What you need to open a US Bank savings account
You can open a savings account at US Bank in person at a branch, online through their website, or by phone. The process takes about 15 minutes and requires a government-issued ID, your Social Security number, and an initial deposit. US Bank does not require a minimum opening deposit for most savings accounts, though some account types may have different rules.
If you open online or by phone, you'll need a valid email address and a way to fund the account—either a debit card, another bank account, or a wire transfer. If you open in a branch, bring your ID and the cash or check you want to deposit. US Bank will verify your identity and run a check through ChexSystems, which is a banking history database that flags accounts opened fraudulently or with a pattern of overdrafts.
You do not need to have an existing relationship with US Bank to open a savings account. If you already have a checking account there, opening a savings account is faster because they already have your information on file.
Key Takeaways
- You can open a US Bank savings account online, by phone, or in person with just an ID, Social Security number, and an initial deposit.
- US Bank runs a ChexSystems check when you open an account, which reviews your banking history for fraud or overdraft patterns.
- Online and phone applications take about 15 minutes; in-person opens are similarly quick but require a trip to a branch.
- Your account number and routing number are available immediately after opening, so you can set up direct deposits or transfers right away.
- US Bank savings accounts earn interest, though the rate changes based on market conditions and the account type you choose.
Opening an account online through US Bank's website
Go to usbank.com and look for the "Open an Account" or "Savings" link on the homepage. Select the savings account type you want—US Bank offers a standard savings account and a money market account, which typically earns a higher interest rate but may require a larger balance. Click through to the application.
Enter your personal information: full name, date of birth, Social Security number, address, phone number, and email. US Bank will ask whether you want paperless statements (email only) or paper statements mailed to your address. You'll also choose a username and password for online banking. At this stage, you can set up a PIN for phone banking if you want to manage your account by calling 1-800-872-2657.
When prompted, link a funding source. You can transfer money from another bank account (provide the routing and account number), use a debit card, or arrange a wire transfer. If you use another bank account, the transfer usually takes one to three business days. Debit card funding is instant. After you submit, US Bank will send a confirmation email with your new account number and routing number.
Opening an account in person at a US Bank branch
Find your nearest branch using the branch locator on usbank.com. Bring your government-issued ID (driver's license, passport, or state ID), your Social Security number, and the cash or check you want to deposit as your opening deposit. Walk in during business hours—no appointment is needed, though you may wait if the branch is busy.
Tell the teller you want to open a savings account. They will ask the same questions as the online form: your name, address, phone, email, and Social Security number. They'll explain the account options and interest rates, then run your ChexSystems check. Once approved, they'll process your deposit, print your account number and routing number, and give you a temporary debit card if you also open a checking account.
Your account is active immediately. You can start using online banking the same day by going to usbank.com and logging in with the username and password you created at the branch, or you can call 1-800-872-2657 to set up phone banking.
Opening an account by phone
Call US Bank at 1-800-872-2657 and tell the representative you want to open a savings account. They will walk you through the same application as the online form. Have your ID and Social Security number ready. The call usually takes 10 to 15 minutes.
When the representative asks how you want to fund the account, you can provide a debit card number, another bank's routing and account number for a transfer, or arrange a wire transfer. Debit card funding is processed immediately; transfers from another bank take one to three business days. The representative will email you a confirmation with your account number and routing number, or mail it if you prefer.
What happens after you open your account
Your savings account is ready to use as soon as the opening deposit clears. You can log into online banking at usbank.com or through the US Bank mobile app to check your balance, transfer money, set up automatic transfers, and view your interest earnings. Your routing number is 121000248 (the same for all US Bank accounts), and your account number appears in your confirmation email and in online banking.
Interest on your savings account is calculated daily and deposited monthly. The interest rate varies based on market conditions and your account type; check usbank.com or call 1-800-872-2657 to learn the current rate. You can withdraw money from your savings account at any time without penalty, though federal rules once limited savings withdrawals to six per month—that rule was suspended in 2020, but some banks still enforce limits, so check your account agreement.
If you need to add money later, you can transfer it from another US Bank account, set up a direct deposit from your employer, transfer from an external bank account, or deposit cash at a US Bank ATM or branch. You can also link your savings account to a checking account for easier transfers between the two.
If US Bank declines your application
US Bank may decline your application if ChexSystems shows a history of fraud, unpaid overdrafts, or accounts opened in your name without your permission. If this happens, you'll receive a letter explaining the reason and instructions for disputing the information with ChexSystems. You have the right to request a free copy of your ChexSystems report and to file a dispute if information is wrong.
Contact ChexSystems directly at 1-800-428-9623 or visit chexsystems.com to request your report. If you find errors, file a dispute in writing. ChexSystems has 30 days to investigate. Once errors are corrected, you can reapply to US Bank.
If your application was declined for a reason other than ChexSystems, US Bank will tell you in the letter. Common reasons include insufficient income, an address that cannot be verified, or a mismatch between the information you provided and public records. You can call 1-800-872-2657 to ask for details and to find out whether you can reapply.
Understanding US Bank savings account features
US Bank savings accounts come with online banking, mobile app access, and the ability to manage your money 24/7. You can set up automatic transfers to move money from checking to savings on a schedule, which helps you build savings without thinking about it. You can also set up alerts to notify you when your balance drops below a certain amount or when a transfer is made.
Your deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per account type per bank. This means if US Bank fails, the FDIC will reimburse you for your balance up to that limit. If you have multiple account types at US Bank (for example, a savings account and a checking account), each is insured separately up to $250,000.
US Bank does not charge a monthly maintenance fee on most savings accounts, though some account types may have fees if your balance falls below a certain level. Check your account agreement or call 1-800-872-2657 to confirm the fee structure for the account you opened.
Frequently Asked Questions
How long does it take to open a US Bank savings account?
Online and phone applications take about 15 minutes. In-person opens at a branch are similarly quick. Your account is active immediately, and you can start using online banking the same day. If you fund your account with a transfer from another bank, that transfer takes one to three business days to arrive.
Do I need a minimum deposit to open a savings account at US Bank?
Most US Bank savings accounts do not require a minimum opening deposit. However, some account types, such as the money market account, may have different requirements. Check the account details on usbank.com or ask a representative when you open your account.
What is my US Bank routing number?
The routing number for all US Bank savings and checking accounts is 121000248. You'll need this number to set up direct deposits, automatic bill payments, or transfers from another bank.
Can I open a US Bank savings account if I have bad credit?
US Bank does not check your credit score when you open a savings account. They check ChexSystems, which is a banking history database, not a credit report. If you have been declined by other banks due to ChexSystems, you can request your report and dispute any errors before reapplying to US Bank.
What happens if I need to close my savings account?
You can close your US Bank savings account at any time by visiting a branch, calling 1-800-872-2657, or logging into online banking. US Bank will ask how you want to receive your remaining balance—by check, transfer to another bank account, or cash at a branch. There is no penalty for closing an account.