What is a savings account?

A savings account is a safe place to hold your money. It’s meant to help you build your money for the future. There are several types of savings accounts including:

  • Basic savings
  • Money market
  • Certificates of deposit

What are the differences between the three types of savings accounts?

A savings account is meant to help you grow your money or set aside funds for a specific goal, such as a large purchase or a safety net fund. All U.S. Bank savings accounts accrue interest.

A money market account is a cross between a checking and a savings account. It offers the debit card and check-writing features of a checking account with the interest-bearing nature of a savings account only with higher interest rates.

A certificate of deposit (CD) account offers a higher interest rate than a traditional savings account, but you must leave your money untouched for an agreed upon time. This time period is known as the term length. If you withdraw your funds before the term is done, you usually need to pay an early withdrawal penalty and/or fee.

All our savings accounts include:

  • Branches in more than 25 states
  • One of the largest ATM networks in America
  • No surcharges at MoneyPass® Network ATMs4

Find a branch or ATM near you, in the app or at locations.usbank.com.

How to get a monthly maintenance fee waiver

Standard Savings Account

Do any one of the following:

  • Maintain a $300 minimum daily balance5
  • Keep a $1,000 average monthly collected balance6
  • Hold the account jointly with an individual age 17 and under7
  • Open a U.S. Bank Smartly® Checking account and enroll in the Smart Rewards® Primary tier or above

Elite Money Market Account

Retirement Money Market Account

No monthly maintenance fee

Take control of your financial wellness.

Bank Smartly® with U.S. Bank by tapping into an array of tools, programs and resources that work together to put you - and keep you - on the road to financial wellness.

Download the U.S. Bank Mobile App and explore ways to manage cash easily, move money safely and save and spend wisely.

Learn how to Bank Smartly with U.S. Bank
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Learn more about personal finance.

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

Make your accounts work harder for you.

Learn which type of account to use to achieve your financial goals.

Learn more

Does your savings plan match your lifestyle?

You already have short- and long-term goals in mind. The next step is figuring out the most effective way to save.

Learn more

How saving gives you peace of mind

Healthy money habits deliver a sense of well-being, no matter how much you earn.

Learn more

Take the next step

Get the app
Enroll in mobile & online banking
Find a branch
Make an appointment
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Disclosures

  1. A minimum opening deposit of $100 is required to open a U.S. Bank Elite Money Market account. Interest rates are determined at the bank’s discretion and can change at any time. Between June 7, 2023 and July 27, 2023, in select areas, open a new Elite Money Market account and receive an Annual Percentage Yield (APY) of 4.25% or 4.50% on balances starting at $25,000. Balances below $25,000 will receive the standard variable interest rate in effect at the time. The following total account balance tiers and APYs are accurate as of June 7, 2023 and are dependent on geographical area: Under $10,000: 0.01% or 0.05%; $10,000 to $24,999.99: 0.01% or 0.05%; $25,000 to $49,999.99: 4.25% or 4.50%; $50,000 to $99,999.99: 4.25% or 4.50%; $100,000 to $499,999.99: 4.25% or 4.50%; $500,000 and above: 4.25% or 4.50%. Interest will be compounded daily and credited to your savings account monthly. Fees could reduce earnings on the account.

    This offer is applicable to accounts opened at the participating branch, within U.S. Bank footprint, over the phone or online. Current U.S. Bank employees are eligible.

    Other restrictions may apply. All regular account opening procedures apply. For a comprehensive list of account pricing, terms and policies, see the Your Deposit Account Agreement (PDF) and the Consumer Pricing Information (PDF) disclosure. These documents can be obtained by contacting a U.S. Bank branch or calling 800-872-2657.

  2. 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.

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

  4. 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 “Show MoneyPass® ATM Network locations” in the ATM locator. 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.

  5. 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. For addtional information call 855-955-2760 or visit your local branch for a copy of Business Pricing Disclosure or visit https://www.usbank.com/dam/documents/pdf/Deposit-Account-Agreement.pdf to view Your Deposit Account Agreement (YDAA).

  6. 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.

  7. Account will 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.

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