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). 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. The best high-yield savings account rates vary from bank to bank and over time. Life happens, and minimum balance requirements can be a problem when you need to use your savings.
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. The 360 Checking Account provides US residents with a bank account with no monthly fees, no international transaction fees, and no opening or minimum deposit. Once you’re signed up, Chime will charge you no monthly fees¹ and give you a panel of features, including overdraft on debit card purchases and cash withdrawals⁵ offered via a special optional service called SpotMe®. Chime® is an excellent mobile finance app with no monthly fees¹! APYs are subject to change at any time without notice.
However, many banks — particularly digital or online banks — offer savings accounts without monthly fees. Rates variable & subject to change at any time. Taking the time to research your options can help you choose the right place for your money, setting you up for stronger growth and better financial outcomes over time. To determine the best savings accounts with no monthly fees, we researched popular traditional and online banks, fintechs, and credit unions. Rates are subject to change at any time before or after account opening. Our fee policy is subject to change at any time.
The chart below compares the annual interest earned on a $5,000 balance at several high-yield savings account rates versus the national average, highlighting how higher APYs can help your money grow faster. 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. While cash accounts aren’t quite the same as a high-yield savings account, they function similarly. 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.

We name the top accounts with no monthly fees and low (or no) minimum balance requirements.

Many of the high-yield savings accounts with no monthly fees don’t require direct deposit to earn the best APY, though a few accounts do (but are still well worth it). Both the checking and savings accounts are free from monthly maintenance fees, though you’ll need at least $100 to open a checking account. Some banks and credit unions charge monthly maintenance fees on checking and savings accounts to cover the cost of maintaining those accounts. 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. These no-minimum-deposit high-yield savings accounts could help you rake in the interest returns. We use several important factors to choose the best free checking accounts on the market.

Best for joint banking and investing: Ally Invest

The Capital One 360 Checking account has no minimum opening deposit, monthly maintenance fee, or minimum balance requirement. CNBC Select has chosen the best savings accounts with no monthly maintenance fees, excessive transaction fees, overdraft charges or insufficient/non-sufficient funds fees. Some banks require minimums to waive the monthly maintenance fee, but most online high-yield savings accounts don’t have that requirement; they just don’t charge a fee. No-fee savings accounts don’t charge monthly maintenance fees and offer high APYs with no monthly minimum balance requirements. SoFi requires no minimum deposit to open your account and charges zero monthly maintenance fees, making it completely free to maintain. Many high-yield savings accounts available today have no minimum opening deposit requirements.

• Ready to open a free checking account but unsure how to choose the best?
• Here are the top factors to consider when choosing a no-fee savings account.
• Plus, there’s no monthly maintenance fee to waive, and no minimum balance is required.
• We do prefer comprehensive options, though — institutions that make it easy to spend, save, invest, and plan from the same app.
• Synchrony Bank offers a high-yield savings account online with no fees or minimum balance requirement.
• They all come with no minimum deposits, no monthly fees, and there’s no minimum balance required.

Compare top accounts with no monthly fees

To choose the best high-yield savings accounts with no minimum balance requirements, we analyzed dozens of accounts that offer competitive APYs without requiring a minimum opening deposit or ongoing balance. Ally requires no minimum deposit and charges absolutely no monthly maintenance fees, overdraft fees, or minimum balance requirements. 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.

• See our methodology for more information on how we choose the best free savings accounts.
• You get up to $50 in overdraft coverage on debit purchases (with eligible direct deposit), plus access to 55,000+ fee-free ATMs nationwide.
• The best checking accounts have no maintenance fees and waive other charges, including overdraft fees and out-of-network ATM fees.
• Both the checking and savings accounts are free from monthly maintenance fees, though you’ll need at least $100 to open a checking account.
• Bask Bank is ideal for those looking to park their savings in CDs or a high-yield savings account.
• These days, even “traditional” banks make it easy to open free checking accounts online.
• The Bask Interest Savings Account offers one of the highest rates on this list and doesn’t charge a monthly maintenance fee.

Discover® Online Savings Account

A free online checking account typically doesn’t charge the common fees mentioned above, or at least waives opening or minimum balance requirements. When move-out charges apply, Obligo handles the payment flow digitally. While you may not have to pay a monthly maintenance fee, you may still be hit with overdraft or NSF fees, or charged for paper statements or for using an ATM outside your network.
Marcus by Goldman Sachs offers a high-yield savings account with no fees or no minimum deposit. CloudBank 24/7 should also be on your list if you’re looking for a fee-free high-yield savings account. The high-yield savings account from Customers Bank pays 11 times the national average savings rate. It’s another solid choice if you’re looking for competitive interest rates and no monthly fees. Once you add your minimum opening deposit of $500, you’ll start earning the full APY on all your funds.
Annual Percentage Yield is variable and subject to change at any time. The Bask Interest Savings Account offers one of the highest rates on this list and doesn’t charge a monthly maintenance fee. Some banks that offer exceptionally high APYs may have a minimum balance requirement to obtain the APY, but that doesn’t mean they charge fees.
Savings accounts from American Express, alexa casino SoFi, and Capital One have $0 monthly fees, maintenance fees, or minimum balance requirements. To find the right savings account with no monthly fees for you, consider these factors. American Express is best known for its rewards credit cards, but it also offers several banking products, including checking and high-yield savings accounts. Find out what your top high-yield savings account options are now.