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If you need a savings product with a high annual percentage yield (APY) and a debit card to access cash, a U.S. Bank money market delivers. For the best rates and benefits, you’ll need $25,000 or more to keep in the account at all times.
Not sure if a money market account is right for you? We’ll go through all the details you need to make an informed decision:
U.S. Bank offers money market accounts for both individuals and businesses. Consider these accounts if you want to earn interest on excess funds while preserving easy access.
If you have a large amount of cash to put in savings, the Elite Money Market account could be the right fit for you. For balances of $25,000 or more, this account offers an APY of 4.25%.
Here’s an overview:
The Retirement Money Market account is designed to help you expand your retirement savings over the long term. Although the APY is low, the account has tax advantages that can benefit you now and in retirement.
Take a quick look at the key factors:
The Platinum Business Money Market account is a newer offering that helps you earn a higher interest rate on excess funds. It’s best suited to businesses with a U.S. Bank checking account that can maintain a balance of at least $25,000.
Here’s a rundown:
The Preferred Business Money Market account is similar to the Platinum, but it doesn’t require you to link a U.S. Bank checking account. You might choose this option if your business has an established checking account at another institution.
Check out the key points:
The Premium Business Money Market account is best for companies with a Premium Business Checking account from U.S. Bank. By linking the accounts, you’ll get an earnings credit that makes up for fees.
Let’s take a look:
Money market accounts from U.S. Bank offer the same convenient access to your money as a checking account — but with interest rates closer to those of a high-yield checking account.
This type of savings account can be a great option if you plan to maintain a high balance and you need to be able to make purchases or quick withdrawals.
Here’s a look at the benefits of U.S. Bank money market accounts:
If you meet the minimum balance requirements, U.S. Bank money market accounts can offer a competitive APY.
Each account type includes a debit card for purchases and ATM withdrawals.
U.S. Bank enables you to draw checks on your money market account.
On the U.S. Bank website or in the mobile banking app, you can check your balance, monitor transactions, move money and find statements.
Most money market accounts from U.S. Bank can be opened with $100.
U.S. Bank watches your account around the clock, keeping an eye out for unusual transactions.
Link your money market account to a U.S. Bank checking account to prevent overdrafts.
Money market accounts with U.S. Bank don’t come with fixed rates — the bank uses a tiered system, so your APY depends on your daily balance.
Here’s a look at the rates for the Elite Money Market account:
| Daily balance | Elite Money Market Account APY |
|---|---|
| Under $10,000 | 0.01% |
| $10,000-$24,999 | 0.01% |
| $25,000 – $49,999.99 | 4.25% |
| $50,000 – $99,999.99 | 4.25% |
| $100,000 – $499,999.99 | 4.25% |
| $500,000-$999,999.99 | 4.25% |
| $1,000,000-$2,999,999.99 | 4.25% |
| $3,000,000 and above | 4.25% |
*Figures are correct as of May 2024.
Because U.S. Bank is a traditional bank with physical branches, it charges higher fees than online banks. For money market accounts, that usually includes a monthly maintenance fee.
However, if you meet specific conditions, the bank will waive the maintenance fees.
For the Elite Money Market account, you must do one of the following:
What other fees can you expect? Here’s a look at the various charges for the Elite Money Market account:
| Fee type | Fee amount |
|---|---|
| Monthly Maintenance fee | $10 |
| Dormant account fee | $5 |
| ATM fee | $0 for U.S. Bank ATMs |
| Overdraft fee | $36 |
| Returned item fee | $0 |
| Stop payment | $35 |
| Cashier’s check | $10 |
| Domestic incoming wire transfers | $20 |
| International incoming wire transfers | $25 |
| Domestic outgoing wire transfers | $30 |
| International outgoing wire transfers | $50 |
U.S. Bank makes it easy to access the funds in your money market account — it’s one of the most attractive features.
