While the national average rate for a savings account is 0.38%, the best high-yield savings accounts (HYSAs) boast rates of 3% to 4% APY — or even higher in some cases.
However, some financial institutions require account holders to keep a certain amount of money in their HYSAs in order to earn the highest rate. And that can be tough if you’re just getting started with saving.
The good news: There are a handful of banks that offer competitive rates with zero minimum balance requirements. Here’s a look at some of the top HYSAs available today that don’t require a minimum balance to earn the best rate.
Read more: What is the typical minimum balance for an online savings account?
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5 high-yield savings accounts with no minimum balance requirement
SoFi High-Yield Savings Account
SoFi’s online bank account offers a competitive 3.3% APY on all savings balances with no minimum deposit required. Right now, however, customers have the opportunity to earn up to 4% APY on their balances over the next six months with SoFi’s “rate boost.”
SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 3/31/26) for up to 6 months. Enroll in SoFi Plus by 12/31/26. Rates variable, subject to change. Terms apply at sofi.com/sofi-plus SoFi Bank, N.A. Member FDIC.
American Express High-Yield Savings Account
The American Express High-Yield Savings Account offers a competitive 3.2% APY and doesn’t require a minimum opening deposit or minimum balance requirements. Interest on your account balance is compounded daily and deposited into your account monthly.
Read our full review of American Express National Bank
Ally Savings Account
The Ally Bank Savings Account is a high-yield account with no minimum deposit required to open, zero monthly fees, and no minimum balance requirement. This account boasts 3.1% APY — more than eight times the national average. Account holders can maximize their savings potential through round-ups, recurring transfers, and a helpful tool that analyzes your checking account spending and transfers “safe-to-save” money to your savings account.
Read our full review of Ally Bank
Bask Interest Savings Account
At 3.75% APY, the Interest Savings Account from Bask Bank pays more than nine times the national average. With no minimum opening deposit, monthly fees, or minimum balance requirement, this account could be a great option for savers who want to keep their banking fees low.
Read our full review of Bask Bank
Synchrony Bank High-Yield Savings Account
Synchrony Bank’s high-yield savings account currently offers 3.4% APY with no minimum deposit, minimum balance requirement, or monthly fees.
This account also offers an optional ATM card for easy access to your funds. Additionally, Synchrony Bank will refund domestic ATM fees charged by other financial institutions, up to $5 per statement cycle.
Key factors to consider when choosing a high-yield savings account
Choosing a savings account with a low or no minimum balance can help you start earning interest on your savings even when starting off small. However, there are a few other key factors to consider when choosing the right account for you:
Minimum opening deposit
This is how much you’ll need to deposit to open your account. Many high-yield savings accounts require a higher minimum opening deposit. This can be a hurdle for new savers who have yet to save up a sizable balance, so be sure to read your account terms and conditions carefully. If you don’t have a lot to save yet, it’s important to choose an account with no minimum opening deposit.
APY
An account’s annual percentage yield (APY) represents how much interest you’ll earn in a year when compound interest is factored in. The higher the APY, the more interest you’ll earn — and the faster your account balance will grow.
Accessibility
Many high-yield savings accounts are offered by online banks, which means there are no physical branches to visit and potentially limited options for transferring or withdrawing your funds.
While it’s common for checking accounts to offer a debit card, ATM access, and mobile check deposit, these features are rare among HYSAs. If quick access to your funds is important, evaluate how various accounts handle deposits, withdrawals, and transfers, and choose an account that makes it easy to access your money.
Read more: How to open a high-yield savings account: Step-by-step instructions
