U.S. Bank Review: Checking, Savings, CD and Money Market Rates

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U.S. Bank’s checking account options

Platinum Checking Package

An interest-bearing checking account plus perks and discounts.

APY

Minimum Balance Amount

0.01%

None

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $24.95
  • ATM fee: $0 (Non-U.S. Bank ATM owner fees may apply unless owner participates in the MoneyPass® network)
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more

The Platinum Checking Package is supposed to be U.S. Bank’s top tier checking account option. It comes with all the basic features that Easy Checking offers along with the same bonuses that the Silver and Gold Checking Packages provide.

However, it comes with a pricey monthly maintenance fee that can only be waived if you have $25,000 in combined personal deposits, credit balances with U.S. Bank and/or investments through U.S. Bancorp Investments or if you have a personal trust relationship with U.S. Bank Wealth Management.

While there are no ATM fees, you will pay other smaller fees like $2 per debit card cash advance, and between $2 – $6 for paper statements.

Other benefits exclusive to this account include:

  • No annual fee on a home equity line of credit (HELOC)
  • An account bonus for select U.S. Bank FlexPerks credit cards
  • 25 free trades when you open up a brokerage or IRA account through U.S. Bancorp investments

The interest rate for Platinum Checking Package is quite low, so if you want to get a better rate, you can sign up for a Platinum Select Money Market Savings Account. Like most U.S. Bank savings accounts, this money market account can also be used to provide overdraft protection.

While this checking account offers a fair share of benefits that could help you save money, you’d have to be able to take advantage of most of them and/or meet the requirements to waive the monthly maintenance fee to make the most out of the account.

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Premium Checking

A checking account with interest and added benefits but a monthly fee that’s hard to avoid.

APY

Minimum Balance Amount

0.01%

None

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $10.95 unless you’re 55 or older or daily balance of $5,000
  • ATM fee: None
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more

We like that U.S. Bank’s Premium Checking account is an interest-bearing account, but the current interest rate is so low. Unfortunately, the monthly maintenance fee is unavoidable if you’re not 55 years old or older, or if you don’t have a daily balance of at least $5,000.

If you’re going to hold that much money in your account, you might as well put it in a high-yield savings account so your money can earn interest.

One perk about this account is the fee-free ATM benefit. This means U.S. Bank will not charge you for using an out-of-network ATM. However, the ATM owner may charge a fee if they are not a part of the MoneyPass network.

This account also comes with free U.S. Bank logo checks on your initial check order and a 50% off discount on all other personal designs. This account also has lower fees than Easy Checking, as there are no fees for copies of checks or paper statements.

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Easy Checking

A basic checking account with standard features like free digital services despite a few fees.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $6.95 unless you set up direct deposit or maintain a daily balance of $1,500
  • ATM fee: $2.50 for non U.S. Bank ATMs (free for U.S. Bank ATMs)
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more

U.S. Bank’s Easy Checking account is its most basic account with no added features. It’s a non-interest bearing account with a low minimum opening deposit amount. There is no minimum balance requirement listed in the terms, but there is a monthly maintenance fee.

To waive the monthly maintenance fee, you need to set up direct deposits totaling at least $1,000 per month, or maintain a daily account balance of $1,500.

Like many other bank accounts, easy checking account holders have access to a debit card that doubles as an ATM card, free access to online and mobile banking and free online bill pay for standard delivery.

There are a few fees to consider, like the $2 paper statement fee, the $35 stop payment fee and the overdraft fee. Although you can set up overdraft protection by linking a savings account, line of credit, or credit card to your checking account to cover the negative balance, U.S. Bank will require transfers in multiples of $50 for overdraft amounts over $5.01 and charge a $12.50 overdraft protection transfer fee for this.

Let’s face it, though; no one wants to overdraft and this account is an option if you can avoid the overdraft and monthly maintenance fees.

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Silver Checking Package

A checking account that pairs nicely with a money market account.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $6.95
  • ATM fee: $2.50 for non U.S. Bank ATMs (free for U.S. Bank ATMs)
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more

The Silver Checking Package comes with all basic features you’d get with the Easy Checking account, plus a monthly maintenance fee.

