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The last thing you want when you have a significant amount of money saved is to not earn interest, but according to the FDIC, the national deposit rate for savings accounts is just 0.41% (as of 4/21/25). That would pay you peanuts, no matter how much money you have.
Fortunately, there are a large number of high-yield savings accounts with no minimum balance requirements that pay higher interest rates and have few fees. We've researched and rounded up six of the best no-minimum savings accounts, including options from SoFi®, American Express, and UFB Direct. Our list features a range of choices that vary in annual percentage yields (APYs), features, fees, and more.
Featured High Yield Savings Accounts
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2025 award winner Best Checking and Savings Combo
Earn up to 3.80% APY1 <p>SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.</p> and collect up to a $300 cash bonus with direct deposit or $5,000 or more in qualifying deposits.2 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet" >http://www.sofi.com/legal/banking-rate-sheet</a>.</p> FDIC Insured.3 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>
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Let your money work for you with great rates: count on it. Open a High Yield Savings account with Synchrony today. Member FDIC.4 <p>Annual Percentage Yield (APY) is subject to change at any time without notice. Rate accurate as of 2/4/2025. Offer applies to personal accounts only. Fees may reduce earnings. For High Yield Savings accounts, the rate may change after the account is opened. Visit synchrony.com/banking for current rates, terms and account requirements. Member FDIC.</p>
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Premium Savings offers a powerful 4.00% Annual Percentage Yield.5 <p>As of 04/30/2025, the Annual Percentage Yield (APY) of the Premium Savings Account offered by Morgan Stanley Private Bank, National Association is 4.00%. Your interest rate and APY may change at any time and fees may reduce earnings. Please visit <a href="http://etrade.com/ratesheet">etrade.com/ratesheet</a> for information regarding this account's current interest rate and corresponding APY.</p> FDIC insured up to $500,0006 <p>The Premium Savings Account gives Morgan Stanley Private Bank, National Association, Member FDIC the ability to send any amount held on deposit in your Premium Savings Account to other depository accounts at Federal Deposit Insurance Corporation ("FDIC") member banks with the purpose of affording you additional FDIC insurance coverage. It is designed to offer up to $500,000 in FDIC coverage to individual accounts (up to $1 million for joint accounts). Certain conditions must be met. <a href="https://us.etrade.com/l/f/agreement-library/premium-savings-bank-deposit-program">Learn more</a>.</p> once certain conditions have been satisfied. No minimum initial deposit,7 <p class="">No minimum initial deposit is required to open an account. However, account must be funded within 30 days to remain open.</p> and no monthly account fees.
How we evaluate products
We used multiple criteria to choose the best high-yield savings accounts, but we did not evaluate all banks in the market. Along with our distinct criteria, we determined how each bank’s features would align with consumer needs.
- Account features: We look for distinct features such as ATM cards, high APYs, low minimum balance requirements, and unique features such as savings vaults.
- FDIC insurance: We only chose banks who are member-FDIC to ensure your money is safe.
- Fees: We looked only for banks with no monthly fee or if they charged one, they provide simple ways to waive it.
- Customer service: We focus on banks that offer 24/7 access to your account and multiple ways to access customer service to get the support you need.
Top savings accounts with no minimums
| Bank Account | Annual percentage yield (APY) | Great for |
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SoFi Checking and Savings |
Up to 3.80% APY with direct deposit1 <p>SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.</p> | Linking direct deposit |
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American Express® High Yield Savings |
3.60% APY8 <p>The Annual Percentage Yield (APY) as advertised is accurate as of May 8, 2025. Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened. </p> | Good customer support |
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Synchrony High Yield Savings Account |
4.00% (as of 04/18/25) APY4 <p>Annual Percentage Yield (APY) is subject to change at any time without notice. Rate accurate as of 2/4/2025. Offer applies to personal accounts only. Fees may reduce earnings. For High Yield Savings accounts, the rate may change after the account is opened. Visit synchrony.com/banking for current rates, terms and account requirements. Member FDIC.</p> | Consistently high savings rates |
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Wealthfront Cash Account9 <p>Wealthfront Cash account is offered by Wealthfront Brokerage LLC, Member of FINRA/SIPC. Wealthfront Brokerage is not a bank. We convey funds to partner banks who accept and maintain deposits, provide the interest rate, and provide FDIC insurance. Rate is subject to change.</p> |
4.00% APY10 <p>Rate is current as of November 15, 2024.</p> | ATM users |
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UFB Portfolio Savings |
4.01% (as of 04/25/25) APY | No direct deposit requirements |
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LendingClub High-Yield Savings |
