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The U.S. Bank Standard Savings Account is the only U.S. Bank savings account offered.
It could be a decent option if you qualify to waive its monthly service fees, but it isn’t the best choice for a high interest rate. You might consider U.S. Bank’s other savings options if you’re looking for a competitive savings rate, or choose a different bank.
U.S. Bank Savings Account Overview
The U.S. Bank Standard Savings Account is an adequate choice if you live in the Midwest or West. The bank’s brick-and-mortar locations are mainly clustered around these states.
You might also like this account for its savings account bonus. New customers are eligible for a bonus of up to $100 for opening a new Standard Savings account and completing qualifying activities (offer expires July 31, 2024 ).
U.S. Bank Standard Savings Account
Fees
$4 monthly service fee
Annual Percentage Yield (APY)
0.01%
Minimum Opening Deposit
$25
- $25 minimum opening deposit
- You may qualify to waive the monthly fee
- Low APY
- $4 monthly service fee
Product Details
- Earn up to $100 with a new Standard Savings account.
- -Make new money deposit(s) totaling $15,000 or more by July 31, 2024
- -Maintain the minimum total account balance of $15,000 or more through October 31, 2024
- Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.
- Over 2,200 branches in 26 US states
- Free access to around 4,500 ATMs
- Waive $4 monthly service fee by maintaining a $300 daily balance, OR average $1,000 monthly balance, OR being under age 18
- Interest compounded daily, paid monthly
- FDIC insured
U.S. Bank Savings Rate
Below, you’ll find more information on the U.S. Bank savings account interest rate:
U.S. Bank Savings Account Key Features and Benefits
U.S. Bank National Branch Accessibility
U.S. Bank has 2,200 branches in 26 states. There are locations in Arizona, Arkansas, California, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oregon, South Dakota, Tennessee, Utah, Washington, Wisconsin, and Wyoming.
Current U.S. Bank Savings Rate and How It Compares
The U.S. Bank Standard Savings Account pays a low interest rate. The average savings account interest rate is 0.45% APY, and the best online banks have high-yield savings accounts that pay even more than the national average.
U.S. Bank Savings Account Monthly Service Fee
The U.S. Bank Standard Savings Account has a $4 monthly service fee. There’s no monthly service fee if you open a joint account with someone age 17 or younger. You’ll also be able to waive the fee if you keep at least $300 in your savings account daily or an average monthly collected balance of $1,000 or more.
U.S. Bank Online and Mobile Banking Access
U.S. Bank has received 4.7 out of 5 stars with over 420,000 reviews in the Google Play store and 4.8 out of 5 stars based on 1.6 million ratings in the Apple store.
U.S. Bank Customer Service and Support
U.S. Bank offers 24/7 banking customer support by phone. You can also make an appointment online to speak with a banker in person.
The Better Business Bureau rates businesses on how they handle customer issues and whether they have transparent business practices.
The BBB gives U.S. Bank a B rating because of government action against the bank.
In 2022, U.S. Bank paid $37.5 million in a settlement with the Consumer Financial Protection Bureau. The CFPB accused the bank of obtaining customers’ credit reports and opening checking accounts, savings accounts, credit cards, and lines of credit without their knowledge.
Opening a U.S. Bank Standard Savings Account
U.S. Bank Eligibility Requirements
You’ll have to enter your ZIP code to see if you can open a U.S. Bank savings account. Depending on where you live, you might not be eligible to apply for an account.
Step-by-Step Guide to Opening a U.S. Bank Savings Account
U.S. Bank savings accounts can be opened online or at a branch. When applying for the account, make sure to have a valid government ID handy, like your driver’s license or passport. This will be used to verify your identity. You’ll also need to provide your Social Security number, date of birth, address, and other personal details.
U.S. Bank Standard Savings Account Initial Deposit
The U.S. Bank Standard Savings Account has a $25 minimum opening deposit. You can transfer money from another bank account to fund this savings account. Make sure you have your account number and routing number ready.
Managing Your U.S. Bank Savings Account
Tips for Maximizing Savings at U.S. Bank
One way to maximize your savings is to select the right bank account for your needs. This is particularly important at U.S. Bank because some accounts offer more competitive rates than others.
