At a Glance

U.S. Bank savings accounts offer various options for individuals looking to save and grow their money. Whether you’re saving for a rainy day, a big purchase, or your long-term financial goals, U.S. Bank has various traditional savings accounts and money market accounts to suit your needs. This article explores the different types of U.S. Bank savings accounts, their advantages, and how to choose the right one.

In this article, you’ll learn:

Savings account options from U.S. Bank

Standard Savings Account

Minimum opening deposit: $25

Current promotions: Earn up to $700 when you open a new U.S. Bank Standard Savings account and U.S. Bank Smartly Checking account by June 27, 2024, and satisfy the requirements below.

1. Enroll in online banking within 90 days of account opening or get the U.S. Bank mobile app.

2. Make at least two qualifying direct deposits into your new checking account. Your deposit total determines your bonus amount.

  • $3,000 – $4,999.00: Earn $100
  • $5,000 – $9,999.99: Earn $300
  • $10,000+: Earn $500

3. Earn $200 by depositing at least $15,000 in new money into your savings account by July 17, 2024, and maintain it until October 31, 2024.

Monthly fees: $4 monthly maintenance fee (waive the fee by maintaining a $300 minimum daily balance, have a $1,000 average monthly collected balance, be 12 years old or younger, or open a U.S. Bank Smartly Checking account and enroll in the Smart Rewards Primary tier or above)

Interest rates: 0.01%

ATM fees: $0 ATM transaction fees at U.S. Bank ATMs; $2.50 charge for non-U.S. Bank ATMs; members of Smart Rewards can get up to two non-U.S. Bank ATM fees waived

Additional benefits:

  • $0 overdraft protection fees
  • Account alerts
  • Automated savings options

Our verdict: The U.S. Bank Standard Savings Account offers a solid option for those looking for a basic savings account with easy access to funds. With features like online and mobile banking, automatic transfers, and FDIC insurance, it provides convenience and security for your savings. However, the account’s low-interest rates and potential for fees, such as minimum balance requirements and monthly maintenance fees, may be drawbacks for some customers. Overall, if you prioritize accessibility and security over higher interest rates, the U.S. Bank Standard Savings Account could be suitable for your savings needs.


  • Online, mobile, and in-person banking available
  • FDIC-insured
  • Automatic transfers
  • Low or no fees


  • Low-interest earnings
  • Minimum balance requirements
  • Limited types of transactions

Apply now: U.S. Bank Standard Savings Account

Elite Money Market Account

Minimum opening deposit: $100

Current promotions: None

Monthly fees: $10 per month (to waive, maintain a balance of $10,000 or above or have a linked U.S. Bank Smartly Checking account and enroll in Smart Rewards)

Interest rates:

Balance APY Interest Rate
$0 – $9,999.99 0.01% 0.01%
$10,000 – $24,999.99 0.01% 0.01%
$25,000 – $49,999.99 4.25% 4.16%
$50,000 – $99,999.99 4.25% 4.16%
$100,000 – $499,999.99 4.25% 4.16%
$500,000 and above 4.25% 4.16%

*As of April, 2024

ATM fees: $0 ATM transaction fees at U.S. Bank ATMs; $2.50 charge for non-U.S. Bank ATMs; members of Smart Rewards can get up to two non-U.S. Bank ATM fees waived

Additional benefits:

  • FDIC-insured (up to $250,000)
  • Easy access to funds via ATM, debit card, check, or transfer
  • Overdraft protection with a linked U.S. Bank Smartly Checking account
  • Custom account alerts

Our verdict: The U.S. Bank Elite Money Market Account can be a beneficial choice for those seeking higher interest rates and a bit more flexibility in accessing their funds compared to standard savings accounts. With features like tiered interest rates, check-writing capabilities, and FDIC insurance, it balances growth potential and accessibility. However, potential drawbacks, such as minimum balance requirements and transaction limitations, should be considered. Overall, if you’re looking for a savings option that balances higher interest rates with some liquidity, the U.S. Bank Elite Money Market Account could be suitable for your financial needs.


  • Higher interest rates
  • Tiered interest rates for more significant savings
  • Check writing ability
  • FDIC-insured
  • Easy access to funds
  • Low minimum balance requirement


  • High balance requirement to avoid monthly fees
  • Variable interest rates
  • Rates lower than other investment options

Apply now: U.S. Bank Elite Money Market Account

Protip Expert tip from Thomas
The highest yielding tenures in the certificate of deposit (CD) market are currently 12 months and less, and the most competitive financial institutions are offering around 5.50%. This exceeds the best rate offered by U.S. Bank by about 0.75%. So, if you are in the market for a CD, be sure to shop around.

How to open a savings account with U.S. Bank

To open a savings account with U.S. Bank, follow the steps outlined below.

