US Bank CD Rates for March 2023

Dec 21, 2019 San Jose / CA / USA - US Bank branch located South San Francisco Bay Area; U.
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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, including checking, savings and CD accounts, that offer security, simplicity and convenience.

With more than 2,000 branches in 26 states, 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.

What Are US Bank’s Current CD Rates?

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 are available in several terms, while its CD Special requires a minimum deposit of $1,000 and features higher interest rates. Maximum deposit limits for all CDs is $250,000, the limit for FDIC insurance.

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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.

US Bank Standard CD Rates

Here’s a look at U.S. Bank’s Standard CD terms and rates.

Term Minimum Deposit Required Rate
1 month $500 APY
2 months $500 APY
3 months $500 APY
6 months $500 APY
9 months $500 APY
12 months $500 APY
18 months $500 APY
24 months $500 APY
36 months $500 APY
48 months $500 APY
60 months $500 APY

US Bank Special CD Rates

Here’s a look at U.S. Bank’s Special CD terms and rates.

Term Minimum Deposit Required Rate
7 months $1,000 APY
11 months $1,000 APY
15 months $1,000 APY
19 months $1,000 APY

US Bank Step Up and Trade Up CD Rates

Here’s a look at the rates and terms for U.S. Bank’s Step Up and Trade Up CDs. The Step Up CD begins with a lower APY and increases the rate every 7 months, while the Trade Up CD offers a one-time rate increase if a better rate becomes available during your term.

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Term Minimum Deposit Required Rate
28 month Step Up CD $1,000 Blended APY of
30 month Trade Up CD $1,000 APY
60 month Trade Up CD $1,000 APY

US Bank CD Rates: What To Know

One advantage of CDs is that they often offer higher interest rates than standard savings accounts or interest-bearing checking accounts, which means more money in your pocket. The rates are also guaranteed for the term, so you don’t have to worry about your rate going down until the term ends, unlike with a savings account.

U.S. Bank’s CDs are a great fit for people who are interested in short-term CDs, because the terms start at just one month — most banks offer terms beginning at six months or more. Its variety of terms also make U.S. Bank ideal for a CD ladder.

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.

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  • Competitive rates on promotional and special CDs
  • 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
  • Promotional CD terms and rates vary by location

How US Bank CD Yields Compare to Other Big Banks

Standard CD rates vary widely by bank. For example, Chase offers Standard CDs at a lower APY than US Bank’s lowest standard APY of . However, Wells Fargo’s standard CD APYs are much higher at .

What Bank Has the Highest Interest Rate on CDs?

As of early March, the best paying CDs are 5.00% or better. Credit Human Federal Credit Union and Forbright Bank are offering top rates. Credit Human Federal Credit Union is offering a 24-35-month term CD with a $500 minimum deposit for APY. The bank with the highest 12-month rate on a CD is Forbright Bank at APY.

Is Opening a US Bank CD Worth It?

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.

However, 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 to stick with one bank for your CDs longer term — its promotional rates are competitive, but the regular rates are underwhelming.

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Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of March 7, 2023.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial, and up to date. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. You can learn more about GOBankingRates’ processes and standards in our editorial policy.

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About the Author

Cynthia Measom is a personal finance writer and editor with over 15 years of collective experience. Her articles have been featured in MSN, AOL, Yahoo Finance, INSIDER, Houston Chronicle and The Seattle Times. She attended the University of Texas at Austin and earned a Bachelor of Arts degree in English.
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