With more than $495 billion in assets, Minnesota-based U.S. Bank is the fifth-largest bank in the United States. It is a full-service financial institution with a wide range of products, from checking and savings accounts to home mortgages and investments. U.S. Bank interest rates vary based on a number of factors, ranging from your credit score to the amount of money you have on deposit with the bank. Keep reading to learn about major product categories, along with current U.S. Bank interest rates and suggestions on how you can get the best rates at the bank.
- How To Get the Best US Bank Interest Rates
- How Do US Bank’s Rates Compare to Other Banks?
- US Bank Checking Account Interest Rates
- US Bank Savings Account Interest Rates
- US Bank Mortgage Interest Rates
- US Bank CD Interest Rates
The selection of financial products offered by U.S. Bank is similar to what you would find at other banks of its size. Although this makes it possible for the bank to meet its customers’ diverse needs, it also results in interest rates lower than what smaller banks can offer. From checking, savings and CDs to all types of mortgages — including those backed by the Federal Housing Administration and Veterans Affairs — here’s an overview of U.S. Bank’s account types.
|U.S. Bank Accounts|
|Account/Product Name||Account Type|
|Platinum Checking||Checking Account|
|Platinum Select Money Market Savings||Money Market Account|
|Package Money Market Savings||Money Market Account|
|Elite Money Market Account||Money Market Account|
|Standard Savings Account||Savings Account|
|Retirement Money Market||Money Market Account|
|30-Year Fixed Mortgage||Fixed-Rate Mortgage|
|20-Year Fixed Mortgage||Fixed-Rate Mortgage|
|15-Year Fixed Mortgage||Fixed-Rate Mortgage|
|10-Year Fixed Mortgage||Fixed-Rate Mortgage|
|10-Year ARM||Adjustable-Rate Mortgage|
|5-Year ARM||Adjustable-Rate Mortgage|
|3-Year ARM||Adjustable-Rate Mortgage|
|30-Year Fixed FHA||Fixed-Rate Mortgage|
|15-Year Fixed FHA||Fixed-Rate Mortgage|
|30-Year Fixed VA||Fixed-Rate Mortgage|
|15-Year Fixed VA||Fixed-Rate Mortgage|
|30-Year Fixed Jumbo||Jumbo Mortgage|
|20-Year Fixed Jumbo||Jumbo Mortgage|
|15-Year Fixed Jumbo||Jumbo Mortgage|
|1-Month Flexible CD||Certificate of Deposit|
|2-Month Flexible CD||Certificate of Deposit|
|3-Month Flexible CD||Certificate of Deposit|
|6-Month Flexible CD||Certificate of Deposit|
|9-Month Flexible CD||Certificate of Deposit|
|12-Month Flexible CD||Certificate of Deposit|
|18-Month Flexible CD||Certificate of Deposit|
|24-Month Flexible CD||Certificate of Deposit|
|36-Month Flexible CD||Certificate of Deposit|
|48-Month Flexible CD||Certificate of Deposit|
|60-Month Flexible CD||Certificate of Deposit|
|Step Up CD||Certificate of Deposit|
|30-Month Trade Up CD||Certificate of Deposit|
|60-Month Trade Up CD||Certificate of Deposit|
U.S. Bank’s interest rates are similar to other large national banks. In most cases, it has the same rates for standard savings and checking accounts. Several of its competitors, however, including Chase and PNC Bank, offer higher interest rates to relationship customers who must maintain minimum balances in specific accounts to earn the more attractive interest rates.
Review this table to compare the interest rates for checking accounts, savings accounts and 12-month CDs at national banks.
|How Do U.S. Bank’s Rates Compare?|
|Bank||Checking Account APY||Savings Account APY||12-Month CD APY|
Although you can earn interest on a U.S. Bank Platinum Checking account, rates are low. Regardless of the amount you deposit, you’ll earn 0.01% APY, which is well below the national average of 0.05%.
Related: Best Checking Accounts of 2020
U.S. Bank offers one standard savings account and four money market accounts. The Standard Savings Account offers a nominal 0.01% APY for all balances — a rate much lower than the national average 0.08%. Things improve with the bank’s range of money market accounts, but you have to maintain a daily balance of at least $100,000 to receive the top interest rates.
|U.S. Bank Savings Account Interest Rates|
|Money Market Savings||Up to 0.01%|
|Standard Savings Account||0.01%0.01%|
Home loan interest rates at U.S. Bank come in all shapes and sizes, from three-year ARMs to 30-year fixed FHA and 15-year fixed jumbo loans. Unlike with the bank’s checking and money market accounts, a larger loan doesn’t necessarily qualify you for better home loan rates.
At U.S. Bank — as with most banks — a higher credit score is the key to the best rates. The rates quoted by U.S. Bank assume you have a high credit score of at least 740 and that you’re buying a single-family home as your primary residence. You can expect your rate to climb higher if your credit score is lower or you’re purchasing a different type of property.
|U.S. Bank Mortgage Interest Rates|
|Mortgage Types||Rate||Annual Percentage Rate|
|Conventional Fixed-Rate Mortgage||2.99%-3.75%||3.30%-3.82%|
|Fixed-Rate FHA Mortgage||4%-4.75%||5.07%-5.85%|
|Fixed-Rate VA Mortgage||4.13%-4.75%||4.73%-5.15%|
You can open a CD account with a maturity of between one month and 60 months at U.S. Bank. The longer you have your money on deposit, the higher the interest rate you will earn.
U.S. Bank offers two other CDs with more attractive interest rates. With a Step Up CD, you receive an interest rate increase every seven months during the 28-month term, topping at 0.70%. The Trade Up CD comes with a one-time rate increase during the CD term, and you can earn up to 0.80% APY on a 60-month CD.
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- US Bank Checking Account Review: Convenient Features and Extra Perks
- US Bank CD Rates Review: Competitive Promotional Rates
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This content is not provided by U.S. Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by U.S. Bank.
This article originally appeared on GOBankingRates.com: US Bank Interest Rates: How To Get the Bank’s Best Rates