While the national savings account average is 0.38%, high-yield savings accounts (HYSAs) boast rates of 3% to 4% APY — or much higher in some cases.
However, some financial institutions require account holders to maintain a certain amount of money in their HYSAs in order to receive the highest rate. And that can be difficult if you are just starting out in saving.
The good news: There are a number of banks that offer competitive rates with zero balance requirements. Here’s a look at some of the top HYSAs available today that don’t require a minimum balance to achieve the best value.
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
The SoFi online bank account offers a competitive 3.3% APY on all savings balances with no minimum deposit required. Right now, though, customers have the opportunity to earn up to 4% APY on their balances over the next six months with SoFi’s “rate increase.”
Read our full SoFi review
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 required to qualify for 3.30% APY 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 vary and can change at any time. These rates are current as of 12/23/25. There is no minimum balance requirement. Payments can reduce income. More information can be found at http://www.sofi.com/legal/bank balance sheet.
Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to 3.30% APY effective 3/31/26) for up to 6 months. Sign up for SoFi Plus by 12/31/26. Rates vary, subject to change. Terms apply at sofi.com/sofi-plus SoFi Bank, Member NA FDIC.
American Express High-Yield Savings Account
The American Express High-Yield Savings account offers a competitive 3.2% APY and requires no minimum opening deposit or minimum balance requirements. Interest on your account balance is compounded daily and deposited into your account monthly.
Read our full American Express National Bank review
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 a 3.1% APY – more than eight times the national average. Account holders can increase their savings potential with multiple, recurring cash transfers, and a helpful tool that analyzes your checking account usage and transfers “safe savings” money to your savings account.
Read our full Ally Bank review
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 payments, or minimum balance requirement, this account can be a great option for savers who want to keep their bank balance low.
Read our full Bask Bank review
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 reimburse domestic ATM fees charged by other financial institutions, up to $5 per statement cycle.
Important factors to consider when choosing a high-yield savings account
Choosing a savings account with little or no balance can help you start earning interest on your savings even if you start small. However, there are a few important factors to consider when choosing the right account for you:
Minimum opening deposit
This is the amount you will need to open your account. Most high-yield savings accounts require very small opening deposits. This can be a deterrent for new savers who haven’t built up a large balance, so be sure to read your account’s terms and conditions carefully. If you don’t have much to save yet, it’s important to choose an account that doesn’t have a minimum opening deposit.
APY
The account’s annual percentage yield (APY) represents how much interest you will earn in a year when compound interest is included. The higher the APY, the more interest you’ll earn – and the faster your account balance will grow.
Accessibility
Most high-yield savings accounts are offered by online banks, meaning there are no physical branches to visit and 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, check 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