To waive the monthly fee, you can connect your account to a U.S. Bank Package Money Market Savings Account. From there, you can set up direct deposits of at least $1,000 per month, or maintain a combined balance of $1,500 to get rid of the $6.95/month fee.

The best use of this account would be to take advantage of the ability to open a Package Money Market Account. We’ll cover more of the features that come with a U.S. Bank Money Market account during this product’s review, but one perk you’ll have is being able to enroll in the U.S. Bank Smart Start Savings Program.

With this program, you’ll earn a $50 reward when you save $500 in your Money Market Savings account. You’ll also get a 1% net bonus on gas and grocery debit card purchases for your first year after enrolling.

The Silver Checking Package is also great to have if you’re a homeowner or planning on buying a home as you’d qualify for the U.S. Bank Customer Credit. This credit provides you with 0.25% deduction of the loan amount’s closing costs of up to $1,000 for your first or existing mortgage through the bank.

This account is perfect for someone looking to pair the benefits of a checking account with a money market account.

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Gold Checking Package

A checking account with additional benefits for credit card holders.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $14.95
  • ATM fee: $0 for first two withdrawals in the statement period, $2.50 for non U.S. Bank ATMs (free for U.S. Bank ATMs)
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more

The Gold Checking Package is a checking account that’s best for someone who has a credit card or open personal loan with U.S. Bank and also wants to utilize basic and premium checking account features. If you have either one of those accounts, you can waive the monthly maintenance fee. A personal loan includes U.S. Bank auto loans and home equity loans.

If you don’t have a U.S. Bank credit card open, you can apply for one when you open this account and still be able to waive the monthly maintenance fee.

Other benefits of using this account include two no-fee ATM transactions per statement period at non U.S. Bank ATMs, along with up to two additional Easy Checking accounts with no monthly maintenance fee so long as you’re the co-owner of the account.

Account holders will also get to waive the overdraft protection transfer fee when a transfer is made from a linked U.S. Bank account.

While this account isn’t interest-bearing on its own, like the Silver Checking Package, you can connect a Package Money Market Savings account which earns interest. You’ll also be able to save up to $1,000 on closing costs for a new or existing U.S. Bank mortgage.

Plus, you can enroll in the U.S. Bank Because You’ve Earned It program which provides you will full access to the TransUnion Creditview platform so you can monitor your credit score.

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Student Checking

Easy banking just for students.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: $0 for first four withdrawals in the statement period, then $2.50 for additional withdrawals
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more

U.S. Bank’s Student Checking account provides the same basic account features that Easy Checking does including full access to mobile and online banking along with online bill pay options and mobile check deposit.

Account holders also get four non-U.S. Bank fee transactions per statement at non-U.S. Bank ATMs. Personal checks are also free.

This is a non interest-bearing account but it’s great for college students who don’t want to deal with ATM or monthly maintenance fees.

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Safe Debit Account

Not the best option given that there are no checks and a monthly fee.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $4.95
  • ATM fee: $2.50 (Non-U.S. Bank ATM owner fees may apply unless owner participates in the MoneyPass® network)
  • Overdraft fee: None

U.S. Bank’s Safe Debit account is an alternative to their traditional checking account. This is a non interest-bearing account with no checks and a monthly maintenance fee that can’t be waived. Paper statements are also unavailable.

Account holders do get discounts on money orders and free credit score access through the TransUnion CreditView dashboard.

The one thing that makes this account stand out from the other options mentioned above is that there’s no overdraft fee. Otherwise, it’s not our favorite option due to the monthly fee and very few added benefits.

How to get a U.S. Bank checking account

There are three ways to apply for a U.S. Bank checking account. You can apply easily online. Just head to U.S. Bank’s website, then click on the checking account option you’re interested in under the ‘Personal’ drop down tab. Click the ‘Apply Online’ button and enter your zip code to get started. You can also check your application status online here.

If you don’t want to apply online, you can apply in person at your local U.S. Bank branch or apply by calling the bank.

