With more than $495 billion in assets, Minnesota-based U.S. Bank is the fifth-largest bank in the United States. It is a full-service financial institution with a wide range of products, from checking and savings accounts to home mortgages and investments. U.S. Bank interest rates vary based on a number of factors, ranging from your credit score to the amount of money you have on deposit with the bank. Keep reading to learn about major product categories, along with current U.S. Bank interest rates and suggestions on how you can get the best rates at the bank.
Before you dive in, here’s what you’ll find in this guide to U.S. Bank’s best interest rates:
How To Get the Best U.S. Bank Interest Rates
The selection of financial products offered by U.S. Bank is similar to what you would find at other banks of its size. Although this makes it possible for the bank to meet its customers’ diverse needs, it also results in interest rates lower than what smaller banks can offer. From checking, savings and CDs to all types of mortgages — including those backed by the Federal Housing Administration and Veterans Affairs — here’s an overview of U.S. Bank’s account types.
| Account/Product Name | Account Type |
|---|---|
| Smartly Checking | Checking Account |
| Smartly Savings Account | Savings Account |
| Platinum Select Money Market Savings | Money Market Account |
| Package Money Market Savings | Money Market Account |
| Elite Money Market Account | Money Market Account |
| Retirement Money Market | Money Market Account |
| 30-Year Fixed Mortgage | Fixed-Rate Mortgage |
| 20-Year Fixed Mortgage | Fixed-Rate Mortgage |
| 15-Year Fixed Mortgage | Fixed-Rate Mortgage |
| 10-Year Fixed Mortgage | Fixed-Rate Mortgage |
| 10-Year ARM | Adjustable-Rate Mortgage |
| 5-Year ARM | Adjustable-Rate Mortgage |
| 3-Year ARM | Adjustable-Rate Mortgage |
| 30-Year Fixed FHA | Fixed-Rate Mortgage |
| 15-Year Fixed FHA | Fixed-Rate Mortgage |
| 30-Year Fixed VA | Fixed-Rate Mortgage |
| 15-Year Fixed VA | Fixed-Rate Mortgage |
| 30-Year Fixed Jumbo | Jumbo Mortgage |
| 20-Year Fixed Jumbo | Jumbo Mortgage |
| 15-Year Fixed Jumbo | Jumbo Mortgage |
| 1-Month Flexible CD | Certificate of Deposit |
| 2-Month Flexible CD | Certificate of Deposit |
| 3-Month Flexible CD | Certificate of Deposit |
| 6-Month Flexible CD | Certificate of Deposit |
| 9-Month Flexible CD | Certificate of Deposit |
| 12-Month Flexible CD | Certificate of Deposit |
| 18-Month Flexible CD | Certificate of Deposit |
| 24-Month Flexible CD | Certificate of Deposit |
| 36-Month Flexible CD | Certificate of Deposit |
| 48-Month Flexible CD | Certificate of Deposit |
| 60-Month Flexible CD | Certificate of Deposit |
| Step Up CD | Certificate of Deposit |
| 30-Month Trade Up CD | Certificate of Deposit |
| 60-Month Trade Up CD | Certificate of Deposit |
Learn: How To Find and Use Your U.S. Bank Login
How Do U.S. Bank’s Rates Compare to Other Banks?
U.S. Bank’s interest rates are similar to other large national banks. In most cases, it has the same rates for savings and checking accounts. Several of its competitors, however, including Chase and PNC Bank, offer higher interest rates to relationship customers who must maintain minimum balances in specific accounts to earn the more attractive interest rates.
Review this table to compare the interest rates for checking accounts, savings accounts and 12-month CDs at national banks.
| Bank | Checking Account APY | Savings Account APY | 12-Month CD APY |
|---|---|---|---|
| U.S. Bank | 0.05% | 3.50% | 0.05% |
| Chase | 0.01% | 0.01% | 1.50% |
| PNC Bank | 0.01% | 0.01% | 0.02% |
See: Best National Banks
U.S. Bank Checking Account Interest Rates
Although you can earn interest on a U.S. Bank Smartly Checking account, rates are low. Regardless of the amount you deposit, you’ll earn 0.05% APY, which is well below the national average of 0.03%.
Related: Best Checking Accounts
U.S. Bank Savings Account Interest Rates
U.S. Bank offers savings accounts and money market accounts. Here’s a look at the rates for both types of accounts:
| Account Type | APY |
|---|---|
| Money Market Savings | 0.01% |
| Smartly Savings Account | 3.50% |
U.S. Bank Mortgage Interest Rates
Home loan interest rates at U.S. Bank come in all shapes and sizes, from three-year ARMs to 30-year fixed FHA and 15-year fixed jumbo loans. Unlike with the bank’s checking and money market accounts, a larger loan doesn’t necessarily qualify you for better home loan rates.
At U.S. Bank — as with most banks — a higher credit score is the key to the best rates. The rates quoted by U.S. Bank assume you have a high credit score of at least 740 and that you’re buying a single-family home as your primary residence. You can expect your rate to climb higher if your credit score is lower or you’re purchasing a different type of property.
| Mortgage Type | Annual Percentage Rate |
|---|---|
| Conventional Fixed-Rate Mortgage | 5.178%-5.704% |
| Adjustable-Rate Mortgage | 4.904%-5.111% |
| Fixed-Rate FHA Mortgage | 6.95%-6.89% |
| Fixed-Rate VA Mortgage | 5.916%-6.251% |
| Jumbo Mortgage | 5.132%-5.355% |
Read: Best Savings Accounts for Kids
U.S. Bank CD Interest Rates
You can open a CD account with a maturity of between one month and 60 months at U.S. Bank. The longer you have your money on deposit, the higher the interest rate you will earn. The 12-month CD APY is .
U.S. Bank offers two other CDs with more attractive interest rates. With a Step Up CD, you receive an interest rate increase every seven months during the 28-month term. The Trade Up CD comes with a one-time rate increase during the CD term.