APY GUY: Maximize Your Savings & Earnings

U.S. Bank

U.S. Bank CD Rates – Now up to 4.95% APY!

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U.S. Bank has 4 types of CDs (certificates of deposit) available to consumers. These are:

  1. Standard certificates of deposit
  2. U.S. Bank CD Specials
  3. U.S. Bank “Step Up” CDs
  4. U.S. Bank “Trade Up” CDs

Their standard CDs come with yields more akin to the other large national banks, while their CD specials offer more competitive yields.

Their Step Up CD comes with a 28 month term and a rate that increases every 7 months and their Trade UP CD allows you to swap your deposit for one with a higher rate if interest rates increase while your deposit is active.

To get the full rundown of U.S. Bank’s CD rates and to see if these products are right for you continue reading our comprehensive review below.

U.S. Bank Certificate of Deposit Rates + Details

image credit: usbank.com

U.S. Bank offers eleven standard-term certificates of deposit. These come with a minimum deposit requirement of $500 and a maximum deposit amount of $250,000. They can be opened online, over the phone or in a local branch.

U.S. Bank CDs are federally insured by the FDIC up to the applicable limits.

đź“Ś Please Note: U.S. Bank CD rates may vary by location. The CD rates listed below were surveyed in Los Angeles, CA on June 17, 2023.

CD Rates

CD TermDeposit RangeAPY
1 month$500 – $250k0.05%
2 months$500 – $250k0.05%
3 months$500 – $250k0.05%
6 months$500 – $250k0.05%
9 months$500 – $250k0.05%
12 months$500 – $250k0.05%
18 months$500 – $250k0.05%
24 months$500 – $250k0.05%
36 months$500 – $250k0.10%
48 months$500 – $250k0.15%
60 months$500 – $250k0.25%
APY = Annual Percentage Yield

To put these annual percentage yields in perspective, the current national average on a 12 month CD and a 60 month CD sit at 1.59% APY and 1.37% APY, respectively, according to FDIC data.

Interest is compounded daily on all terms.

Grace Period

U.S. Bank CDs come with a standard grace period of 10 days in which you may add or withdraw funds from your deposit penalty free. If nothing is done during this period, the CD will renew for the same terms at the going APY.

U.S.Bank will send you a reminder when your CD is about to mature, but be sure to set up your own notifications if you do not wish to have your funds locked into the same deposit terms.

Early Withdrawal Penalties

If you need to withdraw funds from your U.S. Bank CD prior to its maturity date, you will be charged with an early withdrawal fee. Their current early withdrawal fee schedule is outlined below.

Early Withdrawal Fees

CD Term: 6 months or less
Fee: All of the interest that would have been earned on the funds if held to maturity – OR – 1% of the amount withdrawn, whichever is greater – PLUS – a $25 dollar flat fee.
CD Term: 6 months to 12 months
Fee: Half of the interest that would have been earned on the funds withdrawn if held for the entire term – OR – 1% of the amount withdrawn, whichever is greater – PLUS – a $25 dollar flat fee.
CD Term: Greater than 12 months
Half of the interest that would have been earned on the funds withdrawn if held for the entire term – OR – 3% of the amount withdrawn, whichever is greater – PLUS – a $25 dollar flat fee.

U.S. Bank CD Specials

U.S. Bank offers 4 CD specials.

The minimum deposit required to open one of U.S. Bank’s Special CDs is $1,000 – twice the amount of their standard CDs.

U.S. Bank Special CD Rates

CD TermDeposit RangeAPY
7 months$1,000 – $250k4.80%
11 months$1,000 – $250k4.90%
15 months$1,000 – $250k4.95%
19 months$1,000 – $250k4.95%
APY = Annual Percentage Yield

We should note that the offer listed above only applies for the initial term.

If you allow for your Special CD to renew after the term is up, U.S. Bank will roll this into another CD with the same duration, but the APY will be determined based on the published rate for the CD, excluding CD Specials, that is closest to but not exceeding the term of the CD.

In other words, U.S. Bank will apply the APY of the nearest standard term CD but will keep the oddball duration you had with your initial CD special.

The same early withdrawal penalties apply with U.S. Bank’s CD Specials as they do with their standard CDs.

On Special CDs, all interest payments will be made at the end of the term or annually, whichever occurs first based on the term you select.

U.S. Bank Step Up CD

U.S. Bank’s Step Up CD is a 28 month term deposit with 4 incremental rate increases (one every 7 months) throughout its duration.

The product starts with an APY of 0.05% and ends with an APY of 0.65% to give you a blended APY of 0.35% for its duration.

Breakdown of APY

TermInterest RateBlended APY
28 months0.05% for first 7 months0.35%
0.25% for next 7 months
0.45% for next 7 months
0.65% for last 7 months
APY = Annual Percentage Yield

To put this offer in perspective, the average yield on a 2 year CD (24 months) sits at 1.28% APY according to FDIC data.

The minimum deposit requirement for the U.S. Bank Step Up CD is $1,000.

U.S. Bank Trade Up CD

The U.S. Bank Trade Up CD currently comes with 2 terms to choose from. A 30 month term or a 60 month term.

As the name implies, this product allows one to ‘trade up’ for a higher rate if one happens to come along while your CD is active. This is an ideal product during an ascending interest rate environment.

Terms and APY

CD TermDeposit RangeAPY
30 months$1,000 – $250k0.10%
60 months$1,000 – $250k0.40%
APY = Annual Percentage Yield

If you go with a Trade Up CD by U.S. Bank you will need to visit an actual branch location to initiate your one time interest rate trade up. Once initiated, U.S. Bank will calculate the remaining time on your CD and find a standard term CD that is closest to it, then apply that rate. Please allow up to 10 days for this rate change to take effect.

