Business Insider's personal finance team compared U.S. Bank savings accounts to the best high-yield savings accounts and found them to be standard offerings.
They're decent traditional banking options if you qualify to waive monthly service fees or can obtain a relationship rate, but it isn't the best choice for a high interest rate. The best online banks generally have more straightforward options for high-yield savings accounts.
U.S. Bank Savings Account Overview
U.S. Bank is an adequate choice if you live in the Midwest or West. The bank's brick-and-mortar locations are mainly clustered around these states.
$5 monthly service fee
up to 3.50%
$25
- Good APY if you qualify for a relationship rate
- $25 minimum opening deposit
- Interest compounded daily
- Low APY if you don’t qualify for a relationship rate
- $5 monthly service fee
U.S. Bank is included in our best national banks guide as the best national bank in the Midwest and West. It's a good choice if you want a brick-and-mortar bank with 24/7 live support. It also has a variety of credit card and lending options.
- Over 2,000 branches in 26 states
- Earn a relationship rate when you have U.S. Bank Smartly Checking or U.S. Safe Debit Account, or apply for the U.S. Bank Smartly Visa Signature Card
- Interest is compounded daily and paid monthly
- To waive the $5 monthly service fee, you must be under the age of 18 or have a U.S. Bank Smartly Checking or U.S. Safe Debit Account
- FDIC insured
U.S. Bank Savings Rate
Below, you'll find more information on the U.S. Bank savings account interest rate:
- U.S. Bank Smartly® Savings Account: up to 3.50% APY
The U.S. Bank Smartly® Savings Account pays a tiered interest rate, meaning you'll earn a higher interest rate on higher account balances. The account pays 0.05% APY if you open the account by itself. If you have U.S. Bank Smartly Checking or a U.S. Safe Debit Account or apply for the U.S. Bank Smartly Visa Signature Card, you can earn up to 3.50% APY, depending on your combined qualify balance.
U.S. Bank Savings Account Key Features and Benefits
U.S. Bank National Branch Accessibility
U.S. Bank has over 2,000 branches in 26 states. There are locations in Arizona, Arkansas, California, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oregon, South Dakota, Tennessee, Utah, Washington, Wisconsin, and Wyoming.
Current U.S. Bank Savings Rate and How It Compares
If you get a U.S. Bank Smartly® Savings Account and qualify for a relationship rate, you can obtain a rate that's better than the national average and potentially on par with online high-yield savings accounts.
To qualify for a relationship rate, you'll need to have U.S. Bank Smartly Checking or a U.S. Safe Debit Account, or apply for the U.S. Bank Smartly Visa Signature Card. Your exact rate will also depend on your account balance.
The U.S. Bank Smartly® Savings Account offers a relationship rate of 2.00% to 3.50% APY, and to earn the highest APY you'll need to have a combined qualifying balance of $25,000 or more. For example, if you had $20,000 in the U.S. Bank Smartly® Savings Account and $5,000 in U.S. Bank Smartly® Checking you could qualify for the highest relationship rate.
U.S. Bank Savings Account Monthly Service Fee
The U.S. Bank Smartly® Savings Account has a $5 monthly service fee. The monthly service fee is waived if you have U.S. Bank Smartly Checking or a U.S. Safe Debit Account. If you open a joint account with a minor, the fee is also waived.
U.S. Bank Online and Mobile Banking Access
U.S. Bank has received 4.7 out of 5 stars with over 420,000 reviews in the Google Play store and 4.8 out of 5 stars based on 1.6 million ratings in the Apple store.
U.S. Bank Customer Service and Support
U.S. Bank offers 24/7 banking customer support by phone. You can also make an appointment online to speak with a banker in person.
The Better Business Bureau rates businesses on how they handle customer issues and whether they have transparent business practices.
The BBB gives U.S. Bank a B rating because of government action against the bank.
In 2022, U.S. Bank paid $37.5 million in a settlement with the Consumer Financial Protection Bureau. The CFPB accused the bank of obtaining customers' credit reports and opening checking accounts, savings accounts, credit cards, and lines of credit without their knowledge.
Opening a U.S. Bank Savings Account
Step-by-Step Guide to Opening a U.S. Bank Savings Account
U.S. Bank savings accounts can be opened online or at a branch. When applying for the account, make sure to have a valid government ID handy, like your driver's license or passport. This will be used to verify your identity. You'll also need to provide your Social Security number, date of birth, address, and other personal details.
Managing Your U.S. Bank Savings Account
Tips for Maximizing Savings at U.S. Bank
One way to maximize your savings is to select the right bank account for your needs. This is particularly important at U.S. Bank because some accounts offer more competitive rates than others.
U.S. Bank also has the U.S. Bank Elite Money Market Account and various CDs.
The U.S. Bank Elite Money Market Account pays 0.01% to 3.25% (varies by location) APY. The bank also has several types of CDs to choose from. U.S. Bank CD rates are low overall, with the exception of its CD Special terms, which pay 3.20% to 4.00% (Varies by location) APY.
