Top High-Yield Savings Accounts with No Minimum Balance (Plus a Fun Bonus)
If the thought of opening a high-yield savings account without a minimum balance excites you, here’s a curated list of the top options to kickstart your savings journey.
Why Consider These Accounts?
- Earn More: Avoid earning the national average of just 0.43% APY (as per FDIC data).
- No Minimum Balance: Start saving regardless of your current funds.
- Flexibility: Great for emergency funds or specific savings goals.
The 6 Best High-Yield Savings Accounts
- SoFi Checking and Savings
- Up to 4.00% APY on savings balances and 0.50% APY on checking.
- No direct deposit minimum required to earn 4.00% APY.
- Features “vaults” for goal-based savings (e.g., emergencies, vacations).
- FDIC-insured up to $2 million with the Insured Deposit Program.
- American Express® High Yield Savings
- Earn 3.80% APY (as of Dec. 17, 2024).
- No opening or ongoing balance requirements.
- FDIC-insured up to $250,000 per depositor.
- Easy online account management and 24/7 customer service.
- Wealthfront Cash Account
- FDIC insurance up to $8 million through partner banks.
- $1 minimum deposit to open.
- Includes online bill pay, ATM access, and same-day withdrawals.
- Ideal for large cash deposits or flexible transfers.
- EverBank Performance Savings
- Industry-leading APY of 5.05% (as of Oct. 1, 2024).
- Zero monthly maintenance fees.
- FDIC-insured up to $250,000.
- No cash deposits or debit card access.
- BMO Alto
- High APY with unlimited withdrawals and no fees.
- Fully online with no branch or ATM access.
- No minimum balance requirement to open or maintain.
- LendingClub High-Yield Savings
- Up to 4.75% APY for deposits of $250+ monthly.
- Includes a free ATM card for added convenience.
- Robust mobile app for easy fund management.
- FDIC-insured up to $250,000.
Fun Bonus Tip
High-yield savings accounts aren’t just for emergency funds. Open multiple accounts for specific goals (e.g., a new car, wedding, or vacation) and watch your savings grow with minimal effort.
Final Thoughts
Don’t let the idea of a high minimum balance deter you from saving. With these top-rated options, you can grow your money without worrying about costly fees or restrictions. Start your financial journey today with the account that best meets your needs.
