Best Savings Accounts With No Minimum Deposit for 2026
Written by
Rudri Bhatt Patel, CFHCâ„¢
Edited by
Elizabeth Constantineau, CFHCâ„¢
If you’re looking for a savings account with no minimum deposit, there are plenty of options to choose from. Generally, these accounts are online and have limited branch access, but come with high annual percentage yields (APYs). Take a look at the best savings accounts with no minimum deposit for 2026.
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Savings Account APY
Key Highlights
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Closer Look at the Best Savings Accounts With No Minimum Deposit
Best For
Strong Interest Rates
No APY Minimum
Top-Rated App
ATM Reimbursements
Easy Account Management
High-Yield Account With an APY of
You can open an EverBank Performance Savings account with $0 and it doesn’t have a monthly maintenance fee or require a minimum balance.
Monthly Fee
None
APY
Access
ATM, online platform and mobile access
Pros
- $0 deposit
- FDIC-insured
- Interest compounds daily
- High APY
Cons
- Limited physical presence
- APY tiers are updated frequently
Why We Like EverBank
EverBank is a reliable choice for those who want to earn a high APY with no hidden fees. Your savings account can be opened online or over the phone.
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Best For
No Monthly Fees
No Minimum Deposit
Daily Interest Compounding
Competitive APYs
No Overdraft Charges
High-Yield Savings at APY
Ally Bank is a full service bank with options for checking, savings and certificates of deposit (CDs). The Online Savings account has a $0 minimum deposit and no monthly maintenance fees.
Monthly Fee
None
APY
Access
ATM, mobile app and online platform
Pros
- High APY
- No minimum deposit
- No monthly maintenance fees
- Eligibility for ATM reimbursements
Cons
- No physical branches
- No ability to make cash deposits
- Some limitations on withdrawals
Why We Like Ally Bank
Ally Bank is an ideal choice for those who feel comfortable with online banking. The savings account requires a $0 minimum deposit, no monthly maintenance fees and has a competitive APY.
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Best For
Full-Service Banking
ATM Card Access
Loan Options
Business Banking
Investment Services
Earn Up to APY
Axos Bank’s Summit Savings account comes with a high yield, no monthly maintenance fee, no minimum deposit and an ATM card.
Monthly Fee
None
APY
Min Opening
ATM, mobile app, online and website
Pros
- Competitive APY
- No minimum deposit
- ATM card is available
Cons
- No physical branches
- Tiered interest rates
Why We Like Axos Bank
The Summit Savings account stands out for its competitive APY and access to a full range of services, including investments, loans and business banking.
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Best For
User-Friendly Platform
CD Variety
Compeittive APYs
Credit Card Options
Low Fees
Simple Online Savings at
Barclays Bank offers a strong online savings account alongside a variety of CDs, with no minimum deposit or balance required.
Monthly Fee
No monthly service fee
APY
Access
ATM, mobile app, online and website
Pros
- Competitive APYs
- No monthly fees
- Easy transfers
Cons
- No debit card with savings account
- No physical branches
- No mobile check deposits
Why We Like Barclays Bank
Barclays Bank’s Online Savings account comes with a competitive APY, no minimum requirements and access to CDs and credit cards.
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Best For
APY Boost Potential
Earn Travel Rewards
Low Monthly Fees
FDIC Insured
No Deposit Minimum
Interest Rate Boosts
Bask Bank offers a no fee, FDIC-insured savings account with a competitive APY. You can also sign up for checking accounts and CDs at Bask Bank.
Monthly Fee
None
APY
plus rate boosts
Min Opening
ATM, mobile app, online and website
Pros
- High APY
- Fast set-up
- Boost in APY opportunity
Cons
- No physical branches
- No ATM card
- Limited banking products
Why We Like Bask Bank
Bask Bank is ideal for those looking to park their savings in CDs or a high-yield savings account. In addition, interest rate boosts are available for savings accounts.
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Best For
Cafe Access
Interest-Earning Checking Accounts
Credit Card Options
Digital Banking Tools
No Monthly Fees
No-Fee Savings With APY
Capital One stands out for its fee-free checking and savings options as well as its extensive ATM network. The 360 Performance Savings account has a competitive 3.20% APY.