  1. Gather your information: You’ll typically need to provide personal information, such as your name, address, date of birth, and Social Security number. You may also need to provide a form of identification, such as a driver’s license or passport.
  2. Choose the right account: U.S. Bank offers a variety of savings accounts, so choose the one that best fits your needs, whether it’s a standard savings account or a money market account.
  3. Apply online or in-person: You can apply for a savings account online through the U.S. Bank website or visit a local branch to open an account in person.
  4. Fund your account: You’ll need to deposit money into your new savings account. Typically, this can be done through a transfer from another bank account, a check, or cash, if you’re opening the account in person.
  5. Verify your information: U.S. Bank may need to verify your information before opening your account. This can include confirming your identity and address.
  6. Review and sign: Carefully review the terms and conditions of your new savings account, including any fees or minimum balance requirements. Once you’re satisfied, sign the necessary documents to open the account.
  7. Receive your account information: After opening your account, you’ll receive your account number and other important information. Be sure to keep this information safe and secure.
  8. Manage your account: Once it is open, you can manage it online, through the U.S. Bank mobile app or by visiting a branch.
Protip Expert tip from Thomas
U.S. Bank is currently offering a generous promotional reward for opening a new Standard Savings Account in conjunction with a Bank Smartly Checking Account. To capture up to $700, you must (1) enroll in online banking or get the U.S. Bank mobile app, (2) make two direct deposits totaling more than $10,000 into the checking account and (3) deposit at least $15,000 into the savings account (and maintain the balance). The promotion is only available for a limited time, and the promotional reward is reduced for lesser checking and savings deposit amounts. Nevertheless, if you are unhappy with your current bank, transitioning to U.S. Bank is an easy way to pick up some free money.

Benefits of U.S. Bank savings accounts

Opening a savings account with U.S. Bank comes with several benefits, including those noted below.

  1. Variety of account options: U.S. Bank offers a range of savings accounts to suit different needs, including standard savings accounts, money market accounts, and more.
  2. Access to online and mobile banking: Manage your savings account conveniently through U.S. Bank’s online and mobile banking platforms, allowing you to check balances, transfer funds, and more.
  3. FDIC insurance: Your savings account is FDIC-insured up to the maximum allowed by law, providing a level of security for your deposited funds.
  4. Automatic savings features: Set up automatic transfers from your U.S. Bank checking account to your savings account to help you save regularly without having to think about it.
  5. Competitive interest rates: While interest rates can vary, U.S. Bank offers competitive rates on its savings accounts, allowing your savings to grow over time.
  6. Convenience: With a large network of branches and ATMs, as well as online and mobile banking options, accessing your savings account is convenient no matter where you are.
  7. Financial tools and resources: U.S. Bank provides various financial tools and resources to help you manage your savings and achieve your financial goals.
  8. Customer service: U.S. Bank offers customer service support to assist you with any questions or issues you may have regarding your savings account.
Protip Expert tip from Thomas
With an APY of only 0.01%, U.S. Bank’s Standard Savings Account is not a smart place to store a lot of money. It is a convenient option for maintaining small balances, but accumulating wealth necessitates a higher APY. Fortunately, U.S. Bank offers a money market account with a much more competitive yield. The Elite Money Market Savings Account currently offers consumers 4.50% on balances of $25,000 and more.

Next steps after opening a U.S. Bank savings account

After opening a savings account with U.S. Bank, consider taking the following steps to make the most of your new account:

  1. Set up automatic transfers: Set up automatic transfers from your U.S. Bank checking account to your savings account to make saving easier and more consistent.
  2. Monitor your account: Regularly monitor your savings account activity through online or mobile banking to track your progress in achieving your savings goals and ensure there are no unauthorized transactions.
  3. Review account features: Familiarize yourself with the features of your U.S. Bank savings account, such as interest rates, fees, and any limitations on transactions.
  4. Explore additional services: U.S. Bank offers a variety of additional financial products and services, such as certificates of deposit (CDs) and retirement accounts, that may help you further grow your savings.
  5. Update your budget: If you haven’t already, update your budget to reflect your new savings goals and account. Consider adjusting your budget to account for any fees or minimum balance requirements associated with your savings account.
  6. Review financial goals: Review your financial goals and consider how your new savings account fits into your overall financial plan. Adjust your savings strategy as needed to help you reach your goals.
  7. Utilize customer service: If you have any questions or need assistance with your savings account, don’t hesitate to contact U.S. Bank’s customer service for help.


The Standard Savings account currently has an interest rate of 0.01%, though with the Elite Money Market account, you can earn up to 4.25% APY (depending on the size of your deposit).

Learn more: U.S. Bank Savings Interest Rates

Yes, U.S. Bank offers an Elite Money Market account that has a current APY of up to 4.25% (depending on your deposit).

A U.S. Bank savings account can be a good choice for those seeking a secure place to save with convenient access to their funds. With FDIC insurance, competitive interest rates, and various account options, it offers a solid savings solution. However, individuals should compare account features, fees, and interest rates with other banks to ensure they align with their specific financial goals and needs.