6 savings accounts with high rates (and no strings attached)

There's no question that most savers want to see the balance in their savings accounts grow as quickly as possible. And, while there are a few easy ways to do that, like automating the transfers to your savings account or paying yourself first from each paycheck, one of the no-effort ways to do that is by earning a high rate of interest on your money with a high-yield savings account.

But not all high-yield savings accounts are created equal, and what looks like a good option with a top interest rate could actually be more costly than you realize. Not only do some high-yield savings accounts have minimum deposit and balance requirements to contend with, but many will come with extra fees, like monthly maintenance charges. 

And if you aren't careful, these extra costs can eat into what you're earning via interest on your money. Luckily, there are plenty of good savings account options that come with no strings attached, making them accessible to nearly every type of saver.

Get started and find out the top savings rates available to you.

6 savings accounts with high rates (and no strings attached)

If you're looking for a savings account that pays a high rate of interest without extra fees or requirements, these accounts may be worth consideration:

Milli Savings Account: 5.25% APY

Milli — a fully online bank with no brick-and-mortar branches — currently offers an APY of 5.25% on its high-yield savings account, which is one of the highest interest rates available right now. And, while many of the comparable accounts have minimum balance requirements, this one doesn't. There are no minimum deposit requirements to earn the high APY, so savers can rake in the interest no matter what their account balance is. There are no other strings attached, like monthly maintenance fees or extra charges, either. 

UFB High Yield Savings: 5.25% APY

UFB Direct is another online bank that offers a high rate of interest on the money you deposit into its high-yield savings account. With this account, you'll earn an APY of 5.25% — no matter how high or low the balance is in the account. Plus, there are no minimum balance or deposit requirements, and there are no monthly maintenance fees, either.

Bask Interest Savings Account: 5.00% APY

The Bask Interest Savings Account offers an APY of 5.00% on any balance in the account, and there are no minimum deposit requirements to meet when opening it. That's one of the top rates offered on any savings account right now. This account doesn't come with monthly maintenance fees, either — so you'll earn that high rate of interest without any extra charges.  

Synchrony Bank High Yield Savings: 4.50% APY

While the Synchrony Bank High Yield Savings account doesn't offer the highest APY available right now, it does offer a very good interest rate — and there are no strings attached with this account. You won't pay for monthly maintenance charges, there aren't any minimum deposit requirements to meet and there are other perks, too — including ATM access. That benefit doesn't typically get offered with high-yield savings accounts, so if you want easy access to your money, this account could be a smart option. 

Discover Online Savings Account: 4.30% APY

Another option for a no-strings-attached high-yield savings account is the Discover Online Savings Account. While the APY isn't as high as some of the competitor accounts, you'll still earn a good APY on the money in your account. There are no balance or deposit requirements, no monthly fees and Discover also offers the option to add a checking account with ATM access, which can be a useful benefit for certain types of savers. 

American Express High Yield Savings Account: 4.25% APY

American Express also offers a high-yield savings account with a solid APY. At 4.25%, you'll still earn a competitive rate on your money, and you won't have to deal with any minimum balance or deposit requirements, either. There are also no fees attached to this account — and you'll get access to round-the-clock customer support if you need it.

Explore the top rates you could be earning on your savings here.

The bottom line

There are plenty of high-yield savings account options to choose from, but not all of them offer a high APY on your money without any balance requirements or fees attached. But the accounts listed above are all free from extra charges and laborious requirements — making them a great option for nearly any type of saver. The only caveat to note is that it's always important to do your homework and shop around in order to best determine which account best fits your overall savings strategy and financial goals.