Here are some of the ways you can deposit funds into your money market account:
When you want to take out money, try one of these methods:
The U.S. Bank money market accounts are best if you can maintain a balance of at least $25,000. For most account types, that’s the minimum you need to earn the highest APY.
If you think your balance might dip below $25,000, you’ll have a better earning potential with a high-yield savings account vs a money market account from U.S. Bank.
As you consider opening a U.S. Bank money market account, here are some pros and cons to weigh up:
If you’re ready to open an account, here’s what to expect:
After your account is funded, the bank will send your debit card in the mail.
Compared to other popular money market accounts, U.S. Bank offers a competitive APY. However, it often falls behind when it comes to fees and minimum balances.
Here’s an overview of top competitors:
| Bank | APY | Account balance required | Minimum deposit | Fees |
|---|---|---|---|---|
| U.S. Bank Elite Money Market Account | 4.25% | $25,000 and up | $100 | None with a balance of $10,00)+, or when you link a U.S. Bank Smartly Checking account, otherwise $10 per month |
| Sallie Mae Money Market Account | 4.65% | All balance tiers | $0 | None |
| Discover Bank Money Market Account | 4.05% | $100,000 and up | $2500 | None |
| Ally Money Market Account | 4.20% | All balance tiers | $0 | None |
| CIT Bank Money Market Account | 1.55% | All balance tiers | $100 | None |
*Figures are correct as of May 2024.
Sallie Mae’s money market account is a better value than the U.S. Bank Elite account. The APY is higher, and it’s available for all balances.
Compared to Discover, U.S. Bank comes out on top. It offers a 4.25% APY for balances of $25,000 and higher, which is much more accessible than Discover’s 4.05% APY for balances of $100,000 and up.
Because Ally Bank is an online bank, it doesn’t charge fees for its money market accounts. You’ll get a slightly lower APY (4.20%) than you would with U.S. Bank, but you’ll get it regardless of your balance.
U.S. Bank offers a much higher APY and earnings potential than CIT Bank, which offers just 1.55% APY for all balance tiers.
Not quite ready for a money market account but looking to grow your savings? One of U.S. Bank’s other savings products might be a better fit.
If you have a lower amount of money to save, the U.S. Bank savings account is a good option. You only need $25 to open it.
A certificate of deposit account (CD) enables you to save a lump sum for a period of time at a higher APY. U.S. Bank CDs offer up to 4.75% APY for a seven-month account.
An Elite Money Market account from U.S. Bank is worth it if you can keep at least $25,000 in the account at all times. Otherwise, the APY drops from a solid 4.25% to just 0.01%.
The best U.S. Bank money market rates are available on the Platinum Business Money Market account. If your balance is $1,000,000-$2,999,999.99, you’ll get the standard APY of 1.15% plus a bonus APY of 4.60%.
Yes, money market accounts from U.S. Bank include debit cards.
You can deposit cash into your U.S. Bank money market account at a U.S. Bank branch location.
To close a money market account, call U.S. Bank or visit a branch in person.
Elizabeth Smith is an experienced travel and finance writer who specializes in topics including credit cards, travel insurance, and personal finance. Travel insurance, in particular, has both professional and personal significance for Smith. She’s traveled to 73 countries, and has extensive experience choosing and using various policies — she understands how valuable the right plan can be in an emergency, and loves to help readers find the perfect fit.
Smith comes to the world of finance from a scientific and technical background. She spent more than 10 years writing about engineering, science, and technology for universities and private companies. When she’s not writing or traveling, Smith can usually be found hiking or Nordic skiing.
Blake Esken has over 15 years of experience in product management and has been a member of the Los Angeles Times staff for over five years.
As part of his role at the Los Angeles Times Commerce Team, Blake acts as the in-house reviewer and fact checker for LA Times Compare. He supervises all content for compliance and accuracy and puts to use skills he has honed through years of experience managing high-stakes projects for a range of industry-leading companies.
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