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How U.S. Bank’s checking accounts compare

U.S. Bank’s checking accounts all require a low opening deposit amount and offer a wide variety of different benefits. However, when compared to some of the best checking account options with other banks, U.S. Bank falls short due to its low interest rates and high monthly maintenance fees.

U.S. Bank offers a barely-there interest rate for its Premium Checking and Platinum Checking accounts, which doesn’t increase at all as your balance increases.

On the other hand, Ally Bank offers a competitive interest rate for its checking account and an APR increase for a higher balance.

U.S. Bank’s accounts seems to pair well with other features and benefits the bank offers, especially when it comes to using its loans (mortgage, auto, personal) and credit cards.

However, if you’re just looking for a simple checking account with no fees and a competitive interest rate, you might want to check out some of these other checking account options.

U.S Bank’s savings account

Standard Savings Account

A basic savings account with a low return.

APY

Minimum Balance Amount

0.01%

None

  • Minimum opening deposit: $25
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $4
  • ATM fee: $0 (Non-U.S. Bank ATM fees may apply)
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more
  • Extended Overdraft fee: $36 (Charged if available balance remains negative for seven consecutive calendar days)
  • Excessive withdrawal fee: $15 per transaction

The U.S. Bank Standard Savings Account comes with online and mobile banking, online statements, free ATM transactions, and account alerts via text. The account can also be used to provide overdraft protection for a U.S. Bank checking account.

This account offers a very low interest rate which is nothing to call home about, along with a monthly fee. In order to waive the monthly fee, you’ll need to keep a $300 minimum daily balance or a $1,000 average monthly collected balance.

In compliance with Regulation D, which limits savings accounts withdrawals to a maximum of six per statement cycle, account holders will be charged a fee per withdrawal that exceeds that amount.

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Goal Savings

An effective way to transfer money to meet your savings goals.

APY

Minimum Balance Amount

0.01%

Under $1,000

0.01%

$1,000 - $9,999

0.01%

$10,000 - $24,999

0.01%

$25,000+

  • Minimum opening deposit: $0
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: $0 (Non-U.S. Bank ATM fees may apply)
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more
  • Extended Overdraft fee: $36 (Charged if available balance remains negative for seven consecutive calendar days)
  • Excessive withdrawal fee: $15 per transaction

This account is geared toward people who want to save more money to reach specific financial goals. While there is no set opening deposit amount, you are required to set up an automatic monthly transfer of at least $25 from your checking account to your Goal Savings account.

Depending on your goal, you can transfer more money into your account automatically and more frequently on a weekly, bi-weekly, or monthly basis as well.

This account is interest bearing and account holders will get the same benefits that the Standard Savings Account provides.

This account would be a good option for someone looking to automate savings for a short term financial goal. If you’re looking to save for a long-term financial goal, you might want to consider getting a higher interest rate with another savings account.

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Star Savers Club Account

An FDIC-insured savings account for kids.

APY

Minimum Balance Amount

0.01%

Under $500

0.01%

$500 - $999

0.01%

$1,000 - $4,999

0.01%

$5,000 - $9,999

0.01%

$10,000+

  • Minimum opening deposit: $25
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee: $0
  • ATM fee: $0 (Non-U.S. Bank ATM fees may apply)
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more
  • Extended Overdraft fee: $36 (Charged if available balance remains negative for seven consecutive calendar days)
  • Excessive withdrawal fee: N/A

The Star Savers Club account is a savings account geared toward minors ages 17 and under. We like that this account is interest bearing and has no monthly maintenance fee, but it doesn’t have any other features or perks to help get kids excited about saving money.

This account will convert to a Standard Savings Account when the minor reaches the age of 18.

How to get a U.S. Bank savings account

In order to sign up for U.S. Bank’s Star Savers Club Account, you need to visit a local branch and fill out an application in person.

For the Goal Savings or Standard Savings account, you can apply online. You’ll need to provide your social security number, driver’s license, State ID, and be at least 18 years old. For the Goal Savings account, you’ll need to have an existing U.S. Bank checking account or open a new one. You can also call the bank to apply for a savings account via phone.

