What you need to open a US Bank savings account

US Bank lets you open a savings account online, by phone, or in person at a branch. You will need a government-issued photo ID, your Social Security number, and an initial deposit. The minimum opening deposit is $25 for most savings accounts, though some accounts require more. You can fund the account with a debit card, transfer from another bank, or cash if you open in person.

The process takes about 10 to 15 minutes online or over the phone. If you already have a US Bank checking account, opening a savings account is faster because the bank already has your information on file. You can link the two accounts when ready, which lets you move money between them without delay.

Key Takeaways

  • You need a photo ID, Social Security number, and $25 minimum to open a US Bank savings account online, by phone, or in a branch.
  • Online and phone applications take 10 to 15 minutes and give you when ready access to your account number and routing number.
  • If you have an existing US Bank checking account, you can link your new savings account right away to transfer money between them.
  • US Bank savings accounts earn interest, and the rate varies depending on the account type and current market conditions.
  • You can set up automatic transfers from checking to savings to build your balance without thinking about it.

Opening an account online

Go to usbank.com and look for the "Open an Account" button, usually near the top of the page. Select "Savings Account" and choose the type that fits your needs—US Bank offers a standard savings account and a money market account, which typically pays a higher interest rate but may require a larger balance. The site will walk you through entering your personal information, including your name, address, date of birth, and Social Security number.

You will need to verify your identity by uploading a photo of your ID or answering security questions based on your credit history. Once verified, you can fund the account when ready using a debit card or by transferring money from another bank account. Your account number and routing number appear on screen as soon as the account opens, so you can start using it right away.

Opening an account by phone or in person

Call US Bank at 1-800-872-2657 to open a savings account over the phone. A representative will ask the same questions as the online form and can answer questions about account types and interest rates. You will still need to provide your ID and Social Security number, and the bank may mail you a verification code or ask you to visit a branch to complete the process.

If you prefer to open an account in person, visit any US Bank branch with your photo ID and Social Security number. Bring a debit card or checkbook if you want to fund the account on the spot. The branch staff can explain the different savings account options and help you set up automatic transfers to your checking account.

Understanding US Bank savings account types

US Bank offers a standard savings account and a money market account. The standard savings account has no monthly fee, no minimum balance requirement after opening, and earns interest on your balance. The money market account typically pays a higher interest rate but requires you to keep a larger balance—the exact amount changes based on current rates and market conditions.

Interest rates at US Bank change over time and vary by account type. You can check the current rates on usbank.com or call 1-800-872-2657 to ask what rate you would earn. Interest is usually compounded daily and deposited monthly, which means you earn interest on your interest.

Linking your savings account to checking

If you have a US Bank checking account, you can link it to your new savings account during the opening process or afterward through online banking. Linking lets you transfer money between the two accounts when ready without fees. You can move money from your phone, computer, or by calling the bank.

Many people set up automatic transfers from checking to savings on payday or on a specific date each month. This removes the need to remember to save—the money moves on its own. You can change or stop automatic transfers anytime through your online account or by calling the bank.

What happens after you open your account

Your savings account is ready to use when ready after opening. You will receive a debit card in the mail within 7 to 10 business days if you requested one, though you do not need it to use the account—you can transfer money online or by phone. A paper statement arrives monthly by mail unless you choose paperless statements through online banking.

Log into your US Bank online account to see your balance, transaction history, and current interest rate. You can also set up alerts to notify you when your balance drops below a certain amount or when interest is deposited. If you have questions about your account later, call 1-800-872-2657 or visit a branch.

Frequently Asked Questions

Can I open a US Bank savings account if I do not have a Social Security number?

No, US Bank requires a Social Security number to open any account. If you do not have one, you may be able to open an account with an Individual Taxpayer Identification Number (ITIN) instead, but you will need to visit a branch in person to do so. Call 1-800-872-2657 to ask whether your situation qualifies.

What is the difference between a savings account and a money market account at US Bank?

A money market account typically pays a higher interest rate but requires a larger minimum balance. A standard savings account has no minimum balance after opening and is simpler if you are just starting to save. Both earn interest, but the money market account rewards you for keeping more money in the account.

Can I open a savings account for someone else, like a child?

Yes, you can open a custodial account for a minor. The account is in the child's name but you control it until they reach the age of majority. Visit a US Bank branch with the child's birth certificate and Social Security number, plus your ID, to set this up.

How long does it take to receive my debit card?

Debit cards usually arrive within 7 to 10 business days. You can use your account online or by phone before the card arrives. If you need a card faster, ask at a branch whether they can issue one on the spot.

What happens if I do not make a deposit right away?

Your account remains open even if you do not fund it when ready. However, some banks close accounts that stay empty for a long time. If you open an account and do not plan to use it soon, contact US Bank to confirm it will stay active.