U.S. Bank Elite Money Market Account

Would you like to learn about all the features of the U.S. Bank Elite Money Market Account? Responsible Economy has analyzed the fees, requirements, yields, and conditions offered by U.S. Bank in their savings account. We have also included a comparison with the top savings accounts available in the United States, along with an explanatory video.

Explanatory video

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

U.S. Bank Elite Money Market Account

Features

In this section, you will find a comprehensive overview of the features of the U.S Bank Elite Money Market Account.

Interest rate

US Bank savings account rates

The interest rate is a crucial aspect of any savings account. U.S Bank Elite Money Market Account offers an impressive APY (Annual Percentage Yield) of 4.50%, which is one of the highest rates available for savings accounts in the United States.

The major drawback is that you can only get a 4.50% APY if you have more than $25,000 in the account. If you have less than $25,000, the maximum interest rate is a meager 0.01% APY. Here is a table with the interest rates offered by US Bank based on the amount of money in the account:

Daily balance*APYInterest 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%
U.S Bank Elite Money Market Account rates

Fees

This savings account has 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 accountand enroll in the Smart Rewards Primary tier or above

Minimum deposit

The minimum initial deposit is $100.

ATMs

U.S.Bank is one of the banks with the most branches and offices in the United States.

Deposit funds

You can deposit funds into the U.S. Bank Elite Money Market Account by making bank transfers or you can also mail a check.

Best savings accounts 2023

We have compared the U.S. Bank Elite Money Market 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

Video with the best savings accounts

We also have made a video with the best savings accounts:

Video with the 7 best savings accounts

Pros and cons

Now that we’ve covered all the features of the U.S. Bank Elite Money Market Accountsavings account and analyzed the main characteristics of the top savings accounts, let’s take a look at a table summarizing the advantages and disadvantages:

ProsCons
High yields (4.50% APY)Minimum balance of $100
No fees
High number of branches and ATMs
Pros and cons U.S. Bank Elite Money Market Account

Requirements

Opening a savings account is simple, as long as you meet the following requirements:

  • Must be over 18 years old
  • Live in the United States
  • Have an American phone

Documentation

You may also be asked to provide the following documentation:

  1. Certified copy of identity document (for each applicant): in most cases this will be your current, valid passport although some other types of ID are acceptable.
  2. Certified copy or original proof of address (for each applicant): your proof of address will normally be a bank or building society statement or a utility bill.
  3. Your signed Client Agreement.

Frequent questions

Here we answer all the questions you may have:

Conclusions and opinions

After conducting the review, our opinion is that it is only worthwhile to open the U.S. Bank Elite Money Market Account if you can deposit more than $25,000 into the savings account, as this would earn you a 4.50% APY. If you don’t meet this requirement, the U.S. Bank Elite Money Market Account is not a competitive savings account option.

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:

Finally you have a related posts about savings account:

Updated the day 1 September, 2023 by Alfredo Barandiarán

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