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

How does a savings account work?

A savings account provides a safe place to put cash that you don’t need right away. It may accrue interest and can help you save money for a specific goal, such as a large purchase or a safety net fund.

All U.S Bank savings accounts accrue interest.

All our savings accounts include:

  • Branches in more than 25 states
  • One of the largest ATM networks in America
  • No surcharges at MoneyPass® Network ATMs3

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 balance4
  • Keep a $1,000 average monthly collected balance5
  • Hold the account jointly with an individual age 17 and under6
  • 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.

illustration of the U.S. Bank mobile app

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.

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.

How saving gives you peace of mind

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

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  1. 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.

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

  3. ATM Transaction FeeU.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.

  4. 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.

  5. Average monthly collected balance – 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.

  6. 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.