U.S. Bank Elite Money Market Account Review: Competitive APY With High Minimum Balance

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.

Top perks

Competitive APY with minimum balance: You can get a fairly competitive APY (annual percentage rate) of up to 4.25% 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.

What could be improved

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:

• Maintain a $10,000 minimum daily balance, or;
• Open a U.S. Bank Smartly® Checking account and enroll in the Smart Rewards program at Primary tier or higher.

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.

Deposit options

You can deposit money into your U.S. Bank Elite Money Market Account in several ways:

• Transfer from another U.S. Bank account
• In-person deposit at a branch
• Mobile check deposit via the app
• Electronic bank transfer (ACH)
• Direct deposit
• Wire transfer (fees may apply)
• Send money via Zelle

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.

Withdrawal options

You have a few options for withdrawing money from your U.S. Bank Elite Money Market Account:

• Transfer to another U.S. Bank account
• In-person withdrawal at a branch
• Withdrawal from an ATM
• Electronic bank transfer (ACH)
• Wire transfer (fees may apply)
• Receive money via Zelle
• Make a debit card purchase
• Write a paper check

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.

Our money market account methodology

At The Motley Fool Ascent, 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:

• APY: 40%
• Brand and Reputation: 20%
• Fees and Minimums: 10%
• Perks: 30%

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