At a Glance

If you’re on the lookout for a bank that combines convenience with a broad spectrum of financial products and services, U.S. Bank could be a solid choice. However, it’s worth noting that its interest rates may not be the most competitive, and it does levy high overdraft fees. Therefore, it’s wise to carefully compare rates and fees before making a decision to open an account.

In this article, you’ll learn:

U.S. Bank overview

U.S. Bank offers an extensive array of banking solutions, encompassing checking and savings accounts, CDs, loans, and credit cards. Its vast network of ATMs and branches positions the bank as a convenient choice for a diverse range of customers.

One of U.S. Bank’s significant offerings is its U.S. Savings Account, a favored choice among customers. This account not only offers competitive interest rates, but also comes with the added perk of no monthly fees. For those seeking even greater returns, U.S. Bank provides alternative savings options, like CDs and money market accounts, which can potentially yield higher interest rates, albeit with early withdrawal penalties to consider.

Why choose a U.S. Bank savings account

  • Wide range of savings accounts – U.S. Bank offers a variety of savings accounts to meet different needs, including traditional savings accounts, CDs, and money market accounts.
  • Convenience – U.S. Bank has a large network of ATMs and branches, making it easy to access your money. The bank also offers online and mobile banking,allowing you to manage your account from anywhere.
  • Low fees – Some of U.S. Bank’s savings accounts have low or no monthly fees, making them a good option for budget-conscious customers.
  • Customer service – U.S. Bank has a customer service team that is available 24/7 to help you with your banking needs.
Protip Expert tip from Thomas
U.S. Bank strives to make opening one of its savings account a smooth process for its customers. It offers an online application process and an in-branch application process. For qualifying applicants, both avenues yield the same result, but the online process can be much more efficient for the average consumer. The online avenue can be pursued at the leisure of the applicant – without concern for “normal banking hours.” It can also be done faster and cheaper – without incidental hard and soft costs.

Comparing U.S. Bank savings accounts

Standard Savings Account Elite Money Market Account Retirement Money Market Account Basic business savings account Platinum Business Money Market account
Monthly Fee $4 $10, unless you meet one of the fee waiver requirements $0 $0 (as long as you stay above $500 in account balance) $15, unless you maintain a $10,000 minimum daily ledger balance
Minimum Deposit $25 $100 $100 (or $25 with automatic deposit) $500 $0
APY 0.01% 4.25%, if you deposit at least $25,000 within 30 days of opening the account and maintain a minimum daily balance of at least $25,000 thereafter; otherwise, 0.01% 0.01% 0.05% 4.25%, if you have a balance of $25,000 to $2,999,999.99; otherwise 0.01% t
Bonus None None None None None
Best For First-time savers, carrying a lower balance, creating multiple savings goals, and instant access to your money People who want to earn a high interest rate on their savings and have access to their money when they need it Those who are looking to save long-term for retirement Small business owners looking to get started managing their finances Businesses that have a lot of money to deposit and want to earn a high interest rate
Apply now Apply now Apply now Apply now Apply now

Requirements for opening a savings account with U.S. Bank

As outlined below, in order to open a savings account with U.S. Bank, there are a few requirements you must satisfy.

  • Be at least 18 years old.
  • Have a valid government-issued ID.
  • Have a minimum opening deposit of $25 for a Standard Savings Account or $100 for an Elite Money Market Account.

Once you meet the requirements, you can open a savings account online, in person at a U.S. Bank branch, or by phone. Incidentally, minors between the ages of 13 and 17 are allowed to open a joint savings account with a parent or guardian.

Opening a U.S. Bank savings account

U.S. Bank offers convenient ways to open a savings account to meet your financial goals. A guide to the application processes available is below.

Online application process

Visit the U.S. Bank website: Go to the U.S. Bank website and navigate to the savings accounts page.

  1. Choose your account – Select the savings account that best suits your needs, such as the Standard Savings Account or Elite Money Market Account.
  2. Start the application – Click the “Open Now” or “Apply Now” button to initiate the online application.
  3. Provide personal information – Enter your personal details, including your name, address, date of birth, Social Security number, and contact information.
  4. Verify identity – U.S. Bank will likely ask you to verify your identity online. This might involve providing answers to security questions or uploading a copy of your government-issued ID.
  5. Fund your account – Choose a funding method to make your initial deposit, which is typically $25 for a Standard Savings Account or $100 for an Elite Money Market Account. You can usually fund your account with a linked bank account or debit card.
  6. Review and submit: Carefully review the account terms and conditions before submitting your application.
Protip Expert tip from Thomas
U.S. Bank’s money market accounts offer relatively competitive interest rates, but require a deposit of at least $25,000 to attain the top-tier rates. I know of several high-yield savings accounts that offer the same or better top-tier rate with no minimum deposit. Always shop around when it comes to earning yield on your savings balances.

