When you’re saving money, getting the best interest rate can help speed up the process. CDs stand out as a savings option since they often beat the returns offered by money market and savings accounts. They’re also a safe option, and they’re available in several varieties to suit different personal finance goals.
U.S. Bank, the fifth-largest bank in the nation, offers four types of CDs, including some with APYs that exceed the Federal Deposit Insurance Corp. (FDIC)’s national averages for CDs. We at the MarketWatch Guides team will look at the current U.S. Bank CD rates and features, along with the bank’s other savings products.
Key Takeaways
- U.S. Bank offers a variety of certificates of deposit (CD), but its best rates are for its CD Specials.
- U.S. Bank’s standard CDs have annual percentage yields (APY) well below national CD averages and competitors’ offerings.
- In addition to CDs, U.S. Bank also offers savings accounts and money market accounts.
- U.S. Bank is best for those who can take advantage of its special CD rates and are already bank customers.
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*Annual Percentage Yield
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U.S. Bank CD Rates
Since opening a U.S. Bank CD account requires that you keep your money deposited for the full term length to avoid an early withdrawal penalty, it’s important to consider the APY you’ll earn. U.S. Bank’s top rates occasionally beat what competing traditional banks are offering, though online banks tend to offer better rates overall.
Rates vary for the bank’s standard, special, step-up and trade-up CDs. The chosen term length affects your APY, and current customers may get higher interest rates on certain CDs. Each CD option is insured by the FDIC.
U.S. Bank Standard CD Rates
Requiring a $500 minimum deposit, the U.S. Bank standard CD features many term options from one month to five years. However, the standard CD rates fall significantly below the national averages.
| U.S. Bank CD Term | APY* | Minimum Deposit |
|---|---|---|
| 1 month | 0.05% | $500 |
| 2 months | 0.05% | $500 |
| 3 months | 0.05% | $500 |
| 6 months | 0.05% | $500 |
| 9 months | 0.05% | $500 |
| 1 year | 0.05% | $500 |
| 18 months | 0.05% | $500 |
| 2 years | 0.05% | $500 |
| 3 years | 0.10% | $500 |
| 4 years | 0.15% | $500 |
| 5 years | 0.25% | $500 |
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U.S. Bank Special CD Rates
U.S. Bank’s CD Specials have terms ranging from seven to 15 months and require a $1,000 minimum deposit. Its competitive, fixed rates are more than twice the national averages, according to the FDIC, for similar terms. Also, you may be able to earn better CD offers if you’re an existing customer.
| U.S. Bank CD Term | APY* | Minimum Deposit |
|---|---|---|
| 7 months | 4.00% | $1,000 |
| 11 months | 3.50% | $1,000 |
| 15 months | 3.00% | $1,000 |
U.S. Bank Step Up CD Rates
The U.S. Bank’s step-up CD has a 28-month term and a $1,000 minimum deposit requirement. Its APY changes every seven months and averages out to a 0.35% blended APY. While the 0.05% starting rate is very low, you’ll later get rate jumps to 0.25%, 0.45% and 0.65%.
| U.S. Bank CD Term | APY* | Minimum Deposit |
|---|---|---|
| 28 months | 0.35% (blended) | $1,000 |
U.S. Bank Trade Up CD Rates
With the trade-up CD, you can ask U.S. Bank to increase your rate once if it later advertises a better one for a CD term similar to the time left on yours. It requires $1,000 to open, and the five-year trade-up CD is more competitive than the five-year standard CD.
| U.S. Bank CD Term | APY* | Minimum Deposit |
|---|---|---|
| 30 months | 0.10% | $1,000 |
| 5 years | 0.40% | $1,000 |
U.S. Bank CD Rates vs. Competitors
Competing online-only banks offer higher interest rates that far exceed U.S. Bank’s one-year CD APY. Traditional banks also have more competitive options, though they may require making a large deposit or meeting relationship rate requirements. However, U.S. Bank’s $500 minimum deposit amount is less than the $1,000 to $2,500 several other banks require.
