It pays its top rate as long as you add at least $250 to the account each month, which is easy to automate and forget. Plus, new customers earn a bonus of $50 or $400 with eligible direct deposit. The national average savings rate is just 0.38% annual percentage yield (APY), according to Motley Fool Money research. Accounts like the SoFi Checking & Savings Account, charge zero monthly maintenance fees. Consequently, if you set up direct deposit, you can comfortably receive your paycheck up to two days faster than traditional banks allow.
Check out online banks like Ally or SoFi for high-tech features and ATM fee reimbursements. Picking the right no-fee checking account isn’t just about avoiding monthly fees. They offer features traditional banks can’t match—like early direct deposit and automatic savings programs. Their 360 Checking account also has no monthly fees, no minimum balance, and reimburses ATM fees. Most digital banks offer checking accounts with zero monthly fees, period. Then close the old account in writing (not just by stopping use — a zero-balance fee account can still accrue monthly fees and overdraft charges).
Life happens, and minimum balance requirements can be a problem when you need to use your savings. 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. It even offers an APY boost of 0.65%, on top of the base rate of 3.30% APY, for the first three months after successfully referring a friend.
Do I Need Money to Open a Bank Account?
A true no-fee checking account eliminates monthly maintenance fees completely. The first month with no monthly fee is effectively a free month of banking — and every month after that. I’m paying a monthly fee right now and want to stop — what’s the fastest fix? Some accounts call themselves “free” but still charge a monthly fee unless you keep $500 or set up direct deposit — that is a conditional fee waiver, not a free account. A person paying the average monthly fee, one overdraft per quarter, and weekly out-of-network ATM use pays approximately $425 per year in avoidable fees.
Our fee policy is subject to change at any time. Current may suit customers who also want credit-building tools, while Chime and Varo provide simple mobile banking without monthly maintenance fees. SoFi offers the strongest mix of checking, savings, interest, and bonus features. We reviewed accounts based on the costs and features that matter most to checking account customers. A bank may require a deposit later, close an inactive account, or limit certain features until money enters the account.
Compare top accounts with no monthly fees
- The $15 monthly fee on their most popular account can be easily waived with just $500 in direct deposits, a $500 minimum daily balance, or by linking accounts with a combined $5,000 balance.
- I’m paying a monthly fee right now and want to stop — what’s the fastest fix?
- Annual Percentage Yield is variable and subject to change at any time.
- Their 360 Checking account also has no monthly fees, no minimum balance, and reimburses ATM fees.
- It has no monthly fee and no minimum balance.
To ensure that they have enough cash in their possession to issue loans, traditional banks set limits on how much money you are allowed to take out of your account. American fintech apps are well known for requiring no minimum deposits and waiving monthly maintenance fees altogether. APYs are subject to change at any time without notice. To see how these five stack up against every account I track, compare the best high-yield savings accounts of 2026.
Every account below has no monthly fee and no minimum balance requirement. Savings accounts without minimum balance requirements might require you to deposit some funds within a couple of crusado months to “break in” the account, even when they don’t have ongoing minimums. Many high-yield savings accounts available today have no minimum opening deposit requirements. Ally requires no minimum deposit and charges absolutely no monthly maintenance fees, overdraft fees, or minimum balance requirements.
- The Ally Bank Spending Account has no minimum opening deposit, monthly maintenance fee, overdraft fee, or minimum balance requirement.
- A true no-fee checking account eliminates monthly maintenance fees completely.
- Unlike some of the other high-yield savings accounts we recommend, the Synchrony Bank High Yield Savings account doesn’t have any minimums to open or earn the highest interest rate.
- To maximize your return on investment (ROI), choose a high-yield savings account with no minimum balance.
- The platform provides access to high-yield savings accounts, CDs, and money market products from over 75 banks and credit unions.
- SoFi Checking and Savings is a joint account that earns interest on your checking and savings balances, and it stood out in our research because you can earn interest on all your money.
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 SpotMe on Chime Card Limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s or its banking partners’ discretion. You receive a free debit card with access to over 15,000 ATMs and 4,700+ branches, plus early direct deposit and mobile banking features. Citi offers multiple checking options with no minimum opening deposit required, but monthly service fees range from $5-$15 depending on the account type. The $15 monthly fee on their most popular account can be easily waived with just $500 in direct deposits, a $500 minimum daily balance, or by linking accounts with a combined $5,000 balance. Monthly fees range from $0-$25 depending on the account type, but most can be waived with direct deposits or minimum balance requirements.
There’s no minimum opening deposit, monthly account fee, or minimum balance requirement. A free online checking account can help you avoid monthly fees, but some banks still require money upfront before they will open the account. Find out what your top high-yield savings account options are now. Well, some high-yield savings accounts offer high returns and no minimums, allowing you to earn big interest without having a big deposit saved up. 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. These no-minimum-deposit high-yield savings accounts could help you rake in the interest returns.
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. 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. 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. SoFi Checking and Savings is a joint account that earns interest on your checking and savings balances, and it stood out in our research because you can earn interest on all your money. Unlike some of the other high-yield savings accounts we recommend, the Synchrony Bank High Yield Savings account doesn’t have any minimums to open or earn the highest interest rate.
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