US Bank offers a standard savings account that earns the same APY regardless of your balance. While the bank is known to innovate, the US Bank savings account offers a very low interest rate. Those looking for a competitive savings rate should look elsewhere.
US Bank was rated 3.3 out of 5 in Bankrate’s overall rating.
US bank savings rate
Let’s look at the US Bank savings account rate.
|Account name||Interest rate||APY||Minimum deposit|
|Standard savings account||0.01%||0.01%||25 $|
Note: APYs (Annual Percentage Yield) shown as of August 23, 2021. APYs for some products may vary by region.
How U.S. banks’ savings rates compare to those of the most profitable banks
The yield of the American bank is very low. If you open their standard savings account, you will earn almost no interest, which is the case with many big banks. Savers could get a much higher payout by opening an account with an online banking competitor, like BMO Harris, CIT Bank, or Marcus of Goldman Sachs.
Other Savings Options at US Bank
If you want an alternative to a savings account but still want to do banking with US Bank, the institution also offers certificates of deposit. Usually, CD rates are also quite low, but some of the US Bank promotional term CDs have more attractive rates, which makes them attractive.
The bank also offers money market accounts, but again the yields are low and you can find better APYs elsewhere.