In addition to its standard savings account, U.S. Bank has the U.S. Bank Elite Money Market Account and various CDs.
The U.S. Bank Elite Money Market Account pays 0.01% to 4.25% (varies by location) APY. The bank also has several types of CDs to choose from. U.S. Bank CD rates are low overall, with the exception of its CD Special terms, which pay 3.55% to 4.55% (Varies by location) APY.
The best place for your money will depend on your goals, how much money you plan to maintain in the account, and how soon you’ll need to access your money. Also, keep in mind that U.S. Bank account options vary by location.
Understanding U.S. Bank Fees and Charges
U.S. Bank charges a monthly bank maintenance fee on its savings account. You can waive the fee if you are in a specific age group or meet certain requirements.
U.S. Bank may also charge overdraft fees, non-U.S. Bank ATM fees, and dormant account fees.
Why You Should Trust Us: How We Reviewed U.S. Bank Standard Savings
At Business Insider, we use our bank account methodology to rate bank products and services. We use a scale of 0 to 5 stars to rate bank accounts. When we rated the U.S. Bank Standard Savings Account, we looked at minimum opening deposit requirements, monthly service fees, and interest rates. We also consider the overall banking experience, examining customer support availability, mobile app ratings, and ethics.
U.S. Bank Savings Account Alternatives
U.S. Bank Savings Account vs. Chase Savings Account
Chase Savings℠ doesn’t require an initial deposit, while U.S. Bank Standard Savings Account needs a minimum of at least $25.
Chase Savings offers more ways to waive the monthly service than U.S. Standard Savings. To waive the $5 monthly service fee with Chase, you must fulfill one of the following requirements: maintain an average daily balance of $300 or more, have a repeating automatic transfer of $25 or more from a Chase checking account, or link a qualifying Chase checking account. The fee will also automatically be waived for anyone under the age of 18.
U.S. Bank and Chase savings rates are both low. You’ll be better off with an online bank for a high yield.
Chase Bank Review
U.S. Bank Savings Account vs. Wells Fargo Savings Account
Deciding between U.S. Bank and Wells Fargo savings accounts could depend on whether you find it easier to waive monthly service fees at a particular bank.
You can waive a $5 monthly service fee on the Wells Fargo Way2Save® Savings Account if you meet one of the following requirements each month: Maintain a $300 minimum daily balance, schedule an automatic transfer of $25 or more from a Wells Fargo checking account, or make a Save As You Go transfer from a Wells Fargo checking account. The Wells Fargo Way2Save® Savings Account also automatically waives monthly service fees for anyone age 24 or younger.
Wells Fargo savings rates are just as low as what you’d earn with U.S. Bank. You can earn much higher rates at online banks.
Wells Fargo Bank Review
Is a U.S. Bank Savings Account Right For You?
The U.S. Bank Standard Savings Account is best for people who live in the Midwest or West and can take advantage of the bank’s robust branch and ATM network. It may be worthwhile if you qualify for the savings account bonus and can waive monthly service fees.
You’ll likely prefer a different savings account for earning a competitive interest rate. It pays a low interest rate, and our best online high-yield savings accounts may have more standout features.
U.S. Bank Savings FAQs
U.S. Bank offers a standard savings account, a money market account, traditional CDs, promotional CDs, trade-up CDs (a rate increase can be requested), and a step-up CD (the rate increases every seven months).
U.S. Bank savings account interest rate is less competitive than average savings accounts at other banks and credit unions. The best online banks are more suitable options for a high savings rate.
You are eligible to open a U.S. Bank savings account at a branch if you live in Arizona, Arkansas, California, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oregon, South Dakota, Tennessee, Utah, Washington, Wisconsin, or Wyoming. You can also apply for a savings account online, but your eligibility may vary depending on your ZIP code.
You can maximize your savings with a U.S. Bank account by choosing the right type of savings account for your needs and managing your account so you can reach your savings goals. For example, if you don’t need to access your money for a while, you might like a U.S. Bank CD over the bank’s savings account to earn a fixed interest amount.
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