5 of the best high-yield savings accounts with no minimum balance
With federal interest rates high — and another potential rate hike on the horizon — now is a great time to save.
But even among the best high-yield savings accounts with no fees or other costs, there can be a significant barrier to entry. Some of these accounts require steep minimum deposits or ongoing balances to either open your account or earn interest. If you don't already have $1,000 or even $5,000 to deposit into your new account, you may not qualify to earn the great interest it offers.
That's why you should look at all the details of a new account before you open it. There are a number of competitive high-yield accounts today — even some that offer near the highest available APYs — that require no minimum at all. To earn interest with these accounts, all you have to do is open it and make a deposit in any amount.
Find out how much you can earn with today's top savings rates here.
Best high-yield savings accounts with no minimum balance
Below, we've gathered a few high-yield savings accounts with no minimum balance requirements available to you right now. These accounts not only offer no fees and easy access, but they earn some of the best interest rates you'll find today.
The accounts below are also FDIC-insured up to $250,000 per depositor and per bank against bank failure, so you don't have to worry about the security of your balance, either.
UFB Direct: 5.06% APY
At 5.06% APY, UFB's Priority Savings account earns one of the best rates you'll find from an online savings account. There is no minimum deposit requirement when you open the account and no monthly fees. You can also get a complimentary ATM card for withdrawals — an uncommon perk among high-yield savings accounts.
TAB Bank: 5.02% APY
The 5.02% APY from TAB Bank is also among the best available today. This account carries no minimum deposit requirement to open. The minimum balance required to earn the APY is just $0.01 daily. In other words, you'll need to have some amount deposited to earn interest on it.
Bask Bank: 4.85% APY
The Interest Savings Account from Bask offers a great 4.85% APY today. There's no minimum balance required to open or earn interest with the account. However, you will need to deposit some amount within 15 days of opening to avoid having your account closed.
Citizens Access: 4.50% APY
Citizens Access has a competitive high-yield savings account earning 4.50% APY. This account requires only a $0.01 minimum deposit — meaning, essentially, you'll need to make some sort of deposit when you open the account, but there's no significant minimum.
Synchrony Bank: 4.50% APY
Synchrony Bank's online high-yield account has a straightforward appeal to users: The account requires no minimum deposit, no minimum balance and no monthly fees. The balance you do put into the account will earn a 4.50% APY today.
Explore more of today's top-earning savings accounts with minimums that work with your budget today!
What to look for in a savings account
If you're in the market for a high-yield savings account in today's high rate environment, there are a few factors that can help you determine the right account for you.
First thing's first: look at the APY. The most competitive accounts from online banks today are earning at least 4.00% APY, with many surpassing even 4.50% or 5.00% now. If the Fed does decide to raise rates again at its next meeting, that could go up even more.
You'll also want to look for any monthly fees that could reduce your interest earnings. Even as little as a few dollars each month can add up over time. And, like we described above, minimum balance requirements can be important too. If you don't already have a large amount to transfer to your new account, that could make you ineligible for its benefits.
Finally, look for account details that can make it easier for you to reach your savings goals. This might include the number of transfers allowed each month, automation options and how you can access your cash. Some accounts even have added features like online or mobile tools or the ability to group your balance toward different savings goals.
Start comparing high-yield savings options available for you here now.
The bottom line
Now is a great time to start saving — and doing so starts with finding the best account. To start, look for accounts that can help you score among the top rates available today, with as much as 4.50% to 5.00% APY. But other account details are important, too. If you don't already have a significant balance, you may want to start your search with high-yield savings accounts that have no requirements for minimum deposits or balances.
