U.S. Bank savings account interest rates of November 2023

U.S. Bank offers two different account options for savers, and the yield you earn depends on the account you choose and your balance. While savers with relatively large balances can earn attractive rates, you can tap into higher rates through other financial institutions. 

Account details and annual percentage yields (APYs) are accurate as of November 21, 2023 and were found using the ZIP code 55402.

Are U.S. Bank savings account interest rates worth it?

U.S. Bank offers both a Standard Savings Account and an Elite Money Market Account. The Standard Savings Account offers a dismal 0.01% APY, which is significantly lower than the national average and far from a competitive rate. You need at least $25 to open this account. 

The Elite Money Market Account offers a chance at more attractive rates through a tiered balance structure. Savers with a higher balance in their account can tap into higher interest rates. 

Interested in a money market account? Check out your best options.

As of writing, savers need to hit a minimum balance of at least $25,000 to enjoy a relatively attractive 4.50% APY with the Elite Money Market Account. With less than $25,000 in the account, the APY is only 0.01%. You will need to open the account with a deposit of at least $100. 

If you want to explore all your options, check out this list of the best high-yield savings accounts. 

Overview of U.S. Bank interest rates

The U.S. Bank Standard Savings Account is a basic option with an APY of 0.01% on all balances. 

The Elite Money Market Account offers higher rates, to savers with a larger stash. Savers can tap into higher rates after crossing the threshold of a $25,000 balance. But below that mark, savers earn just 0.01% APY on their savings. 

Both of these accounts come with a monthly maintenance fee, which is waivable. 

Standard Savings Account holders face a $4 monthly fee unless they maintain a minimum daily balance of at least $300, have an average monthly collected balance of $1,000, hold the account with someone age 12 or younger, or open a U.S. Bank Smartly® Checking account and enroll in the Smart Rewards® Primary tier.

Elite Money Market Account holders have a $10 monthly fee, which is waived if you maintain a minimum daily balance of $10,000 or open a U.S. Bank Smartly Checking account and enroll in the Smart Rewards primary tier. 

How much can you earn?

The APYs offered through U.S. Bank include an interest rate that compounds daily and is credited to your account monthly. Although rates can change, the table below shows how much your savings could grow if rates stay the same. 

How U.S. Bank compares

U.S. Bank offers less than ideal interest-earning possibilities. 

The Standard Savings Account offers a very low rate, slightly better than earning nothing on your savings. The Elite Money Market Account offers a better rate, for savers with at least $25,000 to stash away. If you can maintain that size savings account, then you can tap into a 4.50% APY, which is relatively competitive. 

But the reality is that you can find a place to stash your savings with similar APYs that don’t have as many hoops to jump through. For example, the Capital One 360 Performance Savings account offers a 4.30% APY without any minimum balance requirements or monthly fees. 

Other savings options offered by U.S. Bank

If you want to work with U.S. Bank, the savings accounts listed aren’t your only options. The financial institution also offers certificates of deposit (CDs). 

U.S. Bank offers four types of CDs, with different term length options for each. You can opt for a CD Special with a term of seven, 11, 13 or 19 months. U.S. Bank CD Special APYs range from 4.20% to 4.80%. But the limited number of CD Special term lengths, which offer its highest rates, might not suit your needs. For example, you might need a three-month or 10-year CD. Others might prefer a standard 12-month CD or need a jumbo CD to stash their stockpile. 

All of the CDs offered involve an early withdrawal penalty, which means you’ll need to look for no-penalty CDs elsewhere. If you want to explore other CDs, check out this list of the best CDs. Or if you aren’t sure where to get started, consider mapping out a CD ladder with the help of our free CD calculator. 

U.S. Bank review

U.S. Bank offers a suite of personal banking products, which include checking accounts, savings accounts, CDs, personal loans, home loans and more. In terms of asset size, the Minnesota-based bank is the fifth largest in the country. It boasts 2,000 branches in 26 states. You can tackle your banking needs online or in person.