Up to 4.40% APY11 <p>LevelUp Rate of 4.40% Annual Percentage Yield (“APY”) is applied to the full balance of LevelUp Savings accounts that receive a total of at least $250 in deposits during the Evaluation Period. Otherwise, accounts will earn the Standard Rate of 3.40% APY. Interest payments, account bonuses, account credits and reversals or refunds from the bank are not considered deposits for rate evaluation purposes. All LevelUp Savings accounts earn the LevelUp Rate at account opening and continue to earn the LevelUp Rate until the First Evaluation Period, to provide an opportunity to set up deposits. </p> <p>An Evaluation Period is a statement cycle. The First Evaluation Period will be the third statement cycle after you open your account, with any rate change becoming effective the next statement cycle. For example, if you open in August, the first Evaluation Period would be October with any rate change effective in November. Any rate changes will take place on the second business day and will be based on deposits in the previous statement cycle. </p> <p>APY accurate as of 5/22/2025. Rates are variable and subject to change at any time without notice, at the sole discretion of the bank. Fees may reduce earnings. $0 minimum opening deposit.</p> | Motivation to save |
SoFi Checking and Savings
SoFi Checking and Savings is a joint account that earns interest on your checking and savings balances, and it stood out in our research because you can earn interest on all your money. Normally, cash that sits in a checking account won't earn anything. But with SoFi, you'll get paid for whatever you have in the bank, regardless of your balance. But even though this account doesn't have a minimum balance requirement to open and earn interest, it does require monthly deposits as one option to unlock the highest rate. However, there's no minimum you need to meet — you just need to enroll in SoFi Plus with direct deposit to a SoFi Checking and Savings account (or pay the SoFi Plus subscription fee or make $5,000 in qualifying monthly deposits, but we don't recommend these options over direct deposit).
SoFi® also offers the option to set up "vaults" within your savings account. These are sub-accounts dedicated to saving for specific goals, such as buying a car, a dream vacation, or an emergency fund. I like this because it keeps your money separated, which isn't an option you'll have with every savings account.
If you don't have direct deposit and won't be able to deposit at least $5,000 per month manually, consider other options on this list. Member FDIC.3 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>
- No maintenance fees or overdraft fees12 <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p> 13 <p>Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with Eligible Direct Deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the "Start Date" and "End Date" set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the "30-Day Evaluation Period"). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.</p>
- Up to a $300 welcome bonus2 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet" >http://www.sofi.com/legal/banking-rate-sheet</a>.</p>
- Cash deposits must be made at a Greendot Network retailer
- Direct deposit or $5,000 monthly manual deposits are required to earn the most competitive rate on savings
Visit SoFi Checking and Savings | Read our SoFi Checking and Savings review.
2025 award winner Best Checking and Savings Combo
Earn up to 3.80% APY1 <p>SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.</p> and collect up to a $300 cash bonus with direct deposit or $5,000 or more in qualifying deposits.2 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet" >http://www.sofi.com/legal/banking-rate-sheet</a>.</p> FDIC Insured.3 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>
Synchrony High Yield Savings
Unlike some of the other high-yield savings accounts on this list, the Synchrony High Yield Savings account doesn't have any minimums to open or earn the highest interest rate. That means no deposit requirement, no direct deposit or activity minimum you have to meet, and no hoops to jump through.
Savings accounts earn variable interest rates, meaning a bank or company can "pull the rug out from under you" and change its yields at any time. The difference often isn't substantial when a bank changes its rates, often around 0.10% APY, but it can still make a difference in your savings and peace of mind.
Synchrony stands out for often offering one of the best savings rates available, remaining competitive even when consumer deposit rates fluctuate. It also offers perks like more ways to deposit money than many accounts and ATM access.
- Optional ATM card
- Six different ways to deposit new funds (including ACH, wire, and direct deposit transfers and checks)
- Offers other competitive savings products
- Synchrony doesn't offer checking accounts
- Doesn't support cash deposits
Visit Synchrony Bank High Yield Savings
Let your money work for you with great rates: count on it. Open a High Yield Savings account with Synchrony today. Member FDIC.4 <p>Annual Percentage Yield (APY) is subject to change at any time without notice. Rate accurate as of 2/4/2025. Offer applies to personal accounts only. Fees may reduce earnings. For High Yield Savings accounts, the rate may change after the account is opened. Visit synchrony.com/banking for current rates, terms and account requirements. Member FDIC.</p>
American Express® High Yield Savings
Unlike most of the other savings accounts we reviewed for this list, the American Express High Yield Savings account offers access to 24/7 phone support. This, and the fact that the account earns a high annual percentage yield (currently 3.60%) without any minimums, is why we didn't think twice about adding it here.14 <p class="">There is no minimum balance required to open your Account, to avoid being charged a fee, or to obtain the Annual Percentage Yield (APY) disclosed to you.</p> If you're a person who likes knowing you can get help with a bank account at a moment's notice, we recommend this account despite its slightly lower rate (bonus if you're already a happy American Express customer). This account has no balance or deposit requirements to earn the highest stated APY.
