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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
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.
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 |
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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.
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.
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up to 4.60%²
Rate info
You 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
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New customers can earn up to a $300 bonus with qualifying direct deposits!¹
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Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
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Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
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.
|
4.25%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
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N/A
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Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website. |
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Open Account for UFB Portfolio Savings Account
On UFB's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
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.
|
5.15%
Rate info
To 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
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N/A
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Open Account for UFB Portfolio Savings Account
On UFB's Secure Website. |
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.
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 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:
Learn more about how The Motley Fool Ascent 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. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.