Minneapolis-based U.S. Bank is the fifthin this country with more than $500 billion in assets. U.S. Bank doesn't entice new customers with high-yield rates on savings accounts, but it does offer an attractive for and currently runs specials on specific . However, the annual percentage yield for its single savings account pales in comparison to the best rates currently available at other banks.
U.S. Bank savings account rates
The Standard Savings Account has a low initial deposit requirement. The monthly fee can be waived by maintaining either a $300 balance in your savings account, a $1,000 daily average balance across all accounts or establishing a youth account.
U.S. Bank: At a glance
|Account Name||APY||Minimum deposit||Fees|
|Standard Savings Account||0.01%||$25||$4 ($0 with fee waiver)|
Note: Annual percentage yields, or APYs, shown are as of Nov. 9, 2022. CNET's editorial team updates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products.
How does U.S. Bank's savings account compare with other banks?
The savings account's APY is well below the average savings rate of 0.16%, according to Bankrate.com -- CNET's sister site. CNET profiles earning at least 18 times the Bankrate average. Additionally, U.S. Bank charges a $4 monthly fee on savings accounts unless certain criteria are met. For example, the monthly fee can be avoided by maintaining a balance of $300 in your savings account. The monthly fee will limit a saver's progress toward building or maintaining an emergency fund. There are other that pay better yields to consider as an alternative to the Standard Savings Account offered by U.S. Bank.
Additional savings options at U.S. Bank
- Standard CD: CDs offer below average rates, can be purchased in terms from six months to five years and require a $500 minimum deposit.
- Standard CD Specials: The 11-, 17- and 25-month CDs pay 3.00%, 3.10% and 3.20% APY, respectively. These CDs require a $1,000 minimum deposit.
- Step Up CD: The 28-month Step Up CD requires a minimum $1,000 initial deposit and has an APY that increases by a set amount every seven months.
- Trade Up CD: This 30- or 60-month CD allows customers to request a higher rate if one is offered for this product, one time, during the term. Trade Up CDs also have a $1,000 minimum deposit requirement.
- Money Market Accounts: There are two money market account options -- the Elite and Retirement Money Market Accounts.
The bottom line
U.S. Bank's Standard Savings Account doesn't stand up to offers provided by many other banks or credit unions. The APY is well below the national average and the criteria for monthly fee waivers may be a challenge for new savers. Savers should look for alternative high-yield savings accounts. There are plenty of competitive savings accounts that are better alternatives to the one offered by U.S. Bank.