How Much Can You Make with a U.S. Bank CD?

The amount of money you can earn with a U.S. Bank CD is going to depend on your deposit size, the term you choose and its APY (annual percentage yield). The table below shows how much you’d earn with U.S. Bank’s special CDs assuming a deposit size of $50,000.

CD TermAPYEarnings
7 months4.80%$1,386.31
11 months4.90%$2,241.33
15 months4.95%$3,112.66
19 months4.95%$3,974.94
Earnings = Sum of all interest payments through maturity.

How do U.S. Bank CD Rates Compare?

If you’re curious how U.S. Bank’s CD rates stack up against the competition, then take a look at the table below. It compares the best CD rate offered at U.S. Bank against the best CD rates offered by other major banks.

BankBest CD Rate (APY)
Bank of America4.60%
Fifth Third Bank5.00%
KeyBank5.00%
U.S. Bank4.95%
CD rates surveyed on June 17, 2023.

U.S. Bank Checking Account Bonuses: Now $200 – $400

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image credit: usbank.com

U.S. Bank hardly needs any introduction. They are the 8th largest bank in the US by total assets with just over $567 billion as of March 2022 and operate under the second-oldest continuous national charter granted in 1863 following the passage of the National Bank Act.

If you happen to be in the market for a new checking account, U.S. Bank is offering sign up bonuses of either $200 or $400 on all three of their tiered checking accounts.

These are:

  • U.S. Bank Easy Checking
  • U.S. Bank Gold Checking, and
  • U.S. Bank Platinum Checking

U.S. Bank actually offers 5 checking accounts in total, however, their “student checking” and “safe debit account” are not eligible.

To learn more about these bonuses and how to qualify, continue reading below.

How to Get the Bonus

As mentioned the bonus is going to be either $200 or $400 and is entirely dependent on how large your direct deposit is.

  • Earn $200 when your direct deposits total $2,500 to $4,999.99.
  • Earn $400 when your direct deposits total $5,000 or more.

Use this link and click on the Apply button beneath the checking account of your choosing.

Fine Print

  • The checking account can be opened in a branch, online or over the phone.
  • You must ALSO enroll in online banking or the U.S. Bank Mobile App within 60 days of opening the account.
  • You must also complete 2 or more direct deposits within 60 days of opening your account that total $2,500 to $4,999.99 to earn the $200 bonus or $5,000 or more to earn the $400 bonus.
  • The cash bonus will be deposited into your new checking account within 60 days of direct deposit verification and verification of enrollment in online banking or the U.S. Bank Mobile App as long as your account is open and has a positive balance.
  • The bonus will be reported as interest earned on IRS form 1099-INT. You are responsible for any applicable taxes.
  • Offer may not be combined with any other checking account bonus offers.
  • Offer is not valid if you already have a U.S. Bank consumer checking account, had a U.S. Bank consumer checking account in the last two years, or received other U.S. Bank bonus offers within the past two years.

U.S. Bank Easy Checking Account Details

The “Easy Checking” account is U.S. Bank’s most basic checking account. Like all of the 3 checking accounts eligible for the bonus, this one has a monthly fee of $6.95 that can be waived by doing any one of the three:

  • You have combined monthly direct deposits totaling $1,000 or more.
  • You keep an average monthly account balance of $1,500 or more.
  • You are 65 or older. Monthly fees are waived for seniors.

There is also a $2 paper statement fee that is waived once your account is enrolled in e-statements (not applicable to seniors).

Easy Checking Features:

  • U.S. Bank debit card with zero fraud liability and security with contactless and mobile payments.
  • Mobile and online banking. Apps available on IOS and android phones.
  • Mobile check deposit and bill pay.
  • More. Continue reading here.

U.S. Bank Gold Checking Account Details

The “Gold Checking” account is U.S. Bank’s mid-tier checking account offer that is geared towards those with loan products from U.S. Bank. It comes with more features but also a higher monthly maintenance fee of $14.95 per month.

The monthly maintenance fee is waived for those with:

  • a U.S. Bank personal loan,
  • a U.S. Bank line of credit,
  • a U.S. Bank mortgage, or
  • a U.S. Bank credit card

The features that U.S. Bank offers for the Easy checking account (listed above) are also available for the Gold checking account. Beyond those features, you are also eligible for:

  • No ATM transaction fees are charged on your first two non-U.S. Bank ATM transactions per statement period.
  • Higher savings rates (albeit not by much currently).
  • Potential to save 0.25% (or up to $1,000) on closing costs for your new first mortgage loan.
  • 100 free trades per calendar year when you open a new self directed brokerage account.
  • More. Continue reading and get further details here.

U.S. Bank Platinum Checking Account Details

The U.S. Bank “Platinum Checking” account is their most premium offer. This one is really geared towards people who want to do most (if not all) of their banking with U.S. Bank. The monthly maintenance fee is also higher than the other two accounts at $24.95 per month.

This monthly maintenance fee is waived for those with:

  • At least $25,000 in combined personal deposits or credit balances with U.S. Bank and/or investments through U.S. Bancorp Investments.
  • A personal trust relationship with U.S. Bank Wealth Management.
  • Current or former member of the Armed Forces.

Features of the U.S. Bank Platinum Checking account include everything from the previous two checking account packages plus the following:

  • Pay no ATM transaction fees for non-U.S. Bank ATMs.
  • Earn interest on your checking balance. This rate is tiered based on your balance, but it only pays 0.05% APY on all tiers currently. See current rates here.
  • Pay no annual fee on a U.S. Bank home equity line of credit.
  • Get a safe deposit box at half-off the annual fee.
  • More. Continue reading here.