Banking Savings & Money Market Accounts

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

Many savings accounts offer competitive yields without minimums you need to meet to unlock them.

Updated Oct. 16, 2025
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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 0.4% (as of 9/15/25). That would pay you peanuts, no matter how much money you have.

Fortunately, there are many high-yield savings accounts (HYSAs) with no minimum balance requirements that pay higher interest rates and have few fees. We've researched and rounded up seven of the best no-minimum savings accounts, with our picks offering varied but competitive annual percentage yields (APYs), features, fees, and more.

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2025 award winner Best Checking and Savings Combo
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4.50
% APY
With $0 min. balanceinfo
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on SoFi's secure website
Member FDIC
Limited-Time Offer: +0.70% boost to 4.50% APY on Savings for up to 6 months1 + up to $300 Bonus with direct deposit.2 Terms apply.
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2025 award winner Best for Customer Service
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3.50
% APY
With $0 min. balance3
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on American Express' secure website
Member FDIC
-
4.3
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4.10
% APY
With $1 min. balance4
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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

How we evaluate products

Compare top savings accounts with no minimums

Bank Account Annual percentage yield (APY) Great for
SoFi Checking and Savings
SoFi Checking and Savings
Up to 3.80% APY with direct deposit6 Linking direct deposit
Synchrony Bank High Yield Savings
Synchrony High Yield Savings Account
3.80% APY7 Consistently high savings rates
Premium Savings
E*TRADE Premium Savings
3.75% APY 89 Investing your savings
American Express® High Yield Savings
American Express® High Yield Savings
3.50% APY3 Good customer support
LendingClub LevelUp Savings
LendingClub High-Yield Savings
Up to 4.20% APY10 Motivation to save
Wealthfront Cash Account
Wealthfront Cash Account11
3.75% APY12 ATM users
UFB Portfolio Savings
UFB Portfolio Savings
3.76% APY13 No direct deposit requirements

SoFi Checking and Savings

Great for: Linking direct deposit

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2025 award winner Best Checking and Savings Combo
5.0
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SoFi Checking and Savings
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% APY2with +0.70% APY Boost) for 6 Months on new accounts with eligible direct deposit. Terms Apply.1 FDIC Insured.14

Account details
  • Minimum balance: $015
  • Minimum deposit: $0
  • APY: Earn up to 3.80% APY on savings with direct deposit and up to 0.50% APY on checking with direct deposit 6
  • Requirements to earn highest APY: Enroll in SoFi Plus by receiving qualifying direct deposits each month, paying the SoFi Plus $10 subscription fee every 30 days, or depositing at least $5,000 every 30 days

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. 

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. This is also one of the best joint accounts for couples, since you can set goals together and earn interest on your shared balance.

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.14

Pros
  • No maintenance fees or overdraft fees1516
  • Up to a $300 welcome bonus2
Cons
  • 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.

Synchrony High Yield Savings

Great for: Consistently high savings rates

Account details
  • Minimum balance: $0
  • Minimum deposit: $0
  • APY: 3.80%
  • Requirements to earn APY: None

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.

Pros
  • Optional ATM card
  • Six different ways to deposit new funds (including ACH, wire, and direct deposit transfers and checks)
  • Offers other competitive savings products
Cons
  • Synchrony doesn't offer checking accounts
  • Doesn't support cash deposits

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

E*TRADE Premium Savings

Great for: Investing your savings

5.0
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Premium Savings
Premium Savings - 3.75% Annual Percentage Yield8
Premium Savings offers a powerful 3.75% Annual Percentage Yield.8FDIC insured up to $500,0009once certain conditions have been satisfied. No minimum initial deposit,17and no monthly account fees.

Account details
  • Minimum balance: $0
  • Minimum deposit: $017
  • APY: 3.75%
  • Requirements to earn APY: None

Like Synchrony, the E*TRADE Premium Savings account has no minimum opening deposit requirements or monthly service fees. But the reason we chose it for this list is that, in addition to regularly offering a good rate even when the market is in flux, this account is designed for quick, easy transfers to and from other accounts. 

