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.
It's a decent traditional banking option 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.
Compare U.S. Bank's Savings Rates
- U.S. Bank Smartly® Savings Account: up to 3.50% APY
| Account Name | APYs (Annual Percentage Yields) are accurate as of 04/04/2025 | Minimum Account Opening Balance |
| Axos ONE Savings and Checking Bundle | up to 4.66%* | $0 |
| LendingClub LevelUp Savings Account | up to 4.40%** | $0 |
| Western Alliance Bank High Yield Savings Account | 4.25% APY. Plus, new customers can earn $250 with code GET250 at sign-up. | $1 to open an account. $25,000 minimum to earn new customer bonus. |
| CIT Bank Platinum Savings | 4.10% (with $5,000 minimum balance) and a one-time bonus of up to $300 with use of the code PS2025*** | $100 |
Current U.S. Bank Savings Rates
The U.S. Bank Smartly® Savings Account pays a tiered interest rate of up to 3.50%, 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 a U.S. Bank Smartly® Checking account, a U.S. Bank Safe Debit Account, or you apply for the U.S. Bank Smartly™ Visa Signature® Card , you can earn up to 3.50% APY. Your rate will depend on the combined balance of your U.S. Bank checking accounts, money market accounts, savings accounts, CDs, IRAs, personal trust accounts, investment accounts, and brokerage accounts.
| Tiers | APY |
| No relationship rate | 0.05% APY |
| Relationship rates for combined balance of under $5,000 | 1.00% APY |
| Relationship rates for combined balance from $5,000 to $24,999.99 | 2.50% APY |
| Relationship rates for combined balance from $25,000 to $49,999.99 | 3.00% APY |
| Relationship rates for combined balance from $50,000 to $99,999.99 | 3.00% APY |
| Relationship rates for combined balance of $100,000 and up | 3.50% APY |
Overview of U.S. Bank Savings Account
How U.S. Bank Savings Accounts Work
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. Bank 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 has a $5 monthly service fee. The monthly bank maintenance fee is waived if you have U.S. Bank Smartly® Checking or a U.S. Bank Safe Debit Account. If you open a joint account with a minor, the fee is also waived. No matter what, you'll need to deposit at least $25 to open the account.
You can open a savings account with U.S. Bank 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.
U.S. Bank User Experience and 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.
U.S. Bank's mobile banking app 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.
You'll be able to use U.S. Bank's savings tools on your mobile banking app. This includes a savings goals tracker and automating your savings by automatically transferring a portion of your paycheck to savings or setting up automatic transfers.
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.
U.S. Bank Security
U.S. Bank is a long-running, FDIC-insured financial institution. Through FDIC insurance, your money is insured by the federal government for up to $250,000 for a single depositor and $500,000 for a joint bank account. U.S. Bank also has strong credit ratings from Moody's, Fitch, and Bauer Financial.
U.S. Bank Savings Pros and Cons
U.S. Bank Savings Pros
- Nationwide branch network
- 24/7 customer service
- High interest rates for a brick-and-mortar bank if you meet requirements
U.S. Bank Savings Cons
- $5 monthly service fee
- $25 minimum opening deposit
- Need to meet high requirements to get the best rate
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 fee than U.S. Bank. 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 savings rates and Chase savings rates are both low unless you qualify for a relationship rate with U.S. Bank Smartly® Savings Account. The Chase Savings℠ has an interest rate of just 0.01% APY. 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 3.70% (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.
Specialized Bank Accounts with U.S. Bank
U.S. Bank doesn't offer any bank accounts specifically tailored for college students, seniors, or military members, so if you're looking for a specialized bank account, you're out of luck. You have to open the standard savings and checking accounts.
But it does offer all three of these groups additional perks when they sign up for a U.S. Bank checking account.
Minors above age 13 who open U.S. Bank Smartly® Checking with a parent or guardian won't be charged certain monthly maintenance fees. Seniors with checking accounts from U.S. Bank will also waive monthly maintenance fees; additionally, they'll get discounts on check re-orders and safe deposit box rental fees.
Military members who open a U.S. Bank checking account will also get to waive maintenance fees, as well as free cashier's checks, money orders, and stop payments. They'll also receive similar discounts on check re-orders and safe deposit box rental fees. Just keep in mind that military banks and credit unions might offer more specialized services.
U.S. Bank Money Market Rates
Money market accounts work a lot like savings accounts in that they're variable interest rate accounts that are generally federally insured. Money market accounts tend to offer slightly higher interest rates than savings accounts, but they also usually have more requirements to earn their highest rates.
Money market accounts also frequently come with additional ways to withdraw money from your account, such as debit cards or ATM cards. You're still generally limited to a few free transactions a month, though.
The U.S. Bank Elite Money Market Account pays 0.01% to 3.25% (varies by location) APY. Its top rate is slightly lower than the U.S. Bank Smartly® Savings Account, but it also doesn't require you to open a checking account or credit card to get those rates. You'll need to deposit at least $50,000 to earn that rate, though.
