At a Glance

In the ever-evolving landscape of personal finance, the quest for optimal interest rates becomes paramount. Our exploration of U.S. Bank’s interest rates for 2024 delves into the specifics of their savings account offerings, highlighting the balance between competitive interest rates and the convenience provided by a banking giant.

In this article, you’ll learn:

U.S. Bank Savings Account interest rates

1. Standard Savings Account

The U.S. Bank Standard Savings Account is best for first-time savers, those carrying a lower balance, and customers who want instant access to their money. This account comes with a variety of benefits like $0 ATM fees at U.S. Bank ATMs, $0 overdraft protection transfer fees, account alerts, automated savings options, and free e-statements. While the accounts do have a $4 monthly maintenance fee, you can get it waived by meeting one of the following criteria:

  • Maintain a $300 minimum daily balance
  • Have a $1,000 average monthly balance
  • Hold the account with an individual age 12 and under
  • Open a U.S. Bank Smartly Checking account and enroll in the Smart Rewards Primary tier (or above)

Additionally, customers can use the U.S. Bank Mobile App to deposit checks, check balances, set up transfers, and more.

Balance APY Interest Rate
$25 minimum 0.01% 0.01%

Note that savings account interest rates can vary by zip code, so check online on the U.S. Bank Savings Account product page to find rates in your area.

2. Elite Money Market Savings Account

The Elite Money Market Savings Account is best for greater interest-earning power, benefits similar to a checking account, and easy access to funds when you need them. You’ll enjoy all the benefits of a traditional savings account but with tiered interest rates that pay more for higher balances.

Again, rates vary depending on where you live, so check the money market product page to find rates in your area. That said, you can earn up to 4.50% as a new client who opens an account with a balance of at least $25,000.

That said, it’s important to shop around when opening up a new savings account as many online banks may offer more interest and have smaller deposit requirements or none at all.

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%

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

When evaluating the U.S. Bank’s savings rates against those of other banks, it’s essential to consider several factors. Interest rates on savings accounts can vary based on the type of account, the amount deposited, and the bank’s overall financial policies. Here’s a comprehensive comparison to help you make an informed decision:

1. Standard Savings Account rates: U.S. Bank’s Standard Savings Account rates are comparatively low, offering well below the national average rates.

Online banks offer the highest interest rates, given their lower operating costs. However, local credit unions also offer some of the highest interest rates, so if in-person banking is important to you, this is something to consider.

2. Elite Money Market Savings Account rates: The Elite Money Market Savings Account at U.S. Bank may provide competitive rates for customers looking to earn more on their savings from an in-person bank only if they plan to maintain a balance of at least $25,000. That said, many online banks are offering above 5.00% interest on savings accounts with much lower deposit requirements.

How often is interest compounded on U.S. Bank savings accounts?

Interest is compounded daily and credited to your account monthly for all savings accounts except Standard Savings, which is paid quarterly. (Note that if you close your account before interest is credited, you won’t receive the accrued interest.)

How to open a U.S. Bank Savings Account

Opening a U.S. Bank Savings account is a straightforward process. Follow these steps to successfully open a savings account with U.S. Bank:

  1. Gather required information: Before you start the application process, gather the necessary information. This typically includes your Social Security number, a valid government-issued ID (driver’s license, passport), and information about your employment and financial status.
  2. Visit the U.S. Bank website: Go to the official U.S. Bank website. Navigate to the “Savings” section to explore the different types of savings accounts offered.
  3. Choose the desired savings account: Select the type of savings account that best fits your financial goals. Thoroughly review the terms and conditions of the selected savings account. Take note of any fees, minimum balance requirements, and interest rates associated with the account.
  4. Click “Apply now” or “Open an account”: Once you’ve chosen the account type, look for an “Apply Now” or “Open an Account” button. 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 be asked to provide personal details, contact information, and financial information. U.S. Bank may also need to verify your identity. This can be done through the information you provide in the application and, in some cases, by uploading a copy of your ID.
  6. Fund your account: After your application is approved, you’ll need to fund your new savings account. U.S. Bank typically allows you to transfer funds from an existing U.S. Bank account, initiate an external transfer, or mail a check.
  7. Receive confirmation: Once your account is funded, you’ll receive confirmation from U.S. Bank. This may include details about your account, account number, and other relevant information.

Apply now: U.S. Bank Savings Accounts


Generally, consumers have no negotiating power when it comes to interest rate offerings. Very large companies may have some ability to negotiate rates with their banks.