8 Best Savings Accounts With No Minimum Balance Requirements [February 2026]

According to the FDIC, the national average interest rate for savings accounts is just 0.39% (as of 1/20/26). That's the bad news. The good news? You can do a whole lot better, no matter how much you have to save. The last thing you want when you have a little money to put away is to get paid peanuts in interest.

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 eight of the best no-minimum savings accounts, with our picks offering varied but competitive annual percentage yields (APYs), features, fees, and more.

Limited-Time Offer

AWARD WINNER Best Checking and Savings Combo

SoFi Checking and Savings

5.0

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

Learn More on SoFi's secure website, Member FDIC

APY

4.00% Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 3/30/2026. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.

Minimum Balance for APY

$0

Bonus Offer

Up to $300 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 Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% 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 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

Why We Like It

• Earn a $50 or $300 bonus with eligible direct deposit¹⁰ <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 Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/2026. Full terms at <a href="https://www.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 Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% 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 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at&nbsp;<a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>.</p> and up to 4.00% APY¹¹ <p>Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 3/30/2026. Rates variable, subject to change. Terms apply at&nbsp;<a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p> on your money
• Limited-Time Offer: +0.70% Boost on Savings APY to up to 4.00% for up to 6 months on new accounts. Terms apply.¹¹ <p>Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 3/30/2026. Rates variable, subject to change. Terms apply at&nbsp;<a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p>
• No account, overdraft, or monthly fees¹² <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p>
• Get your paycheck up to two days early with direct deposit¹³ <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>
• Access additional FDIC insurance up to $3 million¹⁴ <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.&nbsp;Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at&nbsp;<a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>

Learn More on SoFi's secure website, Member FDIC

Compare top no-minimum savings account rates

Bank Account	Annual percentage yield (APY)	Great for
SoFi Checking and Savings	Up to 3.30% APY with direct deposit1 <p>Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at&nbsp;<a href="https://www.sofi.com/legal/banking-rate-sheet">https://www.sofi.com/legal/banking-rate-sheet</a></p>	Linking direct deposit
American Express® High Yield Savings	3.30% APY2 <p>The Annual Percentage Yield (APY) as advertised is accurate as of December 30, 2025. Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened.&nbsp;Interest Rate and APY of a Certificate of&nbsp;Deposit account is fixed once the account is funded.</p>	Good customer support
Synchrony High Yield Savings Account	3.50% APY3 <p>Annual Percentage Yield (APY) is subject to change at any time without notice. Rate accurate as of 1/27/2026. Offer applies to personal accounts only. Fees may reduce earnings. For High Yield Savings accounts, the rate may change after the account is opened. Visit synchrony.com/banking for current rates, terms and account requirements. Member FDIC.</p>	Consistently high savings rates
E*TRADE Premium Savings	3.75% APY 4 <p>As of 09/23/2025, the Annual Percentage Yield (APY) of the Premium Savings Account offered by Morgan Stanley Private Bank, National Association, Member FDIC is 3.75%. Your interest rate and APY may change at any time and fees may reduce earnings. Please visit <a href="http://etrade.com/ratesheet">etrade.com/ratesheet</a> for information regarding this account's current interest rate and corresponding APY.</p> 5 <p>The Premium Savings Account gives Morgan Stanley Private Bank, National Association, Member FDIC the ability to send any amount held on deposit in your Premium Savings Account to other depository accounts at Federal Deposit Insurance Corporation ("FDIC") member banks with the purpose of affording you additional FDIC insurance coverage. It is designed to offer up to $500,000 in FDIC coverage to individual accounts (up to $1 million for joint accounts). Certain conditions must be met. <a href="https://us.etrade.com/l/f/agreement-library/premium-savings-bank-deposit-program">Learn more</a>.</p>	Investing your savings
Wealthfront Cash Account6 <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>	3.50% APY7 <p>Rate is current as of 11/07/2025.</p>	ATM users
Capital One 360 Performance Savings	3.40% APY	Banking online or in person
UFB Portfolio Savings	Up to 3.26% APY8 <p> The Annual Percentage Yield (APY) is accurate as of 01/06/2026. The interest rate and corresponding APY for savings is variable and is set at our discretion. This is a tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings.</p>	No direct deposit requirements
LendingClub High-Yield Savings	Up to 4.00% APY9 <p>LevelUp Rate of 4.00% Annual Percentage Yield (“APY”) is accurate as of 01/13/2025. Standard Rate of 3.00% APY accurate as of 01/13/2025. Rates are variable and subject to change at any time without notice, at the sole discretion of the bank.</p><p>LevelUp Rate 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. 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. While accounts will not move from the LevelUp Rate prior to the First Evaluation Period, the LevelUp Rate is variable and subject to change at any time, including prior to the First Evaluation Period.</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 at the end of the first business day of the month and will be based on deposits in the previous statement cycle.</p>	Motivation to save

