U.S. Bank Savings Review 2024

Our review gives a full analysis of the U.S. Bank savings account, including interest rates, minimum balance, and fees. Compare with top online savings accounts.
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Editor's Rating
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Financial Expert
Managing Editor
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U.S. Bank is a Fortune 500 company and the fifth-largest bank in the United States.

Customers can access their accounts online, at branches in 26 states, or through one of the nation’s largest ATM networks.

U.S. Bank offers a variety of banking products, including a money market account that comes with a competitive rate for those who maintain a large balance.

U.S. Bank At-a-Glance

Find the Best Savings Account Rates

Savings rates are higher than they’ve been in over a dozen years, but if you’re using a traditional, big-name bank, you’re probably missing out on these rates.

Here are our top picks for those who want to earn the highest interest on their savings.

Overall Impression

U.S. Bank bridges the gap between traditional and digital banks by offering online and in-branch services. Customers in 26 states can visit a branch, while others can open and manage their accounts online.

For savers, U.S. Bank offers several choices, including a standard savings account, elite money market account, retirement money market account, and certificates of deposit.

For those with large deposits, the interest rate on an elite money market account is one of the highest currently available. However, those with smaller balances may find better terms elsewhere.

U.S. Bank Savings Pros and Cons

Before opening a savings account at U.S. Bank, you should understand its strengths and weaknesses.

While this can be a good place for many people to park their money, the drawbacks mean this account may not be right for everyone.


  • Competitive APY on elite money market accounts with at least $25,000 deposited
  • High APY is available for CDs with terms from seven to 19 months
  • Small minimum opening deposits of $25 on savings and $100 on money market accounts
  • No surcharges when using MoneyPass Network ATMs
  • Robust online and mobile banking features
  • Full-service bank that offers checking, investing, and loan products
  • FDIC insurance of up to $250,000 per depositor


  • $1,000 minimum deposit for CDs
  • Monthly maintenance fees are charged on several accounts, although they can be waived
  • Low APYs on balances less than $25,000
  • Branches not available in all states

Compare to Other Savings Accounts

How does U.S. Bank compare to other institutions? Here’s how it stacks up to some of the banks offering what we think are the best savings accounts today.

American Express®, Member FDIC

Many people know American Express for its credit cards, but it also operates a bank offering competitive APYs on high-yield savings accounts and certificates of deposit.

While the interest on savings is slightly below what is currently offered at U.S. Bank, no minimum balance is required to get a high rate at American Express. There also are no monthly maintenance fees.

American Express doesn’t have branches or offer an ATM card to savings account holders. Accounts can be opened and managed online and through its mobile app.

Barclays Bank

Barclays Bank was founded centuries ago in London but is a relatively recent addition to the U.S. banking scene.

For savers, it consistently ranks high for having some of the most competitive APYs on the market. Unlike U.S. Bank, there are no minimum balance requirements or monthly maintenance fees with a Barclays online savings account.

However, there are no branches either. In the U.S., Barclays operates as a fully online bank. It also has a different breadth of products available than at U.S. Bank. For instance, you can’t open a checking account or take out a loan here.

CIT Bank

The CIT Savings Connect account features one of the highest interest rates currently available on a savings account.

As with U.S. Bank, you’ll need $100 to open an account, but there is no minimum balance requirement to get the highest rate offered by CIT Bank. CIT also charges no monthly maintenance fees.

While you can visit a U.S. Bank branch, CIT Bank is a fully digital institution. All its accounts are opened and maintained online. You also won’t get an ATM card with a CIT account.


As another online institution, SoFi offers a savings rate on par with the best APY found at U.S. Bank. However, you won’t need to maintain a monthly balance to earn that rate with SoFi. You also won’t pay any monthly maintenance fees.

Both SoFi and U.S. Bank offer a variety of banking products in addition to savings accounts. For instance, at SoFi, you can open a checking account, buy insurance, take out a mortgage, and more. But you’ll need to do it all online. SoFi doesn’t operate branches like U.S. Bank.

Who Is U.S. Bank For?

Not everyone will benefit from an account at U.S. Bank. Instead, a savings account here will be best for people who fit the following:

  • Have at least $25,000 to save in a money market account
  • Plan to open a U.S. Bank checking account, which is one way to waive monthly fees
  • Like the option to bank online or in person
  • Want an ATM card with their savings account
  • Prefer an institution where they can do all their banking in the same place

Rating the Features

A U.S. Bank savings account, money market account, or certificate of deposit comes with a variety of features. Let’s take a closer look at what you get with each one.

