dcf8997083a5b147ed4ced36e638d786 - Interest Rates on US Bank Savings Accounts, September 2023
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The specific features of your savings journey and the bank accounts you choose to use will shape and guide your financial goals. It is important to have knowledge about each account you open in order to maximize its benefits. Whether you prioritize a user-friendly mobile banking app, tracking debit card expenses, secure overdraft protection, or a high APY to help your money grow, understanding your options is key.

Overview of US Bank Savings Account

U.S. Bank offers one standard personal savings account, which was ranked among the Best Savings Accounts of 2023 by While the APY for this account is not high, compared to the national average of 0.40%, it offers various other important features to consider.

  • You can open the account with a relatively low $25 minimum deposit.
  • There is a $4 monthly maintenance fee, which 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 determined by your zip code.

Interest Rates for US Bank Savings Account

In addition to the Standard Savings account, U.S. Bank also offers a Basic Business Savings account with a specific APY. This account requires a minimum daily balance of $500 to avoid any fees.

However, as a regular customer, the Standard Savings account may be the more suitable option at U.S. Bank.

Breakdown of US Bank Savings Interest Rates

Standard SavingsDetermined by zip code
Basic Business SavingsDetermined by specific APY

Is the US Bank Savings Account Right For You?

The U.S. Bank savings account is best suited for those who prefer straightforward standard savings options that are FDIC-insured.

If you aim to grow your savings more quickly, U.S. Bank may not be the best choice, as it does not offer a high-yield savings account and its APY is lower than the national average.

US Bank Savings Pros

  • Earn the same APY regardless of the balance
  • Fees waived if you maintain a minimum daily balance of $300

US Bank Savings Cons

  • APY is lower than the national average
  • Not a high-yield savings account

Other Savings Options at US Bank

If you are looking for more options or higher returns on your savings than the Standard Savings account, U.S. Bank offers a variety of certificates of deposit (CDs) and money market accounts.

The CDs have different term lengths, ranging from one month to five years. This allows you to choose the option that best fits your short-term and long-term financial goals.

Final Thoughts

Having any savings set aside is beneficial for unforeseen expenses or future plans. Starting with a standard savings account, such as the one offered by U.S. Bank, is a solid first step towards building a financial foundation.

Frequently Asked Questions

Here are answers to some commonly asked questions about savings account interest rates.
  • Which bank offers 7% interest on savings accounts?
    • There is currently no U.S. bank offering 7% interest on a savings account. If you are looking for higher returns, consider investing, but remember that investment comes with risks.
  • Which U.S. bank has the highest interest rate?
    • found Digital Federal Credit Union to have one of the highest APYs for its Primary Savings Account at 6.17%. Other options with high APYs include UFB Direct (5.25%) and TotalDirectBank (5.26%) for their money market account.
  • 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 may find higher interest rates at other banks.
  • Where can I get 5% interest on my money?
    • Several banks currently offer APYs of 5% or higher on certain CD terms, including Synchrony Bank, Bread Savings, and BrioDirect.
  • Who currently has the highest paying CD?
    • CIT Bank currently offers a 6-month CD with a 5.00% APY.

Note: Rates are subject to change. All other account information is accurate as of Sept. 12, 2023.

Editorial Note: The opinions expressed in this article are solely those of the author and have not been reviewed, approved, or endorsed by any entity mentioned in the article.


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