U.S. Bank savings accounts

Do you want to learn about all the savings accounts offered by U.S. Bank and their respective features? Responsible Economy has conducted an analysis of all the savings accounts provided by U.S. Bank. You will also find a comparison of the best savings accounts in the United States. Let’s get started!

Savings accounts offered by US Bank

US Bank savings accounts

With U.S. Bank, you can open up to 3 different savings accounts, which are listed below:

  1. Standard Savings Account: This is a basic savings account that allows you to earn interest on your deposited funds. It offers easy access to your money and provides flexibility for saving.
  2. Elite Money Market Account: this savings account offers the highest interest rate, but requires a minimum balance of $250,000 or more.
  3. Retirement Money Market: with a Retirement Money Market account, you can diversify your retirement portfolio with a tax advantage. This account requires an individual retirement account plan.

Standard savings account

The Standard Savings Account is not a recommended savings account because the maximum interest rate you can obtain is 0.01% APY, which is extremely low. In fact, it shouldn’t even be called a savings account because the interest it offers is negligible. The minimum deposit to open this savings account is $25. There is a monthly fee of $4, unless you meet one of the following requirements:

  • Maintain a minimum daily balance of $300.
  • Have an average monthly collected balance of $1,000.
  • Hold the account with an individual who is 17 years old or younger.
  • Open and enroll in the Smart Rewards® Primary tier or above.

Here is a table showing the interest rates offered:

Daily balanceAPYInterest rate
Any Balance0.01%0.01%
Standard savings account rates

Elite Money Market Account

The Elite Money Market Account is the savings account that offers the highest interest rate at U.S. Bank. You can earn an interest rate of 4.50% APY. The minimum initial deposit is $100, and there is a monthly fee of $10, unless you meet one of the following requirements:

  • Maintain a $300 minimum daily balance.
  • Keep a $1,000 average monthly collected balance.
  • Hold the account jointly with an individual age 17 and under.
  • Open a U.S. Bank Smartly Checking account and enroll in the Smart Rewards Primary tier or above.

Here is a table showing the interest rates offered:

Daily balanceAPYInterest rate
Under $10,0000.01%0.01%
$10,000-$24,999.990.01%0.01%
$25,000-$49,999.990.25%
Bonus APY
4.25%
0.25%
Bonus Interest rate
4.16%
$50,000-$99,999.990.25%
Bonus APY
4.25%
0.25%
Bonus Interest rate
4.16%
$100,000-$499,999.990.25%
Bonus APY
4.25%
0.25%
Bonus Interest rate
4.16%
$500,000 and above0.75%
Bonus APY
4.25%
0.75%
Bonus Interest rate
4.16%
Elite Money Market Account rates

Retirement Money Market

This retirement savings account also offers ridiculously low interest rates of 0.01%. I don’t understand how they can call it a savings account. The minimum deposit is $100, and there are no monthly fees.

Here is a table showing the interest rates offered:

Daily balanceAPYInterest rate
Under $5,0000.01%0.01%
$5,000-$9,999.990.01%0.01%
$10,000-$24,999.990.01%0.01%
$25,000-$49,999.990.01%0.01%
$50,000-$99,999.990.01%0.01%
$100,000 and above0.01%0.01%
Retirement Money Market rates

Explanatory video

We’ve created a video that provides a simple summary of all the features of the U.S. Bank savings accounts. If you enjoy our content, please consider supporting us by subscribing to receive daily videos:

YouTube video

Best savings accounts

We have compared the U.S. Bank savings account with the best savings accounts available in the United States. We highlight the key characteristics of each savings account:

CIT Bank Logo
  • 4.05% APY
  • Minimum deposit: $100
  • No welcome bonus
  • Member FDIC
Marcus by Goldman Sachs
  • 4.30% APY
  • Minimum deposit: $0
  • Welcome bonus: $100
  • Member FDIC
synchrony-bank-logo
  • 4.35% APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC
Logo Sofi
  • 4.50% APY
  • Minimum deposit: $0
  • Welcome bonus: $250
  • Member FDIC
Barclays Logo
  • 4.35% APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC
Logo capital One CDs
  • 4.30% APY
  • Minimum deposit: $0
  • Member FDIC
  • No welcome bonus
Discover logo
  • 4.30 APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC

Conclusion

U.S. Bank offers three different savings accounts, but only the Elite Money Market account offers a high interest rate. However, this account is only available for those who deposit more than $25,000. Therefore, if you don’t plan to deposit that amount of money, the savings accounts offered by U.S. Bank may not be suitable for you.

Interesting information about U.S. Bank

We have created a table with relevant information about U.S. Bank:

InformationDescription
Websitehttps://www.usbank.com/
Facebookhttps://www.facebook.com/usbank/
Twitterhttps://twitter.com/usbank
Instagramhttps://www.instagram.com/usbank/
Interesting information about U.S. Bank

Other U.S. Bank products

We’ve also provided a list of all the U.S. Bank products we have analyzed:

Related content

Here you have related content about savings accounts:

Updated the day 1 September, 2023 by Alfredo Barandiarán

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