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U.S. Bank CD Rates: March 2024

8 months ago
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U.S. Bank offers some competitive rates, which can be higher if you’re already a customer

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Fact checked by Michael Rosenston

U.S. Bank CD Rates

U.S. Bank certificates of deposit (CDs) come in three forms, including a standard CD, a trade-up CD, and a step-up CD.

The standard CD has some competitive special rates, and if you’re already a U.S. Bank customer you can get personalized rates for your account. That said, most of U.S. Bank’s CD rates are unappealing unless you open that special rate account. 

Important

The APYs listed below are up to date as of the date of publication of this article. We review CD rates every two weeks and update the information below accordingly. The below rates are based on ZIP code 55111 in Minneapolis, where U.S. Bank is headquartered.

CD Term CD Amount APY
7 months $1,000–$250,000 4.75%
11 months $1,000–$250,000 4.00%
15 months $1,000–$250,000 3.75%

See the best CD rates today before choosing the CD that is best for you.

CD Term CD Amount APY
1 month $500–$250,000 0.05%
2 months $500–$250,000 0.05%
3 months $500–$250,000 0.05%
6 months $500–$250,000 0.05%
9 months $500–$250,000 0.05%
12 months $500–$250,000 0.05%
18 months $500–$250,000 0.05%
24 months $500–$250,000 0.05%
36 months $500–$250,000 0.10%
48 months $500–$250,000 0.15%
60 months $500–$250,000 0.25%
CD Term CD Amount APY
30 months $1,000–$250,000 0.10%
60 months $1,000–$250,000 0.40%
CD Term CD Amount APY Blended APY
28 months $1,000–$250,000 0.05% for the first 7 months
0.25% for the next 7 months
0.45% for the next 7 months
0.65% for the final 7 months 		0.35%

U.S. Bank CDs: Key Features

APY Range 3.75%–4.75%
Minimum Balance $1,000
Term Range 7–15 months
Early Withdrawal Penalty Not disclosed

U.S. Bank’s special CD rates are only available on a few term lengths, but they’re relatively short. The minimum deposit requirement is higher than the requirement for the bank’s other standard CDs, and you may be able to find similar rates with a lower deposit requirement elsewhere. 

Unfortunately, U.S. Bank doesn’t disclose its early withdrawal penalties upfront. The account agreement provided on the bank’s website says that penalties are disclosed only when you open an account.

APY Range 0.05%–0.25%
Minimum Balance $500
Term Range 1–60 months
Early Withdrawal Penalty Not disclosed

The bank’s standard CD has a much wider range of terms, but standard CD rates at U.S. Bank are extremely low, even compared to traditional savings accounts. So, they’re likely not worth your while, even with the lower balance requirement.

APY Range 0.10%–0.40%
Minimum Balance $1,000
Term Range 30 or 60 months
Early Withdrawal Penalty Not disclosed

U.S. Bank’s Trade-Up CD is a specialized CD that allows customers to trade up for a higher interest rate if the rate for the account increases during their term—but only once. That said, the interest rates are low and you need to lock in one of those low rates at first, so you’re likely better off with one of the bank’s special rate CDs. The account also has a higher minimum deposit requirement than the standard CD.

Blended APY 0.35%
Minimum Balance $1,000
Term Range 28 months
Early Withdrawal Penalty Not disclosed

A step-up CD offers an interest rate that increases at regular intervals during the account’s term. U.S. Bank only offers one term, and while its interest rate increases throughout the term, the blended or composite APY is very low compared to the bank’s special CD rates, which come with shorter terms. The minimum deposit is also higher than the standard CD. 

About U.S. Bank

U.S. Bank is a regional bank that offers CDs nationwide, along with other banking products and services in select states, including checking and savings accounts, personal loans, auto loans, home loans, and investment services. That said, the bank only has branches in 26 states.

U.S. Bank’s special CD rates are competitive, and if you’re already a U.S. Bank customer you may be able to get a higher personalized rate than what’s publicly available. 

Compared to other banks that offer nationwide products and services, U.S. Bank’s customer satisfaction ratings are slightly lower than the average, according to a 2023 study by  J.D. Power. 

Important

Even if you can get a higher personalized interest rate as a U.S. Bank customer, it’s still a good idea to research and compare CD rates, deposit requirements, terms, and other features with other banks and credit unions to find the best fit for you.

Compare CD Account Rates

What Is the Minimum Deposit for a U.S. Bank CD Account?

For U.S. Bank’s standard CD, the minimum deposit requirement is $500. However, if you want to take advantage of U.S. Bank’s special CD rates or you want a step-up or trade-up CD, the minimum is $1,000.

Is U.S. Bank FDIC-Insured?

Yes, U.S. Bank offers standard FDIC insurance coverage, which is $250,000 per account, per owner. It’s also important to note that the maximum amount you can deposit into one of the bank’s CDs is $250,000, meaning that your entire balance is covered.

Is There an Early Withdrawal Penalty for U.S. Bank CDs?

Yes, U.S. Bank charges an early withdrawal penalty if you take money out of your CD before it matures. However, unlike other banks and credit unions, U.S. Bank doesn’t disclose what the penalty is until you open an account.

Can You Have a Joint CD Account at U.S. Bank?

Yes, you can add a co-owner to your account after you open and fund an individual CD account.

Your Guide to CDs

Read the original article on Investopedia.

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