A lot of users report that transfers in and out of E*TRADE Premium Savings are painless, especially when moving money from here to an investing account. You don't have to invest with E*TRADE to be eligible for this account, which sets it apart from those offered through other investing platforms, but it would make for a smooth savings-to-investing pipeline. If you think you might find yourself with a bit of extra cash you want to tuck away in the stock market now and then, consider this HYSA for simplifying these deposits (bonus if you already invest with the discount brokerage). 

This account is offered through Morgan Stanley Private Bank, a member of the FDIC.

Pros
  • E*TRADE also offers a great rewards checking account
  • Makes it easier than most institutions to intiate transfers
  • Extended FDIC insurance coverage up to $500,000
Cons
  • Doesn't support cash deposits

Visit Premium Savings | Read our E*TRADE Bank review

American Express® High Yield Savings

Great for: Good customer support

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2025 award winner Best for Customer Service
5.0
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American Express® High Yield Savings
American Express® Savings - 3.50% annual percentage yield (APY)3
High Yield Savings Account. No Minimum Required Deposit or Balance.18 Terms Apply.

Account details
  • Minimum balance: $018
  • Minimum deposit: $0
  • APY: 3.50%3
  • Requirements to earn APY: None

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.18 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.

Pros
  • No minimum balance requirement or monthly fees 18
  • Interest compounds daily and is deposited monthly
Cons
  • No ATM card
  • Not the highest earning rate out there

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

LendingClub LevelUp Savings

Great for: Motivation to save

Account details
  • Minimum balance: $0
  • Minimum deposit: $0
  • APY: Up to 4.20%
  • Requirements to earn APY: Deposit at least $250 per month

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.

Pros
  • Free ATM card
  • No minimum balance, monthly maintenance, or service fees
Cons
  • No non-network ATM reimbursement
  • No in-person customer support

Read our LendingClub High-Yield Savings account review.

Wealthfront Cash Account

Great for: ATM users

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2025 award winner Best for Large Deposits
4.9
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Wealthfront Cash Account
Wealthfront Cash Account - 3.75% APY12
High Yield Cash Management Account. $1 minimum deposit. FDIC Insured.

Account details
  • Minimum balance: $0
  • Minimum deposit: $1
  • APY: Up to 3.75%
  • Requirements to earn APY: Refer friends for boosted rate.

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 (though there are some savings account options with 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.

Pros
  • FDIC-insured deposits up to $8 million through partner banks
  • Up to two non-network ATM reimbursements monthly
Cons
  • 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.

Another great savings account for ATM users

4.3
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Alliant Credit Union High-Rate Savings Benefits
  • Earn more with a 3.10% APY19with only a $100 daily average minimum balance
  • Enjoy no monthly fees and access to 80,000+ fee-free ATMs nationwide20
  • 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
Learn More

UFB Portfolio Savings

Great for: No direct deposit requirements

Account details
  • Minimum balance: $0
  • Minimum deposit: $0
  • APY: Up to 3.76%13
  • Requirements to earn APY: None

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% APY13, 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.

Pros
  • Cash access with free ATM cards
  • Boosted earning rate with linked Freedom Checking account
  • Very highly rated mobile app
Cons
  • Limited account offerings
  • Checking bundle with direct deposit required for highest rate

Visit UFB Portfolio Savings

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.

Tip
Check out the best banks to use for everything from saving and checking to cash access and flexibility.

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 0.4% (as of 9/15/25) 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 (plus, they're some of the easiest bank accounts to open online). 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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5.0
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2025 award winner Best Checking and Savings Combo
High APY of up to 3.80%6 with direct deposit
Paycheck access up to 2 days early21
No monthly maintenance or overdraft fees15
Streamlined savings and savings goals with Vaults
Access to a large ATM network22
SoFi is a member FDIC14