Mobile Banking

U.S. Bank offers an award-winning mobile app for both Apple and Android devices. It makes it simple to manage your savings and all your U.S. Bank accounts. The app has features for budgeting, goal setting, and expense tracking. Plus, it comes with these added benefits:

  • Free credit score
  • Mobile check deposit
  • Zelle money payments
  • Digital wallet
  • Option to lock or unlock card

Customer Service and Experience

U.S. Bank maintains a comprehensive online help section that assists customers in completing many actions without reaching out to a customer service representative. For instance, this section provides detailed instructions for setting up direct deposit and changing an ATM card PIN. Instructions are provided for completing tasks both online and in the mobile app.

If you need help beyond what is offered online, you can call the bank, visit a branch, or make an appointment to speak with a banker in person, on the phone, or virtually.


While many institutions no longer charge monthly fees, that is not the case with U.S. Bank. If you have a standard savings account, you’ll pay a $4 monthly fee unless one of the following applies to your account:

  • $300 minimum daily balance
  • $1,000 average monthly collected balance
  • The account is held jointly with someone aged 17 or younger
  • You also have a U.S. Bank Smartly checking account and are enrolled in the Smart Rewards Primary tier or higher

For the elite money market account, you’ll pay a $10 monthly fee unless one of the following applies:

  • $10,000 minimum daily balance
  • You also have a U.S. Bank Smartly checking account and are enrolled in the Smart Rewards Primary tier or higher

There is no monthly maintenance fee for retirement money market accounts.


You’ll earn one of the best savings rates currently offered if you have at least a $25,000 balance in your elite money market account. However, if your balance is lower, expect to earn only a fraction of a percent interest. Standard savings accounts also pay an interest rate only slightly higher than zero.

Tools, Extras

Most of the tools offered by U.S. Bank can be accessed online or via the mobile app. These include the following features:

  • Free credit report and score
  • Personal insights on saving and spending habits
  • Account activity notifications
  • Paperless statements
  • Bill tracking


U.S. Bank customers can access their accounts in three ways: online, at a branch, or via a mobile app. The bank also provides ATM cards that can be used at MoneyPass Network machines without a surcharge. That’s one of the largest ATM networks in the nation.

Safety and Security

Regarding protecting customer safety and privacy, U.S. Bank offers many of the same features and policies as other financial institutions. It also has a Security Center that can be accessed through online accounts or the mobile app. This center provides a personal security meter rating and suggestions, such as updating passwords or account preferences when appropriate.

Minimum Deposit or Balance Requirement

All U.S. Bank savings accounts have minimum deposit requirements. These include the following:

  • Standard savings: $25
  • Elite money market: $100
  • Retirement money market: $100 or $25 if setting up an automatic monthly deposit
  • CDs: $1,000

If you want to avoid monthly maintenance fees, you’ll need to keep a $300 daily or $1,000 monthly balance in your standard savings account or a $10,000 daily balance in an elite money market account. You can also avoid monthly fees by opening a qualifying U.S. Bank checking account.

Frequently Asked Questions (FAQs)

Does Wells Fargo own U.S. Bank?

No, U.S. Bank is a part of U.S. Bancorp. This is a publicly traded company, not a government institution.

What are the disadvantages of U.S. Bank?

From a savings perspective, the main disadvantages of U.S. Bank are its monthly fees and the minimum balance required to earn its highest APY. While it is possible to waive fees by opening a checking account or keeping a certain minimum balance, other institutions don’t have this requirement.

Is US Bank savings good?

U.S. Bank can be a good choice for most people. The bank’s high APY for large balances makes it an intelligent choice for your emergency fund or other significant savings. However, those who have smaller balances may want to explore other options.

Maryalene LaPonsie brings over a decade of experience in personal finance and banking, making her a trusted voice in the field. This Michigan-based writer’s insights are regularly featured in outlets like U.S. News & World Report, enhancing readers’ understanding of complex financial topics. Her comprehensive coverage extends to retirement planning, helping individuals navigate their financial journeys. Maryalene’s unique perspective is enriched by her 13-year tenure in the Michigan Legislature, where she honed her analytical skills, making her a discerning commentator on banking trends and policies.
Our reviews are unbiased and thorough, focusing on consumer needs. For details, see our Editorial Policy & Methodology.