What you need to open a US Bank savings account

You can open a savings account at US Bank in person at a branch, online through their website, or by phone. The process takes about 15 to 20 minutes if you do it online or by phone, or 30 minutes in a branch. You will need a government-issued ID (driver's license, passport, or state ID), your Social Security number, and an initial deposit—usually $25 minimum, though this varies by account type and current promotions.

If you open online or by phone, you can fund the account immediately with a debit card, transfer from another bank account, or wire transfer. If you open in person, you can bring cash or a check. US Bank will run a soft credit check and verify your identity through ChexSystems, a banking history database that tracks account closures and fraud—this does not affect your credit score.

You do not need to be a current US Bank customer to open a savings account. If you already have a checking account with US Bank, opening a savings account is faster because they already have your information on file.

Key Takeaways

  • You need a government ID, Social Security number, and a minimum deposit (usually $25) to open a savings account at US Bank.
  • Online and phone applications take 15 to 20 minutes; in-branch takes about 30 minutes, and your account is usually active the same day.
  • US Bank runs a soft credit check and ChexSystems verification, neither of which affects your credit score.
  • You can fund the account immediately with a debit card, bank transfer, wire, or cash if opening in person.
  • Different savings account types have different minimum deposits and interest rates, so compare before you choose.

Opening online through US Bank's website

Go to usbank.com and look for the "Open an Account" or "Savings Accounts" section. Click the account type you want (US Bank Savings, Money Market, or CD), then click "Open Now" or "get your free guide." You will enter your personal information: full name, date of birth, address, phone number, email, and Social Security number. US Bank will ask for your employment status and annual income—this is for regulatory reporting, not to decide whether to open the account.

Next, you verify your identity. US Bank will ask you security questions based on your credit history (previous addresses, loan amounts, or creditors you have worked with). Answer these correctly and your identity is verified instantly. Then you choose how to fund the account: link a debit card, provide another bank's routing and account number for a transfer, or use a wire transfer. The account is usually open and ready to use within one business day, though you may see the funds appear the same day if you use a debit card.

You will receive a confirmation email with your account number and online banking login. Download the US Bank mobile app or log into online banking to see your account balance and set up transfers or bill pay.

Opening by phone with US Bank customer service

Call US Bank at 1-800-872-2657 (the main customer service number) and tell them you want to open a savings account. A representative will walk you through the same process as online: they will collect your personal information, verify your identity through security questions, and ask how you want to fund the account. The call usually takes 15 to 20 minutes.

If you already have a US Bank account, the process is faster because they already have your information. You can also call the number on the back of your debit card or check if you are an existing customer. After the call, you will receive a confirmation email with your account details and login information.

Opening in person at a US Bank branch

Find your nearest branch at usbank.com/locations or use their mobile app. Bring your government-issued ID, Social Security number, and your initial deposit (cash or check). Walk in during business hours—no appointment is needed, though you may wait if the branch is busy. A banker will sit with you, verify your identity, collect your information, and open the account on the spot.

In-branch applications take longer (30 to 45 minutes) because the banker enters everything by hand and may ask more questions about your banking history or the source of your deposit. Your account is active immediately, and you can start using it the same day. If you want a debit card, the banker can order one during your visit; it usually arrives in 7 to 10 business days.

Account types and what they cost

US Bank offers several savings account types, each with different minimum deposits, interest rates, and fees. The basic US Bank Savings Account has a $25 minimum deposit and earns interest, though the rate is low (typically under 0.05% annually, though this changes). There is no monthly fee if you maintain the minimum balance.

The US Bank Money Market Account usually requires a higher minimum deposit ($2,500 to $10,000 depending on the tier) and offers a higher interest rate in exchange. It also includes check-writing privileges and a debit card. The US Bank Certificate of Deposit (CD) requires you to lock your money away for a set term (3 months to 5 years) in exchange for a may provide interest rate, which is higher than savings or money market accounts.

Check the current rates and minimums on usbank.com because they change frequently. Some accounts waive the minimum deposit during promotional periods. All US Bank savings accounts are insured by the FDIC up to $250,000, so your money is protected if the bank fails.

What happens after you open the account

Your account is active immediately (or within one business day if you opened online). You can log into online banking or the mobile app to see your balance, transfer money between your accounts, set up automatic transfers, or pay bills. If you opened online or by phone, a debit card will arrive in 7 to 10 business days. If you opened in person, you can request one during your visit or order it later through online banking.

Interest on your savings account is calculated daily and deposited monthly. The amount depends on your balance and the current interest rate, which US Bank can change at any time. You can withdraw money from your savings account anytime without penalty, though federal rules limit you to six withdrawals per month (this rule was suspended during COVID but may be reinstated). Transfers between your own accounts do not count toward this limit.

Set up online banking right away so you can monitor your account and catch fraud early. Enable two-factor authentication (a code sent to your phone when you log in) to protect your account from unauthorized access.

Frequently Asked Questions

Can I open a US Bank savings account if I have been denied before?

It depends on why you were denied. If you were denied because of ChexSystems (a record of unpaid overdrafts, fraud, or account closure), you may still be able to open an account if enough time has passed or if you have resolved the issue. Call US Bank at 1-800-872-2657 and ask; they can tell you whether you are may be able to access now.

What is the minimum deposit to open a savings account at US Bank?

The minimum is usually $25 for a basic savings account, but money market accounts require $2,500 to $10,000 depending on the tier. Check usbank.com for current minimums because they change and may be waived during promotions.

How long does it take to access my money after I open an account?

If you open online or by phone and fund with a debit card, your account is usually active the same day and you can transfer money immediately. If you fund with a bank transfer, it takes one to two business days for the money to arrive. In-person accounts are active immediately.

Do I need to be a US Bank customer already to open a savings account?

No. You can open a savings account even if you have never banked with US Bank. If you already have a checking account with them, the process is faster because they have your information on file.

What happens if I do not maintain the minimum balance?

For most US Bank savings accounts, there is no fee if you fall below the minimum. However, some money market accounts may charge a monthly fee if your balance drops below the required minimum. Check your account terms or call customer service to confirm the fee structure for your specific account type.