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Why choose a U.S. Bank CD? Here are 3 reasons.

More for your money

State Farm customers get the most competitive rates that U.S. Bank offers.

Guaranteed returns

The rate is guaranteed when funds are held for the full length of the term you choose.

FDIC insured

All U.S. Bank CDs are FDIC insured up to $250,000.1

Choose the CD Special Account that works best for you.

Select your deposit range and then choose a term length and annual percentage yield (APY) to open an account online in minutes. A minimum deposit of $1,000 1, 2, 3, 4 is needed to open a CD Special Account.

Schedule an Appointment

CHOOSE YOUR TERM LENGTH & ANNUAL PERCENTAGE YIELD5

Open an account

Explore other ways to save.

U.S. Bank Standard CD

Not sure if the CD Special Account is right for you? Our Standard CD combines a lower $500 minimum deposit with the flexibility of term lengths ranging from three months to five years.

Learn about the U.S. Bank Standard CD

CD ladders

Tailor your savings to match your goals. A CD ladder lets you maintain frequent access to your cash by spreading your money across several CDs with different term lengths.

Learn about CD ladders

Bank on the go with U.S. Bank.

Manage your money wherever, whenever with the U.S. Bank Mobile App. Explore the many digital tools that can help you plan for the future and take care of everyday tasks, including renewing your CD.

Learn about U.S. Bank digital tools

illustration-mobile-banking-dashboard

Frequently asked questions

A certificate of deposit, or CD, is a popular savings option that may allow you to earn a higher interest rate compared to regular savings accounts, providing a safe and predictable way to grow your money over time. Most CD accounts offer a fixed interest rate in exchange for depositing your money for a specific period, known as the term.4 If funds are withdrawn prior to the end of the term, a penalty is incurred, which can be a specific dollar amount or a percentage of either the original principal or the amount withdrawn.

 

Here are some key points to know: 

  • U.S. Bank CD rates vary based on type of CD, location, term length and amount deposited.
  • The annual percentage yield (APY) reflects the total amount of interest you'll earn in a year, including compounding. In contrast, the interest rate is the nominal rate without compounding.5
  • The rate for your CD is guaranteed when funds are held for the full length of the term you choose.
  • Once your CD reaches the end of its term, you may withdraw your funds without penalty during the grace period. Otherwise, your CD will automatically renew for the same duration.
  • The rate at which your CD renews is based on the published rate for the CD, excluding CD Specials, that is closest to but not exceeding the term of the CD.4
  • Rates are subject to change at the bank's discretion and may vary daily.

Yes. Funds held in a U.S. Bank certificate of deposit are protected by FDIC insurance, which covers up to $250,000 per depositor for each ownership category.1 This insurance provides added security, knowing that your money is safeguarded with us even in unlikely adverse scenarios. While CDs at U.S. Bank are FDIC-insured, not all CDs at every institution are. It's always important to review the terms and conditions of a CD to determine whether or not it is FDIC-insured.

A bank CD is a reliable and secure way to grow your savings. It offers a fixed interest rate and is FDIC-insured,1 meaning your money is protected up to applicable limits. It’s a great option if you have a specific goal and don’t need immediate access to your funds. Compared to other savings options, CDs typically offer higher interest rates, allowing you to earn more on your money over time.

Consider your financial goals and how long you can comfortably lock in your funds. Shorter terms offer quicker access to your money, while CD rates are typically higher for longer terms. For short-term goals, a 6-month to 1-year CD might work best. For longer-term savings, a 3-year or longer CD could help you maximize interest.

When your CD reaches its maturity date, you have several options to consider. We will notify you in advance, offering you time to decide your next course of action. Upon maturity, you can withdraw your funds, including the earned interest, without penalty, or you can choose to reinvest in a new CD. Many CDs have an automatic renewal feature, where the funds are reinvested into a new CD of the same term. You can also withdraw some or all of the funds or adjust the terms of renewal. Any changes to CDs can be made at maturity until the grace period ends (the grace period can be found in your maturity notification or on the Overview tab of your CD). This ensures you retain control over your funds based on your evolving financial needs.

The minimum deposit requirement for opening a CD may vary depending on the bank and type of account. At U.S. Bank, our Standard CD requires a minimum opening deposit of just $500 up to a maximum of $250,000 with terms ranging from one month to 60 months. Our CD Special Account requires a minimum opening deposit of $1,0002 and offers fewer term lengths.

There is a penalty for early withdrawal on a CD from U.S. Bank. The penalty is usually based on the account balance, APY5 and interest rate.

A CD offers a higher fixed interest rate in exchange for committing your money for a defined term, while a traditional savings account keeps your funds fully liquid at a variable rate. For savers who don't need immediate access to their money, a CD is often the more rewarding choice.

Key differences at a glance: 

  • Rate structure: CDs lock in a fixed APY. Savings accounts fluctuate with market conditions.
  • Liquidity: Savings accounts allow withdrawals anytime. CDs impose early withdrawal penalties.
  • Term commitment: CDs range from 30 days to five or more years. Savings accounts have no set term.
  • Purpose: CDs suit goal-based saving with a clear timeline. Savings accounts serve everyday financial flexibility.
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  1. FDIC insured to the maximum allowed by law.

  2. $1,000 minimum opening deposit up to a maximum of $250,000. 

  3. Online application is not valid for single maturity CDs, business or retirement CDs, brokerage deposits, institutional investors, public funds or in conjunction with other promotional offers.

  4. Offer good for the initial term only. CD is automatically renewed for the same term. The rate is determined based on the published rate for the CD, excluding CD Specials, that is closest to but not exceeding the term of the CD. Advertised rate and APY are offered at the bank's discretion and may change daily.

  5. Annual Percentage Yield (APY) assumes principal and interest remain on deposit for the term of the certificate. All interest payments for the APY will be made at the end of the term or annually, whichever occurs first. Penalty will be imposed for early withdrawal. Fees could reduce earning on the account.

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Deposit products are offered by U.S. Bank National Association. Member FDIC.

State Farm and the State Farm logo are registered trademarks of State Farm Mutual Automobile Insurance Company. 

Refer to Your Deposit Account Agreement (PDF) and the Consumer Pricing Information (PDF) disclosure for a summary of fees, terms and conditions that apply.

U.S. Bank, 800 Nicollet Mall, Minneapolis, MN 55402

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