6 Best High-Yield Savings Accounts That Don't Require a Minimum Balance (Plus a Fun Bonus)

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 0.45% (as of 10/21/24). 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 that pay higher interest rates and have little to no monthly fees. I’ve rounded up six of the best high-yield savings accounts to help in your search for the best place to park your funds, whether an emergency fund or cash you’re saving for another goal.

I’ve provided a wide variety of choices from HYSAs that require direct deposit, have higher FDIC insurance limits, or include a debit card (not all savings accounts do). Check out this list of the best HYSAs to see which offers the features, APY, and fees that fit your needs.

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.

The best high-yield savings accounts that don’t require a minimum balance

• SoFi Checking and Savings
• American Express High Yield Savings Account
• Wealthfront Cash Account
• EverBank
• BMO Alto
• LendingClub High-Yield Savings

Comparing the best high-yield savings accounts that don’t require a minimum balance

Bank Account	Annual percentage yield (APY)	Great for	Most notable feature
SoFi Checking and Savings	Up to 4.20% APY with direct deposit37	Direct deposit	Could earn up to a $300 bonus with direct deposit of $1,000 to $5,000+ if you qualify2
American Express® High Yield Savings Account	4.00% (as of October 24, 2024) APY5	$0 minimum average balance requirement6	Interest compounds daily and pays out monthly
Wealthfront Cash Account8	5.00% APY9	ATM users	Includes checking account features, including an ATM card and bill pay services
EverBank Performance Savings	5.05% (as of 10/1/24) APY	No minimum opening balance	Everyone earns the same high APY and there aren’t any tiers
BMO Alto Online Savings Account	4.60% (as of 10/28/24) APY	Frequent withdrawals	Allows unlimited withdrawals
LendingClub High-Yield Savings	5.00% APY	Motivation to save	Pays a “leveled up” rate if you deposit $250 per month

SoFi Checking and Savings

SoFi Checking and Savings offers the best of both worlds with options on how you earn the maximum APY on your savings and checking account. Direct deposit is the easiest way to earn the APY because you never have to remember to make deposits to earn the APY, and there’s no minimum required. If you choose manual deposits, though, there is a $5,000 minimum deposit required to earn the higher APY.

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 option because it keeps the money separated, so you have a better visual of your progress toward each goal.

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 of the best high-yield savings accounts. Member FDIC.

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

American Express High Yield Savings Account

The American Express High Yield Savings Account offers a simple way to earn a high annual percentage yield (currently 4.00% (as of October 24, 2024)) without worrying about any minimum opening or ongoing balances. This is a great way to keep your money growing, and you don’t have to worry about monthly fees taking away from your earnings.

American Express National Bank is a member of the FDIC, so your funds are insured up to $250,000 per depositor. You can seamlessly manage your account online or access customer service 24/7, and interest compounds daily. Opening an account and starting to earn takes only a few minutes.

However, you can only open an American Express checking account if you currently have an American Express credit card. So if you don't have an American Express credit card, don't intend to get one, but you like to keep your checking and savings accounts in the same place, then you may need to look elsewhere.

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

Wealthfront Cash Account

You likely know Wealthfront for its investment offerings, but its 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. But with the Wealthfront cash account, you get excellent ATM access plus up to two non-network ATM fees reimbursed monthly. In addition, the Wealthfront Cash Account offers online bill pay and you can get same-day withdrawals if you initiate a withdrawal by 9 p.m. ET, including weekends and holidays.

All it takes is $1 to start saving, and there are zero account fees. Plus, if you have a large amount of cash to deposit, you can get FDIC coverage for up to $8 million through its partner banks. You also don’t have to worry about a minimum balance to earn the advertised APY.

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.

EverBank

The EverBank Performance Savings Account offers exceptional features without account minimums at opening or ongoing. Everyone earns the same APY, which is subject to change but is currently 5.05% (as of 10/1/24). You also don’t have to worry about any monthly maintenance fees, regardless of your average monthly balance.

You can open an EverBank savings account with any amount, and your balances are FDIC-insured up to the basic limits of $250,000. While EverBank doesn’t offer cash deposits or an ATM card, you can set up direct deposits, make mobile deposits, or link external accounts to transfer funds.

Although savings accounts aren’t meant to withdraw funds frequently, this account doesn’t include a debit card. If you prefer ATM access to your funds, consider the EverBank Performance Money Market.

Visit EverBank

BMO Alto

BMO Alto is an entirely online high-yield savings account. This means you can’t access your funds or talk to bankers at a local branch. In exchange, you get a higher APY and unlimited withdrawals on your account without incurring additional fees.

While the account doesn’t offer access to Zelle, cash deposits, or an ATM card, you can access your funds online and even transfer funds to and from external accounts without any limits. With no minimum balance to open an account and no balance to keep up, you can grow your money without hassle. Member FDIC.

Visit BMO Alto

LendingClub High-Yield Savings

The LendingClub High-Yield 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 will receive a higher APY for transferring just $250 a month motivates me to save more. You can even make multiple deposits monthly to meet the $250 minimum.

Of course, if you don’t meet it, you still earn a rather healthy APY and make your money grow. The HYSA is FDIC-insured for up to $250,000 per depositor, and the robust app makes it easy to manage your funds. You never have to worry about fees, even if your balance decreases or you miss a deposit.

Visit LendingClub | Read our LendingClub High-Yield Savings account review.

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. This is ideal if you need to withdraw your savings 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.

Every bank offers something different, so don’t just settle for the first one you find, no matter how good it sounds.

Overall, the most important thing is to get started. Don’t let the idea of a savings account requiring a high minimum balance slow you down or prevent you from taking steps toward your personal finance goals. Opening a savings account with no minimum balance is a simple way for eager savers to get started on a successful financial journey.

FAQs

Other popular high-yield savings accounts

• Citi Accelerate High-Yield Savings: 4.30% (as of November 21, 2024) APY (Annual Percentage Yield)
• Varo Online Savings: up to 5.00% (as of 07/01/24) APY
• CIT Bank Platinum Savings: 4.55% (as of November 13, 2024) APY
• Capital One 360 Performance Savings: 4.00% (as of 10/28/24) APY
• Discover Bank High Yield Online Savings Account: 3.90% APY¹²
• Marcus by Goldman Sachs Online Savings: 4.10% (as of 11/18/24) APY
• Ally Bank High Yield Savings: 4.00% (as of 10/28/24) APY