Key Takeaways
- Many savings accounts don’t require a minimum deposit.
- Look for accounts at an FDIC-insured bank that also have no monthly maintenance fees or minimum balance requirements.
- Online banks typically offer higher yields and fewer fees than brick-and-mortar banks.
Saving money is vital, and savings accounts with no minimum deposit make it easy to get started, regardless of your financial situation. You’ll find some saving accounts require a specific opening deposit, typically between $25 and $100. On top of that initial deposit, many banks also require you to maintain a minimum balance to avoid a monthly fee. However, more banks are now offering saving accounts with no minimum deposit requirement.
Also, since these accounts have no cost to open, it may make it more feasible to open multiple saving accounts so you have separate savings for your various goals. This can make it easier to keep track of your specific goals along with avoiding taking money from one goal.
Best savings accounts with no minimum deposit
Keep in mind that while some banks have no minimum deposit requirement, they require you to fund the account within a specific time frame. You’ll also want to understand (and avoid) the potential fees, especially any monthly maintenance fees.
Discover Bank
Discover’s Online Savings Account has no minimum deposit requirement, no monthly fees and no balance requirement, so it’s an account for everyone. This account offers a solid APY that compounds daily and posts to your account monthly. Discover also offers certificates of deposit (CDs), a money market account, IRA CD and IRA Savings with no minimum deposit as well.
American Express
This high-yield savings account at American Express has no minimum balance requirements and doesn’t charge a monthly fee. You’ll find 24/7 customer service available by phone. Like its savings account, American Express offers CDs terms with competitive rates and no minimum balance.
Ally Bank
Not only does Ally Bank’s savings account require zero to open the account, but there are various resources to help grow your savings. These include round-up transactions deposited into your savings, analyzing your linked checking account for “surprise savings” and scheduling recurring transfers. You can also set up saving buckets for specific goals, such as an emergency fund or vacation. Bankrate named Ally Bank as the Best Bank Overall and Best Online Bank in its 2025 Bankrate Awards.
Jenius Bank
Jenius Bank’s high-yield savings account offers a competitive APY that compounds daily. Along with no minimum balance requirements, there are no fees, including no charges for excessive transactions, overdrafts, withdrawals and inactivity.
Bask Bank
Bask Bank offers two savings accounts, both with no minimum deposit. The Interest Savings Account has a high APY to help grow your funds, while the Mileage Savings Account allows you to earn American Airline miles for every dollar you save. Keep in mind that the account does need to be funded within 15 days to avoid closure.
Forbright Bank
Named Best Eco-Friendly Bank in the 2025 Bankrate Awards, Forbright Bank offers a Growth Savings Account with no minimum balance. However, the account must be funded within 30 days to avoid closure. There is also a Business Savings account available with no minimum balance or fees.
Synchrony Bank
Synchrony Bank doesn’t have any minimum deposit requirements on any of its saving products, including its high-yield savings account, CDs, money market account, IRA CD and IRA money market account. Its savings account not only offers a high APY, but includes the option to add an ATM card. You can deposit money by transferring funds from an external account, using mobile check deposit or mailing a check or direct deposit.
Capital One
The Capital One 360 Performance Savings account earns a competitive APY while requiring no minimum balance. You can open an account at a branch, Capital One cafe or online. Capital One also offers a Kids Savings account and various CD terms, both also with no minimum balance.
LendingClub
While there is no minimum balance to open the LevelUp high-yield savings account at LendingClub, you will be rewarded if you make monthly deposits. If you deposit at least $250 per month, you’ll qualify for a higher APY. But even if you do not, the APY is still much higher than the national average. Unlike many other savings accounts, you can get an ATM card to access your money.
Everbank
Everbank’s Performance Savings account is a high-yield savings account, earning a competitive APY, and interest is compounded daily. There is no minimum deposit or monthly maintenance fees. There are also no fees for non-sufficient funds, official checks and returned deposited items.
TAB Bank
TAB Bank offers a savings account with a high APY with no opening deposit requirements and no monthly fees. TAB also offers a checking account that earns interest along with offering cash back on debit card purchases. The money market account offered has a low minimum balance to open ($25).
SoFi Bank
When you open a SoFi savings account, you automatically also open a checking account as well. The savings account has an APY well-above national average, and the checking account also earns interest. You can turn on round-ups which rounds up your checking account purchases to automatically deposit into your savings account.
Benefits of opening a savings account with no minimum deposit
Start saving immediately: Begin your savings journey without waiting to build up a specific amount of money first. Typically, you’ll want to start working your way to have a solid emergency fund. Bankrate experts recommend saving three to six months’ of expenses in this fund.
Once you have an emergency fund, you can use a savings account for other short-term saving goals, such as traveling, launching a business or making a large purchase, such as a home, car or wedding. (If you have a long-term goal, such as retirement, and can handle volatility and risk, investment accounts, such as a 401k or IRA may be a better choice than a traditional savings account.)
Automate your savings: With a savings account, you can make saving effortless by scheduling automatic transfers from your checking account or splitting a portion of your paycheck to directly deposit into your savings.
Earn interest: With a high-yield savings account, you can earn rates well above the national average. Some of the best savings accounts are currently offering competitive annual percentage yields (APYs) that are much higher than the national average rate.
Protect your money: A piggy bank or envelopes might seem like a cute or convenient way to store cash, but you have no protection in the case of theft, a flood, a fire, other natural disaster or even simply misplacing it.
Most banks come with insurance from the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration. This protects your money in the event of a bank failure, up to a limit of $250,000 per depositor, per FDIC-insured bank, per ownership category.
Money tip: Creating a monthly budget that is evaluating your income and expenses is a great way to determine what you can save every month.
How to choose a savings account
There are many things to think about when picking the best savings account for you. Here are some items to consider:
- Fees: Some of the fees you might encounter include a monthly maintenance fee (may be avoidable with a certain balance), excessive transaction fee, paper statement fee, dormant account fee, early account closure fee and more.
- APY: Find an account that offers a competitive APY so you can earn more interest on your balance. Online banks often offer higher yields than traditional banks due to lower overhead costs.
- Access to funds: Evaluate how you’ll deposit money, withdraw funds and manage your account. Unlike a checking account, savings accounts typically don’t come with a debit card or checks, since they are designed for saving. For banks with branches, you can visit the bank for a deposit or withdrawal. For online banks, this may include a transfer to another external bank account or requesting a check, which can take extra time.
- Account features: The features on a savings account will vary, but may include round-up purchases with a linked checking account deposited into your account, budgeting tools and the ability to divide your savings into saving goals.
- FDIC insurance: Confirm that your bank is FDIC-insured so your money is protected in the unlikely instance of a bank failure.
- Where your checking account is: Many people opt to open a savings account at the same bank that has their checking account. There are pros and cons to this. Opening a savings account where you currently bank may mean access to relationship rates and very quick access to your funds. However, don’t discount banking elsewhere if the APY and perks make it more worthwhile.
Expert Tip
Bottom Line
Opening a savings account with no minimum deposit requirement is a great way to start building your savings. Focus on finding an account that offers a competitive APY alongside no monthly fees or balance requirements. Look for an FDIC-insured account that offers the features you’ll need to manage your money effectively.
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