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U.S. Bank CD Rates: Pros, Cons, and Current Rates

The article from MSN Money discusses U.S. Bank's Certificate of Deposit (CD) offerings, detailing their pros, cons, and current rates as of early 2024. U.S. Bank provides CDs with terms ranging from one month to five years, with rates that are competitive but not the highest in the market. The advantages include a variety of term lengths, the security of FDIC insurance, and the option for automatic renewal. However, there are several drawbacks: the rates are lower compared to some online banks, there's a penalty for early withdrawal, and the minimum deposit requirement can be high for some terms. The article also notes that while U.S. Bank offers a step-up CD which allows for one rate increase during the term, this feature might not be as beneficial if rates do not rise significantly. Additionally, the bank's promotional CDs might offer better rates but come with specific conditions. Overall, while U.S. Bank provides a stable and secure option for savers, those looking for the highest yield might consider exploring other financial institutions.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/money/personalfinance/u-s-bank-cd-rates-pros-cons-and-current-rates/ar-BB1quMV6 ]