Latest Updates On U.S. Bank Savings Account Interest Rates For 2024, What Is The Pros?

DEBARYLIFE – Your savings path and the checking and savings accounts you select to support and steer your financial objectives should be as distinct as you are.

A savings account can be helpful if you want an easy-to-use mobile banking app or overdraft protection. Your money will grow with the annual percentage yield that savings accounts earn.

Overview of U.S. Bank Savings Accounts

U.S. Bank offers just one type of regular personal savings account. This account has many additional important aspects to take into consideration, even though its rate is far lower than that of high-yield savings accounts (it has an APY of just 0.01% compared to the national average of 0.46%).

Holders of Standard Savings accounts are not charged a transaction or surcharge fee while using any ATM operated by U.S. Bank. You can get free overdraft protection by connecting your Standard Savings account to your checking account if you have one.

By linking your accounts, you can set up periodic transfers from the checking account to automate savings.

You can set up email or text account alerts to receive notifications when your balance is low, as well as to be informed of transfers and other account activities, to help you manage your money more effectively.

View your statements online by logging into your account; U.S. Bank automatically archives them for free, so you can see everything you’ve done.

Key insights on the Standard Savings account are as follows:

-To open the account, a comparatively small $25 minimum deposit is required.
Any one of the following can be used to waive the $4 monthly maintenance fee:
$300 is the daily minimum balance.

-Average monthly collected balance of $1,000

-A Smartly Checking account with U.S. Bank and membership in the Primary tier of Smart Rewards or above

-Amounts under eighteen (18) do not apply to account holders.

NOTES:  It’s crucial to remember that interest rates offered by US banks can change based on your ZIP code.

Interest rates on U.S. bank savings accounts

U.S. Bank offers an APY of 0.05% on its Basic Business Savings account, in addition to its principal savings option, the Standard Savings account. To avoid the monthly maintenance cost, there is a $500 minimum daily balance requirement for this account.

Although any type of business, including a sole proprietorship, can create a business account, regular customers are more likely to open a Standard Savings account with U.S. Bank.

Breakdown of US Bank Savings Interest Rates by Account ApY Standard Savings 0.01%
Basic Savings for Businesses 0.05%

Savings rates at US banks in comparison to those at other banks

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You can decide if a specific bank is the best fit for you by comparing the accounts of similar institutions.

The savings rate on PNC Bank’s Standard Savings account is identical to that of U.S. Bank at 0.01% APY; however, the rate is doubled or tripled, depending on your balance, when you join a checking account. The PNC account has a $5 monthly service fee you can waive with a $300 average monthly balance, the addition of a chosen PNC checking account or an auto savings transfer of at least $25 each statement period.

Truist One Savings is the corresponding savings account of Truist Bank. It provides the same 0.01% APY with no link as PNC and U.S. Bank. The Truist account requires a $50 initial deposit, and if you add any relevant Truist checking product or maintain a minimum daily ledger balance of $300, you can avoid the $5 monthly maintenance cost.

Are You a Good Fit for a U.S. Bank Savings Account?

If you’re looking for simple, FDIC-insured basic savings alternatives, the U.S. Bank savings account is the ideal choice.

The lack of a high-yield savings account and the meager APY that is offered—well below the national average—mean that interest rates at U.S. Bank may not be sufficient to meet your goals of faster savings growth.

Pros of US Bank Savings

Regardless of the balance, get the same APY.

If you maintain a minimum daily balance of $300, the monthly charge is waived.
US Bank Savings Cons: APY significantly lower than the country as a whole
Not a savings account with a high yield

U.S. Bank: Additional Savings Choices

With a range of certificates of deposit and money market accounts, U.S. Bank still has you covered if you want to venture out or get more for your money than the Standard Savings option.

Account for Elite Money Market

A high-yield account that combines checking and savings account characteristics is the U.S. Bank Elite Money Market account. You can access your money by using your debit card, writing a check, or transferring funds into another account, even if the main purpose of the account is saving.

This account requires a $100 minimum starting deposit, which is standard for money market accounts. With a $10,000 minimum daily balance, a U.S. Bank Smartly Checking account, and registration in the Smart Rewards program with a minimum tier of Primary, the $10 monthly maintenance cost associated with the account can be avoided.

The primary drawback of this account is that you must have a sizable amount (at least $25,000, to be exact) in order to qualify for the peak APY of 4.25%. If not, the APY is equal to the standard savings account rate, or merely 0.01%.

With CDs from U.S. Bank, you may plan your savings to best fit your long- and short-term goal timeframes. Term lengths range from one month to five years. Opening a standard CD only costs $500, and regardless of your amount, you always earn the same rate regardless of the period.

The interest rates on regular CDs offered by U.S. banks currently range from 0.05% for a one-month term to 0.25% for a 60-month period.

If those prices don’t satisfy your needs, think about a CD special. Presently available in odd-number terms of seven, eleven, and fifteen months, specials have comparatively short durations but yield noticeably higher rates. The APY range for CD special rates is 3.55% to 4.55%.

U.S. Bank has a step-up CD with locked-in rate increases and a trade-up CD that allows you to benefit from rising interest rates once per term if you’d like a little more flexibility.

Last Take to Go

It’s a good idea to save any money you can for a rainy day. The fact that you have money set aside for your future, or even just unexpected needs, goes a long way to not put a wrench in your financial works.

A basic account like Standard Savings won’t chip away at your balance with exorbitant fees, and the auto savings options help you develop the habit of saving regularly. The U.S. Bank savings interest rate is low unless you maintain a big money market level or tie up your money in a CD special.