American Express National Bank is a member FDIC, so your funds are insured up to $250,000 per depositor. Interest compounds daily. Opening an account and starting to earn takes only a few minutes.
- No minimum balance requirement or monthly fees 14 <p class="">There is no minimum balance required to open your Account, to avoid being charged a fee, or to obtain the Annual Percentage Yield (APY) disclosed to you.</p>
- Interest compounds daily and is deposited monthly
- No ATM card
- Not the highest earning rate out there
Visit American Express® High Yield Savings | Read our American Express High Yield Savings review.
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High Yield Savings Account. No Minimum Required Deposit or Balance.14 <p class="">There is no minimum balance required to open your Account, to avoid being charged a fee, or to obtain the Annual Percentage Yield (APY) disclosed to you.</p> Terms Apply.
Wealthfront Cash Account
You likely know Wealthfront for its investment offerings, but the Wealthfront Cash Account offers great benefits, too. While cash accounts aren't quite the same as a high-yield savings account, they function similarly. However, a major difference is the ATM access provided, as many online HYSAs do not provide ATM access. We chose the Wealthfront Cash Account for its ATM perks — which include up to two non-network ATM fees reimbursed monthly — and because we consistently see it offering one of the best savings rates out there. It even offers an APY boost of 0.50%, on top of the base rate of 4.00% APY, for the first three months after successfully referring a friend.
But we have to be honest: There technically is a minimum deposit for this account, and that's $1. Plus, if you have a large — and we mean large — amount of cash to deposit, you can get FDIC coverage for up to $8 million through its partner banks.
However, if you're the type of person who likes to make cash deposits, there's no way to accomplish this with Wealthfront. The only option is to deposit funds in another bank account and transfer them electronically.
- FDIC-insured deposits up to $8 million
- Up to two non-network ATM reimbursements monthly
- Does not offer separate checking and savings accounts
- Difficult to make cash deposits
- No in-person customer service
Visit Wealthfront Cash Account | Read our Wealthfront Cash Account review.
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High Yield Cash Management Account. $1 minimum deposit. FDIC Insured.
UFB Portfolio Savings
The UFB Portfolio Savings account stood out in our research of the best high-yield savings accounts without minimums for a few reasons, not the least of which is its impressive earning rate. It yields up to 4.01% (as of 04/25/25) APY, and that's without cumbersome activity requirements or minimums. Most savings accounts don't have direct deposit requirements, but some require you to meet a certain activity minimum to tap into the highest available rate. We prefer UFB's approach to this and recommend it to anyone who doesn't want to link their paycheck to a new account.
This account technically has balance tiers, but we've only ever seen the same rate across all of these. We also like this account because it includes a free ATM card for cash access, which is, like we mentioned, pretty rare for a true savings account. You can also get a higher rate if you open a UFB Freedom Checking account, but doing this does require direct deposits of at least $5,000 a month, which is a drag.
It's worth noting that UFB changes the names and details of its savings accounts more than other banks, but it always offers some version of a high-yield savings account that's always competitive.
- Cash access with free ATM cards
- Boosted earning rate with linked Freedom Checking account
- Very highly rated mobile app
- Limited account offerings
- Checking bundle with direct deposit required for highest rate
LendingClub LevelUp Savings
The LendingClub LevelUp Savings account takes only minutes to open and includes a free ATM card. What I love most is the higher rate for monthly deposits. We are all prone to spending before saving, but knowing I could receive a higher APY for transferring just $250 a month would motivate me to save more. You can even make multiple deposits monthly to meet the $250 minimum. But if you're trying to avoid minimums altogether and don't want to make recurring deposits, you'll still earn a rather healthy APY and make your money grow.
You never have to worry about fees, even if your balance decreases or you miss a deposit.
- Free ATM card
- No minimum balance, monthly maintenance, or service fees
- No non-network ATM reimbursement
- No in-person customer support
Visit LendingClub LevelUp Savings | Read our LendingClub High-Yield Savings account review.
