U.S. Bank Standard Savings Account Review: A Solid Branch-Based Option

If you're looking for a new savings account, it can be difficult to beat the convenience of using a bank with thousands of branches and ATMs. The U.S. Bank Standard Savings Account is a great choice for savers who are more concerned with ease of access and a top-notch digital banking experience than maximizing the interest earned in their account. Read on to see the pros and cons of this account, and learn whether it might be a good choice for you.

The U.S. Bank Standard Savings Account comes with an APY right in line with other big-name brick-and-mortar banks. So if you're hoping to earn money on your saved cash, this account likely isn't right for you -- consider U.S. Bank's money market accounts instead if you've got a big balance. You can open this one with just $25, however.

Top perks

New account bonus: Earn up to $700 when you open a new U.S. Bank Smartly® Checking account and a U.S. Bank Standard Savings Account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through June 27, 2024. Member FDIC.

Earn up to $500 with a new U.S. Bank Smartly® Checking. Complete the following within 90 days of account opening:

• Enroll in online banking or the U.S. Bank Mobile App
• Make two or more direct deposit(s) totaling $3,000 to $4,999.99 to earn $100, $5,000 to $9,999.99 to earn $300 or $10,000 or more to earn $500

Earn up to $200 with a new U.S. Bank Standard Savings Account.

• Make new money deposit(s) totaling $15,000 or more by July 17, 2024
• Maintain that balance until October 31, 2024

Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.

Low minimum opening deposit: The U.S. Bank Standard Savings Account only requires a $25 minimum opening deposit to get started, which is less than several other branch-based banks require.

Monthly fee can be waived easily: The U.S. Bank Standard Savings Account has a $4 monthly maintenance fee, but the good news is that it's fairly easy to avoid. By maintaining a $300 minimum daily balance or $1,000 average monthly collected balance, the monthly maintenance fee can be waived. The fee is also automatically waived if the primary account holder is between ages 13 and 17.

Can link with other U.S. Bank accounts: You can link your U.S. Bank Standard Savings Account with another U.S. Bank account (such as a checking account), which allows you to set up overdraft protection (with free transfers), set up recurring transfers to savings, and more.

Great digital banking tools: U.S. Bank's digital banking tools are some of the highest-rated in the industry. It has received recognition for its mobile app and the user-friendly nature of its mobile deposit capabilities. U.S. Bank's mobile app has a 4.8 out of five star rating in the App Store based on over 1.4 million reviews, and also holds a 4.7 out of five in the Google Play Store.

Large physical presence: U.S. Bank has physical branches in more than 25 states. It not only has one of the largest ATM networks in the United States, but it offers thousands of partner ATMs (including the MoneyPass Network) that customers can use for free.

What could be improved

Very low APY: This is the biggest downside of the U.S. Bank Standard Savings Account -- it offers a very low interest rate.

Monthly maintenance fee: As mentioned above, the U.S. Bank Standard Savings Account has a $4 monthly maintenance fee. While it is relatively easy to avoid, and is lower than the fees charged by some other branch-based banks, it's also important to mention that many online savings accounts don't have maintenance fees at all.

No ATM fee reimbursement: To be fair, U.S. Bank offers a large ATM network for customers to use with no surcharge, but unlike many other online banks, it doesn't reimburse for out-of-network ATM usage. In fact, the bank charges $2.50 for a non-U.S. Bank ATM transaction, and this is on top of any fees that might be assessed by the ATM's owner.

Perhaps the most compelling reason to get a savings account at a branch-based bank like U.S. Bank is for the convenience. When it comes to making deposits and withdrawals, the U.S. Bank Standard Savings Account offers numerous options that many online-based savings accounts simply don't offer.

Deposit options

One of the biggest advantages of the U.S. Bank Standard Savings Account is the many ways to deposit and withdraw your money. Deposits can be made at any of the bank's more than 3,000 branches. It also has a vast ATM network where deposits can be made.

Mobile banking users can deposit checks directly through the bank's highly-rated app, and can seamlessly transfer money from other U.S. Bank accounts, either through recurring or one-time transfers.

Withdrawal options

U.S. Bank Standard Savings Account customers can withdraw money in person at any of the bank's roughly 3,100 branches. They also have access to U.S. Bank's ATM network as well as thousands of partner ATMs that offer no-fee withdrawals. Transfers into other accounts -- U.S. Bank or external -- can be made on the bank's online and mobile banking platforms.

The U.S. Bank Standard Savings Account has some perks, and is one of the stronger options among branch-based banks. It offers access to thousands of branches and ATMs, as well as excellent online and mobile banking options, and its monthly maintenance fee is low and relatively easy to waive. It is also a great choice for parents who want to open a convenient savings account for their minor children.

However, if your priority is maximizing the interest your money earns, you may be better off sacrificing some convenience and choosing an online-based savings account instead. To see our top picks, check out our list of the Best High-Yield Savings Accounts.

Keep reading about U.S. Bank

• U.S. Bank Review
• U.S. Bank Safe Debit Account
• U.S. Bank CD Rates
• U.S. Bank Silver Business Checking
• U.S. Bank Smartly® Checking
• U.S. Bank Promotions

Our savings account methodology

At The Motley Fool Ascent, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

Our scores are weighted as:

• APY: 50%
• Brand and reputation: 20%
• Fees and minimums: 15%
• Other perks: 15%

Learn more about how The Motley Fool Ascent rates bank accounts.