U.S. Bank Savings Account Review: U.S. Bank Savings Fees, Rates, and Interest
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U.S. Bank Savings Account Review: Fees, Rates, and Interest
Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). 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 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 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:
| Account | APY |
| U.S. Bank Standard Savings Account | 0.01% APY on all balances |
U.S. Bank Standard Savings Account Review
The U.S. Bank Standard Savings Account 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.
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.
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U.S. Bank Standard Savings Account
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Chase Savings℠
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Wells Fargo Way2Save® Savings Account
U.S. Bank Savings Account vs. Chase Savings Account
Chase Savings℠ doesn't require an initial deposit, while U.S. Bank Standard Savings Account needs a minimum of at least $25.
Chase Savings℠ offers more ways to waive the monthly service than the U.S. Bank Standard Savings Account. To waive the $5 monthly service on Chase Savings℠, 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℠ and the U.S. Bank Standard Savings Account 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 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 also automatically waives monthly service fees for anyone age 24 or younger.
The Wells Fargo Way2Save® Savings Account pays a slightly higher interest rate than the U.S. Bank Standard Savings Account. 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 pays 0.01% to 3.50% (varies by location) APY. You may also get a U.S. Bank Standard CD. Standard CDs pay 0.05% to 0.25% APY depending on the term.
Frequently Asked Questions
The U.S. Bank Standard Savings Account has a $4 monthly service fee (with options to waive). 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.
Yes. The U.S. Bank Standard Savings Account is federally insured. Up to $250,000 is secure per depositor.
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