To ensure that they have enough cash in their possession to issue loans, traditional banks set limits on how much money you are allowed to take out of your account. American fintech apps are well known for requiring no minimum deposits and waiving monthly maintenance fees altogether. APYs are subject to change at any time without notice. To see how these five stack up against every account I track, compare the best high-yield savings accounts of 2026.
- Axos ONE transforms free checking by bundling high-yield checking and savings into a single, zero-fee package.
- 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.
- The Varo Bank Account has no minimum opening deposit, monthly maintenance fee, overdraft fee, or minimum balance requirement.
- No minimum balance requirement and no monthly service charge.
- The Schwab Bank Investor Checking account has no minimum opening deposit, monthly service fee, or minimum balance requirement.
It’s a good fit for those who want to save at a competitive rate while avoiding withdrawal limits or minimum balance requirements. 3.00%¹ annual percentage yield as of . There’s no monthly fee², no minimum to open², and no minimum balance to earn the rate². Also the mobile app is pretty bare-bones, so don’t expect budgeting tools or fancy features. Rates variable & subject to change at any time.
Every account below has no monthly fee and no minimum balance requirement. Savings accounts without minimum balance requirements might require you to deposit some funds within a couple of months to “break in” the account, even when they don’t have ongoing minimums. Many high-yield savings accounts available today have no minimum opening deposit requirements. Ally requires no minimum deposit and charges absolutely no monthly maintenance fees, overdraft fees, or minimum balance requirements.
Best welcome bonus: SoFi Checking and Savings
Check out online banks like Ally or SoFi for high-tech features and ATM fee reimbursements. Picking the right no-fee checking account isn’t just about avoiding monthly fees. They offer features traditional banks can’t match—like early direct deposit and automatic savings programs. Their 360 Checking account also has no monthly fees, no minimum balance, and reimburses ATM fees. Most digital banks offer checking accounts with zero monthly fees, period. Then close the old account in writing (not just by stopping use — a zero-balance fee account can still accrue monthly fees and overdraft charges).
Why you should avoid minimum balance requirements for savings accounts
- That makes it easy to get off the ground and start earning right away.
- The account has no monthly fees, and the bonus is paid quickly once requirements are met.
- You don’t sacrifice security or features for these savings.
- After graduation, their Total Checking account waives the $12 monthly fee with $500 in direct deposits.
- Monthly fees range from $0-$25 depending on the account type, but most can be waived with direct deposits or minimum balance requirements.
- SoFi redefines banking with a commitment to no fees—no monthly fees, no overdraft fees, and no account minimums.
There’s no minimum opening deposit, monthly account fee, or minimum balance requirement. A free online checking account can help you avoid monthly fees, but some banks still require money upfront before they will open the account. Find out what your top high-yield savings account options are now. Well, some high-yield savings accounts offer high returns and no minimums, allowing you to earn big interest without having a big deposit saved up. And, there are lots of interest-bearing account types to choose from, including certificate of deposit (CD) accounts, money market accounts, regular savings accounts and high-yield savings accounts. These no-minimum-deposit high-yield savings accounts could help you rake in the interest returns.
Or if you need crusado a checking account or ATM access, these are features to look for. Annual Percentage Yield (APY) is subject to change at any time without notice. It has no monthly fee and no minimum balance. Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened.
Best for out-of-network ATM access: Axos Bank Checking
You get up to $50 in overdraft coverage on debit purchases (with eligible direct deposit), plus access to 55,000+ fee-free ATMs nationwide. SoFi requires no minimum deposit to open your account and charges zero monthly maintenance fees, making it completely free to maintain. The account can be opened entirely online from either desktop or mobile app, making it a convenient and easy way to start banking at low cost. So, if you’re looking to make use of its premium features, it might be worth weighing other options. This is why online US banks allow you to open a bank account online with no money and charge no hidden fees, while many traditional banks require a minimum deposit.
It pays its top rate as long as you add at least $250 to the account each month, which is easy to automate and forget. Plus, new customers earn a bonus of $50 or $400 with eligible direct deposit. The national average savings rate is just 0.38% annual percentage yield (APY), according to Motley Fool Money research. Accounts like the SoFi Checking & Savings Account, charge zero monthly maintenance fees. Consequently, if you set up direct deposit, you can comfortably receive your paycheck up to two days faster than traditional banks allow.
How to choose a high-yield savings account
Online banks typically offer higher interest rates and lower fees than traditional banks, but depositing cash can be tricky without physical branches. These days, even “traditional” banks make it easy to open free checking accounts online. We do prefer comprehensive options, though — institutions that make it easy to spend, save, invest, and plan from the same app. But the best accounts go the extra mile and make it easy — even preferable — to bank on the go. Each relates in some way to the overall cost of the account — lower is better — or to its features or overall usability.
The content was clear and easy to understand I found exactly what I was looking for The page layout and design worked well SoFi is a personal finance company and online bank with products that include checking and savings accounts. Many online banks have partnerships that let you deposit cash at ATMs or retail stores nationwide.
