US Bank Savings Account Review: High Rates for Large Deposits

Read U.S. Bank reviews for all four savings accounts.

If you’re thinking of opening a new savings account, you might be considering U.S. Bank. The financial institution is the fifth-largest bank in the country, with U.S. Bank branch locations across the United States.

U.S. Bank offers a number of financial products and services, including several savings account options:

  • Platinum Select Money Market Savings
  • Package Money Market Savings
  • Elite Money Market Account
  • Standard Savings Account

The right account for you depends on your status with the bank and how high of a balance you wish to maintain. Before you open a U.S. Bank account, it’s important to understand the pros and cons of each so that you can make an informed decision about opening a new bank account.

U.S. Bank Platinum Select Money Market Account

The Platinum Select Money Market Account is only available to U.S. Bank Platinum Checking Package members. If you are a Platinum Checking Package member, you could qualify for this money market account, which offers competitive U.S. Bank savings rates and other benefits.

Related: These Banks Offer the Highest Money Market Rates

Platinum Select Money Market Pros

There are a couple of benefits with a Platinum Select Money Market account that you do not get with other U.S. Bank savings accounts:

  • Higher interest rates: If you maintain a balance of $50,000 or more, the Annual Percentage Yield is 0.45% APY. Balances below $50,000 have a 0.05% APY. 
  • No monthly maintenance fee: This allows your savings account to grow even faster.

You’ll also receive the benefits that come standard with all U.S. Bank savings accounts:

  • Access to online and mobile banking
  • Automated savings options, which allow you to make automatic transfers from another U.S. Bank account into your savings account
  • Online statements, which can be accessed any time for free
  • Free unlimited U.S. Bank ATM transactions at thousands of locations
  • Optional overdraft protection, which automatically moves funds to your linked checking account to prevent a negative balance
  • Custom email or text alerts to notify you about transfers, low balances and other account activity

Read: ATM Withdrawal Limits at U.S. Bank, Chase and 48 Other Banks

Platinum Select Money Market Cons

The biggest drawback of this account is that it is only available to select U.S. Bank checking account holders. In addition:

  • If you close your Platinum Package checking account, your Platinum Money Market account will automatically be downgraded to a Standard Savings Account.
  • Money market accounts have limits on certain types of transfers and withdrawals, and you can only have a total of six of these transactions in a given cycle. Each additional transaction will incur a $15 fee.

U.S. Bank Package Money Market Savings Account

U.S. Bank Silver Checking and Gold Checking members are eligible to apply for the Package Money Market Savings Account. Like the Platinum Select Account, there are some benefits and drawbacks to this type of account.

Package Money Market Savings Account Pros

The main advantage of this account is its accessibility. With 3,000 locations and 5,300 ATMs, it’s easy to meet all your banking needs wherever you are. Other perks include:

  • Access to online and mobile banking
  • Free, efficient and secure online statements
  • Overdraft protection for your associated U.S. Bank checking accounts
  • Unlimited free ATM transactions at U.S. Bank ATMs
  • Email or text account alerts
  • No monthly maintenance fees

Package Money Market Savings Account Cons

U.S. Bank promises “competitive interest rates” with this account, but the APY is actually lower than the national average of 0.08% APY. A $100,000 account balance is required to receive a 0.07% APY with the Package Money Market account; all other balances receive 0.04% APY.

U.S. Bank Elite Money Market Account

The Elite Money Market Account is intended for banking clients with high balances. Interest rates are tiered, so the more money you save, the more interest you will receive. This account has a $100 minimum balance to open, and you must maintain a balance of $10,000 in the account to waive the $10 monthly fee.

Elite Money Market Account Pros

You don’t need to be a U.S. Bank checking account member to open an Elite Money Market Account, and you can still enjoy many of the same benefits as with the Platinum Select and Package Money Market accounts, including:

  • Online and mobile banking options
  • Access to online statements
  • Check-writing privileges
  • Overdraft protection, if you have an affiliated U.S. Bank checking account
  • Unlimited free U.S. Bank ATM transactions
  • Email or text message alerts or reminders as requested

Elite Money Market Account Cons

There are some downsides with the Elite Money Market Account:

  • You must maintain a daily minimum balance to avoid the U.S. Bank monthly fee of $10.
  • As with other money market accounts, certain withdrawal and transfer transactions are limited to six per cycle. There is a $15 fee for each transaction thereafter.
  • The rate is below the national average of 0.08% APY, even for people with high balances. Those with balances of $100,000 or more have a 0.06% APY, and any balance below has a 0.03% APY.

Read: How to Find the Best High-Yield Savings Accounts

U.S. Bank Standard Savings Account

The Standard Savings Account is intended for first-time savers and people with low balances, so they can earn interest while they save. It’s a good option for people who do not have a U.S. Bank Platinum, Gold or Silver checking account, and who do not want to have to maintain a minimum balance of $10,000 to avoid monthly fees.

U.S. Bank Standard Savings Account Pros

This account requires only $25 to open, and a $300 minimum daily balance or $1,000 monthly collected balance to avoid paying a monthly maintenance fee. Even if those balances are not met, the monthly fee is $4, which is lower than with the Elite Money Market Account. There are other benefits to this account as well, including:

  • Secure access to online and mobile banking
  • Option for paperless statements
  • Overdraft protection with an associated U.S. Bank checking account
  • Unlimited ATM transactions at any of the 5,300 U.S. Bank ATMs across the country
  • Email or text message reminders for account activities that you request notifications for

U.S. Bank Standard Savings Account Cons

The interest you’ll earn with this account is minimal. The U.S. Bank savings account interest rate with this account is 0.01 percent — regardless of your balance.

Learn: What Are the Best Banks for Baby Boomers?

Comparing U.S. Bank Savings Accounts

Before deciding which savings account is right for you, compare:

  • U.S. Bank savings account rates
  • U.S Bank savings account minimum balances
  • U.S. Bank savings account fees
U.S. Bank Savings Accounts
Savings Account TypeMinimum Opening DepositAPYMonthly FeesApplication Requirements
Platinum Select Money Market Savings$250.05% APY for balances under $50,000; 0.45% APY for balances of $50,000 or over$0Must be a U.S. Bank Platinum Checking Package customer
Package Money Market Savings$250.04% APY for balances under $100,000; 0.07% APY for balances of $100,000 or over$0Must be a U.S. Bank Silver or Gold Checking Package customer
Elite Money Market Account$1000.03% APY for balances under $100,000; 0.06% APY for balances of $100,000 or over$10; waived with $10,000 minimum daily ledger balanceNone
Standard Savings Account$250.01%$4; waived with $300 minimum daily ledger balance or $1,000 monthly collected balanceNone
Information accurate as of June 11, 2018.

U.S. Bank Savings Account Customer Reviews

U.S. Bank customers report satisfaction with the customer service and the number of locations nationwide.

The staff is always positive and [they] are more than willing to make you feel appreciated for doing business with them,” wrote one customer on Consumer Affairs. “They go the extra mile to notify you of services that are no charge, making it more convenient to do your banking.”

“I have banked at U.S. Bank for over 20 years,” wrote another reviewer on Consumer Affairs. “The interest rates are the best, and the apps they have are state-of-the-art. They have been great, and customer service is the best.”

Up Next: How to Avoid U.S. Bank Overdraft Fees

More on Savings: