6 Best Savings Accounts With No Minimum Balance Requirements [October 2025]

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 0.4% (as of 9/15/25). 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.

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Bank/Institution	APY Annual Percentage Yield	Bonus Offer	Open Account	Bonus Offer
2025 award winner Best Checking and Savings Combo
5.0 FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.	4.50 % APY With $0 min. balanceSoFi 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 http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.	Limited-Time Offer: +0.70% boost to 4.50% APY on Savings for up to 6 months1 <p>Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking &amp; Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member&nbsp;FDIC.</p> + up to $300 Bonus with direct deposit.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.&nbsp;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> Terms apply.	Learn More on SoFi's secure website Member FDIC	Limited-Time Offer: +0.70% boost to 4.50% APY on Savings for up to 6 months1 <p>Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking &amp; Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member&nbsp;FDIC.</p> + up to $300 Bonus with direct deposit.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.&nbsp;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> Terms apply.
2025 award winner Best for Customer Service
5.0 FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.	3.50 % APY With $0 min. balance3 <p>The Annual Percentage Yield (APY) as advertised is accurate as of July 23, 2025. Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened.&nbsp;</p>	-	Learn More on American Express' secure website Member FDIC	-
4.3 FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.	4.10 % APY With $1 min. balance4 <p>APY means Annual Percentage Yield. APY is accurate as of 09/30/25. Interest rate and APY may change after initial deposit depending on the terms of the specific product selected. Minimum opening deposit is $1.00.</p>	Limited-Time Offer: Use code EASY to earn $75 for $10,000, $250 for $25,000, $500 for $50,000, or $1,000 for $100,000+ deposited5 <p>New customers only. Earn a cash bonus when you deposit and maintain funds with partner banks on the Raisin platform. Customers will receive $75 for depositing between $10,000 and $24,499, $250 for depositing between $25,000 and $49,999, $500 for depositing between $50,000 and $99,999, and $1,000 for depositing $100,000 or more. To qualify for the bonus, your first deposit must be initiated between August 1, 2025, and November 30, 2025, by 11:59 PM ET, and the promo code EASY must be entered at the time of sign-up. Only funds deposited within 14 days of the initial deposit date and maintained with partner banks on the Raisin platform for 90 days will be eligible for this bonus. Bonus cash will be deposited by Raisin into the customer’s linked external bank account within 30 days of meeting all qualifying terms. This offer is available to new customers only and may not be combined with any other bonus offers. Raisin reserves the right to modify or terminate this offer at any time.</p>	Learn More on Raisin's secure website Member FDIC	Limited-Time Offer: Use code EASY to earn $75 for $10,000, $250 for $25,000, $500 for $50,000, or $1,000 for $100,000+ deposited5 <p>New customers only. Earn a cash bonus when you deposit and maintain funds with partner banks on the Raisin platform. Customers will receive $75 for depositing between $10,000 and $24,499, $250 for depositing between $25,000 and $49,999, $500 for depositing between $50,000 and $99,999, and $1,000 for depositing $100,000 or more. To qualify for the bonus, your first deposit must be initiated between August 1, 2025, and November 30, 2025, by 11:59 PM ET, and the promo code EASY must be entered at the time of sign-up. Only funds deposited within 14 days of the initial deposit date and maintained with partner banks on the Raisin platform for 90 days will be eligible for this bonus. Bonus cash will be deposited by Raisin into the customer’s linked external bank account within 30 days of meeting all qualifying terms. This offer is available to new customers only and may not be combined with any other bonus offers. Raisin reserves the right to modify or terminate this offer at any time.</p>

Top savings accounts with no minimums

Bank Account	Annual percentage yield (APY)	Great for
SoFi Checking and Savings	Up to 3.80% APY with direct deposit6 <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
Synchrony High Yield Savings Account	3.80% APY7 <p>Annual Percentage Yield (APY) is subject to change at any time without notice. Rate accurate as of 6/3/2025. 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
American Express® High Yield Savings	3.50% APY3 <p>The Annual Percentage Yield (APY) as advertised is accurate as of July 23, 2025. Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened.&nbsp;</p>	Good customer support
LendingClub High-Yield Savings	Up to 4.20% APY8 <p>LevelUp Rate of 4.40% Annual Percentage Yield (“APY”) is accurate as of 05/28/2025. Standard Rate of 3.40% APY accurate as of 05/28/2025. Rates are variable and subject to change at any time without notice, at the sole discretion of the bank.</p><p>LevelUp Rate 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. 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. While accounts will not move from the LevelUp Rate prior to the First Evaluation Period, the LevelUp Rate is variable and subject to change at any time, including prior to the First Evaluation Period.</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 at the end of the first business day of the month and will be based on deposits in the previous statement cycle.</p>	Motivation to save
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>	3.75% APY10 <p>Rate is current as of 09/26/2025.</p>	ATM users
UFB Portfolio Savings	3.76% APY11 <p> The Annual Percentage Yield (APY) is accurate as of 10/2/2025. The interest rate and corresponding APY for savings is variable and is set at our discretion. This is a tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings.</p>	No direct deposit requirements

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.¹³ <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, 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.&nbsp;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&nbsp;<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>

Visit SoFi Checking and Savings | Read our SoFi Checking and Savings review.

5.0

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

2025 award winner Best Checking and Savings Combo

Earn Up to $300 When You Set Up Direct Deposit

Limited-Time Offer: Earn up to a $300 bonus and up to 4.50% APY on Savings (3.80% APY² <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.&nbsp;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> with +0.70% APY Boost) for 6 Months on new accounts with eligible direct deposit. Terms Apply.¹ <p>Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking &amp; Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member&nbsp;FDIC.</p> FDIC Insured.¹³ <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, 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.&nbsp;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&nbsp;<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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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.

Visit Synchrony Bank High Yield Savings | Read our Synchrony Bank review

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 3.50%) without any minimums, is why we didn't think twice about adding it here.¹⁵ <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.

Visit American Express® High Yield Savings | Read our American Express High Yield Savings review.

5.0

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

2025 award winner Best for Customer Service

American Express® Savings - 3.50% annual percentage yield (APY)³ <p>The Annual Percentage Yield (APY) as advertised is accurate as of July 23, 2025. Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened.&nbsp;</p>

High Yield Savings Account. No Minimum Required Deposit or Balance.¹⁵ <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.

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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.

Read our LendingClub High-Yield Savings account review.

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 3.75% 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.

Visit Wealthfront Cash Account | Read our Wealthfront Cash Account review.

4.9

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

2025 award winner Best for Large Deposits

Wealthfront Cash Account - 3.75% APY¹⁰ <p>Rate is current as of 09/26/2025.</p>

High Yield Cash Management Account. $1 minimum deposit. FDIC Insured.

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Another great savings account for ATM users

Grow Your Money With a 3.10% APY at This Not-for-Profit Credit Union

4.3

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

Alliant Credit Union High-Rate Savings Benefits

• Earn more with a 3.10% APY¹⁶ <p>The savings dividend provides an Annual Percentage Yield (APY) of 3.10%. The APY is accurate as of the 6/26/2025 dividend declaration date. Dividends are paid on the last day of the month to accountholders who have maintained an average daily balance of $100 or more. Savings dividend may change after account is opened and is subject to change at any time. Dividend applies to Savings, Supplemental Savings, Emergency Savings, Kids Savings Accounts, UTMA Custodial Accounts, Trust Accounts and IRA. Fees may reduce earnings on the account.</p> with only a $100 daily average minimum balance
• Enjoy no monthly fees and access to 80,000+ fee-free ATMs nationwide¹⁷ <p>Transactions performed at other ATMs may be subject to the ATM owner’s surcharge fee. Please see the online ATM Locator at www.alliantcreditunion.com or our mobile banking app for a list of ATMs that accept deposits or are fee free. Not all ATMs accept deposits.</p>
• Applying to become a member of this not-for-profit credit union is easy and rewards you with better rates and services
• Deposits are federally insured up to $250,000 by the NCUA

4.3

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

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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 3.76% APY¹¹ <p> The Annual Percentage Yield (APY) is accurate as of 10/2/2025. The interest rate and corresponding APY for savings is variable and is set at our discretion. This is a tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings.</p> , 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.

Visit UFB Portfolio Savings

Another savings account to consider

5.0

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

Premium Savings - 3.75% Annual Percentage Yield¹⁸ <p>As of 09/23/2025, the Annual Percentage Yield (APY) of the Premium Savings Account offered by Morgan Stanley Private Bank, National Association, Member FDIC is 3.75%. 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>

Premium Savings offers a powerful 3.75% Annual Percentage Yield.¹⁸ <p>As of 09/23/2025, the Annual Percentage Yield (APY) of the Premium Savings Account offered by Morgan Stanley Private Bank, National Association, Member FDIC is 3.75%. 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 $500,000¹⁹ <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,²⁰ <p class="">No minimum initial deposit is required to open an account.&nbsp; However, account must be funded within 30 days to remain open.</p> and no monthly account fees.

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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

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

High APY of up to 3.80%⁶ <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> with direct deposit

Paycheck access up to 2 days early²¹ <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>

No monthly maintenance 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>

Streamlined savings and savings goals with Vaults

Access to a large ATM network²² <p>We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.</p>

SoFi is a member FDIC¹³ <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, 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.&nbsp;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&nbsp;<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>