U.S. Bank Savings Account Review: Fees, Rates, and Interest

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U.S. Bank Savings Rate

The U.S. Bank Standard Savings Account - Product Name Only is the only U.S. Bank savings account offered.

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:

U.S. Bank Standard Savings Account - Product Name Only Review

The U.S. Bank Standard Savings Account - Product Name Only could be a decent option if you meet one of the requirements for waiving the U.S. Bank Standard Savings Account - Fees Display. 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.

U.S. Bank offers some of the best bank account bonuses out there. You could earn U.S. Bank Standard Savings Account - Intro Bonus. 

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 A- 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.

How U.S. Bank Savings Account Rates Compare

U.S. Bank Savings Account vs. Chase Savings Account

Chase Savings℠ - Product Name Only doesn't require an initial deposit, while U.S. Bank Standard Savings Account - Product Name Only needs a minimum of at least U.S. Bank Standard Savings Account - Minimum Deposit.

Chase Savings offers more ways to waive the monthly service than U.S. Standard Savings. To waive the Chase Savings℠ - Fees Display with Chase, 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 both offer low interest rates. You'll be better off with an online bank for a high yield — but both offer substantial sign-up bonuses.

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 Wells Fargo Way2Save® Savings Account - Fees Display on the Wells Fargo Way2Save® Savings Account - Product Name Only 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 - Product Name Only also automatically waives monthly service fees for anyone age 24 or younger.

The Wells Fargo Way2Save® Savings Account - Product Name Only pays a slightly higher interest rate than the U.S. Bank Standard Savings Account - Product Name Only. 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 - Product Name Only pays U.S. Bank Elite Money Market Account - APY APY. The bank also has several types of CDs to choose from. U.S. Bank CD rates are low overall, with the exception of its CD Special terms, which pay U.S. Bank CD Special - APY APY.

U.S. Bank Savings Frequently Asked Questions

Does a U.S. Bank Savings Account have any fees? 

The U.S. Bank Standard Savings Account - Product Name Only has a U.S. Bank Standard Savings Account - Fees Display. 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. 

Is the U.S. Bank Standard Savings Account FDIC insured? 

Yes. The U.S. Bank Standard Savings Account - Product Name Only is federally insured. Up to $250,000 is secure per depositor.