Traditional savings accounts

Standard Savings Account

Best for

  • First-time savers
  • Carrying a lower balance
  • Creating multiple savings goals
  • Instant access to your money

Monthly maintenance fee

$4

See how to waive the fee.234

Minimum opening deposit

$25

Start saving Learn more
Elite Money Market Account

Best for

  • Greater interest-earning power
  • Benefits similar to a checking account
  • Easy access to funds when you need them

Earn up to X.XX% APY when you deposit at least $25,000 into a new Elite Money Market Account or an existing account that was opened within the last 30 days.1

 

Already have a money market account? Log in and select products and offers to view your personalized rates.5

Monthly maintenance fee

$10

See how to waive the fee.2

Minimum opening deposit

$100

Start saving Learn more
Retirement Money Market Account

Best for

  • Creating diversity in your retirement portfolio6
  • Competitive, tiered interest rates
  • Tax advantages
  • No monthly maintenance fees

Monthly maintenance fee

$0

Minimum opening deposit

$100 or just $25 with an automatic monthly deposit

Apply in a branch Learn more

Grow your savings with a certificate of deposit (CD).

CDs may be a good choice if you have some money in savings that you’re unlikely to need right away. They offer a higher interest rate than a traditional savings account in exchange for leaving your money untouched for an agreed upon time.

Minimum opening deposit

$500 up to a maximum of $250,000

Learn more about CDs and see rates.

Already bank with us? Log in and select products and offers to view your personalized rates.

Get started on the path to financial success.

Open a bank account for a minor.

Teaching your kids about money is an important part of being a parent. A joint account can help them learn about saving, budgeting and spending responsibly. Discover the features of a U.S. Bank Smartly® Checking account and the special benefits available for Youth ages 13 through 17.

Learn more Open an account

Open your first bank account.

Learning good financial habits starts at a young age. Establishing your own bank account will help you build a strong foundation for independence and future success. Explore the features of a U.S. Bank Smartly Checking account and the special rewards available to Young Adults ages 18 through 24.

Learn more Open an account

Savings accounts come with a variety of benefits.

Open a U.S. Bank savings account and enjoy the following benefits.

Easy to waive maintenance fees

Save on maintenance fees if you’re a U.S. Bank Smartly® Checking accountholder enrolled in the Smart Rewards® Primary tier or above or meet one of the other fee waiver requirements for a Standard Savings Account or Elite Money Market Account.

Overdraft protection

Avoid the inconvenience of an unexpected shortage of funds by linking your account to a U.S. Bank Smartly Checking account. See Your Deposit Account Agreement for a full list of options.

Mobile and online banking

Enjoy industry-leading, secure digital banking tools and services that allow you to bank how, when and where you want.

E-statements

Access your savings account statements through mobile and online banking anytime, free of charge.

Custom account alerts

Set up text or email reminders about transfers, low balances and other important account activity.7

Extensive ATM network

Save on ATM transaction fees at U.S. Bank ATMs and gain access to one of the largest branch and ATM networks  in America.8

Confidence and security

Get the added protection of the Federal Deposit Insurance Corporation (FDIC). Savings accounts at U.S. Bank are FDIC-insured to the maximum amount allowed by the FDIC. The standard insurance amount is $250,000 per depositor, for each deposit insurance ownership category.9

Easy access to funds

Tap into your savings whenever you need it by transferring money or accessing one of the largest ATM networks in America.

Award-winning digital tools

U.S. Bank was ranked #1 overall in mobile banking, including #1 for our mobile app.10 The U.S. Bank Mobile App allows you to manage cash easily, move money safely and save and spend wisely.

Get the app

Get answers to common questions about savings accounts.

A savings account is a type of bank account that allows you to safely save money while earning interest. Savings can come in the form of a traditional savings account, a money market account or a certificate of deposit (CD).

Apply: Open a Standard Savings Account or an Elite Money Market Account via our mobile app or online banking in just minutes by answering a few quick questions about yourself. You can also apply in person at any of our 2,100 branches.

Add money to your account: A minimum deposit of $25 for Standard Savings Accounts or $100 for Elite Money Market Accounts is all it takes to get started.

Maximize your savings: Take advantage of the interest-earning power savings accounts offer and automated savings options that give you a hassle-free way to save when you link your savings account to another U.S. Bank account and set up recurring transfers.

When you deposit money and leave it in a savings account, it will accrue interest over time. You agree to let the bank keep your money for a while (sometimes a set amount of time, as with a CD, and sometimes indefinitely, as with a savings account). In return, the bank gives you a percentage of interest on that cash.

When it comes to savings accounts, there is no one-size-fits-all approach. Individuals have unique financial needs, values and goals, which is why there are often multiple types of accounts with varying fees, interest rates and benefits. Consider your financial habits and future plans to help you determine what makes the most sense for you.

