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.
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Ratings Methodology
Rates asof Mar 11, 2024
U.S. Bank Elite Money Market Account
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Member FDIC.
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Monthly Fee
$10, waivable when you maintain a $10,000 min. daily balance or open a Bank Smartly Checking account and enroll in the Smart Rewards program at Primary tier or higher
Min. Balance
$100 to open
APY
up to 4.50%Rate infoRate is valid for new money market clients who open an Elite Money Market Account. Both new and existing accounts open for less than 30 days qualify with an account balance of at least $25,000.
Min. To Earn APY
$0
- Competitive APY with min. balance
- Debit card and ATM access
- Check-writing abilities
- Online banking and mobile app
- APY is terrible without high balance
- Monthly fee unless conditions are met
- Out-of-network ATM fees
This is a competitive account if you have at least $25,000 to keep in it. Otherwise, skip this bank and look for better options.
High-yield savings account comparison
We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
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| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for SoFi Checking and Savings Member FDIC. Rating image, 4.75 out of 5 stars. 4.75/5Our 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. | up to 4.60% Rate infoYou can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.Min. to earn: $0 | N/A | Open Account for SoFi Checking and Savings |
Open Account for American Express® High Yield Savings Member FDIC. Rating image, 4.00 out of 5 stars. 4.00/5Our 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. | 4.35% Rate info4.35% annual percentage yield as of March 11, 2024Min. to earn: $1 | N/A | Open Account for American Express® High Yield Savings |
Open Account for UFB Secure Savings Account Member FDIC. Rating image, 4.00 out of 5 stars. 4.00/5Our 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. | 5.25% Rate infoTo ensure you keep getting the highest rate at UFB, you'll need to keep an eye on their rates. Occasionally, the bank launches new accounts with higher rates. Existing accounts need to contact the bank to request being moved to one of these new accounts.Min. to earn: $0 | N/A | Open Account for UFB Secure Savings Account |
Full 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 4.50% 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.
How to access your money
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.
U.S. Bank Elite Money Market Account is right for you if:
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 savings account methodology
At The Ascent, a Motley Fool Service, we rate savings accounts on a five-star scale (1 = poor, 5 = best). Our criteria? We dive deep into factors like APY, account minimums and fees, along with features that really make a difference -- think ATM access, linked checking accounts, or even branch access. We blend this with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best. Our aim is to maintain a balanced best-of list featuring top-scoring products from reputable brands offering competitive APYs and standout features.
FAQs
U.S. Bank has branches in 27 states:
- Arizona
- Arkansas
- California
- Colorado
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Minnesota
- Missouri
- Montana
- Nebraska
- Nevada
- New Mexico
- North Carolina
- North Dakota
- Ohio
- Oregon
- South Dakota
- Tennessee
- Texas
- Utah
- Washington
- Wisconsin
- Wyoming
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.
Our Banking Experts
By:Brittney Myers
Writer
Brittney started her writing career in the world of science, putting her physics degree to good use. Her journey into finance started with building her personal credit, but soon grew into a borderline obsession with credit cards and travel rewards. For the last 7 years, she has enjoyed the ability to share her expertise with readers, as well as the opportunity to interview companies and individuals making an impact on our financial lives. She wholly believe most problems can be solved with the right research -- and a good spreadsheet -- and she specializes in translating complex financial topics into actionable advice to help educate and empower readers.
Fact CheckedEric McWhinnie
Eric McWhinnie has been writing and editing digital content since 2010. He specializes in personal finance and investing. He also holds a bachelor’s degree in Finance.
