U.S. Bank CD Rates for 2023

U.S. Bank CD Rates for 2023 – check here

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U.S. Bank CD Rates for 2023: U.S. Bank offers some competitive rates, which can be higher if you’re already a customer we independently evaluate all recommended products and services. If you click on links we provide, we may receive compensation.

About U.S. Bank Certificates of Deposit (CDs)

The U.S. Bank certificates of deposit (CDs) come in three forms, including a standard CD, a trade-up CD, and a step-up CD.

The standard CD has some competitive special rates, and if you’re already a U.S. Bank customer you can get personalized rates for your account.4 That said, most of U.S. Bank’s CD rates are unappealing unless you open that special rate account.

The APYs listed below are up to date as of the date of publication of this article. We review CD rates every two weeks and update the information below accordingly. The below rates are based on ZIP code 55111 in Minneapolis, where U.S. Bank is headquartered.

Standard CD Special Rate Account Overview
CD TermCD AmountAPY
7 months$1,000–$250,0004.30%
11 months$1,000–$250,0004.40%
15 months$1,000–$250,0004.25%
19 months$1,000–$250,0004.20%4
Standard CD Account Overview
CD TermCD AmountAPY
1 month$500–$250,0000.05%
2 months$500–$250,0000.05%
3 months$500–$250,0000.05%
6 months$500–$250,0000.05%
9 months$500–$250,0000.05%
12 months$500–$250,0000.05%
18 months$500–$250,0000.05%
24 months$500–$250,0000.05%
36 months$500–$250,0000.10%
48 months$500–$250,0000.15%
60 months$500–$250,0000.25%3
U.S. Bank Trade-Up CD Account Overview
CD TermCD AmountAPY
30 months$1,000–$250,0000.10%
60 months$1,000–$250,0000.40%2
U.S. Bank Step-Up CD Account Overview
CD TermCD AmountAPYBlended APY
28 months$1,000–$250,0000.05% for the first 7 months
0.25% for the next 7 months
0.45% for the next 7 months
0.65% for the final 7 months
0.35

U.S. Bank CDs: Key Features

U.S. Bank Special Rate CD Key Features
APY Range4.20%–4.40%
Minimum Balance$1,000
Term Range7–19 months
Early Withdrawal PenaltyNot disclosed4

U.S. Bank’s special CD rates are only available on a few term lengths, but they’re relatively short. The minimum deposit requirement is higher than the requirement for the bank’s other standard CDs, and you may be able to find similar rates with a lower deposit requirement elsewhere.34

Unfortunately, U.S. Bank doesn’t disclose its early withdrawal penalties upfront. The account agreement provided on the bank’s website says that penalties are disclosed only when you open an account.

The bank’s standard CD has a much wider range of terms, but standard CD rates at U.S. Bank are extremely low, even compared to traditional savings accounts.6 So, they’re likely not worth your while, even with the lower balance requirement.

U.S. Bank Trade-Up CD Key Features
APY Range0.10%–0.40%
Minimum Balance$1,000
Term Range30 or 60 months
Early Withdrawal PenaltyNot disclosed2

U.S. Bank’s Trade-Up CD is a specialized CD that allows customers to trade up for a higher interest rate if the rate for the account increases during their term—but only once.2 That said, the interest rates are low and you need to lock in one of those low rates at first, so you’re likely better off with one of the bank’s special rate CDs. The account also has a higher minimum deposit requirement than the standard CD.

U.S. Bank Step-Up CD Key Features
Blended APY0.35%
Minimum Balance$1,000
Term Range28 months
Early Withdrawal PenaltyNot disclosed1

A step-up CD offers an interest rate that increases at regular intervals during the account’s term.7 U.S. Bank only offers one term, and while its interest rate increases throughout the term, the blended or composite APY is very low compared to the bank’s special CD rates, which come with shorter terms. The minimum deposit is also higher than the standard CD.

What Is the Minimum Deposit for a U.S. Bank CD Account?

For U.S. Bank’s standard CD, the minimum deposit requirement is $500. However, if you want to take advantage of U.S. Bank’s special CD rates or you want a step-up or trade-up CD, the minimum is $1,000.

Is U.S. Bank FDIC-Insured?

Yes, U.S. Bank offers standard FDIC insurance coverage, which is $250,000 per account, per owner.10 It’s also important to note that the maximum amount you can deposit into one of the bank’s CDs is $250,000, meaning that your entire balance is covered.

Is There an Early Withdrawal Penalty for U.S. Bank CDs?

Yes, U.S. Bank charges an early withdrawal penalty if you take money out of your CD before it matures. However, unlike other banks and credit unions, U.S. Bank doesn’t disclose what the penalty is until you open an account.5

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