The Us Bank Elite Money Market account offers a competitive interest rate for balances over $50,000. This article outlines the requirements for obtaining and maintaining the higher rate, along with important information about interest calculations and potential fees.
To qualify for the higher Annual Percentage Yield (APY) associated with the US Bank Elite Money Market account, new customers must deposit at least $50,000 within 30 days of opening the account. Existing US Bank customers are eligible if their current consumer money market account has been open for less than 30 days. Customers with a consumer money market account closed within the last 30 days are ineligible. While the minimum opening deposit is $100, a $50,000 deposit is crucial to secure the advertised higher APY. Failure to deposit $50,000 within the 30-day window results in a lower, standard interest rate.
Maintaining the higher APY requires a consistent daily balance of at least $50,000. If the balance drops below this threshold, the standard interest rate will apply until the $50,000 minimum is restored. It’s essential to monitor your account and ensure sufficient funds to avoid losing the higher rate. US Bank reserves the right to adjust interest rates and APYs at its discretion. Changes can occur anytime, even after account opening, regardless of the balance. Account fees can also impact your balance, potentially reducing it below the required minimum for the higher APY. Ensure adequate deposits to cover any applicable fees.
Standard interest rates are tiered based on account balance: under $10,000 (0.01% APY); $10,000 to $24,999.99 (0.01% APY); $25,000 to $49,999.99 (0.25% APY); $50,000 to $99,999.99 (0.25% APY); $100,000 to $499,999.99 (0.25% APY); and $500,000 and above (0.25% APY). These rates are subject to change. Earning the disclosed APY requires maintaining the minimum daily balance for the corresponding tier.
Interest is calculated daily and compounded daily, with monthly crediting to your account. US Bank employs the daily balance method, applying a daily periodic rate to the principal. Interest on check deposits begins accruing on the business day US Bank receives credit for the deposit. Closing the account before interest is credited forfeits accrued interest. Fees can potentially reduce earnings. Additional restrictions may apply. Consult US Bank for the most current information on rates, fees, and account terms.
