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:
Features
In this section, you will find a comprehensive overview of the features of the U.S Bank Elite Money Market Account.
Interest rate
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* | 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% |
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.
- 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
Video with the best savings accounts
We also have made a video with the 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:
| Pros | Cons |
|---|---|
| High yields (4.50% APY) | Minimum balance of $100 |
| No fees | |
| High number of branches and ATMs |
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:
- 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.
- 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.
- 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:
| 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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