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US Bank offers interest-bearing personal and business savings accounts, but interest rates vary by zip code. Generally, US Bank’s savings interest rates are much lower than the national average, but if you have a large enough balance, you might see a few extra dollars added to your account over time.
Whether you currently have a US Bank savings account or are planning to apply, here’s everything you need to know about US Bank savings account interest rates. Rates are as of September 23, 2024, for the 10001 New York zip code. Visit the US Bank website to find interest rates in your area.
How to Find Interest Rates on US Bank Savings Accounts
Whether you’re looking for a savings account as a consumer or a business owner, U.S. Bank’s savings interest rates are easy to understand.
US Bank Consumer Savings Rates
US Bank savings account interest rates are published on the bank’s website, but they can be a little hard to find if you don’t know where to look. On the savings account product page, scroll down until you see the account type options. Select “View details” under the appropriate account to view the product page.
To see savings account interest rates in your area, you may be asked to enter your zip code. Once you enter your zip code, or if you’ve entered it before, your current US Bank savings account interest rates will be displayed.
Here’s what US Bank’s standard savings account interest rates look like, depending on where you live: US Bank pays a single interest rate tier regardless of the balance in your savings account.
When you look at savings rates on the US Bank Elite Money Market Savings Account, you’ll be offered tiered interest rates based on your daily balance.
If you already have a US bank account and don’t know your APY, you can call your bank’s customer service and ask about your account’s current interest rate.
US Bank Savings Rates for Corporate Clients
To check U.S. Bank’s business account savings interest rates, visit the business savings rates page, enter your zip code when prompted, and you’ll see current savings rates for small business savings and money market accounts.
All US Bank business savings accounts have a tiered interest rate structure. Below is an example of the interest rate offered on a US Bank Basic Business Savings Account:
U.S. Bank has a few options for small business money market accounts: The U.S. Bank Premium Business Money Market Account has a minimum opening deposit of $100 and offers minimal interest The U.S. Bank Preferred Business Money Market Account offers slightly higher interest at higher balance levels, but you must maintain a minimum balance of $1,000 to avoid maintenance fees The U.S. Bank Platinum Business Money Market Account offers the highest interest rate, but you must maintain a minimum balance of $10,000 or you’ll be charged a maintenance fee.
Currently, US Bank is also offering a promotional APY on business money market accounts with balances of $25,000 or more but less than $3 million. With this bonus, you can earn up to 4.34% APY on balances between $25,000 and $2,999,999.99, and 0.05% APY on balances of $24,999.99 or less. These APYs apply to new US Bank Platinum business money market accounts opened by December 20, 2024.
Comparison of savings rates at US banks
US Bank’s savings account interest rates are very low at 0.01% APR, which is well below the national average interest rate for savings accounts. Additionally, the best online banks offer savings account interest rates of over 3.00%, which is 300 times higher than US Bank’s.
If you want to get more out of your savings, consider the best high-yield savings accounts As of 2024, savings interest rates are very competitive, so it’s smart to move your money from an account that earns little to no interest into a high-yield savings account.
How to Open a US Bank Savings Account
You can open a new US Bank savings account online, over the phone, or in person at a branch. To open an account online, visit the US Bank savings account landing page, select the account you want and select “Start Savings” to begin your online application.
If you’re a current US Bank customer, you can speed up the application process by logging in to your account. When you apply online for a US Bank savings account, you’ll be asked to log in if you have an existing account.
Finally, US Bank frequently offers promotional bonuses to new customers who open checking and savings accounts, so if you’re considering opening a US Bank savings account, be sure to check out current US Bank bonus offers.
Find the best high-yield savings accounts for 2024
How often does interest compound in a savings account at a US bank?
All US Bank savings accounts compound interest daily. The bank calculates the interest earned using the daily periodic interest rate applied to daily balances. All US Bank savings accounts compound interest daily, but are typically paid monthly.
How do I close a savings account at a US bank?
If you currently have a consumer savings account with US Bank, you can close your account by phone or written request. To close your account by phone, call 1-800-US-BANKS (872-2657) and speak to a customer service representative. You will need to speak with a representative as there is no option to close your account using the automated phone system.
Alternatively, savings account customers may submit a written request to close their account. Please include your account number and signature and send your request to:
Customer Care Unit
Postal Code 64991
St. Paul, MN 55164-9505
Small business owners can close their savings account by calling the Small Business Customer Service Line at 1-888-329-7179.
Finally, both consumer and small business customers can close their accounts by visiting a U.S. Bank branch.
How to find your US bank savings account number
To access your US Bank savings account number, follow these steps:
Log in to your account at usbank.com. Select “My Account” at the top of the page to see a list of your accounts. Select your Savings account. In the “Account Summary” section, select “View” to see your full account number.
You can also find your savings account number using the US Bank mobile app. First, select your account, then tap “Account Options” and “View Account Information.” Finally, select “Account Number” to view your routing number and account number.
If you can’t access the US Bank online banking portal or mobile app, you’ll need to go to a branch to get your account number. US Bank representatives can’t provide account numbers over the phone.
Conclusion
US Bank’s savings account interest rates are lower than the national average. If you’re relying on the interest rates on your US Bank savings account, it might be time to move your funds into a higher-yield savings account at another bank.
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