Savings rates have been on a long downward spiral lately, as most depositors are painfully aware.

In these times of low returns, it may be wise to look for savings accounts with distinctive features; when rates are all basically the same, special features can make the difference in your decision to open or maintain a savings account with a given bank.
To that end, US Bank has three different main savings account choices, including

  • Goal Savings
  • Money Market
  • Elite Money Market

U.S. Bank has a “starter” account called Goal Savings. Although it pays just .10% annual percentage yield on all balance amounts, Goal Savings does have no minimum balance if you have at least $25 in automatic monthly transfers from your US Bank checking account. Although you get free US Bank ATM transactions, Goal Savings does not have check writing capabilities.

The next step up is the Money Market. Unlike some financial institutions that have a flat rate, US Bank’s money market has tiered interest rates. As of January 25, 2010, balances up to $999 earn .05% APY, while amounts between $1000 – $9999 earn .15% APY. You can write up to three checks a month from the money market, a helpful feature. You would need to maintain $1,000 minimum daily ledger balance or $2,500 average monthly collected balance to avoid a $10 monthly maintenance fee.

US Bank’s top-earning savings is the Elite Money Market. This account currently pays .40% APY at $10,000 and .50% at $50,000. In addition to the same check writing features as the regular money market account, the Elite Money Market has no minimum balance–a solid consideration if you normally have larger amounts of cash flowing in and out of your account. The Elite option also has free check safekeeping, where the bank stores copies of your checks that can be accessed for later viewing.

What I like about US Bank is that each savings option is targeted to a particular type of saver, or specific goal. (US Bank also has savings accounts designed specifically for kids, as well.) They may not be paying out a wealth of interest; then again, nobody really is right now. However, if you are able to define your own savings situation and long-term plans, US Bank probably has a savings account that will fill your needs.