US Bank Smartly Savings currently offers up to 3.50% APY. The account is available nationwide, even if there isn’t a US Bank branch near you. After opening the account, you’ll be an existing US Bank customer and can apply for US Bank Checking to earn a $450 welcome bonus, regardless of your state—a particularly useful option for East Coast residents.
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About US Bank
US Bank offers banking, investment, mortgage, trust, and payment services to individuals, businesses, government entities, and other financial institutions. It has 3,106 branches and 4,842 ATMs, primarily in the western and Midwestern United States. The company also owns Elavon, a processor of credit card transactions for merchants, and Elan Financial Services, a credit card issuer that provides card products to banks and other financial institutions in the United States.
One notable feature is that having a checking or savings account with US Bank can make it easier to apply for its credit cards. Its US Bank Cash+ and US Bank Smartly 4% cash back card are both solid no-annual-fee cards. Its Checking, Smartly credit card, and Savings accounts also work together: holding them can qualify you for benefits such as waived monthly fees, 4% cash back, and a higher savings rate. This is a good option for anyone who prefers a simple, all-in-one setup with multiple benefits.
US Bank Smartly Savings Rates
- Maximum rate: 3.50% APY, with a Combined Qualifying Balance of at least $25,000.
- Minimum opening deposit: $25. You do not have to keep $25,000 in the Savings account itself.
- Interest: Compounded daily and paid monthly.
- Monthly account fee: $5, which can be waived by holding an eligible Checking account, Safe Debit account, or Smartly credit card.
- FDIC insurance: Generally, up to $250,000 per depositor, per ownership category, per bank.
Relationship Rate
Unlike a typical HYSA, Smartly Savings uses a Relationship Rate: the more qualifying assets you have with US Bank, the higher the rate you may earn. Based on publicly available rates from late October 2026, the main tiers are as follows:
| Combined Qualifying Balance (CQB) | Reference APY |
|---|---|
| Under $5,000 | 1.00% |
| $5,000–$24,999 | 2.00% |
| $25,000 or more | Up to 3.50% |
Note that you must meet the Relationship Rate requirements to qualify for the tiers above, and rates may vary by the account-opening location. US Bank’s website currently confirms a maximum rate of 3.50% APY. The other tiers are based on recent public information; check the official rate page for the rates that apply when you apply.
To qualify for the Relationship Rate, you must hold at least one of the following accounts in addition to the Savings account:
- US Bank Smartly Checking
- US Bank Safe Debit Account
- US Bank Smartly Visa Signature Credit Card
Without one of these eligible accounts, you won’t qualify for the additional Interest Rate Bump. US Bank’s current standalone application page displays a base rate of 0.01% APY, far below the maximum 3.50%. So the key consideration isn’t simply opening the account; first make sure you can meet the requirements for the rate increase.
Which Assets Count Toward the $25,000
One interesting feature of Smartly Savings is that US Bank uses your Combined Qualifying Balance (CQB)—the combined assets you hold with US Bank and eligible affiliated accounts—not just the balance in your Savings account.
The following account types currently count:
- Personal Checking accounts
- Personal Savings and Money Market accounts
- Certificates of deposit (CDs)
- Individual retirement accounts (IRAs)
- Eligible Personal Trust accounts
- U.S. Bancorp Advisors investment accounts
Business accounts, including Business Checking and Business Savings, do not count. Investment accounts must also be an officially eligible product type, and you must have a qualifying ownership interest in the account.
For example, if you already keep $100,000 in US Bank Smartly Checking to earn 4% cash back with the Smartly card, opening Savings would qualify you for 3.5% APY. Unfortunately, the 3.5% rate applies only to money in Savings; the interest rate on Checking stays the same as before.
US Bank determines eligibility based on your daily CQB and your average CQB over up to the previous 90 days, using whichever is higher to set your tier. After you qualify for a higher tier, the rate is usually adjusted within five business days. Your tier won’t be downgraded due to a lower balance during the remainder of that month, though it may be reassessed afterward.
Opening Requirements and Monthly Fees
Smartly Savings requires a minimum opening deposit of $25 and normally charges a $5 Monthly Maintenance Fee. You can avoid the fee by meeting any one of these conditions:
- Hold a US Bank Smartly Checking account
- Hold a US Bank Safe Debit Account
- Hold a US Bank Smartly Visa Signature Credit Card
- Have an account owner who is under 18
Note that waiving the Savings monthly fee does not mean other accounts are fee-free.
Smartly Checking normally has a $12 monthly fee, but it can be waived by receiving at least $1,500 in total monthly direct deposits, maintaining an average account balance of $1,500, or holding an eligible Smartly credit card, among other options. Safe Debit charges a $4.95 monthly fee that cannot be waived, so I wouldn’t recommend opening Safe Debit solely to qualify for this high-yield account.
If you don’t already have a Checking account, you could look into US Bank’s checking account welcome bonus and pair it with Savings for better value. See our previous US Bank Checking account review for details.
Things to Keep in Mind
- Eligibility for existing customers: If you already have a US Bank personal Savings or Money Market account, or closed one of these accounts within the past 90 days, the publicly advertised high rate may not apply. Sign in to your account to check your personalized rate.
- Variable rate: The maximum 3.50% APY is not locked in. The bank can change the rate at any time, including after you open the account.
- Location-based differences: The website notes that APYs may vary by ZIP Code. Check the rate available in your area before applying.
Recommended Application Order
This recommendation is for people who plan to open both Checking and Savings. Opening Savings alone isn’t worthwhile.
Midwest
If you live in the Midwest, you can generally apply for US Bank Checking online using your ZIP Code and earn the welcome bonus. The bonus requirements are very straightforward: most ACH pushes from other banks should qualify as direct deposits. The bonus is credited once you meet the requirements, making it well worth opening an account to earn $450.
Then open Savings. Having Checking waives the Savings monthly fee. The simplest approach is to deposit $25,000 into Savings to earn 3.5% interest.
East Coast
East Coast residents may be eager to earn the $450 Checking bonus, but US Bank may not allow them to apply online because there is no local branch. The simplest option is to apply for Savings online first.
Once you’re an existing customer, apply for Checking through the $450 offer link. Select “Existing Customer” during the application, and you can apply without being restricted by ZIP Code.
ITIN Applicants
ITIN holders may also have difficulty applying for Checking directly, so you can start by applying for Savings. The Savings application is generally easy to get through, but after submitting it, you may need to call US Bank and provide the required identity and address verification documents before approval. Once you have Savings, applying for Checking should also be easier.
