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Despite operating branches in only 26 states, the US bank is one of the largest banks in the country. It offers a variety of banking products, including checking accounts, certificates of deposits (CDs) and savings accounts.
Us Bank Savings Account Interest Rate
The APYs listed below use zip code 55402 (US Bank headquarters) and are current as of the publication date of this article. We check savings bank interest rates every two weeks and update the information below accordingly.
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Check out the best high-yield savings account rates today before choosing the best savings account for you.
The only personal savings account at US Bank is the General Savings account. You can open an account online for as little as $25 and set up account alerts and automatic savings to help you save money.
It may seem easy to access, but the account’s annual percentage rate (APY) is well below the national average for savings accounts, so your money will grow very little over time. US Bank compounds interest on savings accounts daily and transfers interest to your account quarterly.
Unlike some banks that have free savings accounts, US Bank charges a monthly fee for the Standard Foreigner account. it costs $4 per month to maintain the account. However, there are some ways to qualify for the monthly tax exemption:
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There are no fees at US bank ATMs, but transactions at other ATMs are subject to a $2.50 fee.
Since interest rates on US Bank savings accounts are so low, you may be looking for other options to grow your money. US Bank has other options, including money market accounts and CDs.
DEATH. Some of the Bank’s money market accounts and CDs have APRs that are significantly higher than the national average for their respective products. There are also many options to choose from.
DEATH. Standard bank CDs may contain promotional offers that allow you to receive a higher APY under certain conditions. However, US Bank also has other CDs, such as Upgrade CDs, which allow you to lock in regular rate increases, and Trade CDs, which you can use to take advantage of higher fees after you open the CD.
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Although you can open a US bank account online, they only have branches in 26 states. If you want to visit a local branch, use the bank’s locator to see if there’s a branch near you.
US Bank’s footprint is small and interest rates are very low. Check out several savings accounts that offer higher returns where you can easily get a better home for your money.
US Bank requires a minimum deposit of $25 to open a savings account. Some other accounts, such as money market accounts and CDs, have minimum fees. You may need to invest at least $100 to $1,000 in these accounts.
Because the US Bank Savings Account’s APY is lower than average, it does not qualify for a High Yield Savings Account (HYSA).
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High-yield savings accounts typically pay 10 to 12 times the national average, so they’re attractive options for those who want their money to grow faster. You’ll find the best prices in our selection of the best high-yield savings accounts.
In a US Bank Standard Savings account, interest is accrued daily and transferred to your account quarterly.
Yes, the U.S. The Bank’s savings accounts are backed by FDIC insurance, so your deposits are protected up to $250,000.
It requires authors to use primary sources to support their work. These include white papers, government data, original reports and interviews with industry experts. Where appropriate, we also refer to original research from other reputable publishers. You can learn more about our standards for producing accurate, unbiased content in our editorial policy. Author: Matthew Goldberg Matthew Goldberg Senior Retail Banking Reporter Lane Experience • Retail Banking • Savings Accounts & CDs Diary 22 Years Experience Matthew Goldberg is a consumer banking reporter where he brings over 13 years of financial services experience to inform readers about important personal financial decisions. Read more Twitter Linkedin Email Matthew Goldberg
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The Standard Savings Account offered by US Bank earns the same annual percentage rate of return (APY) regardless of the account balance and is very low. Savers looking for more competitive rates should consider a high-yield savings account, where they can find the best online banks that offer around 5 percent APY.
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US Bank received an overall rating of 3.6 out of 5 stars. Rated 3.0 out of 5 stars for savings accounts.
The US Bank Standard Savings account has several interest rates, but they all earn the same APY regardless of balance. There is a $4 monthly maintenance fee, which can be waived by maintaining a balance of $300 per day or $1,000 per month. Accountants 17 and older are also free.
Note: Annual Percentage Yield (APY) shown is effective as of March 22, 2024 and may vary by region.
U.S. Bank General Savings Account return is not eligible. It offers the lowest interest rate available on standard savings accounts at most other major banks. Savers can get a much higher payout by opening an account at an online bank like Ally Bank or Goldman Sachs’ Marcus.
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If you want an alternative to a savings account but still want to bank with US Bank, the institution also offers certificates of deposit (CDs). Regular CD prices are also very low, but special CDs offer competitive returns. There are even better ones
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