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Saving money is great, but earning interest on that cash is even better. While historically low interest rates are great when you need a loan, they don’t help much when you want to put your money to work. However, there are still several acceptable high-yield savings accounts currently available that offer high-interest yields.
They vary in terms of fees, balance minimums, and extra perks, so you have plenty of options available. Review each one carefully before picking the right one to house your hard-earned money.
Best High-Yield Savings Accounts with No Minimum Balance Requirements
A lot of high-yield savings accounts require you to make a minimum deposit to open an account. But not everyone wants to start their savings account with a ton of cash, especially for those just beginning to save.
Luckily, you can still access high-yield savings accounts without worrying about any type of starting deposit. Here are our top picks that don’t require any cash upfront.
UFB Direct is part of Axos Bank and offers high-interest money market accounts and savings accounts for consumers. Because UFB Direct doesn’t have to pay for a brick-and-mortar location, they can offer much more generous savings rates.
The UFB Preferred Savings Account comes with 4.55% APY, and there are no account minimums or monthly fees to worry about.
Additionally, you don’t have to maintain a specific balance to earn the highest interest rate, as all balances earn the same rate.
Your savings account includes a complimentary debit card, and you can transfer funds between accounts without fees. You can also withdraw funds at over 91,000 ATM locations without incurring fees.
Although UFB Direct is entirely online, customer support is available 24/7 for assistance with your accounts. The UFB Direct app is also available, enabling you to manage your money on the go.
Bread Savings (formerly Comenity Direct) offers a high-interest savings account as well as CDs. The savings account comes with a generous APY of 4.25%.
You only need $100 to open the savings account, and your account will earn interest on up to $10 million. With Bread Savings, there are no hidden fees and no monthly fees.
You’ll receive free online statements, free ACH transfers, and free incoming wire transfers. And you can deposit your money using the free mobile app. And when you bank with Bread Savings, your money is FDIC insured.
We like Ally because there’s no minimum balance required to earn interest. Additionally, the 3.60% annual percentage yield (APY) allows for relatively swift accrual of interest compared to other online savings accounts that have a much lower APY.
There’s no monthly maintenance fee, and you can receive wire transfers at no cost. In addition, you can transfer funds to any other bank account up to six times per statement cycle (after that it costs $10 per transaction per federal law).
If you’re only making a few withdrawals each month, Ally is a great choice.
If you make frequent check deposits, you can use the Ally eCheck Deposit app on your smartphone to take a picture.
Then, just mail in the paper check using a postage-paid envelope. This is good because you won’t have to worry about finding a branch or ATM each time you need to make a check deposit.
Like many other online-only banks, Ally doesn’t charge overdraft fees.
American Express offers a high-yield savings account with a generous rate of 3.75% APY. Additionally, there’s no need to open new accounts with American Express, since your existing accounts will link seamlessly.
There are no monthly fees and no minimum account balance required to get started. And like many of the other banks on this list, American Express National Bank comes with FDIC insurance on accounts up to $250,000.
You will be limited to six transactions per billing cycle. If you exceed your transaction requests, the online bank may deny your request to withdraw more money.
When you hear the name Goldman Sachs, you might think of Wall Street investment bankers, but the company also operates GS Bank for individuals.
A Marcus online savings account offers a competitive 3.75% APY and has no minimum balance needed to earn that interest rate. There is, however, a maximum balance of $1,000,000 you may keep in your account.
To make a deposit, you have four options. You can send an electronic transfer from any bank, send a wire transfer, mail a check, or enroll in direct deposit from your employer or Social Security.
When you’re ready to withdraw funds, you can log onto your account online and request an electronic transfer or call the toll-free phone number to take out money. You can do all of this while enjoying no transaction fees and no monthly service fee.
Citizens Access offers competitive savings rates on both savings accounts and CDs. The savings account comes with a generous rate of 3.75% APY, and there are no hidden fees.
However, you will need a minimum balance of $5,000 to open an account, which is much higher than what other banks require. If you’re unable to maintain a $5,000 balance, your interest will drop to 0.25% APY.
Citizens Access doesn’t offer any brick-and-mortar branches, but there are multiple ways to contact the bank for additional support. However, there’s no mobile app, and the bank doesn’t give you the option to do wire transfers.
The Barclays Online Savings account offers a competitive annual percentage yield (APY) of 3.60%.
This account provides a secure, convenient, and accessible way to manage your funds with 24/7 online access. You can easily transfer funds to and from other banks online, and set up direct deposit to make saving simple and effortless.
Additionally, there are no monthly maintenance fees and no minimum balances required to open this account.
To help you reach your savings goals, the Barclays Online Savings account also provides useful tools to track and manage your savings.
HSBC has great interest rates for anyone looking for a flexible high-yield savings account. You only need $1 to open an account, and you can earn a rate of 3.65% APY. And HSBC Direct never charges any monthly maintenance fees.
Your HSBC account will integrate seamlessly with your other HSBC accounts. Transfers are available through the bank’s mobile app and online banking.
One of the things that are unique about HSBC is that they offer goal setting and money management tools. You can create custom financial goals and track your monthly progress.
And you can compare your monthly income and spending to ensure that you’re staying on track.
MySavingsDirect is an online division of Emigrant Bank, which has been around since 1850 and is one of the oldest savings banks in New York City. Its online presence now makes it available to consumers throughout the country.
With an APY of 4.35%, the account comes with no fees and no minimum deposits.
