The benefits and drawbacks of money market accounts through U.S. Bank will be discussed in this poster.  The interest rates and APY on any account can change often, so we explain those rates in this post so the US bank review will stay current, even if the interest rates change.  U.S. Bank offers basic money market accounts that serve those who can maintain a higher balance and those who want just the basics.

Standard Money Market Account

U.S. Bank has a standard money market account that is FDIC Insured and claims to offer competitive rates, however, our best rates chart offers far better rates from other banks. The minimum opening deposit on the account is $100 and has a monthly maintenance fee of $10.  This fee can be waived if you can keep either a minimum daily balance of $1,000 or a minimum monthly balance of $2,500.  The interest rates for this account is higher if you have a higher balance in your account.  For a balance of $0 to $999 the interest rate and APY is 0.05 percent.  For balances over $25,000, the interest rate and APY is 0.25 percent and the rates vary between 0.05 and 0.25 percent for less than $25,000.

Elite Money Market Account

This account through U.S. Bank is also FDIC Insured. However, it must be noted that their attempt at rewarding your large investments with a high interest rate is unsuccessful. Their money market rates are mediocre when compared with the rate of the best banks.  This account has no minimum balance or monthly maintenance fees.  The minimum opening deposit for the account is $100.  So what are the competitive rates they claim to offer?  Well, for a balance of $0 to $49,999, the interest rates and APY are either 0.05, 0.15 or 0.20 percent on your money.  Of course, the higher the account balance, the higher the interest rates and APY.  If you can keep over $50,000 in your account then the interest rates and APY jumps to 0.30 percent.

Package Money Market Savings

If you are planning on opening a checking account with U.S. Bank, then as a package deal you can also open a money market account.  This account comes with no monthly fees, no minimum daily balance and can act as overdraft protection for your checking account.  The minimum opening deposit is $25 and the interest rates are better than the other money market accounts.  For balances under $50,000 the interest rates and APY can reach as high as 0.30 percent.  If you can keep over $50,000 in your account you can gain either 0.50 or 0.60 percent interest rate and APY on your money.

Other Accounts and Benefits

If you are looking to put money into a retirement account, U.S. Bank has a money market account to help you save money.  This account has no monthly fees, and requires $100 to open the account, and a reoccurring automatic transfer of $25.

If you have other accounts with U.S. Bank, then signing up for a money market package deal could help you gain interest on your money.  U.S. Bank offers free online banking, mobile banking and the option of chatting with an employee right on their website.  You can apply online through www.usbank.com, or by visiting one of their branches. If you want a higher rate then you might want to consider using another bank.