To choose the best high-yield savings accounts with no minimum balance requirements, we analyzed dozens of accounts that offer competitive APYs without requiring a minimum opening deposit or ongoing balance. Ally requires no minimum deposit and charges absolutely no monthly maintenance fees, overdraft fees, or minimum balance requirements. And, there are lots of interest-bearing account types to choose from, including certificate of deposit (CD) accounts, money market accounts, regular savings accounts and high-yield savings accounts.
We do prefer comprehensive options, though — institutions that make it easy to spend, save, invest, and plan from the same app. But the best accounts go the extra mile and make it easy — even preferable — to bank on the go. “Maintain a minimum daily balance of at least $1,500 to waive the $12 monthly maintenance fee” — you get the gist.
The Chime Checking Account boasts no monthly fees, no overdraft fees, and no foreign transaction fees. This guide explains what each account offers, what limitations to expect, and how to choose the best free online checking account for your needs. The accounts below charge no standard monthly maintenance fee and require no opening deposit.
If you want to keep your checking and savings accounts under one roof, we recommend SoFi®. To help you find the right fit, we identified the best savings accounts with no monthly fees. If your bank charges account or maintenance fees, it’s time to switch so those fees don’t hurt your progress.

Compare high-yield savings accounts with no monthly fees

• But the reason we chose it for this list is that, in addition to regularly offering a good rate even when the market is in flux, this account is designed for quick, easy transfers to and from other accounts.
• Although it used to be possible to find APYs of 5.00% or better, interest rates have dropped, so high-yield savings accounts tend to offer rates between 3.5% and 4.30%.
• The Varo Bank Account has no minimum opening deposit, monthly maintenance fee, overdraft fee, or minimum balance requirement.
• The savings account requires a $0 minimum deposit, no monthly maintenance fees and has a competitive APY.
• Like their credit card structure, Discover charges very few fees, making it easy to grow your savings faster.
• Western Alliance Bank, Member FDIC, has one of the most competitive high-yield savings accounts on the market, and it doesn’t have any account activity or maintenance fees.
• No minimum balance requirement and no monthly service charge.

The account can be opened entirely online from either desktop or mobile app, making it a convenient and easy way to start banking at low cost. The 360 Checking Account provides US residents with a bank account with no monthly fees, no international transaction fees, and no opening or minimum deposit. Once you’re signed up, Chime will charge you no monthly fees¹ and give you a panel of features, including overdraft on debit card purchases and cash withdrawals⁵ offered via a special optional service called SpotMe®. Chime® is an excellent mobile finance app with no monthly fees¹! APYs are subject to change at any time without notice.
Both Regular Checking ($15/month) and Access Checking ($5/month) waive fees with just $250+ in enhanced direct deposits, and neither account charges any overdraft or returned item fees. Citi offers multiple checking options with no minimum opening deposit required, but monthly service fees range from $5-$15 depending on the account type. Monthly fees range from $0-$25 depending on the account type, but most can be waived with direct deposits or minimum balance requirements. You get up to $50 in overdraft coverage on debit purchases (with eligible direct deposit), plus access to 55,000+ fee-free ATMs nationwide.

Annual Percentage Yield (APY)

Online savings accounts typically don’t charge monthly maintenance fees, saving you up to $15 monthly, depending on the bank’s fees. Varo Bank makes it alexa casino easy to save money by not charging any monthly fees or requiring minimum deposits. Western Alliance Bank, Member FDIC, has one of the most competitive high-yield savings accounts on the market, and it doesn’t have any account activity or maintenance fees.

Why do banks charge monthly fees?

Savings accounts without minimum balance requirements can help you save more and stress less, and they’re not hard to find anymore (plus, they’re some of the easiest bank accounts to open online). Savings accounts without minimum balance requirements might require you to deposit some funds within a couple of months to «break in» the account, even when they don’t have ongoing minimums. The best high-yield savings account rates vary from bank to bank and over time. Life happens, and minimum balance requirements can be a problem when you need to use your savings.

• Find out what your top high-yield savings account options are now.
• Varo Bank makes it easy to save money by not charging any monthly fees or requiring minimum deposits.
• CNBC Select has chosen the best savings accounts with no monthly maintenance fees, excessive transaction fees, overdraft charges or insufficient/non-sufficient funds fees.
• The nbkc Everything Account combines checking and savings features in one interest-bearing account.
• Even though this account doesn’t have a minimum balance requirement to open and earn interest, it does require monthly deposits as one option to unlock the highest rate.
• Some banks that don’t charge monthly maintenance fees compensate for it with other fees.

You may have to pay third-party fees, like mutual fund transaction fees and charges for options contracts. All data is up to date as of Jan. 22, 2026, rates and fees subject to change. Factors (1) and (2) were weighted 0.5 times, factors (3) and (4) weighed 1.5 times, factor (5) weighed 3 times. All factors were then scored and combined, with the lowest score being the best.

The chart below compares the annual interest earned on a $5,000 balance at several high-yield savings account rates versus the national average, highlighting how higher APYs can help your money grow faster. You also have to consider other factors that can impact how you’ll save and bank, including not only minimum requirements but also fees and accessibility. While cash accounts aren’t quite the same as a high-yield savings account, they function similarly. It’s worth noting that UFB changes the names and details of its savings accounts more than other banks, but it always offers some version of a high-yield savings account that’s always competitive.