the top APY of — at least $25,000, to be exact. Otherwise, the APY is just , which is the same as the Standard Saving account rate.
CDs
U.S. Bank CDs are offered in term lengths of one month to five years, which let you plan your savings in a way that best suits your short-term and long-term goal timelines. Standard CDs require just $500 to open, and while the rates differ between one term and another, you earn the same rate no matter what your balance.
Current U.S. Bank interest rates on standard CDs range from for a one-month term to for a 60-month term.
If those rates are lower than you’d like, consider a CD special. Specials come in relatively short, odd-number terms — currently five, nine and 13 months — but they earn significantly higher rates. CD special rates range from APY to APY.
For a little more flexibility, U.S. Bank offers a step-up CD with locked-in rate increases and a trade-up CD that lets you take advantage of increasing interest rates once per term.
Final Take To GO
Any savings you can put away for a stormy day is good savings to have. The fact that you have money set aside for your future, or even just unexpected expenses, goes a long way to not put a wrench in your financial works. While the U.S. Bank savings interest rate is low unless you maintain a high money market balance or tie up your money in a CD special, a basic account like Standard Savings won’t chip away at your balance with high fees, and the auto savings options helps you build a regular savings habit.
FAQ
Here are the answers to some frequently asked questions about savings account interest rates.- Which bank is giving 7% interest on savings accounts?
- There is no bank in the U.S. currently offering 7% interest on a savings account. If you're looking for returns of 7% or more, consider investing instead — just keep in mind that investing comes with risk.
- Which U.S. bank has the highest interest rate?
- GOBankingRates found that Digital Federal Credit Union has one of the highest APYs for its Primary Savings account, at 6.17% on balances up to $1,000. Other options that have high APYs include UFB Direct, which offers 4.57%, and TotalDirectBank, which offers a 5.26% APY for balances of $2,500 and up in its money market account.
- Will my U.S. Bank savings account earn interest?
- Yes, your U.S. Bank savings account will earn interest, but it is not a high-yield savings account. You can find higher interest rates at other banks.
Caitlyn Moorhead contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Sept. 26, 2024.
Rates may vary by region. To verify rates in your area, check the bank’s website for details.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