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Earn up to 4.40% APY11 <p>LevelUp Rate of 4.40% Annual Percentage Yield (“APY”) is applied to the full balance of LevelUp Savings accounts that receive a total of at least $250 in deposits during the Evaluation Period. Otherwise, accounts will earn the Standard Rate of 3.40% APY. Interest payments, account bonuses, account credits and reversals or refunds from the bank are not considered deposits for rate evaluation purposes. All LevelUp Savings accounts earn the LevelUp Rate at account opening and continue to earn the LevelUp Rate until the First Evaluation Period, to provide an opportunity to set up deposits. </p> <p>An Evaluation Period is a statement cycle. The First Evaluation Period will be the third statement cycle after you open your account, with any rate change becoming effective the next statement cycle. For example, if you open in August, the first Evaluation Period would be October with any rate change effective in November. Any rate changes will take place on the second business day and will be based on deposits in the previous statement cycle. </p> <p>APY accurate as of 5/22/2025. Rates are variable and subject to change at any time without notice, at the sole discretion of the bank. Fees may reduce earnings. $0 minimum opening deposit.</p> when you open a new LevelUp Savings account and deposit $250+ per month. Member FDIC.
Why you shouldn't settle for a minimum balance
A minimum balance requirement is problematic if you are right at the minimum amount required but need to withdraw funds. Life happens.
If you open a savings account with no minimum balance, you can use your money as you please. Because you won't need a bunch of cash to start each account, you can even open more than one savings account for any goal imaginable (e.g., a house, college education, car, or wedding).
To maximize your return on investment (ROI), search for a high-yield savings account with no minimum balance. These are a lot easier to find than you might think, especially if you stick with online banks, fintechs, and credit unions. Even if you're pretty sure you'll have a good chunk of money in your savings and a minimum doesn't seem like a big deal, you won't even need to think about it if you need to withdraw funds for a dire situation — such as medical bills — or for an investment opportunity with higher returns.
What to consider when comparing high-yield savings accounts
As robust as the above high-yield savings accounts are, comparing your options is important before choosing one. Consider the following:
- Minimum opening deposit: This is the least amount required to open an account at a financial institution.
- Fees: Be sure to research what kind of fees each savings account might have.
- APY: The annual percentage yield is the annual return on your balance, which includes the effect of compounding. The higher the interest rate on your account, the more opportunity you have to make some money with no effort.
- ATM card: An ATM card can help you make deposits or withdrawals easily; however, beware of ATM fees.
- Inactivity Fees: Although it may seem counterintuitive, some financial institutions will charge you an account fee for inactivity. A typical fee can be $10.
- Online portal or app: If the bank has a website or a mobile banking app, it can help you manage your account easily. One of the conveniences of online banking is that you don't have to find a physical branch to manage your money.
FAQs
Is my money safe in an online savings account?
Money in an online savings account is protected if the account provider is FDIC-insured, which includes most major banks. You'll typically see it stated as "member FDIC."
FDIC stands for Federal Deposit Insurance Corporation. The FDIC insurance covers accounts up to $250,000, so if your bank goes under financially, you will still get back all your money up to that amount. The National Credit Union Administration provides similar insurance for credit unions.
What is a good interest rate for an online savings account?
The best high-yield savings account rates vary from bank to bank and over time. The FDIC indicates the national average interest rate for savings accounts is 0.41% (as of 4/21/25) APY. (This rate is set by the Fed.) That means if you see an account with a higher interest rate, it would allow you to beat the average.
What do I need to have to open an online savings account?
Requirements to open an online savings account vary by the financial institution. You generally need to provide your full name, address, contact details, and a Social Security number. Some banks also require you to provide your driver's license information. If you are planning to fund the new account with money from a different bank or credit union, you will also need that account information.
How do I deposit or withdraw money from an online savings account?
The process for depositing and withdrawing money from online savings accounts varies by bank or credit union. Generally, you can fund an online savings account via electronic transfer from another bank account, by direct deposit, or by depositing a check. You may also complete a bank-to-bank transfer, request a check, or use a debit card if your bank allows it.
Previously, a federal regulation called Regulation D limited you to no more than six monthly withdrawals for a savings deposit account, but the Federal Reserve lifted this restriction in April 2020.
Bottom line
Savings accounts without minimum balance requirements can help you save more and stress less, and they're not hard to fine anymore. But some are far better than others. You can find great options with SoFi, American Express, Wealthfront, UFB, and LendingClub.
Accounts from these issuers all stood out in our research for offering more value and convenience than other savings accounts, and we included some accounts with unique perks like ATM access, unlimited deposits, and boosted rates for linking a checking account.
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2025 award winner Best Checking and Savings Combo