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How U.S. Bank’s savings accounts compare

U.S. Bank doesn’t offer much variety in terms of its savings account products. What’s worse is that they all provide the same low interest rate no matter how much you save. The Star Savers Club Account for minors is a good idea, but you may be able to get a better return at a credit union or by opening up a 529 Plan for your child and teaching them savings principles that way.

The best thing going for U.S. Bank’s savings accounts is their low opening deposit, seeing as how some other banks require you to deposit thousands of dollars just to open an interest-bearing savings account.

However, if you’re willing to use an online bank, you can likely find a better interest rate along with a lower or $0 opening deposit. Check out some of these savings account options to compare.

U.S. Bank’s CD rates

U.S. Bank CD Account

Standard CD that suits a variety of investing needs.

Term

CD Amount

APY

1 Month

$500 - $249,999

0.05%

2 Month

$500 - $249,999

0.05%

3 Month

$500 - $249,999

0.05%

6 Month

$500 - $249,999

0.05%

12 Month

$500 - $249,999

0.10%

18 Month

$500 - $249,999

0.15%

24 Month

$500 - $249,999

0.20%

36 Month

$500 - $249,999

0.35%

48 Month

$500 - $249,999

0.50%

60 Month

$500 - $249,999

0.75%

  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Interest you would have earned on your balance

U.S. Bank’s standard CD has various terms to accommodate each person’s investing needs along with a fixed rate of return for the term you choose. All of the bank’s CD products are FDIC-insured.

Interest is accrued at the end of the term or annually, whichever comes first. If you withdraw funds before your CD matures, you’ll be charged a penalty which will reduce the interest earnings you would have made for a specified period of time.

The rates for U.S. Bank’s CDs are higher than their savings accounts, making them a better option if you can afford the minimum opening deposit and want to save money for a specific term.

When your term is up, you can automatically renew your CD, but the APY may be different depending on what current rates are in your area.

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CD Special

Limited terms, but allows you to lock in better rates.

Term

CD Amount

APY

11 Months

$1,000 - $249,999

2.25%

19 Month

$1,000 - $249,999

2.30%

37 Month

$1,000 - $249,999

1.85%

59 Month

$1,000 - $249,999

2.00%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Interest you would have earned on your balance

If you have a little more money to deposit to open a CD account, you may be able to take advantage of U.S. Bank’s special CD rates.

These rates are more competitive than the standard CD rate, but you’ll only be able to lock them in for your initial term. After your term is up, you can automatically renew your CD at the current rate in your area.

If you choose to withdraw funds before your term is up, you’ll be charged a penalty in the form of a deduction of the interest earnings you would have made for a specified period of time.

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Step Up CD

Boost your return for saving money over time with this CD.

Term

CD Amount

Blended APY

28 Month

$1,000 - $249,999

0.40%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Interest you would have earned on your balance

With a step-up CD, interest rates automatically adjust at predetermined times during your term length.

The good thing is that these rates are locked in so you don’t have to worry about monitoring the market. U.S. Bank’s step-up CD has an increasing rate every 7 months. The blended APY assumes the principal and interest remain on deposit for the term of the certificate.

All interest payments for the APY will be made at the end of your term or annually (whichever is first).

The only downside, is that the 28-month term is the only option customers have. Still, this is a low-effort way to diversify your portfolio and receive a guaranteed return.

Like U.S. Bank’s other CD products, you’ll be charged an interest deduction penalty if you withdraw funds before your term ends.

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Trade Up CD

Trade up your interest rate during the same term.

Term

CD Amount

APY

30 Month

$1,000 - $249,999

0.40%

60 Month

$1,000 - $249,999

0.80%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Interest you would have earned on your balance

U.S. Bank’s trade up CD allows you to invest in a longer term CD, but also get the advantage of receiving an increased APY during your same term.

Normally with CDs, you lock in a specific rate during the life of your term. If rates go up or specials are offered, you can’t take advantage of the higher rates if you’re already locked into a term.

