What US Bank charges for savings accounts

US Bank does charge monthly maintenance fees on most savings accounts, but the fee amount and whether you can avoid it depends on which savings product you choose and how much money you keep in the account.

The US Bank Savings Account carries a $5 monthly maintenance fee. You can waive this fee by maintaining a minimum daily balance of $500 or more in the account. If your balance drops below $500 on any day during the statement cycle, the $5 fee posts to your account.

US Bank also offers a US Bank Money Market Account, which has a $25 monthly maintenance fee. This fee is waived if you keep a $2,500 minimum daily balance. Money market accounts typically offer higher interest rates than standard savings accounts, but the higher fee and balance requirement make them less practical for smaller savers.

Key Takeaways

  • US Bank's standard savings account charges $5 per month unless you maintain at least $500 in the account at all times.
  • The money market account costs $25 monthly and requires a $2,500 minimum balance to avoid the fee.
  • If your balance falls below the minimum even once during a statement cycle, the full monthly fee will be charged.
  • Other banks and credit unions offer savings accounts with no monthly fees, so compare options if you cannot meet US Bank's balance requirements.

How the minimum balance requirement works

US Bank measures your balance on a daily basis throughout your statement cycle. The requirement is a minimum daily balance, which means your account must hold at least $500 (or $2,500 for money market) every single day. If your balance dips below that threshold on even one day, you do not may have access to for the fee waiver that month.

This matters if you receive paychecks, make transfers, or pay bills from the same account. A deposit that arrives a day late or a bill payment that clears earlier than expected can drop you below the minimum temporarily. Once that happens, the fee is charged regardless of whether you recover the balance later in the month.

You can check your daily balance through US Bank's online banking portal or mobile app. Many people set up automatic transfers to a linked checking account to keep their savings balance stable and avoid accidentally triggering the fee.

Interest rates and what you earn

US Bank's savings account interest rate varies based on market conditions and changes periodically. The rate you earn is typically lower than what online-only banks or credit unions offer, which means you may earn less interest even if you avoid the monthly fee.

The money market account usually pays a higher interest rate than the standard savings account, but the $25 monthly fee and $2,500 minimum balance requirement offset much of that gain for most savers. If you keep less than $2,500 in savings, the standard account is usually the better choice despite its lower rate.

You can compare current rates on US Bank's website or call a branch directly. Interest is typically compounded daily and posted to your account monthly.

Other fees that may apply

Beyond the monthly maintenance fee, US Bank may charge additional fees for specific transactions or account activities. These include overdraft fees if you withdraw more than your balance, fees for excessive transfers (federal law limits certain types of transfers to six per month), and fees for stopping payment on a check.

Closing your account early does not usually trigger a fee, but US Bank may report the account closure to ChexSystems, a banking history database that other banks check when you open new accounts. This does not prevent you from banking elsewhere, but some banks may decline to open accounts for people with recent closures on their record.

Ways to avoid or reduce the monthly fee

The simplest way to avoid the $5 fee is to keep at least $500 in your savings account at all times. If you receive regular paychecks or have predictable income, this is usually manageable. Set up a small automatic transfer from checking to savings each payday to build a cushion above $500.

If you cannot maintain $500, consider whether a different bank makes sense for your situation. Many online banks and credit unions offer savings accounts with no monthly fee and no minimum balance requirement. These accounts typically pay higher interest rates than US Bank as well, though they do not offer in-person branch access.

If you have other accounts or services with US Bank (checking, credit card, loans), ask a banker whether bundling accounts qualifies you for fee waivers. Some banks offer relationship discounts, though US Bank's current policies do not widely advertise these.

What happens if the fee is charged

When the $5 monthly fee posts, it is deducted directly from your account balance. This happens automatically on a set date each month, usually near the end of your statement cycle. You will see the charge listed as "Monthly Service Fee" or "Maintenance Fee" in your transaction history.

If the fee causes your balance to drop below $500, it does not trigger another fee in the same month—the fee is charged once per statement cycle. However, if your balance remains below $500 the following month, you will be charged again.

You can contact US Bank to request a one-time fee reversal if the charge was unexpected, but this is not may provide. Banks are more likely to reverse fees for customers with long account histories and no pattern of low balances.

Comparing US Bank to other options

US Bank's $5 monthly fee is higher than many competitors. Online banks like Marcus, Ally, and Discover offer savings accounts with no monthly fees, no minimum balance, and interest rates that are often two to three times higher than traditional banks. The trade-off is that these banks have no physical branches—all banking happens online or by phone.

Credit unions often have lower fees and higher rates than large banks, though you must be a member to open an account. Membership requirements vary; some credit unions are open to anyone in a geographic area, while others require employment at a specific company or membership in an organization.

If you value in-person banking and branch access, US Bank's fee may be worth paying. If you rarely visit a branch and want to maximize interest earnings, an online bank or credit union is likely a better fit.

Frequently Asked Questions

Can I avoid the $5 fee without keeping $500 in the account?

No. US Bank's savings account fee waiver requires a $500 minimum daily balance. There is no alternative way to waive the fee, such as setting up direct deposit or maintaining a linked checking account. If your balance drops below $500 on any day, the fee is charged.

Does US Bank charge fees for transfers between my accounts?

Transfers between your own US Bank accounts do not carry a fee. However, federal law limits certain types of transfers (such as withdrawals from savings) to six per month. Exceeding this limit may result in a fee or account restrictions, though enforcement varies by bank.

What if I close my savings account—do I owe a fee?

Closing your account does not trigger a fee. However, if you close the account while a monthly maintenance fee is pending, that fee will still be charged before the account closes. US Bank may also report the closure to ChexSystems, which could affect your ability to open accounts at other banks.

Is the interest rate at US Bank competitive?

US Bank's savings rates are typically lower than online banks and credit unions. After accounting for the $5 monthly fee, you may earn less total interest at US Bank than at a no-fee competitor, even if you maintain the $500 minimum balance. Compare current rates before deciding.

Can I switch to a different US Bank savings product to avoid the fee?

US Bank's money market account has a higher fee ($25 monthly) and higher minimum balance ($2,500), so it is not a solution for avoiding fees. If you want a US Bank account with no monthly fee, you would need to open a checking account instead, though checking accounts have their own fee structures and requirements.