That makes it easy to get off the ground and start earning right away. Quontic High Interest Checking makes earning category-leading interest on eligible checking account balances easy. Chime is a mobile-first financial app that merges the low cost of online checking and savings accounts with the convenience of truly on-the-go money management. Unlike traditional banks that treat checking as a non-earning transaction account, Axos ONE pays competitive rates on both your spending and saving money – all from one integrated platform. Axos ONE transforms free checking by bundling high-yield checking and savings into a single, zero-fee package.
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 crusado 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.
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.
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®. While massive traditional banks (like Chase or Bank of America) usually charge monthly fees, they do offer strict fee waivers if you set up direct deposit. The lack of monthly fees and minimum initial deposit makes it accessible to most savers. The account has no monthly fees, and the bonus is paid quickly once requirements are met. The best no-fee checking accounts offer features such as low or no minimum balance requirements, convenient ATM access, overdraft protection and early paycheck access.
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.
Plus, online banks often make a profit by simply passing interchange fees on to merchants (interchange fees are fees on transactions made using payment platforms, like Visa and Mastercard). For one, online banks operate no physical branches, saving them a tremendous amount of capital. US online banks, on the other hand, do not require their clients to maintain a minimum deposit in their accounts because their business model does not rely on charging interest on loans.
Best for joint banking and investing: Ally Invest
Or if you need a checking account or ATM access, these are features to look for. Annual Percentage Yield (APY) is subject to change at any time without notice. It has no monthly fee and no minimum balance. Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened.
- Many of the high-yield savings accounts with no monthly fees don't require direct deposit to earn the best APY, though a few accounts do (but are still well worth it).
- Chime® is an excellent mobile finance app with no monthly fees¹!
- APYs are subject to change at any time without notice.
- We reviewed accounts based on the costs and features that matter most to checking account customers.
- The Capital One 360 Checking account has no minimum opening deposit, monthly maintenance fee, or minimum balance requirement.
- Marcus by Goldman Sachs and other online banks often pay times more interest than big banks.
How to choose a high-yield savings account
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.
The account charges no monthly fees and even waives fees for out-of-network ATM withdrawals. 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. Chime® is an excellent mobile finance app with no monthly fees¹! No monthly fees and no minimum balance to open mean it's accessible to everyone, while unlimited transfers and withdrawals let you manage your savings your way. Barclays Tiered Savings pays a competitive rate with no minimum balance to earn it, and no monthly fees. Many top online banks, such as Capital One 360, and SoFi, explicitly offer a "no deposit bank account." This means the required minimum opening deposit is exactly $0.
- No minimum balance requirement and no monthly service charge.
- The Varo Bank Account has no minimum opening deposit, monthly maintenance fee, overdraft fee, or minimum balance requirement.
- MySavingsDirect's MySavings Account has no minimum opening deposit or balance requirement, making it a smart option if you don't have a lot to deposit.
- Accounts like the SoFi Checking & Savings Account, charge zero monthly maintenance fees.
- Chase provides round-the-clock customer service, while many online banks offer extended hours and quick response times.
- 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 requires no minimum deposit to open your account and charges zero monthly maintenance fees, making it completely free to maintain.
She helps readers track down the best high-yield savings accounts, decide if they're in between banks, and take their first steps into investing. 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). The best high-yield savings account rates vary from bank to bank and over time. These are a lot easier to find than they used to be, especially with online banks, fintechs, and credit unions. To maximize your return on investment (ROI), choose a high-yield savings account with no minimum balance.
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.