U.S. Bank Elite Money Market Account Review: Competitive APY With High Minimum Balance
Review
Updated
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When U.S. Bank calls this an "Elite" money market account, the "Elite" stands for expensive. You'll need to keep a five-figure balance to earn a competitive APY and to waive the account fees. This account could be a good fit if you have the cash, however.
See the full story in our complete U.S. Bank Elite Money Market Account review.
U.S. Bank Elite Money Market Account
U.S. Bank's Elite Money Market Account offers a compelling APY, but there's a big catch: you need to open a new account with a balance of at least $50,000 to earn the top APY. And avoiding the $10 monthly fee isn't easy, unless you have $10,000 in the bank or can participate in U.S. Bank's rewards program.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
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= Best
= Excellent
= Good
= Fair = Poor |
up to 3.80%
Rate info
SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
3.60%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 8, 2025. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
|
N/A
|
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website. |
Open Account for Barclays Tiered Savings
On Barclays' Secure Website.
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.00%
Rate info
Balances less than $250,000 earn 4.00%, and balances greater than $250,000 earn 4.20%.
Min. to earn: $0
|
N/A
|
Open Account for Barclays Tiered Savings
On Barclays' Secure Website. |
Competitive APY with minimum balance: You can get a fairly competitive APY (annual percentage yield) of up to 3.25% provided you meet the $25,000 minimum. Unfortunately, if you can't meet that minimum, you'll earn a poor rate on your balance.
Debit card with ATM access: One of the main reasons to get a money market vs. savings account is the ease of access. This account gives you a debit card you can use to make purchases, as well as ATM access. You even pay zero ATM fees if you use U.S. Bank-owned ATMs. (Multiple fees apply for non-network ATMs.)
Check-writing ability: Another easy way to access the money in your account is by writing paper checks. While this old-school payment method isn't as popular as it used to be, there are still times that writing a check is a handy feature.
Online banking and mobile app: You can do your banking digitally either through your browser or through the mobile app. U.S. Bank's mobile app seems to be one of the better banking apps, with Android and iOS reviewers giving it 4.7 and 4.8 stars, respectively. Personally, I find the app to be easy to navigate and fairly intuitive to use.
Low initial balance requirement to open: You don't need a ton of money on hand to open your account, as it requires just $100. That said, this isn't the ideal account for people with low balances. You need a balance of at least $10,000 to waive the monthly fee and a balance of at least $25,000 to earn a decent APY.
FDIC insured: U.S. Bank is a member FDIC, so your deposits are covered under standard FDIC insurance.
APY is terrible without $25,000 balance: The minimum required to earn a decent APY with this account is ridiculously large. The best money market accounts have high APYs with no minimums, let alone ones requiring five figures. And it's not like the regular APY is slightly lower -- it's a miniscule. If you can't meet that requirement, definitely look for a different account.
$10 monthly maintenance fee: We all hate account fees, so seeing one is always a red flag. You have a couple options for getting this one waived, however:
Fee for out-of-network ATMs: The best banks will reimburse you for out-of-network ATM charges. At the least, I like to see them waive their own out-of-network ATM fees. U.S. Bank does neither. You'll be hit with a $2.50 fee from U.S. Bank, plus whatever the actual ATM charges, each time you use a non-U.S. Bank or partner ATM.
The whole idea behind a money market is to have easier access to your money than with a savings account. Here are all the ways you can do that with the U.S. Bank Elite Money Market Account.
You can deposit money into your U.S. Bank Elite Money Market Account in several ways:
U.S. Bank has branches in 27 states, but not all states, so check to see if there is a branch nearby if in-person banking is important to you.
You have a few options for withdrawing money from your U.S. Bank Elite Money Market Account:
You'll need to pay extra to order checks if you want the option to write them.
Folks with at least $25,000 to deposit who prefer in-person banking could benefit from this account. The APY is competitive when you can meet the minimum balance requirement, and the same balance will qualify you to have the monthly fee waived. Plus, U.S. Bank has many branches and a large ATM network. However, anyone with less money to deposit should look for another bank with more flexible requirements.
At Motley Fool Money, we evaluate money market accounts based on four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum balance requirements, and perks.
Our scores are weighted as:
Learn more about how Motley Fool Money rates bank accounts.
U.S. Bank has branches in 27 states:
Yes, your money is safe in a U.S. Bank Elite Money Market Account. U.S. Bank is a member of the FDIC, so your deposits are insured up to the FDIC coverage limits.
U.S. Bank savings accounts have very low interest rates. If you can meet the $25,000 minimum balance for the U.S. Bank Elite Money Market Account account's higher APY, it's a better choice for your savings. If you can't meet that balance requirement, look for a high-yield savings or money market account from another bank.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.