With this trade up CD account, you have the option to unlock your current interest rate and lock in a higher rate during your initial term.

You just need a minimum opening deposit of at least $1,000 and all interest payments are made at the end of the term or annually, whichever is first.

How to get U.S. Bank’s CDs

To open a U.S. Bank CD account, you can apply online. You’ll need your social security number, driver’s license, State ID or Military ID to apply. You also need to be at least 18 years old and a legal U.S. resident.

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How U.S. Bank’s CD rates compare

U.S. Bank’s standard CD rates are pretty low compared to what other banks are offering, but the opening deposit is more affordable as well.

Its special CD rates line up better with some of the most competitive CD rates at other banks. The major downside is that you may not be able to lock in such a good rate after your CD term is up. Compare current top CD rates here.

U.S. Bank’s money market account options

Standard Money Market Account

A basic money market account that pays more interest.

APY

Minimum Balance Amount

0.04%

Under $1,000

0.04%

$1,000 - $9,999

0.05%

$10,000 - $24,999

0.05%

$25,000+

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10
  • ATM fee: $0 (Non-U.S. Bank ATM fees apply)
  • ATM fee refund: None
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more
  • Excessive withdrawal fee: $15

This is a basic money market account that comes with standard U.S. Bank features, including online and mobile banking, online statements, free ATM transactions, and account alerts via text.

The account is interest bearing and can also be used as overdraft protection for another U.S. Bank personal account.

The minimum opening deposit for this account is higher than U.S. Bank’s checking and savings account, but it does provide a slightly higher return.

If you want to waive the monthly account maintenance fee, you’ll need to maintain a $1,000 daily balance, or a $2,500 monthly collected balance.

In compliance with Regulation D, which limits savings accounts withdrawals to a maximum of six per statement cycle, account holders will be charged a fee per withdrawal that exceeds that amount.

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Package Money Market Savings

Available to Silver and Gold Checking account holders only.

APY

Minimum Balance Amount

0.04%

Under $1,000

0.04%

$1,000 - $9,999

0.05%

$10,000 - $49,999

0.07%

$50,000 - $99,999

0.07%

$100,000 - $499,000

0.07%

$500,000+

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: $0 (Non-U.S. Bank ATM fees apply)
  • ATM fee refund: None
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more
  • Excessive withdrawal fee: $15

Package Money Market savings is an account only available to Silver and Gold Checking account holders. We like that it has a reasonable opening deposit amount and no monthly maintenance fee.

It is also interest bearing and provides the potential to earn a higher rate than the standard money market account. However, you’ll have to save a lot more to get it.

Its balance requirements to earn the highest APY are pretty steep and you may be better off investing your money elsewhere to get a better return. Still, with this money market account you’d be receiving a guaranteed rate of return which may appeal to some people looking for a risk-averse savings option.

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Platinum Select Money Market Savings

Available to only Platinum Checking Account holders.

APY

Minimum Balance Amount

0.05%

Under $1,500

0.05%

$1,500 - $9,999

0.25%

$10,000 - $49,999

0.30%

$50,000 - $99,999

0.30%

$100,000 - $499,999

0.35%

$500,000+

Bonus APY

APY

Minimum Balance Amount

1.12%

$10,000 - $49,999

1.15%

$50,000 - $99,999

1.15%

$100,000 - $499,000

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: $0 (Non-U.S. Bank ATM fees apply)
  • ATM fee refund: None
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more
  • Excessive withdrawal fee: $15

The Platinum Select Money Market savings account has no monthly maintenance fee and offers a far better APY than U.S. Bank’s other money market accounts.

Customers also have access to an introductory bonus rate for the first 12 months after opening an account. The APY bonus rate will be applied to account balances between $10,000 and $499,000. After the 12 month period, the introductory bonus rate will expire and your APY will decrease to the original figures shown in Table 1.

While it’s great to see U.S. Bank offering competitive money market rates, they’re only available for a limited time and you must deposit at least $10,000 into your account, which will be difficult for some people.

In order to get this account, you must have the Platinum Checking Package which is the top tier checking account offered by U.S. Bank.

