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U.S. Bank offers a variety of standard CD terms that vary from one month to 60 months, with a reasonable minimum deposit requirement. However, the returns are low, particularly compared with online banks.
If you’re looking to maximize your returns, you may want to consider elsewhere, unless you can qualify for a CD special, which has a higher minimum deposit, but offers more attractive promotional rates.
U.S Bank CDs
APY Range
Minimum Deposit
Terms
Fees
U.S Bank CDs
APY Range
Minimum Deposit
Terms
Fees
How U.S. Bank CDs Work?
The other attractive feature of U.S. Bank CDs is that there are a variety of types of CD, so you can tailor your products to your savings goals. This includes Step Up CDs and Trade Up CDs, which have set schedules and set rates that may be more attractive than the standard CDs.
- Standard CD: Standard US Bank CDs have a minimum opening deposit of $500.
- CD Specials: As we touched on above, US Bank does also have CD Specials. These require a minimum deposit of $1,000, and they have more limited terms, such as 11, 15, and 19 months. However, the rates on these promotional CDs are far above the rates for standard US Bank CDs.
- Step Up CD: There is also a 28 Month Step Up CD, with a blended rate that is higher than the standard rate with a minimum deposit of $1,000. The rate increases on a set schedule every seven months and once you open this type of CD, the rate cannot be changed.
- Trade Up CD: The final type of US Bank CD is the Trade Up CD. This has two term options; 30 months and 60 months, with a minimum deposit of $1,000. The rates are higher than the standard rate, but if the interest rates increase during the term, you can “trade up” to the higher rate. You can only trade up once during the term and you need to visit a branch to activate this offer.
What Are The U.S. Bank CDs Rates?
U.S. Bank offers a variety of options and terms, and the total APY range is 0.10% – 0.40%.
CD Type | CD Term | APY |
|---|---|---|
Standard CD
| 6 Months | 0.05% |
Standard CD
| 12 Months | 0.05% |
Standard CD
| 24 Months | 0.05%
|
Standard CD
| 36 Months | 0.10%
|
CD Special | 7 Months | 4.00% |
CD Special | 11 Months | 4.00% |
CD Special | 13 Months | 4.80% |
CD Special | 19 Months | 4.95%
|
Step Up CD
| 28 Months | 0.35% |
Trade Up CD | 30 Months | 0.10% |
Trade Up CD | 60 Months | 0.40% |
Interest for U.S. Bank CDs is compounded daily, but unfortunately US Bank is not very transparent about early redemption penalties. Although it states that these may apply if you withdraw before the CD matures, you need to consult your local branch to find out about specific fees and penalties.
Are US Bank CD Rates Competitive Compared to Other Banks?
Unfortunately, US Bank is not particularly competitive. Unless you opt for a CD Special, the US Bank CD rates are significantly lower.
Since U.S. Bank is not transparent about fees, it is hard to anticipate that the lower rates are offset by more favorable terms should you redeem early.
When you compare U.S. Bank CD rates with online banks, the lack of competitiveness becomes even more obvious. Since many online banks offer CD rates that are well above the national average rates, if you’re looking for the best rates, U.S. Bank is not worth serious consideration.
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U.S. Bank CD Rates vs U.S. Bank Savings Rates
While the US Bank CD rates are low, the standard savings rates are even lower. However, there are some key differences between these types of accounts that may influence which is a better option for you.
- Maintenance Fees: The US Bank savings accounts have monthly maintenance fees. While it is possible to have these fees waived, such as maintaining an average daily balance, it is another factor that you’ll need to consider to manage your account.
- Access: The main advantage of a US Bank Savings account over a CD is that you can access your funds at any time. Most accounts are supplied with an ATM card, so you can withdraw physical cash or transfer funds out of your account.
- Linking Potential: You can also link your US Bank savings account to your US Bank checking account, making it easy to manage your day to day finances.
About U.S. Bank
U.S. Bank is one of the largest US commercial banks that has a history dating back to 1863. While it may not offer the most competitive savings and CD rates, it does have an impressive branch network with more than 2,900 branches across 25 states, making it easier to access in person support.
U.S. Bank is a full service bank offering a variety of accounts, products and services including checking accounts, savings accounts, CDs, loans, mortgages and other financial services. This extensive product line means that if you want to keep all your financial products with one financial institution, US Bank is a viable option.
While U.S. Bank is a traditional bank, in recent years, the bank has developed digital banking services, so you can manage your account online or via the US Bank app.
FAQs
Does US Bank Offer No Penalty CD Rates?
No US Bank does not have any no penalty CDs, so if you need to withdraw your funds before your CD matures, you will incur a penalty.
Does US Bank offer promotions on CDs?
Yes, US Bank has CD specials which have promotional rates and limited terms, but these tend to have far higher rates compared to the standard US Bank CDs.
Do US Bank CDs come with a grace period?
There is a 10 day grace period from the date of maturity to withdraw your funds. If you don’t withdraw your funds during this period, your CD will automatically renew when it matures.
How is US Bank CDs interest calculated?
The interest for US Bank CDs is compounded daily and added to your CD account monthly. This allows you to earn additional returns compared to simply earning interest on your initial deposit.
How does the US Bank early withdrawal penalty work?
Unfortunately, US Bank is not very transparent about how its early withdrawal penalties work.
Although it does state that a penalty applies if you withdraw the funds before the maturity date, the official US Bank guidance is to consult your local branch to find out what specific fees and penalties will apply to your account.
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