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.
Chime® is an online-only banking option that offers a checking and high-yield savings account to customers. The bank provides the ease of online banking, but all of your accounts are FDIC-insured, so you know your money is safe.
Chime’s savings account8 offers a rate of 2.00%3 APY, which is much higher than what you’d get with a traditional savings account. And best of all, the bank never charges any hidden fees, like maintenance fees or overdraft fees.
Your savings account is easy to track and manage with the Chime app. And you can deposit more money using the online deposit feature.
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 Direct Rewards Savings comes with an APY of 3.16% on accounts with balances of at least $25,000 or more. If you have less than $25,000 to save then your rate will be zero. So, in that case, it might make more sense to check out a high-yield savings account with more flexible minimum balance requirements.
Your savings account will come with a complimentary debit card, and you can transfer money between your accounts for free. You’ll also have access to UFB Direct’s app so you can manage your money even when you’re 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 3.00%.
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. And at 2.35% annual percentage yield (APY), you can start to see that interest accrue relatively quickly compared to other online savings accounts that only offer a fraction of a percentage point.
There’s no monthly maintenance fee, and you can receive wire transfers at no cost, plus 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 banks, Ally charges a $25 overdraft fee, so do be mindful of your balance.
Alliant Credit Union offers high-yield savings accounts with a rate of 2.20% APY. You only need a $5 minimum opening deposit, and the online application process is easy.
With Alliant, you’ll have access to both mobile and online banking, and there’s no monthly fee if you choose to receive eStatements. Plus, Alliant gives you access to thousands of ATMs nationwide.
You’ll need to keep a minimum balance of $100 to keep earning interest with your savings account. And per federal regulations, you’ll be limited to six withdrawals per month.
But all in all, Alliant Credit Union is a great option for anyone looking for a flexible high-yield savings account.
American Express offers a high-yield savings account with a generous rate of 2.35% APY. And your account will link seamlessly to your existing accounts with other banks, so there’s no reason to open all new accounts through American Express.
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 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 2.50% 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.
Barclays Dream Account motivates you to save money by offering cash bonuses for exhibiting positive savings habits. But even before those bonuses, the interest rate is already comparable to other high-yield accounts, weighing in at 2.40% APY.
The downside is that you can only deposit up to $1,000 a month. Still, the bonuses might make it worth your while to add a Dream Account to your portfolio of current savings accounts.
Here’s how it works:
You’ll also receive two opportunities to earn bonuses on the interest you’ve already earned in a six-month period. The first reward comes from making a deposit of any size for six consecutive months. At that point, you’ll earn an extra 2.5% on the interest you earned during that period.
The other way to get a bonus is to not withdraw any funds for six consecutive months, which also earns you 2.5% on interest accrued during that time frame.
You can get either bonus or both of them, giving your account a nice little extra cushion as time goes by. If you’re planning on saving more than $1,000 a month, you will of course either need an additional savings account or need to choose another one altogether.
Citizens Access offers competitive savings rates on both savings accounts and CDs. The savings account comes with a generous rate of 3.00% 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.
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 2.30% 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 1.50%, the account comes with no fees and no minimum deposits.
This bank operates almost entirely online, so you need to be comfortable with an electronic process if you’re considering a MySavingsDirect 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 saddled its way into one of the top slots for highest interest on an online savings account.
The CIT Bank Savings Builder account comes with a 3.00% 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 are 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 3.50% APY for new customers. It only takes a $100 deposit to open your online savings account to get this highly competitive rate.
After that, 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.
After that, 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 2.35% 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.
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 October, 25th, 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.