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U.S. Bank Savings Rate
The U.S. Bank Standard Savings Account is the only U.S. Bank savings account offered.
If you're interested in getting a money market account or CD, you might consider U.S. Bank's other savings options.
Compare Today's Savings Rates
Below, you'll find more information on the U.S. Bank savings account interest rate:
| Account | APY |
| U.S. Bank Standard Savings Account | 0.01% APY on all balances |
U.S. Bank Standard Savings Account Review
The U.S. Bank Standard Savings Account could be a decent option if you meet one of the requirements for waiving the $4 monthly service fee. There's no monthly service fee if you open a joint account with someone age 17 or younger. You'll also be able to waive the fee if you keep at least $300 in your savings account daily or an average monthly collected balance of $1,000 or more.
U.S. Bank offers some of the best bank account bonuses out there. You could earn up to $400 when you open a new U.S. Bank Standard Savings Account online and complete qualifying activities (earn up to $1,000 total if you open Smartly Checking and Standard Savings accounts at the same time). If you open both the savings account and the U.S. Bank Smartly® Checking account at the same time and meet qualifying activities, you may earn a welcome bonus of up to $1,000.
Is U.S. Bank Trustworthy?
The Better Business Bureau rates businesses on how they handle customer issues and whether they have transparent business practices. A good BBB rating doesn't necessarily mean that your relationship with a business will be perfect. If you have friends or family that have used U.S. Bank, chat with them about their perspectives. Online customer reviews are another option.
The BBB gives U.S. Bank a A- rating due to government action against the bank.
In 2022, U.S. Bank paid $37.5 million in a settlement with the Consumer Financial Protection Bureau. The CFPB accused the bank of obtaining customers' credit reports and opening checking accounts, savings accounts, credit cards, and lines of credit without their knowledge.
In 2020, U.S. Bank, Nationstar Mortgage, and PNC Bank paid $74 million in an agreement with the Department of Justice. According to the press release, the Department of Justice said the three mortgage services didn't follow bankruptcy regulations and had service errors that impacted borrowers.
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U.S. Bank Standard Savings Account
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Chase Savings℠
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Wells Fargo Way2Save® Savings Account
U.S. Bank Savings Account vs. Chase Savings Account
Chase Savings℠ doesn't require an initial deposit, while U.S. Bank Standard Savings Account needs a minimum of at least $25.
Chase Savings offers more ways to waive the monthly service than U.S. Standard Savings. To waive the $5 monthly service fee with Chase, you must fulfill one of the following requirements: Maintain an average daily balance of $300 or more, have a repeating automatic transfer of $25 or more from a Chase checking account, or link a qualifying Chase checking account. The fee will also automatically be waived for anyone under the age of 18.
Chase Savings and the U.S. Bank Standard Savings both offer low interest rates. You'll be better off with an online bank for a high yield — but both offer substantial sign-up bonuses.
U.S. Bank Savings Account vs. Wells Fargo Savings Account
Deciding between U.S. Bank and Wells Fargo savings accounts could depend on whether you find it easier to waive monthly service fees at a particular bank.
You can waive a $5 monthly service fee on the Wells Fargo Way2Save® Savings Account if you meet one of the following requirements each month: Maintain a $300 minimum daily balance, schedule an automatic transfer of $25 or more from a Wells Fargo checking account, or make a Save As You Go transfer from a Wells Fargo checking account. The Wells Fargo Way2Save® Savings Account also automatically waives monthly service fees for anyone age 24 or younger.
The Wells Fargo Way2Save® Savings Account pays a slightly higher interest rate than the U.S. Bank Standard Savings Account. However, there are savings accounts available at online banks that offer much higher interest rates right now.
Other U.S. Bank Savings Options
The U.S. Bank Elite Money Market Account pays 0.01% to 4.50% (varies by location) APY. You may also get a U.S. Bank Standard CD. Standard CDs pay 0.05% to 0.25% APY depending on the term.
Frequently Asked Questions
The U.S. Bank Standard Savings Account has a $4 monthly service fee. The monthly service fee will be waived if you open a joint account with someone age 17 or younger. You'll also be able to waive the fee if you keep at least $300 in your savings account daily or an average monthly college balance of $1,000 or more.
Yes. The U.S. Bank Standard Savings Account is federally insured. Up to $250,000 is secure per depositor.
Editorial Note: 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 any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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