The best place for your money will depend on your goals, how much money you plan to maintain in the account, and how soon you'll need to access your money. Also, keep in mind that U.S. Bank account options vary by location.
Understanding U.S. Bank Fees and Charges
U.S. Bank charges a monthly bank maintenance fee on its savings account. You can waive the fee if you are in a specific age group or meet certain requirements.
U.S. Bank may also charge overdraft fees, non-U.S. Bank ATM fees, and dormant account fees.
Why You Should Trust Us: How We Reviewed U.S. Bank Savings Accounts
At Business Insider, we use our bank account methodology to rate bank products and services. We use a scale of one to five stars to rate bank accounts. When we rated the U.S. Bank Smartly Savings, we looked at minimum opening deposit requirements, monthly service fees, miscellaneous features, and interest rates. We also consider the overall banking experience, examining customer support availability, mobile app ratings, security, and ethics.
U.S. Bank Savings Account Alternatives
U.S. Bank Savings Account vs. Chase Savings Account
Chase Savings offers more ways to waive the monthly service. To waive the $5 monthly service fee with Chase, you must fulfill one of the following requirements: maintain an average daily balance of $300 or more, have a repeating automatic transfer of $25 or more from a Chase checking account, or link a qualifying Chase checking account. The fee will also automatically be waived for anyone under the age of 18.
U.S. Bank and Chase savings rates are both low unless you qualify for a relationship rate with U.S. Bank Smartly® Savings Account. You'll likely still be better off with an online bank for a high yield since many offer high-yield savings accounts with easier interest-earning requirements.
U.S. Bank Savings Account vs. Citi Savings Account
Deciding between U.S. Bank and Citi savings accounts could depend on where you live. Citi savings rates vary pretty widely by state because it has two different savings accounts, one for online customers and another for traditional banking customers.
Citi has branches in California, Connecticut, Florida, Illinois, Maryland, Nevada, New Jersey, New York, South Dakota, Virginia, and Washington, DC. In these states, you'll need to open Citi® Savings which pays up to 1.20% (vary by location) APY. If you live in a state that doesn't have branches, you're eligible for Citi® Accelerate Savings which offers 4.35% (vary by location) APY.
Citi may be a better option than U.S. Bank if you live in a state that offers Citi® Accelerate Savings because it doesn't have interest rate requirements like the U.S. Bank Smartly® Savings Account. If you live in a state that only offers Citi® Savings though, it could be a toss-up between the two banks. The U.S. Bank Smartly® Savings Account is a more appealing interest-earning option for people who maintain a high account balance and obtain a relationship rate. However, if you don't qualify, Citi® Savings could still be worthwhile because of its promotional offer that allows you to earn a blended APY of up to up to 1.20% (vary by location) after making a $25,000 new money deposit.
Also, consider monthly service fees before making a decision. Citi and U.S. Bank charge similar monthly service fees on savings accounts, but Citi offers more ways to waive them. The monthly bank maintenance fee is waived at Citi during the first three months after account opening. You can also waive the monthly service fee if you qualify for a Relationship Tier, maintain an average daily balance of $500 or more, or own an eligible Citi checking account.
Is a U.S. Bank Savings Account Right For You?
A U.S. Bank savings account is best for people who live in the Midwest or West and can take advantage of the bank's robust branch and ATM network. It may be worthwhile if you qualify for a relationship rate with the U.S. Bank Smartly® Savings Account and can maintain a combined account balance of $25,000 or more. By doing so, you can obtain the best U.S. Bank savings account interest rate and also waive monthly service fees.
Keep in mind that online high-yield savings accounts pay similar or higher rates than the U.S. Bank Smartly® Savings Account. If you don't want to deal with the hassle of keeping certain a balance or opening an eligible product alongside your savings account, you might prefer an online bank to U.S. Bank.
U.S. Bank Savings FAQs
U.S. Bank offers savings accounts, money market accounts, traditional CDs, promotional CDs, trade-up CDs (a rate increase can be requested), and a step-up CD (the rate increases every seven months).
U.S. Bank savings accounts have monthly service fees, although there are ways to waive these fees. U.S. Bank may also charge overdraft fees, non-U.S. Bank ATM fees, and dormant account fees.
The U.S. Bank savings account interest rate is less competitive than average savings accounts at other banks and credit unions unless you qualify for a relationship rate with U.S. Bank Smartly® Savings Account. The best online banks are still more suitable options for a high savings rate, though.
You are eligible to open a U.S. Bank savings account at a branch if you live in Arizona, Arkansas, California, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oregon, South Dakota, Tennessee, Utah, Washington, Wisconsin, or Wyoming. You can also apply for a savings account online, but your eligibility may vary depending on your ZIP code.
You can maximize your savings with a U.S. Bank account by choosing the right type of savings account for your needs and managing your account so you can reach your savings goals. For example, if you don't need to access your money for a while, you might like a U.S. Bank CD over the bank's savings account to earn a fixed interest amount.
