While the national average rate for a savings account is 0.38%, the best high-yield savings accounts (HYSAs) feature 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 get the highest rate. And that can be difficult if you’re just starting to save.
The good news: There are several banks that offer competitive rates with no minimum balance requirements. Below are some of the top HYSAs available today that don’t require a minimum balance to get the best rate.
Read more: What is the typical minimum balance for an online savings account?
5 High-Yield Savings Accounts with No Minimum Balance Requirement
SoFi High Yield Savings Account
SoFi’s online banking account offers a competitive 3.3% APY on all savings balances with no minimum deposit required. However, right now customers have the opportunity to earn up to 4% APY on their balances over the next six months with SoFi’s “rate boost.”
Read our full SoFi review
SoFi members with eligible direct deposit can earn a 3.30% APY on savings balances (including vaults) and a 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 can reduce profits. Additional information can be found at http://www.sofi.com/legal/bank-rate-sheet.
Earn up to 4.00% Annual Percentage Yield (APY) on SoFi savings with a 0.70% APY boost (added to 3.30% APY as of 03/31/26) for up to 6 months. Sign up for SoFi Plus by 12/31/26. Variable rates, subject to change. Terms apply at sofi.com/sofi-plus SoFi Bank, NA Member FDIC.
American Express High Yield Savings Account
The American Express High Yield Savings Account offers a competitive 3.2% APY and has no minimum initial 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
Allied savings account
The Ally Bank Savings Account is a high-yield account that requires no minimum deposit to open, zero monthly fees, and no minimum balance requirements. This account has an APY of 3.1%, more than eight times the national average. Account holders can maximize their savings potential through rounding, recurring transfers, and a helpful tool that analyzes their checking account spending and transfers “safe to save” money to their savings account.
Read our full Ally Bank review
Bask Interest Savings Account
With an APY of 3.75%, Bask Bank’s Interest Savings Account 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 Bask Bank review
Synchrony Bank High Yield Savings Account
Synchrony Bank’s High Yield Savings Account currently offers a 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 reimburse 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 you start with little money. However, there are some other key factors to consider when choosing the right account for you:
Minimum opening deposit
This is the amount you will need to deposit to open your account. Many high-yield savings accounts require a higher minimum initial deposit. This can be a hurdle for new savers who haven’t yet built up a sizeable balance, so be sure to read your account terms and conditions carefully. If you don’t have much 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 it will earn in a year when compound interest is taken into account. The higher the APY, the more interest you earn and the faster your account balance will grow.
Accessibility
Online banks offer many high-yield savings accounts, meaning no physical branches to visit and potentially limited options for transferring or withdrawing your funds.
While it is 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 different 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