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U.S. Bank (Member FDIC) is a solid option for CDs if you're interested in a big brick-and-mortar bank.
CD Special rates are very competitive, but the other CD types have below-average rates. CD Specials also only have four terms to choose from. If you're looking for a CD term outside of what a CD Special offers, check out the best CD rates for more competitive offerings from online financial institutions.
Here's what you should know about U.S. Bank CD rates before opening an account.
U.S. Bank CD Rates Today
U.S. Bank CD rates are often the same from branch to branch, but they occasionally vary by region. The rates below are for U.S. Bank standard CDs in San Diego, California — a city with numerous U.S. Bank locations.
| Standard CD Term | APY |
| 1 month | 0.05% |
| 2 months | 0.05% |
| 3 months | 0.05% |
| 6 months | 0.05% |
| 9 months | 0.05% |
| 12 months | 0.05% |
| 18 months | 0.05% |
| 24 months | 0.05% |
| 36 months | 0.10% |
| 48 months | 0.15% |
| 60 months | 0.25% |
U.S. Bank Standard CD Rates
The U.S. Bank Standard CD pays 0.05% to 0.25% APY (Annual Percentage Yield), which is lower than average CD rates.
You still might like U.S. Bank for a short-term CD — the U.S. Bank CD Specials are much more competitive than the Standard CDs. However, if your priority is getting a long-term CD, the best online banks pay much higher CD rates than any of U.S. Bank's offerings.
U.S. Bank CD Special Rates
The U.S. Bank CD Special pays 4.20% to 5.05% (Varies by location) APY.
Rates vary by region. Here are the CD rates for New York, New York:
| CD Special Term | APY |
| 7 months | 4.75% |
| 11 months | 4.00% |
| 15 months | 3.75% |
These CD rates are much more competitive than the Standard CDs, and are overall solid offerings compared to other banks.
U.S. Bank Step Up CD Rates
The U.S. Bank Step Up CD pays0.35% blended APY. The rate increases are locked in once you open the account and do not change throughout the term.
Rates can vary depending on your zip code, and the following rates are for San Diego, California.
| Step Up CD Term | APY | Blended APY |
| 28 months | 0.05% for first 7 months 0.25% for next 7 months 0.45% for next 7 months 0.65% for last 7 months | 0.35% |
The rates for the Step Up CDs are relatively low, but you'll earn more with a Step Up CD than with a 2-year or 3-year Standard CD.
U.S. Bank Trade Up CD Rates
CD rates can vary by location. Here are the current rates for Trade Up CDs in San Diego, California.
| Trade Up CD Term | APY |
| 30 months | 0.10% |
| 60 months | 0.40% |
The Trade Up CDs pay low rates overall but they're at least higher than the bank's 3-year or 5-year Standard CD rates.
U.S. Bank CD Pros and Cons
| Pros | Cons |
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Understanding U.S. Bank CDs
Types of CDs Offered by U.S. Bank
U.S. Bank (Member FDIC) has four types of CDs: Standard, Special, Step Up, and Trade Up.
The U.S Bank Standard CDs are the bank's regular CDs. Your rate stays the same regardless of your balance. There are 11 Standard CD terms, ranging from one month to five years. The longer terms pay higher rates.
U.S. Bank CD Specials are the bank's promotional offerings. Three term lengths are available: seven, 11, 15 months.
The bank also has two variable rate CDs: Step Up CDs and Trade Up CDs.
Step Up CDs have one term length option: 28 months. The rate increases automatically every seven months and is set by U.S. Bank when you open the account.
Trade Up CDs are bump-up CDs, which means you can request a one-time rate increase if a better rate becomes available throughout the term. With the U.S. Bank Trade Up CD, you have two options: a 30-month or 60-month term.
You have to visit a U.S. Bank branch in person to make the change for Trade Up CDs. The rate change request must be for a standard term rate equal to or less than your remaining term. For example, if you have 24 months left on your term, you can request a rate change to match the rate for a 24-month Standard CD.
National Branch Presence
One of the main advantages of banking with U.S. Bank is that you'll have access to many branches. If you value banking in person, that might make U.S. Bank worth exploring for CDs.
U.S. Bank has over 2,200 branches in 26 states, so the number of nearby branches may vary depending on your state. Branches are located in Arizona, Arkansas, California, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oregon, South Dakota, Tennessee, Utah, Washington, Wisconsin, and Wyoming.
Minimum Opening Deposit
Except for the Standard CD, which has a $500 minimum deposit, all other U.S. Bank CDs require a $1,000 deposit. The maximum deposit is always $250,000.
Early Withdrawal Penalties
U.S. Bank does not include information about current early withdrawal penalties on its website. You'll have to call customer support to request information about early withdrawal penalties for CDs in your area.
Factors Affecting U.S. Bank CD Earnings
CDs are a low-risk place to keep your money while earning interest. Below, we'll explain factors that may affect U.S. Bank CD earnings and how to estimate how much interest you can get at CD maturity.
