• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
APY GUY: Maximize Your Savings & Earnings

APY GUY: Maximize Your Savings & Earnings

MENUMENU
  • Saving and Spending
    • CDs
      • CD Rates Forecast: Will Rates go up in May 2022?
      • Capital One CD Rates
      • Ally Bank CD Rates
      • Chase CD Rates
      • Citibank CD Rates
      • Discover Bank CD Rates
      • US Bank CD Rates
      • Fidelity CD Rates
      • Edward Jones CD Rates
      • Charles Schwab CD Rates
      • Navy Federal Credit Union CD Rates
      • Vanguard CD Rates
    • Savings
      • Best High Yield Online Savings Accounts [May 2022]
      • Aspiration Spend & Save
      • Bask Bank High Interest Savings
      • Citi Accelerate Savings
      • Affirm Savings
      • Smarty Pig
      • Tab Bank High Yield Savings
      • Vio Bank Online Savings
      • Crypto Interest Accounts
      • Alternatives to CDs and Savings
    • Checking & Debit
      • 20+ Best Debit Cards for Kids & Teens [May 2022]
      • Best Bank Promotions & Cash Bonuses for 2022
      • Citibank Checking Account Bonuses
      • Huntington Bank Bonuses
      • PNC Bank Bonuses
      • Truist Bank Bonuses
      • Wells Fargo Checking Account Bonus
      • Chase First Banking
      • Fidelity Youth Account
      • Verizon Family Money
      • Copper Banking
      • BusyKid
      • Greenlight
  • Investing
    • Real Estate
      • Top 8 Real Estate Crowdfunding Platforms for 2022
      • Yieldstreet Review 2022 – 9.71% Avg Annual Returns
      • CrowdStreet
      • Fundrise Review: Compare Annual Returns vs Competitors
    • Stocks & More
      • Best Stock Screening Service
      • MotleyFool
      • Stansberry Research
      • Seeking Alpha
      • Zacks Investment Research
      • Citi Personal Wealth Management
      • Robinhood Cash Management
      • Fidelity Cash Management
You are here: Home / CD Rates / U.S. Bank CD Rates – APYs now up to 0.75%!

U.S. Bank CD Rates – APYs now up to 0.75%!

editorial staff
September 23, 2021

image credit: usbank.com

[Update September 2021: US Bank now has 4 CD specials (see rates below) up from just 1 in May of this year. Standard CDs, Step Up CDs and Trade Ups CDs rates remain unchanged.]

U.S. Bank has the most competitive certificate of deposit rates of all the major banks at the moment even though many of their APYs (annual percentage yields) fall short of the national average for their respective terms.

U.S. Bank has four types of CDs 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 slightly 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.

In this post you'll learn:

  • U.S. Bank Certificate of Deposit Rates + Details
  • Early Withdrawal Penalties
  • Grace Period
  • U.S. Bank CD Specials
  • U.S. Bank Step Up CD
  • U.S. Bank Trade Up CD
  • Final Thoughts

U.S. Bank Certificate of Deposit Rates + Details

All of U.S. Bank’s CDs are federally insured by the FDIC up to their applicable limits.

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 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%

To put these annual percentage yields in perspective the current national average on a 12 month CD and a 60 month CD sit at 0.15% APY and 0.24% APY, respectively.

Interest is compounded daily on all 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.

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.

U.S. Bank CD Specials

U.S. Bank now has 4 CD specials, up from just one back in May 2021. They generally have between 3-4, all of which tend to come with oddball terms and more competitive yields than their standard CDs.

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
17 months$1,000 – $250k0.15%
37 months$1,000 – $250k0.35%
47 months$1,000 – $250k0.50%
59 months$1,000 – $250k0.75%

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 four 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

To put this offer in perspective, the average yield on a 2 year CD (24 months) sits at just 0.23% APY according to the FDIC as of November 2020.

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 two 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%

The 60 month Trade Up CD by U.S. Bank is currently more attractive than the 30 month CD when pitted against the current national average(s) for the nearest terms. As mentioned, 24 month CDs are averaging 0.23% APY nationally according to the FDIC, while 60 month CDs are hovering around 0.47% APY according to Bankrate.

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.

Final Thoughts

If you’re in the market for a fixed-rate certificate of deposit and would prefer to open one with a major bank that has a large branch network, then U.S. Bank may be a good fit.

They have the highest yields on CDs of any of the large national banks and have promotional deposit products that can amplify your earnings – especially in more favorable savings rate environments.

The minimum deposit requirements are also relatively low and U.S. Bank provides many different ways to open the accounts – online, over the phone, or in branch.

ABOUT THE AUTHOR

editorial staff: A group of savers, investors, side-hustlers and entrepreneurs serve the editorial team with a combined 20 years experience in entrepreneurship, banking and blogging.
Read More

Filed Under: CD Rates Tagged With: U.S. Bank

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

APY Updates

  • Synchrony Bank CD Rates – Now up to 2.60% APY!
    May 20, 2022
  • Axos Bank CD Rates – Up to 1.0% APY
    May 19, 2022
  • Chase Bank CD Rates – Are they worth opening in 2022?
    May 18, 2022
  • Union Bank CD Rates – See how they compare in 2022
    May 17, 2022
  • Ally Bank Money Market Account – Now up to 0.60% APY
    May 16, 2022
  • CIT Bank Savings Accounts – Now up to 0.90% APY
    May 16, 2022
  • Best CD Rates in Florida [2022 Report]
    May 16, 2022

The Big Banks

  • Bank of America CD Rates
  • Capital One CD Rates
  • Citibank CD Rates
  • Chase Bank CD Rates
  • Wells Fargo CD Rates
  • U.S. Bank CD Rates

Noteworthy Credit Unions

  • Navy Federal Credit Union CDs and Savings
  • Patelco Credit Union CDs and Savings
  • PenFed CDs and Savings
  • Connexus Credit Union CDs and Money Market

Brokered CDs

  • Edwards Jones
  • Charles Schwab
  • Fidelity
  • Vanguard

Alternatives

  • 12 Alternatives to CDs and Savings Accounts

Real Estate Investment Platforms

  • Fundrise - up to 22% Returns
  • CrowdStreet - up to 17.1% Returns
  • Yieldstreet - Avg 10.61% Returns

Footer

Disclaimer

APY GUY strives to keep its information as accurate and up to date as possible. This information may be different than what you see at a bank, credit union or other financial institution. This applies to both in person visits and their website(s). Any financial products or services represented or discussed on this website are without warranty. When evaluating offers viewed on APYGUY.com, please read the financial institution’s Terms and Conditions.

About Us. Privacy Policy. Terms Of Use. How We Make Money.

Categories

Connect with Us:

  • Email
  • Facebook
  • LinkedIn
  • Twitter

Know of a fantastic APY offered by your local bank or credit union?

Don’t be shy, please share!

Send an email to hello@apyguy.com with the name of the institution, rate (APY) and type of product.

Our editorial staff will confirm the product, rate and APY (annual percentage yield) with the institution and publish it immediately for our viewers.

Copyright © 2022 - APYGUY: Maximize Your Savings & Earnings

Home>CD Rates>U.S. Bank CD Rates – APYs now up to 0.75%!