Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our partners, however, our opinions are our own. Terms apply to offers listed on this page.
The bottom line: The U.S. Bank Standard Savings Account – Product Name Only may be worthwhile if you’re opening a joint bank account for a child or meet one of the requirements to waive the monthly service fee. However, it pays a low interest rate, and our best online high-yield savings account guide may have savings accounts with more standout features.
U.S. Bank Savings Rate
The U.S. Bank Standard Savings Account – Product Name Only is the only U.S. Bank savings account offered. Other brick-and-mortar banks may have premium savings accounts or account packages that combine checking and savings accounts.
If you’re interested in getting a money market account or CD, you might consider U.S. Bank’s other savings options.
Below, you’ll find more information on the U.S. Bank savings account interest rate:
AccountAPYU.S. Bank Standard Savings Account – Product Name OnlyU.S. Bank Standard Savings Account – APY APY on all balances
U.S. Bank Standard Savings Account – Product Name Only Review
The U.S. Bank Standard Savings Account – Product Name Only 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.
If you are a new customer of U.S. Bank and open the U.S. Bank Standard Savings Account – Product Name Only, you may also qualify for a U.S. Bank Standard Savings Account – Featured Reward Value cash bonus.
To get the bonus, you must open this account by February 28, 2023, with the promo code “23WEB02” and a minimum opening deposit of U.S. Bank Standard Savings Account – Minimum Deposit. You also must deposit at least $15,000 by March 31, 2023 (only money that hasn’t been deposited into another U.S. bank account), and maintain that amount in your account until June 30.
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 B+ 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.
U.S. Bank Savings Account vs. Chase Savings Account
Chase Savings℠ – Product Name Only doesn’t require an initial deposit, while U.S. Bank Standard Savings Account – Product Name Only needs a minimum of at least U.S. Bank Standard Savings Account – Minimum Deposit.
Chase Savings℠ – Product Name Only offers more ways to waive the monthly service than the U.S. Bank Standard Savings Account – Product Name Only. To waive the $5 monthly service on Chase Savings℠ – Product Name Only, 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℠ – Product Name Only and the U.S. Bank Standard Savings Account – Product Name Only both offer low interest rates. If your priority is finding a high-yield savings account, you’ll want to consider other financial institutions.
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 fee on the Wells Fargo Way2Save® Savings Account – Product Name Only 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 – Product Name Only also automatically waives monthly service fees for anyone age 24 or younger.
The Wells Fargo Way2Save® Savings Account – Product Name Only pays a slightly higher interest rate than the U.S. Bank Standard Savings Account – Product Name Only. 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 – Product Name Only pays U.S. Bank Elite Money Market Account – APY APY. You may also get a U.S. Bank Standard CD – Product Name Only. Standard CDs pay U.S. Bank Standard CD – APY APY depending on the term.
Frequently Asked Questions
Does a U.S. Bank Savings Account have any fees?
The U.S. Bank Standard Savings Account – Product Name Only has a U.S. Bank Standard Savings Account – Fees Display. 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.
Is the U.S. Bank Standard Savings Account FDIC insured?
Yes. The U.S. Bank Standard Savings Account – Product Name Only is federally insured. Up to $250,000 is secure per depositor.