Market Fluctuations and Fed Actions
The Federal Reserve changes the federal funds rate to stimulate or slow down the economy. These changes occur during Federal Open Market Committee Meetings, which take place at least eight times per year. Changes in the federal funds rate can impact rates on banking products. Bank CDs may start paying more when rates rise and pay less when rates drop.
In the current economic environment, short-term CDs have higher rates than long-term CDs. This is because the Fed is expected to start cutting rates soon, but banks still want to provide CD rates that are competitive. U.S. Bank follows this larger CD trend through its CD Special rates. The bank's 7-month and 11-month CD Specials have higher rates than the 15-month term.
CD Term Length and Opening Deposit
Your U.S. Bank CD earnings also vary depending on your selected CD term and how much money you deposit. Long-term CD lengths allow you to earn a fixed interest amount for a longer time period. Furthermore, a higher minimum opening deposit can also impact your earnings — you could earn more because you're keeping a greater amount in the account.
Using a CD calculator is a smart way to find out how much you'll potentially earn on a CD without having to do math. U.S. Bank doesn't offer add-on CDs so your monthly contribution amount will be set at $0 because you can't make additional deposits until U.S. Bank CDs reach maturity.
How U.S. Bank CD Rates Compare
U.S. Bank CD Rates vs. Chase CD Rates
Chase CD rates range from 0.01% to 5.00% (vary by location) APY, depending on the deposit amount and term length. You must deposit at least $100,000 for a 2-month or 9-month term to earn the highest rate. Depending on the term, you can earn slightly higher rates with Chase than U.S. Bank. However, you have to deposit a considerable amount to earn the best rates at Chase, which makes it a less accessible option.
While U.S. Bank offers Step Up and Trade Up CDs with added flexibility, Chase has one standard CD option. Customers must link a qualified checking account to earn the best rates — the most competitive terms vary by region, but they're typically on terms of 12 months or less.
Chase Bank Review
U.S. Bank CDs vs. Wells Fargo CD Rates
Wells Fargo offers two CDs: the Wells Fargo Special Fixed Rate CD and Wells Fargo Standard Fixed Rate CD. The Special CD offer the most competitive rates, from 4.25% to 5.01% (varies by location), but you must link the CD to an eligible Wells Fargo account to earn these high rates.
Wells Fargo CD rates range from 1.50% to 4.51% APY on Standard CDs and are significantly higher than what you'd earn with U.S. Bank. But Wells Fargo has a much higher minimum deposit amount of $2,500.
Wells Fargo Bank Review
Should You Invest in a U.S. Bank CD?
U.S. Bank's CD Special rates are competitive, so the bank is a solid choice for short-term lengths. But its other types of CDs pay low rates. You'll earn much higher rates with CDs from other banks, or even with a high-yield savings account.
Why You Should Trust Us: How We Reviewed U.S. Bank CDs
We used Business Insider's certificate of deposit methodology to review U.S. Bank CDs.
Business Insider reviews the bank's mobile app, customer service, and ethics. We also look at interest rates, CD terms, early withdrawal penalties, and minimum deposits. Insider rates each category from 0 to 5, then averages the ratings to create a final score out of 5.
U.S. Bank CD FAQs
Are U.S. Bank CD rates competitive?
U.S. Bank CD specials have competitive interest rates. The Standard CDs, Step Up CDs, and Trade Up CDs aren't as strong, and you'll likely find online banks or credit unions offering similar accounts with better rates.
Does U.S. Bank change their CD rates frequently?
U.S. Bank CD rates can change at any time. That said, U.S. Bank CD specials are promotional CDs, so these accounts may potentially have more frequent rate fluctuations.
Do U.S. Bank CDs have any unique features?
U.S. Bank Standard CDs have a unique minimum opening deposit of $500. That's less money upfront than other banks usually require for CDs. U.S. Bank also has two unique CD offerings: step-up CDs and bump-up CDs.
Is it safe to invest in a U.S. Bank CD?
Yes, U.S. Bank is a federally insured financial institution. U.S. Bank CDs are protected for up to $250,000 per depositor, per ownership account category.
Do I need a U.S. Bank account to open a CD?
You do not need to be a U.S. Bank account customer to open a CD. New customers can apply for U.S. Bank CDs online or at a branch.
Freelance Writer
Taylor Milam is a California-based personal finance writer and educator who recently paid off $14,000 of student loans in less than a year. She's passionate about helping people take control of their finances and create a life they love. When she's not researching financial terms and conditions, she can be found reading on the beach or hiking with her dog.
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She is a banking expert, and has about three years of experience reviewing banking products and analyzing savings and CD trends.Sophia oversees Personal Finance Insider's banking vertical. She edits and writes bank reviews, banking guides, and banking, budgeting, and savings articles for the Personal Finance Insider team.Sophia joined Business Insider in July 2021. Sophia is an alumna of California State University Fullerton, where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email sacevedo@businessinsider.com.Read more about how Personal Finance Insider chooses, rates, and covers financial products and services »Below are links to some of her most popular stories:
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