U.S. Bank CDs
U.S. 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.
If you're fine with losing access to your funds for the term length, U.S. Bank CD Specials will let you lock in a high interest rate for a while. Just keep in mind that the best CD rates from online banks are higher than what U.S. Bank has to offer.
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 $100,000 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.
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 Account, 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.
FAQs
What types of savings accounts does U.S. Bank offer?
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).
Are there any fees associated with U.S. Bank savings accounts?
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.
How competitive are U.S. Bank's interest rates?
The U.S. Banksavings 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 still have more suitable options for a high savings rate, though.
Who is eligible to open a U.S. Bank savings account?
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.
How can I maximize my savings with a U.S. Bank account?
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.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
**Enrollment required.
*Axos ONE Savings and Checking Bundle: The Annual Percentage Yield (APY) is accurate as of 04/01/2025. The base and promotional interest rate and corresponding APY for Axos ONE Checking is variable and is set at our discretion. The base and promotional interest rate and corresponding APY for Axos ONE Savings is variable and is set at our discretion. Axos ONE Savings is a tiered variable rate account. Axos ONE Checking is a non-tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings. Promotional terms and conditions are subject to change or removal without notice. Incentive may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After the accounts are opened, the amount of incentive earned will depend on meeting the additional requirements outlined below. The Axos ONE Checking account will earn a base rate of 0.00% APY. The Axos ONE Savings account will earn a base rate of 1.00% APY. Axos ONE accounts are eligible to receive a promotional APY for each statement cycle where the promotional criteria are met during the Qualification Period. To receive the promotional APY on both Axos ONE Checking and Axos ONE Savings, the Axos ONE Checking account must meet both of the requirements in either Option 1 or Option 2 below during the Qualification Period: Option 1 1. Your Axos ONE Checking account has received qualifying direct deposits of at least $1,500 in total. 2. The average daily balance of your Axos ONE Checking account is at least $1,500. Option 2 1. Your Axos ONE Checking account has received qualifying deposits of at least $5,000 in total. 2. The average daily balance of your Axos ONE Checking account is at least $5,000. If both of the requirements in either Option 1 or Option 2 above are met during the Qualification Period: The Axos ONE Checking account will earn a promotional rate of 0.51% APY for the statement cycle in which the requirements are met. The Axos ONE Savings account will earn a promotional rate of up to 4.66% APY for the statement cycle in which the requirements are met. The Qualification Period is from the 1st of the month through the 25th of the month. The Qualification Period for new accounts will begin on the day the account is approved. Any qualifying direct deposits received after the 25th of the month will count toward the next Qualification Period. A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability, etc. Other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.) or person-to-person payments are not considered a direct deposit. Qualifying deposits only include deposits from the following eligible sources: (i) ACH transfers from external accounts, (ii) inbound wire transfers from external accounts, (iii) check deposits. Qualifying deposits do not include: (i) transfers internal to the bank (i.e., transfers between an account holder's Checking and/or Savings account), (ii) interest payments, (iii) promotional bonuses, (iv) credits, reversals, and refunds. Both accounts must be in an open and active status on the date the interest is paid to receive the promotional APY for that statement cycle. Account transactions may take one or more business days from the transaction date to post to the account.
**LendingClub LevelUp Savings Account: Earn 4.40% APY when you deposit at least $250 per month, earn 3.40% standard APY if minimum isn't met.
***CIT Bank Platinum Savings: Transfer a one-time deposit of $50,000+ for a Bonus of $300 or a one-time deposit of $25,000 -$49,999.99 for a Bonus of $225
****SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
*****Public High-Yield Bonds: All investing involves the risk of loss, including loss of principal. Past performance does not guarantee future results. This is not a recommendation or offer to buy/sell securities or engage in any investment strategy. Brokerage services for treasuries in a Treasury Account and US-listed securities, options, and bonds in a self-directed brokerage account are offered by Open to the Public Investing, member FINRA & SIPC. Public Advisors and Public Investing are affiliates. Self-directed Individual Retirement Accounts and Bond Accounts are offered by Public Investing. A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 investment-grade and high-yield bonds. The 6.9% yield is the average, annualized yield to worst (YTW) across all ten bonds in the Bond Account, before fees, as of 3/13/2025. A bond's yield is a function of its market price, which can fluctuate; therefore, a bond's YTW is not "locked in" until the bond is purchased, and your yield at time of purchase may be different from the yield shown here. The "locked in" YTW is not guaranteed; you may receive less than the YTW of the bonds in the Bond Account if you sell any of the bonds before maturity or if the issuer defaults on the bond. Public Investing charges a markup on each bond trade. See Public's fee schedule for more information. https://public.com/disclosures/fee-schedule. Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. See Bond Account Disclosures to learn more. https://public.com/disclosures.
