Top perks
Competitive APY with minimum balance: You can get a fairly competitive APY (annual percentage yield) of up to 3.50% provided you meet the $25,000 minimum. Unfortunately, if you can't meet that minimum, you'll earn a poor rate on your balance.
Debit card with ATM access: One of the main reasons to get a money market vs. savings account is the ease of access. This account gives you a debit card you can use to make purchases, as well as ATM access. You even pay zero ATM fees if you use U.S. Bank-owned ATMs. (Multiple fees apply for non-network ATMs.)
Check-writing ability: Another easy way to access the money in your account is by writing paper checks. While this old-school payment method isn't as popular as it used to be, there are still times that writing a check is a handy feature.
Online banking and mobile app: You can do your banking digitally either through your browser or through the mobile app. U.S. Bank's mobile app seems to be one of the better banking apps, with Android and iOS reviewers giving it 4.7 and 4.8 stars, respectively. Personally, I find the app to be easy to navigate and fairly intuitive to use.
Low initial balance requirement to open: You don't need a ton of money on hand to open your account, as it requires just $100. That said, this isn't the ideal account for people with low balances. You need a balance of at least $10,000 to waive the monthly fee and a balance of at least $25,000 to earn a decent APY.
FDIC insured: U.S. Bank is a member FDIC, so your deposits are covered under standard FDIC insurance.
What could be improved
APY is terrible without $25,000 balance: The minimum required to earn a decent APY with this account is ridiculously large. The best money market accounts have high APYs with no minimums, let alone ones requiring five figures. And it's not like the regular APY is slightly lower -- it's a miniscule. If you can't meet that requirement, definitely look for a different account.
$10 monthly maintenance fee: We all hate account fees, so seeing one is always a red flag. You have a couple options for getting this one waived, however:
- Maintain a $10,000 minimum daily balance, or;
- Open a Bank Smartly® Checking account and enroll in the Smart Rewards program at Primary tier or higher.
Fee for out-of-network ATMs: The best banks will reimburse you for out-of-network ATM charges. At the least, I like to see them waive their own out-of-network ATM fees. U.S. Bank does neither. You'll be hit with a $2.50 fee from U.S. Bank, plus whatever the actual ATM charges, each time you use a non-U.S. Bank or partner ATM.
