US Bank does not currently offer a dedicated high yield savings account
US Bank's standard savings accounts earn interest rates well below what you can find elsewhere. As of now, US Bank does not market a separate high yield savings product. Their regular savings accounts typically pay rates in the range of 0.01% to 0.05% annual percentage yield (APY), depending on your account type and balance. For comparison, online banks and credit unions often offer rates between 4% and 5% APY on savings accounts with no monthly fees.
If you already bank with US Bank and want to keep your money there, you have limited options for earning meaningful interest. Your choices are either to accept the lower rate on their standard savings account, move your savings to another institution, or use a combination of both—keeping checking and bill-pay with US Bank while holding savings elsewhere.
Key Takeaways
- US Bank's savings accounts pay rates between 0.01% and 0.05% APY, which is significantly lower than high yield accounts offered by online banks.
- You can open a savings account at US Bank, but you will not earn competitive interest rates compared to other financial institutions.
- If earning interest on savings is a priority, moving your money to an online bank or credit union will result in substantially higher returns.
- Some people keep a US Bank savings account for convenience while maintaining a high yield account elsewhere for the interest earnings.
US Bank's Actual Savings Account Options
US Bank offers a few different savings products, but none are positioned as high yield accounts. The main option is their standard savings account, which requires a minimum opening deposit (typically $25 to $100) and charges a monthly maintenance fee if you do not meet balance requirements. The fee is usually waived if you maintain a minimum balance—often $300 to $500 depending on your account tier.
US Bank also offers money market accounts, which sometimes pay slightly higher rates than savings accounts but still fall well short of what online banks offer. These accounts may have higher minimum balance requirements and limited monthly transactions. The rates on both products are set by US Bank and adjusted periodically, but they remain low relative to the broader market.
Why US Bank's Rates Are Lower
US Bank is a traditional brick-and-mortar bank with physical branches across the country. Operating branches, employing tellers, and maintaining physical locations costs money. Those costs are reflected in lower interest rates paid to depositors. Online banks have no branches, no tellers, and lower overhead, so they can pass savings along to customers through higher interest rates.
US Bank's business model also relies on lending money out at higher rates than they pay depositors. The wider the gap between what they pay you and what they charge borrowers, the more profit they make. Online banks often operate on thinner margins and compete primarily on interest rates, so they narrow that gap in your favor.
Where to Find Higher Rates if You Leave US Bank
If you move your savings to earn better interest, online banks are the most straightforward option. Institutions like Marcus by Goldman Sachs, Ally Bank, and American Express Personal Savings offer rates that are typically 50 to 100 times higher than US Bank's rates. These accounts have no monthly fees, no minimum balance requirements, and the same federal deposit insurance (FDIC protection up to $250,000) that US Bank offers.
Credit unions are another option. Many credit unions offer high yield savings accounts or share savings accounts with competitive rates. You may need to live or work in a specific area to join, or meet other membership requirements, but rates are often comparable to online banks. The National Credit Union Administration (NCUA) insures credit union deposits the same way the FDIC insures bank deposits.
You do not have to choose one institution. Many people keep a checking account with US Bank for convenience and bill-pay, then hold their savings in a high yield account elsewhere. Money transfers between institutions typically take one to three business days, so this approach works well if you do not need when ready access to your savings.
What to Check Before Moving Your Savings
Before opening a high yield account elsewhere, confirm that the institution is FDIC-insured (for banks) or NCUA-insured (for credit unions). This protects your money up to $250,000 if the institution fails. You can verify FDIC insurance on the FDIC's website by searching for the bank's name, and NCUA insurance the same way on the NCUA's website.
Check the current APY and whether it is promotional or permanent. Some banks offer a higher rate for a limited time, then drop it. Read the account terms to see if there are any restrictions on how often you can withdraw money or transfer funds. Most high yield savings accounts allow six withdrawals per month without penalty, though this rule has become less common in recent years.
Look at how the bank handles deposits. If you are moving money from US Bank, confirm that the new bank accepts transfers from external accounts and how long the process takes. Most online banks can link to your US Bank account and pull money directly, which is faster and simpler than wire transfers.
Keeping Money at US Bank Despite Lower Rates
Some people choose to keep savings at US Bank anyway, for reasons that have nothing to do with interest rates. If you use US Bank's checking account and bill-pay heavily, having savings in the same place may feel more convenient. You can see all your accounts in one login and move money between them when ready. If you value in-person banking and want to speak to someone face-to-face about your accounts, US Bank's branches are available.
The cost of this convenience is real, though. If you keep $10,000 in a US Bank savings account earning 0.05% APY instead of a high yield account earning 4.5% APY, you are giving up roughly $450 per year in interest. Over five years, that gap grows to more than $2,300. For many people, that difference is worth moving the money.
Frequently Asked Questions
Can I earn interest on my US Bank checking account?
US Bank checking accounts do not earn interest. Some banks offer interest-bearing checking accounts, but US Bank's checking products are non-interest-bearing. If you want to earn interest on your money, you must open a savings or money market account, either at US Bank or elsewhere.
What happens to my money if US Bank fails?
Your deposits at US Bank are protected by FDIC insurance up to $250,000 per account type. This means if US Bank becomes insolvent, the FDIC will reimburse you for your balance. This protection applies whether you have a savings account, checking account, or money market account at US Bank.
If I move my savings to another bank, will I lose access to my US Bank account?
No. Opening a high yield savings account elsewhere does not affect your US Bank accounts. You can keep your checking account and any other US Bank products active while holding savings somewhere else. You can transfer money between the institutions as needed.
How often do banks change their savings rates?
Banks can change savings rates at any time without notice, though most give customers advance warning. US Bank adjusts rates periodically based on market conditions and their own business decisions. Online banks also change rates frequently, so the current rate you see may not be the rate you earn six months from now.
Do I need a minimum balance to open a high yield savings account?
Most online banks with high yield savings accounts have no minimum balance requirement. You can open an account with $1 and start earning interest when ready. This is one advantage online banks have over traditional banks like US Bank, which often require $25 to $100 to open a savings account.