In-Branch application process

First, you’ll need to locate a U.S. Bank branch near you. Once you’ve found the right branch, visit during business hours, and follow the subsequent steps.

  1. Speak with a banker – Inform a bank representative that you’d like to open a savings account. He or she will guide you through the process and answer any questions you have.
  2. Provide necessary documents – Present a valid government-issued ID, such as a driver’s license or passport, to verify your identity.
  3. Complete the application – Fill out the required paperwork, including your personal information and account preferences.
  4. Make your initial deposit – Fund your account with the minimum opening deposit amount, either with cash or via a check.
  5. Receive account details – Once your application is processed, you’ll receive your account information, including your account number and debit card (if applicable).

Things to do after opening your account

Congratulations on taking the first step towards achieving your financial goals by opening a U.S. Bank savings account! Now, it’s time to unlock its full potential and make managing your money easier. Below are some essential steps to take after opening your account.

1. Set up online banking and mobile app access

  • Online banking – Visit the U.S. Bank website and click “Enroll Now” to register for online banking. Enter your account information and create your login credentials. This allows you to view your balance, transaction history, transfer funds, and manage your account anytime, anywhere.
  • Mobile app –Download the U.S. Bank mobile app from the App Store or Google Play. Once downloaded, log in using your online banking credentials. The mobile app offers on-the-go convenience for checking your balance, making transfers, depositing checks, and more.

2. Link your savings account to other accounts

  • External accounts – Link your U.S. Bank savings account to your checking account or other bank accounts for easy transfers between them. This makes it convenient to move funds between your accounts for budgeting, saving, and addressing emergency situations.
  • Direct deposit – Consider setting up direct deposit from your paycheck or other income sources directly into your U.S. Bank savings account. This helps automate your savings and ensures you’re consistently building your balance.

3. Explore account features and personalize your settings

  • Alerts and notifications – Set up email or text alerts to notify you about low balances, approaching bill due dates, or large transactions. This helps you stay on top of your finances and avoid unexpected fees.
  • Savings goals – Utilize built-in savings goal tools within online banking or the mobile app to track your progress towards specific financial objectives, like a vacation fund or down payment.
  • Account preferences – Customize your account settings to fit your needs. This may include changing your PIN, setting up automatic transfers, or adjusting your debit card preferences.

4. Familiarize yourself with U.S. Bank resources

  • Customer service – U.S. Bank offers 24/7 customer service via phone or online chat. Don’t hesitate to reach out if you have any questions or need assistance managing your account.
  • Financial education – U.S. Bank provides educational resources on budgeting, saving, and other financial topics. These resources can help you make informed decisions and reach your financial goals.

5. Make your initial deposit and start saving

  • Remember the minimum opening deposit requirement for your chosen account type.
  • Start building your savings habit by making regular deposits, even small amounts can add up over time.

By following these steps, you’ll be well on your way to managing your U.S. Bank savings account effectively and achieving your financial goals. Remember, consistency and discipline are key to making the most of your savings account.

FAQs

Yes, you can conveniently open a U.S. Bank savings account online. The process is simple and typically takes only a few minutes. Here are the steps:

  • Visit the U.S. Bank website and navigate to the savings accounts page.
  • Choose the savings account you want to open.
  • Click the “Open Now” or “Apply Now” button.
  • Provide your personal information, including your name, address, date of birth, Social Security number, and contact information.
  • Verify your identity online.
  • Fund your account with the minimum opening deposit.
  • Review and submit the application.

U.S. Bank doesn’t charge any fees to open a savings account. However, there are minimum opening deposit requirements:

  • Standard Savings Account: $25
  • Elite Money Market Account: $100

The interest rates on U.S. Bank savings accounts vary, depending on the account type and balance. Here are the current interest rates as of April 25, 2024:

  • Standard Savings Account: 0.01% APY
  • Elite Money Market Account: 4.25% APY for balances of $25,000 or more, 0.01% APY for lower balances

It’s important to note that interest rates can change at any time, so it’s always a good idea to check the latest rates before opening an account.