At a Glance

Navigating the complex world of personal finance requires a keen eye for optimal interest rates. Our detailed exploration of U.S. Bank’s offerings for 2024 focuses on their Certificate of Deposit (CD) rates, examining how these rates stack up against the competition and what benefits they provide to savers looking for secure, fixed-term investments.

In this article, you’ll learn:

U.S. Bank rates on Certificates on Deposit

A CD or certificate of deposit is another savings vehicle wherein you can earn a fixed interest rate for a set term, throughout which you can’t withdraw your funds. Terms vary but typically range from three months to five years. You can often grow your cash faster with a CD than with traditional savings accounts, earning guaranteed returns with higher APYs. The CD rates are guaranteed for the full length of the term you choose, and all CDs are FDIC-insured. But remember, unlike a savings account, you won’t be able to access your funds until the CD term is up.

You can view rates for your area on the U.S. Bank CD product page.

U.S. Bank has multiple types of CDs:

1. Standard CD

You can enjoy flexible terms and a lower minimum deposit of only $500 with a Standard CD:

Terms in Months CD Amount APY
1 $500 – $250,000 0.05%
2 $500 – $250,000 0.05%
3 $500 – $250,000 0.05%
6 $500 – $250,000 0.05%
9 $500 – $250,000 0.05%
12 $500 – $250,000 0.05%
18 $500 – $250,000 0.05%
24 $500 – $250,000 0.05%
36 $500 – $250,000 0.1%
48 $500 – $250,000 0.15%
60 $500 – $250,000 0.25%

2. Step Up CD

Get locked-in rate increases every seven months throughout the 28-month term with a $1,000 minimum deposit (up to $250,000):

Terms in Months CD Amount Blended APY
28
  • 0.05% for the first 7 months
  • 0.25% for the next 7 months
  • 0.45% for the next 7 months
  • 0.65% for the last 7 months
 0.35%

3. Trade Up CD

Take advantage of increasing rates once per term. If a higher rate comes along during the term of your CD, you can trade up for it:

Terms in Months CD Amount APY
30 $1,000 – $250,000 0.10%
60 $1,000 – $250,000 0.40%

4. CD Special

You can earn even faster with a CD Special, locking in the best rates offered to the general public. Plus, if you already bank with U.S. Bank, you may qualify for a bonus rate. With a $1,000 minimum deposit, you can guarantee between 4.20% and 5.05% for a length of term between 7 and 15 months.

How U.S. Bank CD rates compare with other banks

As with savings accounts, U.S. Bank CD rates are relatively low compared to many other banks, especially online banks that may pay more than 5% APY on one-year CDs. However, keep in mind that minimum deposit requirements and term options may vary. Also, be sure to take advantage of any promotional campaigns with higher rates or rate bump features to increase your earnings.

How to apply for a U.S. Bank CD

Applying for a U.S. Bank CD (Certificate of Deposit) is a relatively easy process. Follow these steps to successfully apply for a U.S. Bank CD:

  1. Visit the U.S. Bank website: Start by visiting the official U.S. Bank website. Navigate to the section that provides information about their CDs. This is where you’ll find details about the available CD terms and rates.
  2. Explore CD options: Review the different CD options offered by U.S. Bank. Take note of the available terms (e.g., 6 months, 1 year, 3 years) and associated interest rates for each.
  3. Choose the desired CD term: Select the CD term that aligns with your financial goals and investment horizon. Consider factors such as your risk tolerance and the length of time you can commit to keeping your funds in the CD.
  4. Click “Apply now” or “Open an account”: Look for an “Apply Now” or “Open an Account” button associated with the specific CD term you’ve chosen. Click on it to initiate the application process.
  5. Complete the online application: Fill out the online application form with accurate and up-to-date information. You’ll likely be required to provide personal details, including your name, address, Social Security number, and employment information.
    U.S. Bank may require identity verification. This can usually be done through the information you provide in the application, but additional verification steps may be necessary.
    During the application process, you’ll also need to specify the source of funds for your CD. U.S. Bank typically allows you to fund your CD from an existing U.S. Bank account, initiate an external transfer, or mail a check.
  6. Review terms and conditions: Thoroughly review the terms and conditions associated with the CD. Pay attention to the interest rate, maturity date, any early withdrawal penalties, and other relevant details.
  7. Verify your identity and fund your CD: Once your application is approved, you’ll need to fund your CD. Follow the instructions provided by U.S. Bank to transfer the necessary funds into the CD account.
  8. Receive confirmation: After successfully funding your CD, you’ll receive confirmation from U.S. Bank. This may include details about your CD, the maturity date, and any other relevant information.

Apply now: U.S. Bank CDs

FAQs

Yes, U.S. Bank accounts are FDIC-insured up to $250,000 per account. For joint accounts, the protection increases to $500,000.

Yes – U.S. Bank Smartly Checking and Standard Savings accounts require a minimum deposit of $25. The Elite Money Market account requires you to maintain a balance of at least $25,000, while CD minimums range from $500 – $1,000 depending on the type of CD and term you choose.