A savings account is a type of bank account that allows you to safely save money while earning interest. Savings can come in the form of a relationship savings account, a money market account or a certificate of deposit (CD).
Best for
EARN UP TO
4.10% APY
when you pair a new Bank Smartly® Savings account with a Bank Smartly® Checking or Safe Debit account and combined qualifying balances and Bank Smartly® Savings balances of at least $25,000.1
Want to see how relationship rates grow? Consider your initial deposit, add up all your U.S. Bank qualifying balances and check out all the rates.
MONTHLY MAINTENANCE FEE
$5
Minimum opening deposit
$25
Best for
EARN UP TO
3.75% APY
when you deposit at least $50,000 into a new Elite Money Market Account or an existing account that was opened within the last 30 days.2
Already have a money market account? Log in and select products and offers to view your personalized rates.4
Minimum opening deposit
$100
CDs may be a good choice if you have some money in savings that you’re unlikely to need right away. They offer a higher interest rate than a traditional savings account in exchange for leaving your money untouched for an agreed upon time.
Minimum opening deposit
$500 up to a maximum of $250,000
Learn more about CDs and see rates.
Already bank with us? Log in and select products and offers to view your personalized rates.
Financial IQ quick tip: Learn how CDs grow your money, when to consider one and what your options are.
Open a Retirement Money Market account and build out a retirement plan 6 that helps you:
MINIMUM OPENING DEPOSIT
$100 or just $25 with an automatic monthly deposit
Learn more about retirement money market accounts or apply in a branch.
You’ll find features to help you quickly build a budget and easily manage your finances.
Save on maintenance fees if you’re a U.S. Bank Smartly® Checking account holder enrolled in the Smart Rewards® Primary tier or above or meet one of the other fee waiver requirements for a Bank Smartly® Savings Account or Elite Money Market Account.
Avoid the inconvenience of an unexpected shortage of funds by linking your account to a U.S. Bank Smartly® Checking account. See Your Deposit Account Agreement for a full list of options.
Enjoy industry-leading, secure digital banking tools and services that allow you to bank how, when and where you want.
Get the added protection of the Federal Deposit Insurance Corporation (FDIC). Savings accounts at U.S. Bank are FDIC-insured to the maximum amount allowed by the FDIC. The standard insurance amount is $250,000 per depositor, for each deposit insurance ownership category.7
Save on ATM transaction fees and tap into your savings whenever you need it when you access one of the largest branch and ATM networks in America.8
Set up text or email reminders about transfers, low balances and other important account activity.9
A savings account is a type of bank account that allows you to safely save money while earning interest. Savings can come in the form of a relationship savings account, a money market account or a certificate of deposit (CD).
Start saving in three simple steps:
When you deposit money and leave it in a savings account, it will accrue interest over time. You agree to let the bank keep your money for a while (sometimes a set amount of time, as with a CD, and sometimes indefinitely, as with a savings account). In return, the bank gives you a percentage of interest on that cash.
When it comes to savings accounts, there is no one-size-fits-all approach. Individuals have unique financial needs, values and goals, which is why there are often multiple types of accounts with varying fees, interest rates and benefits. Consider your financial habits and future plans to help you determine what makes the most sense for you.
Relationship savings accounts have recently surged in popularity as they give you interest rates that can be comparable to CDs and money market accounts. In addition to competitive starting rates, the interest rate on a Bank Smartly® Savings account gets bumped up as you add a Bank Smartly® Checking account or Safe Debit account. Additionally, the savings rate increases even more as all your U.S. Bank account balances grow. Ready to make your money work smarter and harder? A CD, money market or relationship savings account can help your savings soar.
In exchange for keeping money in your savings account, you earn a financial return on your deposit, known as interest. It gets calculated as a percentage of the balance you maintain in the account. So, if you have $1,000 in your savings account and the interest rate is 2.00% annually, you’d accrue $20 of interest in a year.
Yes, you can easily open a Bank Smartly® Savings account or Elite Money Market account in minutes online.
Teach kids about money smarts with a joint account.
See how a U.S. Bank Smartly® Checking account, the Greenlight app and all the special benefits for Youth ages 13 through 17 can help them learn about saving, budgeting and spending responsibly.
Build a strong foundation with your first account.
Establishing your own bank account can help keep you on the path to future success. Learn about U.S. Bank Smartly® Checking and the special rewards available to Young Adults ages 18 through 24.
Check out these helpful articles to find answers to questions about savings accounts or brush up on other financial topics.
Discover habits that can help you save long-term.
Read up on common misconceptions about saving.
Learn how CDs work, when to consider one and your options.