6 Best Savings Accounts With No Minimum Balance Requirements [January 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 0.42% (as of 12/16/24). 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 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.

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
• UFB Portfolio Savings
• BMO Alto
• LendingClub High-Yield Savings

Quick comparison

Bank Account	Annual percentage yield (APY)	Great for	Most notable feature
SoFi Checking and Savings	Up to 4.00% APY with direct deposit2 <p>SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Dec. 3, 2024. 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> 6 <p class="">The product and annual percentage yield (APY) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your area. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. Always verify account details and availability with the financial institution before opening an account.<br></p>	Linking direct deposit	Could earn up to a $300 bonus with direct deposit of $1,000 to $5,000+ if you qualify1 <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 Direct Deposits received during the Direct Deposit Bonus Period) <b>OR</b> $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at <a href="http://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 Direct Deposit can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.00% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% 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 Dec. 3, 2024. 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>
American Express® High Yield Savings Account	3.80% (as of December 17, 2024) APY7 <p>The Annual Percentage Yield (APY) as advertised is accurate as of December 17, 2024. 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	Interest compounds daily and pays out monthly, 24/7 support
Wealthfront Cash Account8 <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% APY9 <p>Rate is current as of November 15, 2024.</p>	ATM users	Includes checking account features, including an ATM card and bill pay services
UFB Portfolio Savings	4.01% (as of 12/16/24) APY	No direct deposit requirements	ATM card, boosted rate with eligible linked checking account
BMO Alto Online Savings Account	4.30% (as of 01/11/25) APY	Frequent withdrawals	Allows unlimited withdrawals
LendingClub High-Yield Savings	Up to 4.75% APY10 <p>LevelUp Rate of 4.75% 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 3.75% 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 11/25/2024. 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	Pays a “leveled up” rate if you deposit $250 per month

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 you to make deposits every month to unlock the highest rate. Direct deposit is the easiest way to earn the APY because you can set and forget it, and there’s no minimum required (you just have to sign up). If you choose manual deposits, 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 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 of the best high-yield savings accounts. Member FDIC.³ <p><b>SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance 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 $2M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/terms">SoFi.com/banking/fdic/terms</a> See list of participating banks at <a href="http://sofi.com/banking/fdic/receivingbanks">SoFi.com/banking/fdic/receivingbanks</a></b></p>

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

American Express High Yield Savings Account

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 3.80% (as of December 17, 2024)) without any minimums, is why we didn’t think twice about adding it here.¹³ <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).

American Express National Bank is a member of the 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.

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. 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. 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.

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. You also don’t have to worry about a minimum balance to earn the advertised APY after opening your account, just when setting it up.

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.

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 12/16/24) APY, and that’s without cumbersome deposit activity requirements or minimums. Most savings accounts don’t have direct deposit requirements, but some, like the SoFi Checking and Savings account, require you to meet a certain direct deposit threshold 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

BMO Alto

BMO Alto is an entirely online high-yield savings account, and we like it more than most because it doesn’t enforce monthly transaction restrictions you’ll often see on savings accounts. Along with a high APY, you’ll get unlimited withdrawals on your account without incurring additional fees. Many savings accounts limit you to six withdrawals per statement period.

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 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.

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. 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, BMO Alto, 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.