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
With U.S. Bank, you can open up to 3 different savings accounts, which are listed below:
- 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.
- Elite Money Market Account: this savings account offers the highest interest rate, but requires a minimum balance of $250,000 or more.
- 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 balance | APY | Interest rate |
|---|---|---|
| Any Balance | 0.01% | 0.01% |
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 balance | APY | Interest rate |
|---|---|---|
| Under $10,000 | 0.01% | 0.01% |
| $10,000-$24,999.99 | 0.01% | 0.01% |
| $25,000-$49,999.99 | 0.25% Bonus APY 4.25% | 0.25% Bonus Interest rate 4.16% |
| $50,000-$99,999.99 | 0.25% Bonus APY 4.25% | 0.25% Bonus Interest rate 4.16% |
| $100,000-$499,999.99 | 0.25% Bonus APY 4.25% | 0.25% Bonus Interest rate 4.16% |
| $500,000 and above | 0.75% Bonus APY 4.25% | 0.75% Bonus Interest rate 4.16% |
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 balance | APY | Interest rate |
|---|---|---|
| Under $5,000 | 0.01% | 0.01% |
| $5,000-$9,999.99 | 0.01% | 0.01% |
| $10,000-$24,999.99 | 0.01% | 0.01% |
| $25,000-$49,999.99 | 0.01% | 0.01% |
| $50,000-$99,999.99 | 0.01% | 0.01% |
| $100,000 and above | 0.01% | 0.01% |
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:
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:
- 4.05% APY
- Minimum deposit: $100
- No welcome bonus
- Member FDIC
- 4.30% APY
- Minimum deposit: $0
- Welcome bonus: $100
- Member FDIC
- 4.35% APY
- Minimum deposit: $0
- No welcome bonus
- Member FDIC
- 4.50% APY
- Minimum deposit: $0
- Welcome bonus: $250
- Member FDIC
- 4.35% APY
- Minimum deposit: $0
- No welcome bonus
- Member FDIC
- 4.30% APY
- Minimum deposit: $0
- Member FDIC
- No welcome bonus
- 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:
| Information | Description |
|---|---|
| Website | https://www.usbank.com/ |
| https://www.facebook.com/usbank/ | |
| https://twitter.com/usbank | |
| https://www.instagram.com/usbank/ |
Other U.S. Bank products
We’ve also provided a list of all the U.S. Bank products we have analyzed:
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Updated the day 1 September, 2023 by Alfredo Barandiarán
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