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Banking

The best brick-and-mortar savings account for banking at U.S. Bank

CNBC Select reviews U.S. Bank's Standard Savings Account so you can decide if it's right for you.

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Editor's Note: APYs listed in this article are up-to-date as of the time of publication. They may fluctuate (up or down) as the Fed rate changes. CNBC will update as changes are made public.

Brick-and-mortar banks offer one-on-one attention that you just don't get over the internet with online-only banks. Because of these operating costs, however, keeping your money in a brick-and-mortar bank will likely cost you more in fees than if you were to stash your cash in an online savings account.

However, U.S. Bank offers a lower-cost brick-and-mortar option for savers: the U.S. Bank Standard Savings Account. This account ranks on CNBC Select's list of the top brick-and-mortar savings accounts because it is a simple, no-frills and low-cost savings account option accessible by about 2,700 branches and 4,500 ATMs across the U.S.

Below, we take a close look at the U.S. Bank Standard Savings Account by breaking down its annual percentage yield (APY), access to your cash, perks and fees so you can decide if this brick-and-mortar savings account is right for you.

U.S. Bank Standard Savings Account review

Standard Savings Account

Standard Savings Account
Information about the U.S. Bank Standard Savings has been collected independently by CNBC and has not been reviewed or provided by the bank prior to publication. U.S. Bank is a Member FDIC.
  • Annual Percentage Yield (APY)

    0.01%

  • Minimum balance

    $25 to open

  • Monthly fee

    $4 per month, with options to waive

  • Maximum transactions

    Up to 6 free withdrawals or transfers per statement cycle

  • Excessive transactions fee

    N/A

  • Overdraft fees

    Overdraft protection when you link your savings account to your checking account

  • Offer checking account?

    Yes

  • Offer ATM card?

    Yes, if have a U.S. Bank checking account

See our methodology, terms apply.

Pros

  • Lower-than-average fees for a brick-and-mortar savings account
  • Low monthly maintenance fee, plus option to waive with $300 minimum daily balance
  • Low minimum deposit to open an account
  • Up to 6 free withdrawals or transfers per statement cycle

Cons

  • Has monthly maintenance fees (although lower than others)
  • Low APY

U.S. Bank Standard Savings Account APY

The current APY for the U.S. Bank Standard Savings Account is 0.01%, which is a pretty standard rate across the board for most brick-and-mortar savings accounts. For a higher rate of return on your savings, high-yield savings accounts offered online are a better route. They can help you save up for a certain near-term purchase or build an emergency fund much faster. (Read about CNBC Select's top five high-yield savings accounts here.)

There are no membership or checking account options to increase the interest you earn on your savings, unlike what the Bank of America Advantage Savings and Chase Premier Savings℠ offer. Instead, the 0.01% is offered on all balances.

Access to your cash

U.S. Bank has about 2,700 branches and 4,500 ATMs, which is a smaller physical presence than the other national brick-and-mortar banks on our list. The branches are spread mostly across the Midwest and Western parts of the U.S.

There is usually a six-per-month deposit and withdrawal limit under federal law Regulation D, but that has been temporarily lifted during the coronavirus pandemic.

U.S. Bank Standard Savings Account holders can take advantage of overdraft protection when they link their savings to their U.S. Bank checking account.

Perks

Like its name suggests, the U.S. Bank Standard Savings Account is best for being a straightforward option if you live near a U.S. Bank location. Its biggest perk is being simple and low cost, so there aren't really any additional bells and whistles or special features.

Account holders can rely on the bank's mobile app when on the go and set up custom account alerts. The email or text messages will alert of reminders about transfers, low balances and other important activity on their account.

Fees

Potentials savers looking to open a U.S. Bank Standard Savings Account can can do so with a $25 minimum deposit, which is a standard amount at brick-and-mortar banks. Some savings accounts require higher minimums, like a $100 minimum with the Bank of America Advantage Savings. Some may require $0 to open, such as with the Chase Premier Savings.

Standard Savings Account users will be charged a monthly maintenance fee of $4 per month, which is one of the lowest we found. Monthly fees can range from $4 to $25, depending on the bank.

Even still, Standard Savings Account holders have options to waive it. To avoid this fee, they can have a $300 minimum daily balance, a $1,000 average monthly collected balance or be under 18.

Bottom line

For those who live near a U.S. Bank location, the U.S. Bank Standard Savings Account stands out for its simplicity and low fees.

For those who prefer banking with Wells Fargo or PNC Bank, consider their two brick-and-mortar savings accounts we rated as our favorites: WellsFargo Way2Save® Savings and PNC Bank Virtual Wallet®.

Learn more: How much cash should you keep in your savings and checking account? A financial planner weighs in

Our methodology

To determine which brick-and-mortar savings accounts offer the most convenience, CNBC Select analyzed dozens of U.S. savings accounts offered by the largest national banks and credit unions. We narrowed down our ranking by only considering those savings accounts that come from brick-and-mortar banks with broad availability, offering access to at least 2,000 physical branches and over 4,000 non-fee ATMs in the U.S.

While the accounts we chose in this article are from the largest banks, we compared each savings account on a range of features, including its fees, opportunities to earn interest higher rates, customer service and any other special offerings or programs. We also considered factors such as insurance policies, users' deposit options, other savings accounts being offered by the same bank and customer reviews when available.

All of the accounts included on this list are FDIC-insured up to $250,000. Note that the interest rates and fee structures for brick-and-mortar savings accounts are subject to change without notice. Product and feature availability vary by market so they may not be offered depending on where you live. Most brick-and-mortar banks require you to enter your zip code online for the correct account offerings. Any return on your savings depends on the associated fees and the balance you have in your brick-and-mortar savings account. To open a savings account, most banks and institutions require a deposit of new money, meaning you can't transfer money you already had in an account at that bank.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the CNBC Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.