SoFi Checking and Savings

2026 AWARD WINNER Best Online Checking

5.0

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

SoFi Checking and Savings

Earn Up to $300 When You Set Up Direct Deposit

Limited-Time Offer: Earn a $50 or $300 bonus with eligible direct deposit and up to 4.00% APY on Savings (3.30% APY¹⁰ <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 Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/2026. Full terms at <a href="https://www.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 Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% 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 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at&nbsp;<a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +0.70% APY Boost) for up to 6 months on new accounts. Terms Apply.¹¹ <p>Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 3/30/2026. Rates variable, subject to change. Terms apply at&nbsp;<a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p> FDIC Insured.¹⁴ <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.&nbsp;Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at&nbsp;<a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>

Learn More

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 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.&nbsp;Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at&nbsp;<a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>

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

American Express^® High Yield Savings

2026 AWARD WINNER Best Savings for Customer Service

5.0

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

American Express® High Yield Savings

American Express® Savings - 3.30% annual percentage yield (APY)² <p>The Annual Percentage Yield (APY) as advertised is accurate as of December 30, 2025. Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened.&nbsp;Interest Rate and APY of a Certificate of&nbsp;Deposit account is fixed once the account is funded.</p>

High Yield Savings Account. No Minimum Required Deposit or Balance.¹⁶ <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> Terms Apply.

Learn More

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 3.30%) without any minimums, is why we didn't think twice about adding it here.¹⁶ <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). 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.

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

Synchrony High Yield Savings

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.

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

E*TRADE Premium Savings

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.

Visit Premium Savings | Read our E*TRADE Bank review

Wealthfront Cash Account

2026 AWARD WINNER Best Savings for Large Deposits

5.0

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

Wealthfront Cash Account

Wealthfront Cash Account - 3.50% APY⁷ <p>Rate is current as of 11/07/2025.</p>

High Yield Cash Management Account. $1 minimum deposit. FDIC Insured.

Open Account

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 0.65%, on top of the base rate of 3.50% 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.

Visit Wealthfront Cash Account | Read our Wealthfront Cash Account review.

Capital One 360 Performance Savings

For a big bank, Capital One 360 knows how to keep customers happy better than most. It offers an array of competitive accounts known for having no minimums and very few banking fees. The FDIC-insured bank is also unique for providing top-notch online access with limited in-person branches.

Capital One 360 Performance Savings is a well-liked account that we've always known to earn a respectable interest rate. Right now, it earns 3.40% APY with no minimum balance, minimum deposit, or direct deposit requirements to get it.

You won't find a Capital One branch on every corner or anything quite that convenient, but Capital One is among the only banks with a solid online savings account that you can also manage at a brick-and-mortar location. You can visit Capital One cafes in 18 states and Washington, D.C., where you can chat with a banker and/or grab a cup of coffee. Between its more traditional branches and less traditional cafes, the bank operates 265 locations in the U.S. This pales in comparison to Chase and Bank of America, larger banks with larger footprints, but it's better than online-only banks without branches altogether.

Read our Capital One 360 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 3.26% APY⁸ <p> The Annual Percentage Yield (APY) is accurate as of 01/06/2026. The interest rate and corresponding APY for savings is variable and is set at our discretion. This is a tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings.</p> , 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.

