Yes, US Bank offers several savings account types
US Bank has multiple savings products: a basic Savings Account, a Money Market Account, and Certificates of Deposit (CDs). Each one works differently and pays interest at different rates. The basic savings account is the simplest—you deposit money, earn interest, and can withdraw it anytime. Money market accounts typically pay higher interest but may require a larger opening deposit and limit how many withdrawals you can make per month. CDs lock your money away for a set time (three months to five years) in exchange for a may provide interest rate.
Interest rates change frequently and vary based on how much you deposit and current market conditions. You can check current rates on the US Bank website or by calling 1-800-USB-BANK. Rates also differ between online and in-branch accounts—online savings accounts usually pay more interest because the bank has lower overhead costs.
Key Takeaways
- US Bank offers three main savings products: a basic savings account, a money market account, and CDs, each with different interest rates and withdrawal rules.
- The basic savings account has no minimum opening deposit at some US Bank branches, though requirements vary by location.
- Money market accounts typically require a higher opening deposit (often $2,500 or more) and limit withdrawals to six per month under federal rules.
- CDs lock your money for a fixed term and pay a may provide rate, but you pay a penalty if you withdraw early.
- Interest rates change regularly, so compare current rates before opening an account.
US Bank basic savings account features and costs
The standard US Bank Savings Account charges no monthly maintenance fee if you maintain a minimum balance—typically $100 to $300, depending on your branch. If your balance drops below the minimum, you may be charged a monthly fee (usually $5 to $10). You can make unlimited deposits, but federal rules limit you to six withdrawals per month; exceeding this limit may result in a fee or account closure.
You can open an account online, by phone, or in person at any US Bank branch. You will need a government-issued ID, Social Security number, and an initial deposit. The account comes with a debit card and online banking access. Interest accrues daily and is paid monthly, though the rate is typically lower than money market or CD rates.
Money market accounts: higher rates with withdrawal limits
US Bank Money Market Accounts pay higher interest than basic savings but come with stricter rules. The opening deposit is usually $2,500 or higher. Like savings accounts, federal law limits you to six withdrawals per month; going over this limit can trigger a fee or force the account to close. The account includes check-writing privileges and a debit card, making it more flexible than a basic savings account.
Money market rates are tiered—the more you deposit, the higher your rate. A $2,500 balance earns less than a $25,000 balance. Interest compounds daily and posts monthly. These accounts make sense if you have a lump sum you want to earn interest on but may need to access within a year or two.
Certificates of Deposit: locked rates for a set term
A CD is a contract between you and US Bank. You agree to leave your money untouched for a specific period—three months, six months, one year, three years, or five years. In exchange, US Bank guarantees an interest rate for that entire term. Longer terms typically pay higher rates. When the CD matures, you can withdraw your money plus interest, or roll it into a new CD.
If you withdraw money before the maturity date, you pay an early withdrawal penalty. The penalty amount varies by term length—a three-month CD might charge three months of interest, while a five-year CD might charge one year of interest. US Bank will tell you the exact penalty before you open the CD. CDs are useful if you know you will not need the money for a set period and want a may provide return.
How interest rates work and what affects them
US Bank sets its savings rates based on the Federal Reserve's benchmark rate, which changes several times per year. When the Fed raises rates, banks typically raise savings rates too—but usually not by the same amount. When the Fed cuts rates, savings rates fall faster than they rose. This means the rate you see today may be different in three months.
Your personal rate also depends on the account type and your balance. A basic savings account at 0.01% APY (annual percentage yield) earns almost nothing, while a money market account at 4.50% APY earns significantly more. The APY is the total interest you will earn in a year, including compounding. Always compare the APY, not just the interest rate, because APY shows the true return.
Minimum balances and monthly fees
US Bank's minimum balance requirements vary by account type and branch location. A basic savings account might require $100 to $300 to avoid a monthly fee. Money market accounts typically require $2,500 or more. If your balance falls below the minimum, expect a monthly maintenance fee of $5 to $10. Some accounts waive the fee if you set up direct deposit or maintain a linked checking account.
CDs have no monthly fees, but they do have early withdrawal penalties. The penalty is calculated as a certain number of months of interest—for example, a one-year CD might charge three months of interest if you withdraw early. This means if you open a CD and need the money in an emergency, you will lose some of your earnings.
How to open a US Bank savings account
You can open an account online through the US Bank website, by phone at 1-800-USB-BANK, or in person at any branch. Online applications take about 10 minutes and require your Social Security number, date of birth, address, and government-issued ID. You will also need to make an initial deposit, which can be done by transferring funds from another bank account or depositing a check.
In-person applications at a branch are faster if you have questions. Bring your ID, Social Security number, and initial deposit (cash or check). The account is usually active the same day. Once open, you can manage it online, through the mobile app, by phone, or in person. You can also link it to other US Bank accounts for easy transfers.
Frequently Asked Questions
Can I withdraw money from a savings account anytime?
Federal law limits you to six withdrawals per month from savings and money market accounts. Exceeding this limit may result in a fee or account closure. Debit card purchases and ATM withdrawals count toward this limit. If you need frequent access to your money, a checking account is better.
What is the difference between APY and interest rate?
Interest rate is the percentage US Bank pays on your balance. APY (annual percentage yield) includes compounding—the interest earned on your interest. APY is always higher than the interest rate and shows your true annual return. Always compare APY when choosing accounts.
Do I lose money if I withdraw from a CD early?
You do not lose your principal, but you pay an early withdrawal penalty. The penalty is usually several months of interest. For example, a five-year CD might charge one year of interest if you withdraw after two years. US Bank discloses the exact penalty before you open the CD.
What happens when my CD matures?
When the term ends, US Bank notifies you and gives you a grace period (usually 10 days) to decide what to do. You can withdraw the money, open a new CD at the current rate, or move it to a savings account. If you do nothing, US Bank automatically rolls it into a new CD at the current rate.
Is my money safe in a US Bank savings account?
Yes. US Bank is FDIC-insured, meaning the federal government protects your deposits up to $250,000 per account type per person. This means if US Bank fails, your savings account, money market account, and each CD are each covered up to $250,000. Deposits above that limit are not protected.