| Bank | APY on 1-Year CD* | Minimum Deposit | $2,500 Deposit Value at Close of CD |
|---|---|---|---|
| Bank of America | 0.03% | $1,000 | $2,500.75 (flexible CD) |
| Capital One | 4.50% | None | $2,614.85 |
| Citibank | 4.00% for balances below $100,000 | $500 | $2,602.02 |
| Discover | 4.70% | $2,500 | $2,620.30 |
| Synchrony Bank | 4.80% | None | $2,622.92 |
| U.S. Bank | 0.05% | $500 | $2,501.25 |
>> Related: Learn more about the different types of CDs
U.S. Bank Products
If you prefer flexible access to your savings and no early withdrawal penalties, U.S. Bank has traditional savings and money market account options with different minimum opening deposit requirements, fees and variable rates.
| U.S. Bank Savings Account | APY* | Monthly Fee | Minimum Deposit |
|---|---|---|---|
| Standard Savings Account | 0.01% | $4 (waivable if meet terms) | $25 |
| Elite Money Market Account | 0.01% on up to $24,999.99 and 4.25% on $25,000+ | $10 (waivable if meet terms) | $100 |
| Retirement Money Market Account | Not disclosed | None | $100 or $25 automatic monthly deposit |
U.S. Bank Savings Account
The U.S. Bank Standard Savings account requires a $25 initial deposit. It has savings tools, free overdraft transfers (requires a linked account) and an ATM card to use at more than 4,500 fee-free ATM locations. The APY isn’t competitive compared to the 0.50% national average for savings accounts and U.S. Bank’s CD rates.
The low $4 monthly maintenance is avoidable if you meet one of these requirements:
- Your minimum daily balance is at least $300.
- Your average monthly collected balance is at least $1,000.
- You share the account with someone 12 or under.
- You’re a U.S. Bank Smartly Checking customer who’s enrolled at the Smart Rewards Primary tier ($20,000 minimum total account balance).
>> Related: Learn more about the best high-yield savings accounts
U.S. Bank Elite Money Market Account
Requiring $100 to open, the Elite Money Market account lets you use both checks and a debit card, similar to a checking account. It features the same savings tools and overdraft protection as the savings account, but has a tiered APY structure.
You earn a very small amount of interest on a balance below $25,000, though the APY goes up as your balance increases. Its top rate is competitive with most U.S. Bank CDs and nearly seven times the 0.76% national average for money market accounts.
Although there’s a $10 monthly fee, you have two waiver options:
- You’re a U.S. Bank Smartly Checking customer who has reached the Smart Rewards Primary tier.
- You have a minimum daily balance of $10,000.
U.S. Bank Retirement Money Market Account
The Retirement Money Market Account comes with no monthly maintenance fee. It requires a $100 minimum deposit or a $25 recurring, automatic monthly deposit. Similar to the Elite Money Market Account, this account offers competitive, tiered interest rates.
This account requires an individual retirement account (IRA) plan to open, and you’ll need to head to a U.S. Bank branch to apply.
>> Related: Learn more about the best money market rates
The Bottom Line: U.S. Bank CDs
U.S. Bank is one of the nation’s largest banks, giving customers plenty of access to physical branches and ATMs. It can be good for customers looking for different options for checking accounts and CDs. However, it only has one option for savings accounts. But if you value online or mobile banking, then it could be a solid option for you.
>> Related: Read our U.S. Bank review
FAQ: U.S. Bank CD Rates
The current CD rates at U.S. Bank range from 0.05% to 4.85% depending on the CD type and term. The CD Specials offer the bank’s best CD rates, and current customers may qualify for higher rates. All U.S. Bank CDs are FDIC-insured.
Although it’s not common to get 6.00% on a CD, you can often find rates exceeding 5.00% through online credit unions and banks. Check for high-yield CDs.
Online-only financial institutions usually pay the highest CD rates. This is often because they don’t have as many expenses as brick-and-mortar banks.
*Data accurate at time of publication
**Rates accurate as of June 27, 2024
Editor’s Note: Parts of this story were auto-populated using data from Curinos, a research firm that collects data from more than 3,600 banks and credit unions. For more details on how we compile daily rate data, check out our methodology here.
If you have feedback or questions about this article, please email the MarketWatch Guides team at editors@marketwatchguides.com.