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Elite Money Market Account

A high balance is required, but the interest doesn’t add up.

APY

Minimum Balance Amount

0.04%

Under $10,000

0.05%

$10,000 - $24,999

0.05%

$25,000 - $49,999

0.06%

$50,000 - $99,999

0.06%

$100,000 - $499,999

0.06%

$500,000+

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10
  • ATM fee: $0 (Non-U.S. Bank ATM fees apply)
  • ATM fee refund: None
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more
  • Excessive withdrawal fee: $15 per transaction

The Elite Money Market account is geared toward savers who can deposit large amounts of money since there are tiered interest rates that pay more for higher balances.

Unlike the Platinum Select Money Market savings account, the interest rate is generally lower and there aren’t any APY bonuses for new account holders.

This account doesn’t require you to have a specific U.S. Bank checking account like the Platinum Select Money Market does.

There is a monthly account maintenance fee that can be waived if you are able to keep a daily balance of $10,000. For this reason, this isn’t our favorite Money Market account from U.S. Bank.

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Retirement Money Market Savings

Save for retirement and earn tiered interest rates over time.

APY

Minimum Balance Amount

0.05%

Under $5,000

0.10%

$5,000 - $9,999

0.10%

$10,000 - $24,999

0.10%

$25,000 - $49,999

0.10%

$50,000 - $99,999

0.10%

$100,000+

Bonus APY

APY

Minimum Balance Amount

0.55%

Under $5,000

0.60%

$5,000 - $9,999

0.60%

$10,000 - $24,999

0.60%

$25,000 - $49,999

0.60%

$50,000 - $99,999

0.60%

$100,000+

  • Minimum opening deposit: $100 or $25 monthly automatic deposit
  • Monthly account maintenance fee: $0

U.S. Bank’s Retirement Money Market savings account offers the tax-advantaged benefits of investing in an IRA, along with the security of earning a fixed rate of return.

There is no monthly maintenance fee and in order to earn the bonus APY, you need to have a U.S. Bank Silver, Gold, Platinum, or Silver Elite checking account.

To earn the bonus rate, you must also maintain a combined deposit balance requirement of $25,000 and this includes customer checking, savings, money market, CDs and IRAs.

This account would be best for someone who is looking to diversify their investments and utilize more conservative options.

How to get a U.S. Bank money market account

You can get a U.S. Bank money market account by applying securely online. You can also apply at your local U.S. Bank branch or by calling the bank. For the Money Market Retirement account, you can only apply in your local branch.

You’ll need your social security number, driver’s license, State ID or Military ID to apply. You also need to be at least 18 years old and a legal U.S. resident.

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How U.S Bank’s money market accounts compare

U.S. Bank offers different types of money market accounts geared toward different types of savers. However, its accounts with tiered interest rates fail to live up to the expectation that someone who saves more for a specified period of time would get rewarded with a higher interest rate.

U.S. Bank’s money market accounts all have a very low APY just like many other traditional banks. While they offer a competitive bonus APY, it’s only available for 12 months and not ideal for someone looking to save and get a higher return on their money in the long-term.

If you’re looking for better money market rates and no monthly maintenance fees, you’d be better off checking out other money market options from top online banks.

Overall review of U.S. Bank’s banking products

U.S. Bank offers a full line of personal banking products, some of which complement each other. Some of its checking account packages pair well with corresponding money market accounts.

Having a specific checking account with the bank can also allow you to unlock better Money Market Retirement account rates.

While U.S. Bank is very widely known, it is a traditional bank with rates that reflect that fact. When compared to other online banks that don’t have dozens of physical branches all over the country, U.S. Bank’s CD, savings account, and money market rates fail to compete.

Their monthly maintenance fees are also high and, in some cases, difficult to waive. While the bank offers customers other benefits like no ATM fees, overdraft protection, a rewards savings program and homeowner closing cost credits, if you’re looking to get the most bang for your buck, the rates are just not there.

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Chonce Maddox
Chonce Maddox |

Chonce Maddox is a writer at MagnifyMoney. You can email Chonce at [email protected]