US Bank Interest Rates: How To Get the Bank’s Best Rates



US Bank financial servicesWith 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.

Before you dive in, here’s what you’ll find in this guide to U.S. Bank’s best interest rates:

How To Get the Best US Bank 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

Learn: How To Find and Use Your U.S. Bank Login

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How Do US Bank’s Rates Compare to Other Banks?

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
U.S. Bank 0.01% 0.01% 0.01%
Chase 0.01% 0.01% 0.02%
PNC Bank 0.01% 0.01% 0.08%

    See: Best National Banks of 2020

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    US Bank financial services app

    US Bank Checking Account Interest Rates

    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

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    US Bank Savings Account Interest Rates

    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
    Account Type APY
    Money Market Savings Up to 0.01%
    Standard Savings Account 0.01%0.01%

    More on Savings: Are High-Yield Savings Accounts Worth It? Here’s Everything You Need to Know

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    US Bank Mortgage Interest Rates

    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%
    Adjustable-Rate Mortgage 4% 3.93%-4.97%
    Fixed-Rate FHA Mortgage 4%-4.75% 5.07%-5.85%
    Fixed-Rate VA Mortgage 4.13%-4.75% 4.73%-5.15%
    Jumbo Mortgage 3.75%-3.88% 3.79%-3.90%

      Read: Best Savings Accounts for Kids

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      US Bank CD Interest Rates

      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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      More on US Bank

      More Interest Rates

      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



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