Visit UFB Portfolio Savings

LendingClub LevelUp Savings

The LendingClub LevelUp Savings account is unique for two reasons: It includes an ATM card, and you have to make regular monthly deposits to earn the highest interest rate. Depending on how you save, one or both of these could be perks.

This account earns 3.20% (as of 08/6/25) automatically, but up to 4.00% if you deposit at least $250 into the account each month. We can all be tempted to spend before saving from time to time. Knowing you could earn a higher APY with regular deposits could either motivate you to save more or be a thorn in your side that stresses you out.

Choose LendingClub if you want to challenge yourself. But if you're trying to avoid minimums altogether and don't want to make recurring deposits, you could earn a better rate with the other no-minimum savings accounts on our list.

Read our LendingClub High-Yield Savings account review.

How to choose a high-yield savings account

Finding the best savings account should start with looking for high APYs, but not end there. You also have to consider other factors that can impact how you'll save and bank, including not only minimum requirements but also fees and accessibility.

• Minimum opening deposit: This is the minimum amount required to open an account. Savings accounts commonly require lower opening deposits than other accounts, with many ranging from $0 to $50 or $100.
• Minimum balance: This is the average daily balance you need to maintain to keep an account or avoid monthly service fees, if these apply. Many of the best savings accounts have no or very low minimum balance requirements (such as $1).
• Fees: Be sure to research what kind of fees each savings account might have. It's best to avoid monthly service fees altogether for savings.
• ATM card: An ATM card can help you make deposits or withdrawals easily. This is a less common perk, but it is possible to find savings accounts with ATM cards. However, beware of ATM fees for out-of-network machines.
• 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.

Why you should avoid minimum balance requirements for savings accounts

• Many no-minimum-balance accounts have the best savings rates.
• A minimum balance requirement can keep you from earning interest or result in fees.

Not dipping into your savings is great, but you can't avoid it forever. Life happens, and minimum balance requirements can be a problem when you need to use your savings.

With a savings account with no minimum balance, you can spend your money without fear of dipping too low. And when accounts also have no minimum deposit requirements, which is common, you can open multiple savings accounts for different goals (e.g., a house, college education, car, or wedding).

To maximize your return on investment (ROI), choose a high-yield savings account with no minimum balance. These are a lot easier to find than they used to be, especially with online banks, fintechs, and credit unions. Even if you're pretty sure you'll have enough in savings that a minimum doesn't scare you, not thinking twice about it when you have to withdraw funds for an emergency or opportunity is better.

5.0

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

AWARD WINNER Best Online Checking

SoFi Checking & Savings - Earn Up to $300 When You Set Up Direct Deposit

Limited-Time Offer: Earn a $50 or $300 bonus with eligible direct deposit and up to 4.00% APY on Savings (3.30% APY¹⁰ <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 Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/2026. Full terms at <a href="https://www.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 Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% 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 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at&nbsp;<a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +0.70% APY Boost) for up to 6 Months on new accounts. Terms Apply.¹¹ <p>Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 3/30/2026. Rates variable, subject to change. Terms apply at&nbsp;<a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p> FDIC Insured.¹⁴ <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.&nbsp;Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at&nbsp;<a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>

Learn More

FAQs

Bottom line

Savings accounts without minimum balance requirements can help you save more and stress less, and they're not hard to find 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.

Learn More

5.0

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

AWARD WINNER Best Online Checking

High APY of up to 4.00% on Savings (3.30% APY¹⁰ <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 Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/2026. Full terms at <a href="https://www.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 Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% 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 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at&nbsp;<a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +0.70% APY Boost) for up to 6 Months on new accounts. Terms Apply.¹¹ <p>Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 3/30/2026. Rates variable, subject to change. Terms apply at&nbsp;<a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p>

Paycheck access up to 2 days early with direct deposit¹³ <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>

No monthly maintenance or overdraft fees¹² <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p>

Streamlined savings and savings goals with Vaults

Access to a large ATM network¹⁸ <p>We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.</p>