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U.S. Bank CD rates review
This bank is financially strong, but its APYs top out at 0.25% for its longest term promotional CD.
U.S. Bank offers a wide selection of CDs, and you might enjoy the assurance of depositing money with a fiscally stable, longstanding bank.However, the highest interest rate is 3.45% — its single-term CD specials have fairly competitive rates.
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3.25%
1-year APY
N/A
3-year APY
3.45%
5-year APY
Details
| Star rate | 2.4 |
|---|---|
| 11-month APY | 3.00% |
| 1-year APY | 3.25% |
| 5-year APY | 3.45% |
| Early withdrawal penalty | 1% for terms of 1 to 6 months + a flat $25 1% for terms of 7 to 12 months + a flat $25 3% for terms of 13 + months + a flat $25 |
| Minimum deposit to open | $5,000 |
| Interest compounding | Daily |
Review by
Amy Stoltenberg
amy.stoltenberg@finder.comAmy Stoltenberg manages newsletters at Finder, gathering the best articles each week to help subscribers save money and stretch their hard-earned dollars. She also handles the Twitter account, dabbling in Instagram and Facebook too. When she's not on the computer, you can find her exploring Los Angeles with a good book in tow. She studied writing at Savannah College of Art and Design and has been featured on the Zoe Report.
Expert review
U.S. Bank’s CDs are best for those wanting to invest in a long-term CD and those that already use the bank for its other products. You’ll find the highest interest rates by opening a promotional CD called a CD Special, which reaches 0.30% for a three-year term or 0.75% APY for a five-year term.For reference, if you put $2,000 in a U.S. Bank CD Special for five years, you’ll earn: $2,000 x 0.75% x 60 months = $76.42.
Put the same balance in a five-year Discover CD, and you’ll get: $2,000 x 3.25% x 60 months = $352.88.
If you’re hoping for higher interest rates overall, U.S. Bank isn’t the best option available. Browse the CD market to see what other banks have to offer before settling on one.
What CDs does U.S. Bank offer?
- U.S. Bank CD Special. U.S. Bank offers a selection of CD Specials with competitive APYs that last for a single term. But you need to deposit a minimum of $1,000 to open an account.
- U.S. Bank Step Up CD. This account increases interest over the course of six months, rewarding you for leaving the money in the CD. The blended APY ends up equaling about 0.35% over the long haul.
- U.S. Bank Trade Up CD. These CDs are designed to encourage folks to keep cash in the CDs for a longer period of time.
- U.S. Bank Standard CD. Long-term U.S. Bank customers might consider its basic CD options. While the APYs are lower, they’re more constant — so if you wanted to renew the CD for more than one term, you’ll get a similar APY as when you first opened the account.
How to open a U.S. Bank account
You’ll send in an application online to get started with one of U.S. Bank‘s CDs.
- Go to the provider’s site and follow the steps to apply.
- From the U.S. Bank home page, under “Personal,” hover over “Checking & Savings” and select CDs.
- Scroll down to the CD you’re most interested in and select Open now.
- Indicate whether or not you already have an online banking account with U.S. Bank. If you do, the process should move more quickly. Hit Continue.
- Next, fill out personal information like your name, address and contact information. Indicate your employment status, identity and the purpose of the CD account. After selecting whether you’re opening an individual or joint account, hit Continue.
- On the next page, review the application and submit it. Decide how to fund the account. U.S. Bank will be in touch regarding the status of your application.
Eligibility
You must be 18 years or older and a legal resident of the US to qualify.
Required information
You’ll need the following information handy to open a CD with U.S. Bank:
- Social Security or tax ID number
- Driver’s license, state or military ID
- A way of funding the account; options include:
- Visit a branch location to receive funds via cash.
- Transfer the funds into an external or internal bank account.
3 benefits of a CD with U.S. Bank
Along with FDIC insurance, perks of opening a CD with U.S. Bank include:
- Financially strong provider. U.S. Bank is an industry heavyweight that’s in 26 states — mostly Midwest with more than 3,000 branches.
- Rate-increasing CDs. Opt for a Step Up or Trade Up CD to take advantage of rising interest rates before the CD matures. The Step Up CD guarantees that its rate will increase, while the Trade Up CD increases based on the market.
- In-person banking. If you live near a branch location, you can collect funds in person when the CD matures. This gives U.S. Bank a leg-up from online-only providers that require electronic transfer directly into a bank account.
How much interest you can earn
The highest APY you can earn is with U.S. Bank which top out at 0.75%. In comparison, its standard CDs top out at 0.25%. See how much you can earn with US Banks CD special interest rates.
CD special interest rates
| Term length | APY | Amount in savings | Approx. interest at maturity |
|---|---|---|---|
| 17-month | 0.15% | $2,000 | $4.51 |
| 37-month | 0.30% | $2,000 | $18.08 |
| 47-month | 0.50% | $2,000 | $40.40 |
| 59-month | 0.75% | $2,000 | $76.42 |
The main drawback to look out for
As a brick-and-mortar bank, U.S. Bank has high overhead costs which tend to equal less competitive CD interest rates. Its highest APY is 3.45% over a 60-month term.
That rate is lower than many high-APY savings accounts available from online banks. And if you opt for a savings account, you won’t have to lock up your money, so you’ll gain greater access through a high-yield savings account over a CD.
Early withdrawal fees
U.S. Bank charges a penalty fee for early withdrawal. In addition to a flat $25 for early withdrawal, you’ll lose:| Term length | Penalty (whichever is greater) |
|---|---|
| Up to 6 months |
|
| 7–12 months |
|
| 13+ months |
|
Also note that once the CD starts, you won’t be able to add money until it matures. If you’re hoping for a CD with more flexible fine print, look for a no-penalty CD — though keep in mind that these generally have less competitive APYs.
Compare U.S. Bank with other CD accounts
Compare other banks and their CDs based on their interest rates across different term lengths. When you’re ready, choose Go to site to apply for your choice CD.
U.S. Bank reviews and complaints
US Bank currently sees a 1.3 rating out of 5 stars on Trustpilot, based on about 500 reviews. Customers complain about unhelpful customer service, declines on their credit card or account transactions and difficulty with their automated phone service.
However, positive reviews focus on smooth in-person service and a dedication to helping customers solve problems. Keep in mind that any national bank will garner reviews on both sides and that many reviewers leave their remarks after having an overly negative experience.
How to cash in a CD
When the term on your U.S. Bank CD ends, you have 10 days to withdraw the funds before it automatically renews.
How to contact U.S. Bank customer service
Get a hold of customer service in one of several ways.
- Phone. Call 800-872-2657 any time of day to speak with a representative.
- Local branch. Use the branch locator to find a branch near you and to speak to customer service in person.
- By appointment. Make an appointment on U.S. Bank website to meet with a rep online, by phone or in person, whichever you prefer.
- Social media. Reach out to customer service via Twitter, Instagram or Facebook with the handle @usbank.
U.S. Bank CD is not currently available on Finder
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