US Bank does not currently offer a dedicated high yield savings account
US Bank's standard savings accounts earn interest rates well below what you can find elsewhere. As of now, US Bank does not market a high yield savings product. Their regular savings accounts typically earn rates in the range of 0.01% to 0.05% annual percentage yield (APY), depending on the account type and balance tier. This is substantially lower than online banks and credit unions, which commonly offer rates between 4% and 5% APY on savings accounts with no balance minimums.
If you bank with US Bank primarily for checking or other services, you may still want to move savings to a separate institution that prioritizes deposit rates. The difference compounds over time: on a $10,000 balance, the gap between 0.01% and 4.5% APY means roughly $450 per year in lost interest.
Key Takeaways
- US Bank savings accounts earn 0.01% to 0.05% APY, far below the 4% to 5% rates available at online banks and credit unions.
- US Bank does not offer a separate high yield savings product, though they do offer money market accounts that may earn slightly higher rates depending on your balance.
- You can keep your US Bank checking account and move savings to a higher-rate account elsewhere without closing your primary banking relationship.
- Online banks like Marcus, Ally, and Capital One 360 offer high yield savings with no monthly fees, no balance minimums, and rates that adjust with the Federal Reserve.
What US Bank savings accounts actually earn
US Bank offers several savings products, but none are positioned as high yield. Their basic savings account, called "Savings," typically earns between 0.01% and 0.05% APY depending on your balance and account tier. They also offer a Money Market Account, which may earn a slightly higher rate—usually in the 0.05% to 0.15% range—but still trails the market significantly.
The rates vary based on your relationship with the bank. Customers with higher balances or those who maintain multiple accounts may see marginally better rates, but even the best US Bank savings rate remains below 1% APY. These rates are set by US Bank and do not automatically adjust when the Federal Reserve changes its benchmark rate, though US Bank may update them periodically.
Why other banks pay more
Online banks can offer higher rates because they have lower overhead costs. They do not maintain physical branches, do not employ as many staff, and do not spend on real estate. Those savings get passed to depositors in the form of higher interest rates. Credit unions, which are member-owned cooperatives rather than for-profit corporations, also tend to prioritize competitive rates on savings.
The Federal Reserve's benchmark interest rate influences what all banks can pay, but competition drives the actual rates you see. When the Fed raises rates, online banks typically raise their deposit rates within days. US Bank and other traditional banks often lag behind or raise rates more slowly, keeping the difference as profit.
How to compare US Bank to other options
If you want to keep your US Bank checking account but move savings elsewhere, you can open a high yield savings account at a separate institution. Most online banks allow you to link external accounts for transfers, so moving money in and out takes one or two business days. You will receive a routing number and account number for the new account, just as you would with any bank.
When comparing accounts, look at the current APY (not the promotional rate), any monthly fees, minimum balance requirements, and how often the rate adjusts. Most online banks charge no monthly fees and have no minimums. Some offer slightly higher rates for new customers for a limited time, but the base rate is what matters for long-term savings.
| Account Type | Typical APY Range | Monthly Fee | Minimum Balance |
|---|---|---|---|
| US Bank Savings | 0.01% to 0.05% | $0 to $5 | $0 to $25 |
| US Bank Money Market | 0.05% to 0.15% | $0 to $10 | $2,500 to $25,000 |
| Online Bank High Yield Savings | 4% to 5% | $0 | $0 |
| Credit Union Savings | 2% to 4% | $0 | $0 to $500 |
When it makes sense to stay with US Bank savings
If your savings balance is very small—under $1,000—the interest difference may not feel urgent. You might also choose to keep savings at US Bank for convenience if you deposit cash frequently and do not have a nearby branch for another bank. Some people prioritize having all accounts in one place for simplicity, even if it costs them in interest.
If you use US Bank's premium checking account or have a mortgage with them, you may receive relationship discounts on other products. Check whether those benefits outweigh the lost interest on savings. In most cases, they do not, but it is worth calculating for your specific situation.
How to move money to a higher-rate account
Opening a high yield savings account at another bank takes about 10 minutes online. You will need your Social Security number, a government ID, and your current address. Most banks verify your identity instantly and give you account numbers the same day.
To move money from US Bank, log into your US Bank account and look for "Transfer" or "Move Money" options. You can link the new account by entering its routing number and account number, then initiate a transfer. The first transfer may take three to five business days; after that, transfers usually clear in one to two days. Alternatively, you can withdraw cash at a US Bank branch and deposit it at the new bank, though this is slower and less secure.
Frequently Asked Questions
Does US Bank offer any account that earns more than 0.05% APY?
US Bank's Money Market Account may earn up to 0.15% APY depending on your balance, but this is still far below market rates. If you want rates above 4%, you will need to move to an online bank or credit union.
Will I lose FDIC protection if I move to an online bank?
No. Online banks are FDIC-insured just like traditional banks. Your deposits are protected up to $250,000 per account type at each institution. Moving to an online bank does not reduce your protection.
Can I keep my US Bank checking account and move only savings?
Yes. You can maintain your US Bank checking account for bill pay and direct deposit while opening a savings account elsewhere. Link the accounts for transfers, and you can move money between them as needed.
What happens to my interest if I withdraw money before the end of the month?
Interest accrues daily and is usually deposited monthly, regardless of when you withdraw. You do not lose interest for early withdrawal from a savings account. (Certificates of deposit, or CDs, do have early withdrawal penalties, but regular savings accounts do not.)
How often do online banks change their interest rates?
Online banks typically adjust rates within days of a Federal Reserve change, but they can also raise or lower rates independently. Check your account statements or log in monthly to see if your rate has changed. Most banks notify you by email when rates change.