US Bank CD Rates Review: Competitive Promotional Rates
Learn about the CD rates and terms US Bank offers.Although U.S. Bank ranks as the fifth-largest bank in the country, it’s still able to make a personal connection with its customer base. The bank prides itself on delivering in two key ways: building relationships with customers that are built on trust and offering a host of financial products and services that offer security, simplicity and convenience.
Offering more than 3,100 branches in 25 states and over 4,800 free U.S. Bank ATMs, U.S. Bank has a substantial footprint. Even if you don’t live close to a U.S. Bank location, you can still take advantage of its financial products, such as a certificate of deposit. But first, determine if U.S. Bank’s rates are worth it for you.
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US Bank CD Rates Review
Choosing CDs over interest-bearing checking or savings deposit accounts can help you earn a higher rate of interest — which means more money in your pocket. For example, U.S. Bank offers CD Specials, which require a minimum deposit of $1,000 to open and feature promotional offers with higher interest rates than their standard CDs. And investors who choose one of the bank’s standard CD offerings will have their pick of a variety of terms and enjoy a low minimum deposit of $500.
U.S. Bank also offers two rising-rate CDs — Step Up and Trade Up — which require a $1,000 minimum deposit and allow for increased interest rates during their initial terms.
Applicants who are 18 or older and are U.S. citizens are eligible to apply for a CD account. And when investing in CDs at U.S. Bank, you don’t have to worry: All of the bank’s financial products, including CDs, are FDIC-insured up to maximum limits allowed by law.
Here’s an at-a-glance look at the bank’s CD rates and terms:
| US Bank CD Rates and Terms | ||||
| Product | Term | Amount | Rate | APY |
| Regular CDs | 1, 2, 3, 6 and 9 months | $500 to $249,999 | 0.05% | 0.05% |
| 12 months | $500 to $249,999 | 0.10% | 0.10% | |
| 18 months | $500 to $249,999 | 0.15% | 0.15% | |
| 24 months | $500 to $249,999 | 0.20% | 0.20% | |
| 36 months | $500 to $249,999 | 0.35% | 0.35% | |
| 48 months | $500 to $249,999 | 0.50% | 0.50% | |
| 60 months | $500 to $249,999 | 0.75% | 0.75% | |
| Step Up CD | 28-Month | $1,000 to $249,999 | 0.10% first seven months; 0.30% second seven months; 0.50% third seven months; 0.70% last seven months | Blended APY of 0.40% |
| Trade Up CD | 30-Month | $1,000 to $249,999 | 0.40% | 0.40% |
| 60-Month | $1,000 to $249,999 | 0.80% | 0.80% | |
| CD Special rates determined by location. US Bank CD rates and terms current as of July 2, 2018. | ||||
Good to Know: Best CD Rates From Vanguard, Fidelity and Other Brokerages
Pros and Cons of US Bank CDs
As with all financial products, U.S. Bank CDs feature various pros and cons. Before deciding to invest your money, it’s helpful to weigh the advantages and drawbacks as they apply to your financial situation.
US Bank CD Pros
Choosing U.S. Bank for your CD investing needs can pay off, depending on the products and terms you choose. Here are some of the available advantages:
- Solid promotional CD account rates: 1.50%APY for an 11-month term
- Online applications available
- $500 minimum deposit for standard CDs
- Ability to earn extra interest during CD term with Step Up and Trade Up CD options
US Bank CD Cons
Although the bank offers a variety of short-term CDs, you might find options such as one-, two- and three-month CD rates lacking. Here are the disadvantages to be aware of:
- Rates on special and standard CDs good for initial term only
- Low standard CD interest rates from 0.05% APY to 0.75% APY
- Promotional CD terms and rates dependent on location
Learn More: Certificates of Deposit Risks and Returns
Are US Bank CDs a Good Deal?
When considering a U.S. Bank CD, the promotional CD rates might be worth your while. The standard CD interest rates are rather low, however, and you can probably find a better deal elsewhere.
Review the table to see how much you’ll earn with U.S. Bank CDs:
| How Much You’ll Earn With US Bank CDs Over Time | |||
| Initial Deposit | 6-month CD 0.05% APY | 12-month CD 0.10% APY | 60-month CD 0.75% APY |
| $500 | $500.12 | $500.50 | $519.03 |
| $1,000 | $1,000.25 | $1,001.00 | $1,038.07 |
| $5,000 | $5,001.25 | $5,005.00 | $5,190.33 |
| $10,000 | $10,002.50 | $10,010.00 | $10,380.67 |
| $25,000 | $25,006.25 | $25,025.00 | $25,951.67 |
| Interest compounded daily. Based on rates as of July 2, 2018. | |||
Find It Fast: US Bank Near Me
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This content is not provided by the companies mentioned. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been reviewed, approved, or otherwise endorsed by U.S. Bank.
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