Updated: Nov 17, 2023

U.S. Bank Elite Money Market Account 2024 Review

U.S. Bank offers a competitive APY for its money market account, something you don't always find at traditional banks. Savers also get easy access to their money via ATM card, debit card or check.
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U.S. Bank offers a competitive APY for its money market account, something you don't always find at traditional banks. Savers also get easy access to their money via ATM card, debit card or check.

Our Verdict

The U.S. Bank Elite Money Market Account features a competitive rate, with one small catch. You'll need to maintain a balance of $25,000 or more to qualify for the highest APY. 

This account could be an excellent pick for people who:

  • Prefer a brick-and-mortar bank to an online bank
  • Tend to maintain higher balances in savings accounts
  • Want the convenience of being able to make withdrawals at an ATM
  • Are interested in keeping your accounts at a full-service bank

U.S. Bank is one of the largest banks in the country, with over 3,000 branch locations. Aside from money market accounts, you'll also find checking accounts, savings accounts and CD accounts offered here.

U.S. Bank Elite Money Market Account Pros & Cons

  • Competitive interest rate on eligible balances
  • Debit card access and check-writing available
  • Free access to U.S. Bank ATMs and MoneyPass ATMs
  • Requires a balance of at least $25,000 to earn highest-advertised APY
  • $10 monthly maintenance fee applies if you're unable to waive it

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Compared to Other Online Savings Accounts

Discover Bank Money Market Account

Discover's money market account also uses a tiered balance approach, with balances over $100,000 earning the highest APY. However, you can still get a solid rate if you're saving less than that and pay no monthly maintenance fees. You'll also have access to your savings at more than 60,000 ATMs.  

Read our review

Ally Bank Money Market Account

Ally features a competitive yield that's on par with other money market accounts, including U.S. Bank. Rates apply across all balances so you can earn the same APY whether you save a little or a lot. There are no monthly maintenance fees or excess transaction fees and you can access savings at more than 43,000 Allpoint ATMs.

Read our review

Sallie Mae Money Market Account

Sallie Mae offers one of the best money market account rates, with no minimum balance requirements and no monthly fees. You can write checks from your account and deposits are FDIC-insured. Electronic money transfers are free. 

Read our review

CIT Bank Money Market Account 

If you have at least $100 to spare you might open a CIT Bank money market account. There are no minimum balance requirements after account opening and no monthly maintenance fees. However, the APY Is much less than what other online banks offer. 

Read our review

Interest Rates

Money market accounts can sometimes pay more than high-yield savings accounts, though that's not always the rule. That's especially true if you're opening a money market account at a traditional bank. 

U.S. Bank does offer an exceptional rate with its money market account, but only once you get over the $25,000 balance threshold. Otherwise, you're probably better off checking money market accounts at online banks. 

Here are a few things to remember as you search for the best savings option. 

  • Online banks tend to have the best rates for money market accounts overall. 
  • Your money market account rate might be tiered at certain banks. 
  • Some banks may offer more ways to access your money market savings than others. 
  • Money market account rates can go up or down over time; they're not locked in. 

Aside from the rates you could earn with a money market account, it also helps to check out the fees you might pay. High fees could make a high APY less attractive. 


U.S. Bank is a traditional bank, which means it charges fees. After all, that's how banks make money. 

There's a $10 monthly maintenance fee for the Elite Money Market account. You can avoid it by:

Whether it makes sense to open a Smartly Checking account depends on whether you're happy with your current checking account. However, that might be easier than trying to maintain a $10,000 minimum balance to avoid the fee. 

Here's a rundown of the main fees to know about with this account.

Other Service Fees - U.S. Bank Elite Money Market

Type Fee
Monthly maintenance fee $10
Dormant account fee $5
Overdraft fee $36
Returned item fee $0
Stop payment $35
Official checks $10
Incoming wire transfers (domestic) $20
Incoming wire transfers (international $25
Outgoing wire transfers (domestic) $30
Outgoing wire transfers (international $50

ATM Access

U.S. Bank allows you to withdraw cash from your money market account at ATMs. 

There's no fee to use U.S. Bank ATMs. You can withdraw cash at more than 4,000 locations. 

U.S. Bank can charge a fee for using another bank's ATM. The ATM's owner can also charge you a fee. Foreign ATM fee reimbursements aren't offered. 

Account Management

U.S. Bank gives you several ways to manage your money market account. You can:

  • Visit a U.S. Bank branch
  • Withdraw cash at ATMs
  • Access online and mobile banking
  • Set up direct deposit
  • Write checks
  • Use your debit card to make purchases

Other banks don't always give you those same options. So, if you're looking for a money market account that's big on convenience, this one fits the bill. 

You can also link your money market account to Smartly Checking for overdraft protection. U.S. Bank does charge a fee for overdraft protection transfers, but it's less than the standard overdraft fee. 

FDIC Insurance

U.S. Bank is a member FDIC institution, which means your accounts are protected against a bank failure. 

The current FDIC coverage limit is $250,000 per depositor, per account ownership type. If you plan to keep more than that in a U.S. Bank money market account, some of your deposits might not be protected. 

What to Look for in a Money Market Account

Money market accounts might be a good fit if you'd like to keep your savings liquid and accessible. But it's good to remember that they aren't all the same. 

Online banks, for example, might be a better choice than traditional banks. An online bank might pay you a higher APY and charge fewer fees. 

As you're comparing money market accounts, here are some things to keep in mind. 

  • What's the minimum deposit requirement?
  • Is there a minimum deposit requirement and if so, how much is it?
  • Will you pay a monthly maintenance fee? If so, are there ways to avoid it?
  • What other fees does the bank charge?
  • How will you be able to access your money market account?
  • Does it come with an ATM card or debit card?
  • Does the account have any special savings features or tools? 
  • Is the bank an FDIC-member institution?
  • What's the bank's reputation like? 
  • How will you be able to get in touch with customer service if you need to? 
  • Does the bank offer any other accounts you might need, like a checking account or CDs? 

Taking time to research all the options can help you find the best money market account for you. 

You can easily compare money market accounts at online banks and traditional banks online to see what options you have. 

Frequently Asked Questions

Can you deposit cash into the account?

Yes, you can deposit cash to your U.S. Bank Elite Money Market Account at a local branch. You can also withdraw cash at U.S. Bank ATMs without paying a fee. 

Are online money market accounts better? 

An online money market account could be a better choice if you're able to earn a higher rate while paying minimal fees. Online banks may offer the same rate across all balances, so you don't have to reach a minimum balance to get the best rate. 

Is U.S. Bank safe? 

U.S. Bank is an FDIC-member bank, so your deposits are protected. The bank also uses a number of security measures to protect customer accounts.