Popular options like money market accounts and CDs are worth considering if you’re looking to make the most of your savings. Money market accounts allow you to grow your savings with tiered interest rates that may pay more for higher balances. In comparison, CDs offer a greater return on your savings with higher fixed interest rates in exchange for leaving your money untouched for a longer term.

In exchange for keeping money in your savings account, you get a small financial return, known as interest. It gets calculated as a percentage of the balance you maintain in the account. So, if you have $1,000 in your savings account and the interest rate is 2% annually, you’d accrue $20 of interest in a year.

Yes, you can easily open a Standard Savings Account or Elite Money Market Account in minutes online.

Resources

Explore helpful savings education.

Check out these helpful articles to find answers to questions about savings accounts or brush up on other financial topics.

9 simple ways to save

Discover habits that can help you save long-term.

Read more

Savings account interest rates: Myths vs. facts

Read up on common misconceptions about saving.

Read more

Certificates of deposit: How they work to grow your money

Learn how CDs work, when to consider one and your options.

Read more

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Disclosures

  1. How to obtain the rate: This rate is valid on new accounts for clients who do not have an existing consumer money market account or for clients with an existing consumer money market account that has been open for less than 30 days. Get the Annual Percentage Yield (APY) as noted above by depositing at least $25,000 within 30 days of account opening. A minimum opening deposit of $100 is required to open. 

    How to maintain the rate: By depositing at least $25,000 within 30 days of account opening and maintaining a minimum daily balance of at least $25,000 each day thereafter. If the account balance falls below $25,000 the standard interest rate plan will be applied. All rates and APYs are determined at the bank's discretion, are subject to change after the account is opened, and can change at any time. Fees will reduce your eligible balance, and deposits are needed to cover these fees to maintain the daily balance for this rate offer.

    The following standard interest rate plan balance tiers and APYs are accurate as of today's date: Under $10,000: .01%; $10,000 to $24,999.99: .01%; $25,000 to $49,999.99: .25%; $50,000 to $99,999.99: .25%; $100,000 to $499,999.99: .25%; $500,000 and above: .25%.

    Interest Information: You must maintain the minimum daily balance needed for each tier in order to earn the Annual Percentage Yield (APY) disclosed. Interest will be compounded daily and credited to your account monthly. We use the daily balance method to calculate interest on all deposit accounts. This method applies a daily periodic rate to the principal in the account each day. Interest on your check deposit begins to accrue on the business day we receive credit for this account. If you close your account before interest is credited you will not receive the accrued interest. Fees could reduce earnings on the account. Other restrictions may apply.

    The rate table and disclosures will automatically update from the rate API.

  2. The daily balance is the balance at the end of each business day, equal to the beginning balance for that day plus the current business day credits, minus the current business day debits. Business days are Monday through Friday; federal holidays are not included.

  3. The average monthly collected balance is calculated by adding the principal in the account for each calendar day in the statement period and dividing that figure by the total number of calendar days in the statement period.

  4. Account may be assessed the Monthly Maintenance Fee when the account holder reaches 18 years of age. Account holder(s) age 13–17 will receive the monthly maintenance fee waiver under the Youth customer group. In the event the account holder is not currently a signer on the account the account holder must visit a branch with the custodian/guardian on the account to gain authority to access account funds.

  5. Variable rate account – Interest rates are determined at the bank’s discretion and may change at any time. Speak to a banker for current deposit rates, disclosures on rates, compounding and crediting and other balance information.

  6. This account requires an individual retirement account plan. Retirement Money Market accounts are only available at U.S. Bank branches.

  7. Text messaging fees – For text alerts, standard messaging charges apply through your mobile carrier and message frequency depends on account settings. Check with your carrier for specific fees and charges. Please be advised that the alerts may not be sent immediately.

  8. ATM Transaction Fee. U.S. Bank will assess this fee for each ATM Transaction conducted at the Non-U.S. Bank ATM. Non-U.S. Bank ATMs are defined as any ATM that does not display the U.S. Bank logo in any manner, physically on the ATM or digitally on the screen.

    ATM Surcharge: Non-U.S. Bank ATM owners may apply a surcharge fee on ATM transactions at their ATMs. U.S. Bank participates in MoneyPass®, an ATM surcharge free network. To find MoneyPass ATM locations, select “visit the MoneyPass locator” at the bottom of our ATM locator search results to be taken to the MoneyPass website. If you use an ATM that uses the MoneyPass® Network and are charged a surcharge fee, please contact us at 800-USBANKS (872-2657) for a refund of the surcharge fee.

    Please refer to the Consumer Pricing Information (PDF) disclosure section titled Miscellaneous Checking, Savings or Money Market Fees for a summary of ATM transaction fees.

  9. FDIC insured to the maximum allowed by law.

  10. Digital financial services benchmarking firm Keynova Group ranked U.S. Bank #1 for mobile apps in its Q1 2023 Mobile Banker Scorecard.

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Deposit products are offered by U.S. Bank National Association. Member FDIC.