US Bank Savings Account Interest Rates for May 2023
Your savings journey should be as unique to you as the checking and savings accounts you choose to help mold and guide your financial goals. Whether you want a user-friendly banking mobile app, be able to track your debit card expenses, secure overdraft protection or just an annual percentage yield, or APY, that will help your money grow, what you know about each account you open will only enhance its benefits.
US Bank Savings Account Overview
There is one standard personal savings account offered by U.S. Bank — and this account was ranked amongst GOBankingRates’ Best Savings Accounts of 2023. Though the APY for this account is a low APY — compared to the national average of 0.39% — it has many other key features to consider.
- You need a relatively low $25 minimum deposit to open the account.
- There is a $4 monthly maintenance fee that can be waived with a $300 minimum daily balance or a $1,000 average monthly collected minimum balance.
- The fee does not apply to account holders under the age of 18.
- The APY for this account is .
- The interest rate may vary depending on your zip code.
US Bank Savings Account Interest Rates
Though the Standard Savings account is the primary savings option offered by U.S. Bank, it does also offer have a Basic Business Savings account, which also offers an APY of . There is a $500 minimum daily balance requirement for this account to avoid any fee.
However, as a regular customer, you would be more likely to open the Standard Savings account at U.S. Bank.
US Bank Savings Interest Rates Breakdown
| Account | APY |
|---|---|
| Standard Savings | |
| Basic Business Savings |
Is the US Bank Savings Account Right For You?
The U.S. Bank savings account is best for those who just want straightforward standard savings options that are FDIC-insured.
If you are looking to grow your savings more quickly, U.S. Bank may not be the choice for you, as it does not offer a high-yield savings account and the APY it does offer is low, setting it well beneath the national average. However, it is important to note that if you keep more than $25,000 as a daily balance in your savings account, you have the potential to earn a much higher bonus APY.
US Bank Savings Pros
- Earn the same APY regardless of the balance
- Fees waived if you keep a minimum daily balance of $300
US Bank Savings Cons
- APY well below the national average
- Not a high-yield savings account
US Bank: Other Savings Options
If you want to branch out or get more for your money than the Standard Savings option, U.S. Bank still has you covered with a variety of certificates of deposit, or CDs, as well as money market accounts.
The CDs are offered in a wide range of term lengths from one month to five years, which offer you not only a range of APY options but also lets you plan your savings in a way that best suits your short-term and long-term goal timelines.
Final Take To Go
Any savings you can put away for a stormy day are good savings to have. The fact that you have money set aside for your future, or even just unexpected expenses, goes a long way to not put a wrench in your financial works. Starting with a standard savings option, such as the account offered by U.S. Bank, is a great first step towards building the foundation of your nest egg.
FAQ
Here are the answers to some frequently asked questions about savings account interest rates.- Which bank is giving 7% interest on savings accounts?
- There is no bank in the U.S. currently offering 7% interest on a savings account. If you're looking for returns of 7% or more, consider investing instead – just keep in mind that investing comes with risk.
- Will my U.S. Bank savings account earn interest?
- Yes, your U.S. Bank savings account will earn interest, but it is not a high-yield savings account. You can find higher interest rates at other banks.
- Where can I get 5% interest on my money?
- Several banks are currently offering APYs of 5% or higher on some CD terms, including Synchrony Bank, Amboy Direct and BrioDirect.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of May 3, 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.
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- Federal Deposit Insurance Corporation. 2023. "National Rates and Rate Caps."
