Although U.S. Bank ranks as the fifth-largest bank in the U.S., it still strives to make a personal connection with its customers. The consumer banking arm of U.S. Bancorp touts both its customer service and its wide range of financial products and services that offer security, simplicity and convenience.
With more than 3,100 branches in 25 states and over 4,800 free 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, including its certificates of deposit. Read on to learn more about the bank and determine whether U.S. Bank CD rates are worth it for you:
- US Bank CD Overview
- Who Are US Bank CDs Best For?
- Who Might Want To Open a US Bank CD?
- Who Might Want To Pass on US Bank CD Options?
- How To Open a US Bank CD
One advantage of CDs is that they offer higher interest rates than standard savings accounts or interest-bearing checking accounts, which means more money in your pocket. U.S. Bank offers its customers a few different CDs to choose from, each featuring different terms and rates. Its standard CDs require a minimum deposit of $500 and flexible terms, while its CD Special requires a minimum deposit of $1,000 and features higher interest rates.
U.S. Bank also offers two rising-rate CDs — Step Up and Trade Up. Each require $1,000 minimum deposits 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 at U.S. Bank. When you put your money in CDs at U.S. Bank, you have the security of knowing that all of the bank’s financial products are FDIC-insured up to the maximum limits allowed by law.
Here’s a look at the U.S. Bank CD rates and terms:
|US Bank CDs at a Glance: April 2020|
|Product||Term||Minimum Deposit Required||Rate|
|CD Special||3-59 months||$1,000||Up to 4.00%|
|Certificate of Deposit||1-60 months||$500||Up to 0.05%|
|Step Up CD||28 months||$1,000||Up to 0.35%|
|Trade Up CD||30-60 months||$1,000||Up to 0.25%|
U.S. Bank’s CD rates are best for people with less than $250,000 who want rates up to 0.05%. Its CDs are also a great fit for people who are interested in short-term CDs because the terms run from as little as one to nine months.
As with all financial products, CDs feature various pros and cons. Before deciding to put your money in any financial product, it’s helpful to weigh the advantages and disadvantages as they apply to your personal financial needs. Read on to learn about the pros and cons of U.S. Bank CDs.
- Decent promotional CD account rate of 0.50% annual percentage yield for a 59-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
- Rates on special and standard CDs are good for the initial term only
- Low-standard CD interest rates up to 0.05% APY
- Promotional CD terms and rates vary by location
Learn More: How Often Do CD Rates Change?
When considering U.S. Bank CD rates, it might be worth your while to take advantage of the higher interest rates offered by the promotional CDs. The Step Up and Trade Up CDs also let you earn extra interest. If you’re looking to start with a low minimum deposit and open a short-term CD, then U.S. Bank is a good choice.
U.S. Bank probably isn’t a good choice if you want a standard CD with no minimum deposit and a high APY. Similarly, U.S. Bank might not be right for you if you want a steady rate of interest throughout your term and not just a good introductory rate.
You can go online or visit a U.S. Bank branch to open your CD account. You’ll need to provide your Social Security number or Individual Taxpayer Identification Number and your minimum deposit when you apply. If you apply online, you can either pay your deposit directly from your bank account or visit a branch office to make the payment and complete the process.
More on US Bank
- US Bank Review: In-Branch to Google Home Banking Options
- Newest US Bank Promotions: Best Offers, Coupons and Bonuses
- US Bank Routing Number: Locate Your Number
- How To Open a US Bank Account
- How to Avoid US Bank Overdraft Fees
- US Bank Interest Rates: How to Get the Bank’s Best Rates
- What Is the US Bank Cashier’s Check Fee?
- What Are US Bank’s Hours?
- How To Find and Use Your US Bank Login
- US Bank Checking Account Review: Convenient Features and Extra Perks
More on CD Rates
- American Express CD Rates
- CIT Bank CD Rates
- Citibank CD Rates
- Citizens Bank CD Rates
- Discover Bank CD Rates
- Goldman Sachs CD Rates
- Marcus by Goldman Sachs CD Rates
- Navy Federal CD Rates
- Salem Five Direct CD Rates
- TD Bank CD Rates
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of April 1, 2020.
This article has been updated with additional reporting since its original publication.
This content is not provided by U.S. Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by U.S. Bank.