Sunday, 23 February 2020

U.S. Bank Review: Checking, Savings, CD and Money Market Rates

U.S. Bank Review: Checking, Savings, CD and Money Market Rates
09 Aug
9:36

US Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.01%

Savings

US Bank Standard Savings

1.85%

Synchrony Bank High Yield Savings

on Synchrony Bank’s secure website

0.10%

CD Rates

US Bank 12 Month CD

2.45%

Synchrony Bank 12 Month CD

on Synchrony Bank’s secure website

0.35%

CD Rates

US Bank 36 Month CD

2.55%

Ally Bank High Yield 3 Year CD

on Ally Bank’s secure website

0.75%

CD Rates

US Bank 60 Month CD

3.00%

Barclays 60 Month Online CD

on Barclays’s secure website

U.S. Bank’s checking account options

magnifying glass

How U.S. Bank’s checking accounts compare

U.S. Bank’s checking accounts all require a low opening deposit amount and offer a wide variety of different benefits. However, when compared to some of the best checking account options with other banks, U.S. Bank falls short due to its low interest rates and high monthly maintenance fees.

U.S. Bank offers a barely-there interest rate for its Premium Checking and Platinum Checking accounts, which doesn’t increase at all as your balance increases.

On the other hand, Ally Bank offers a competitive interest rate for its checking account and an APR increase for a higher balance.

U.S. Bank’s accounts seems to pair well with other features and benefits the bank offers, especially when it comes to using its loans (mortgage, auto, personal) and credit cards.

However, if you’re just looking for a simple checking account with no fees and a competitive interest rate, you might want to check out some of these other checking account options.

U.S Bank’s savings account

magnifying glass

How U.S. Bank’s savings accounts compare

U.S. Bank doesn’t offer much variety in terms of its savings account products. What’s worse is that they all provide the same low interest rate no matter how much you save. The Star Savers Club Account for minors is a good idea, but you may be able to get a better return at a credit union or by opening up a 529 Plan for your child and teaching them savings principles that way.

The best thing going for U.S. Bank’s savings accounts is their low opening deposit, seeing as how some other banks require you to deposit thousands of dollars just to open an interest-bearing savings account.

However, if you’re willing to use an online bank, you can likely find a better interest rate along with a lower or $0 opening deposit. Check out some of these savings account options to compare.

U.S. Bank’s CD rates

magnifying glass

How U.S. Bank’s CD rates compare

U.S. Bank’s standard CD rates are pretty low compared to what other banks are offering, but the opening deposit is more affordable as well.

Its special CD rates line up better with some of the most competitive CD rates at other banks. The major downside is that you may not be able to lock in such a good rate after your CD term is up. Compare current top CD rates here.

U.S. Bank’s money market account options

magnifying glass

How U.S Bank’s money market accounts compare

U.S. Bank offers different types of money market accounts geared toward different types of savers. However, its accounts with tiered interest rates fail to live up to the expectation that someone who saves more for a specified period of time would get rewarded with a higher interest rate.

U.S. Bank’s money market accounts all have a very low APY just like many other traditional banks. While they offer a competitive bonus APY, it’s only available for 12 months and not ideal for someone looking to save and get a higher return on their money in the long-term.

If you’re looking for better money market rates and no monthly maintenance fees, you’d be better off checking out other money market options from top online banks.

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

Chonce Maddox

TAGS:

Recommended by

2 Credit Cards Charging 0% Interest until 2019

2 Credit Cards Charging 0% Interest until 2019

Getting Approved For 1 Of These Credit Cards Means You Have Excellent Credit

Getting Approved For 1 Of These Credit Cards Means You Have Excellent Credit

Best Travel Credit Cards With No Annual Fee

Best Travel Credit Cards With No Annual Fee

This Cash Back Number May Surprise You

This Cash Back Number May Surprise You

Source: https://www.magnifymoney.com/blog/reviews/us-bank/

« »

Szemere

Related Articles