MySavingsDirect is an online bank, so you need to be comfortable with an electronic process if you’re considering a bank account.
When you first open the account with a deposit, you can either mail in a check or electronically transfer funds online. However, once it is set up, you can only use the electronic funds transfer to deposit or withdraw funds.
It can take two to four days of processing time. Withdrawals, on the other hand, are held for five business days before they’re available (which is done for security reasons). Therefore, be sure to plan your need for funds well in advance so you don’t run the risk of being late with any payments.
Best High-Yield Savings Accounts with Minimum Balance Requirements
Some of the best high-yield savings accounts do require an initial deposit to open your account. But most of them aren’t extremely high thresholds and don’t create a barrier for many people.
If you’ve already started saving money, check out these high-yield savings accounts with low opening balances
CIT Bank has recently become one of the top online banks for high interest savings accounts.
The CIT Bank Savings Builder account comes with a 4.20% APY which requires a deposit of $100+/month or $25,000+ balance.
If you miss the monthly $100 deposit or your balance falls below $25,000, you’ll drop to 0.80% APY for the following month. However, if you start making the $100 deposit again, you go back up to the higher rate.
There is no monthly maintenance fee, so you’re truly making money on cash you deposit into your account.
Savings account holders get access to all of CIT Bank’s online banking features and also can maximize earnings through daily compounding interest.
Salem Five Direct’s eOne Savings currently offers a 4.10% APY for new customers. It only takes a $100 deposit to open your online savings account to get this highly competitive rate.
There’s no minimum balance you have to maintain and there isn’t any monthly fee to pay, but this high interest rate only applies to balances up to $1,000,000.
Thereafter, your account is automatically switched to a Statement Savings Account that only earns an APY of 0.05%. K keep an eye on high dollar balances so you don’t effectively cut your interest rate to nearly zero.
They do charge fees in certain situations that you’ll want to educate yourself on so you don’t rack up unnecessary fines.
For example, if you don’t elect to enroll in electronic account statements within the first 30 days of opening your account, you’ll be charged $2.75 each month for paper statements.
You might also incur fees for certain types of transfers performed outside the bank’s online system. It’s best to read all the details and fine print before making a decision to make sure your preferred banking habits don’t result in exorbitant fees.
Discover is known more as a credit card company. However, they offer a high-interest savings account that beats out most of its large-scale national peers. There’s no minimum deposit to get started or minimum daily balance requirement with their online savings account.
With a 3.50% APY, you can start earning fast. Interest is compounded daily and dispersed monthly. Plus, there is no monthly fee to worry about, so you truly get paid to keep your money in your Discover account.
A Discover savings account has a $30 insufficient funds fee, although it’s capped at just one fee per day. There’s also a $15 charge for each excessive withdrawal over the federal maximum of six per month. And a six-month stop payment costs $15.
If you have the cash to open a $500 savings account and prefer working with a large financial institution, then Discover Bank is definitely worth considering.
Aside from their rewards credit cards, Discover also has a checking account with cashback rewards for debit card purchases.
How to Choose a High-Yield Savings Account
Here’s what to consider when choosing the best high-yield savings account for your needs:
Annual percentage yield: The most important factor in choosing a high-yield savings account is the annual percentage yield (APY). There are many savings accounts available with varying annual percentage yields. Make sure to compare rates and find the one that offers the highest rate for your particular needs.
Fees: Some high-yield savings accounts may have monthly maintenance fees associated with them. So, make sure to check for any potential account fees or other charges.
Accessibility: If you need to access your money quickly, you should look for a savings account with easy and convenient access. Consider whether you need to be able to access the funds online or if you need a physical bank location.
Minimum balance requirements: Some high-yield savings accounts may require a minimum deposit or balance to open or maintain the account. Be sure to check if this is the case and know how much you’ll have to deposit to meet these requirements.
Customer service: A quality customer service experience is important when considering any type of financial product. Look for a bank or credit union with good customer service ratings and reviews.
By considering these factors, you’ll be able to find the best high-yield savings account for your individual needs. Make sure to do your research and shop around for the best deal.
A high-yield savings account is an account that offers an interest rate that is higher than a traditional savings account, making it a better option for those looking to earn more on their savings. They also often come with fewer fees and restrictions.
Do high-yield savings accounts require a minimum deposit?
You can open a high-yield savings account with as little as $0 at certain online banks, though some require $100 or more.
How often are interest payments made?
Generally, interest payments are made on a monthly basis. However, this can vary depending on the financial institution and the terms of the account.
How often your interest is compounded depends on the bank. With some banks and credit unions, interest is compounded daily, while others do so monthly. The more frequent your interest compounds, the greater your return.
How often do high-yield savings rates change?
Savings rates can change frequently, depending on the financial institution offering the account and the current market conditions. In many cases, savings rates can change several times a year, or even more often than that.
Most financial institutions may also change their savings rates in response to changes in the Federal Reserve’s benchmark interest rate, which can happen several times a year.
Savings rates may also change in response to the type of account and the amount of money you’re keeping in the account. The more money you keep in the account, the more likely it is that the financial institution will offer you a higher rate of interest to keep it there.
Is my money safe in a high-yield savings account?
Yes, high-yield savings accounts are insured by the FDIC, typically up to $250,000, so your money is safe and secure.
Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.
3. The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is accurate as of November, 17th, 2022. No minimum balance required. Must have $0.01 in savings to earn interest.
8. A Chime Checking Account is required to be eligible for a Savings Account.