Monthly Fee
None
APY
Access
ATM, mobile app, online, website and Capital One Cafes
Pros
- Highly-rated app
- Quick transfers
- No minimum balances and fees
Cons
- Limited full service branches
- Lower APYs than other competitors
Why We Like Capital One
Capital One offers fee-free checking and savings accounts, competitive interest rates and access to over 70,000 fee-free ATMs nationwide. You can also get cash-back rewards credit cards, 24/7 customer service, and Eno, the mobile assistant chat service.
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Best For
Strong Interest Rates
Full-Service Banking
Retirement Account Access
Investment Integration
Highly-Rated Mobile App
Savings With Rate Boost Potential
E*TRADE is known for its competitive APY, as well as companion banking products like checking and CDs. The savings account has an option for a boost and the bank’s mobile app is highly rated.
Monthly Fee
None
APY
Access
Mobile app, online and website
Pros
- Competitive APY
- No monthly account fees
- Convenient fund transfers
Cons
- Limited physical branches
- No debit access
Why We Like E*TRADE
E*TRADE has a comprehensive suite of products including day-to-day banking and more sophisticated options like investment, loans and retirement accounts.
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Best For
High-Yield Savings Accounts
Low Account Fees
Auto Savings Tools
Flexible CD Options
Relationship Perks
High-Yield Savings at
Marcus by Goldman Sachs stands out for its higher-than-average APY on its savings account as well as its no minimum deposit requirement and no balance fee. Customer support is also highly rated and available during most hours.
Monthly Fee
None
APY
Access
ATM, mobile app, online and website
Pros
- High APY
- No minimum deposit
- No maintenance fees
Cons
- No checking accounts
- No money market accounts
- No physical branches
Why We Like Marcus by Goldman Sachs
Marcus at Goldman Sachs is ideal for individuals wanting high APYs on their savings account as well as the option to invest CDs. Those who have no in-person needs for a physical branch will benefit the most.
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Best For
High APYs
Low Account Fees
Competitive CD Rates
No Balance Requirements
Custom Account Alerts
No Minimum Savings at
Synchrony Bank offers competitive rates on its High Yield Savings account. The bank also offers CDs and money market accounts.
Monthly Fee
None
APY
Access
ATM, mobile app, online and websiteÂ
Pros
- High APYs
- No minimum deposits
- ATM access
- Relationship perks
Cons
- No checking account
- No physical branches
Why We Like Synchrony
Synchrony Bank is good for those who want a variety of savings options, from high-yield savings account to CDs. However, be aware that you can house your savings at Synchrony, but the bank doesn’t have a checking account.
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Best For
Digital-First Banking
Competitive APYs
CD Options
Business Banking
Minimal Monthly Fees
Competitive Savings at
Texas Capital Bank’s Star Savings account offers a competitive APY. In addition, you’ll find great rates on CDs, as well as low minimum requirement on its money market account.
Monthly Fee
None
APY
Access
ATM, mobile app, online and website
Pros
- Transparent fee structure
- No minimum deposit
- Competitive APYs
Cons
- More of a regional focus
- Transfer limitation
Why We Like Texas Capital Bank
Texas Capital Bank has big-bank security options, but the feel of a regional institution. For those who want competitive rates on CDs and high-yield savings account it is a good option.
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Best Banks
CD Account Rates
Best Savings Accounts
Best Checking Accounts
Best Money Market Accounts
Research Methodology
To determine rankings GOBankingRates looked at all qualifying savings accounts that had no minimum deposit to open an account. With those accounts isolated, GOBankingRates looked at the following factors from all qualifying institutions: (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) monthly savings fee ratio (percent the minimum to avoid fee compared to the monthly fee itself); (4) minimum needed to earn APY; (5) savings APY; and (6) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (1) and (2) were weighted 0.5 times, factors (3) and (4) weighed 1.5 times, factor (5) weighed 3 times. All data is up to date as of Jan. 22, 2026, rates and fees subject to change. All other information on accounts is accurate as of March 27, 2026.
Quick Take: What To Know About No Minimum Deposit Savings Accounts
- Traditional savings accounts may require higher minimum deposits, while no minimum deposit savings accounts often require $0 or a very small opening balance.
- No minimum deposit savings accounts typically have no monthly maintenance fees, while traditional accounts may charge one.
- Traditional banks often offer lower APYs.
- Mobile apps and digital tools may be more robust with no minimum deposit savings accounts than with traditional bank accounts.
Where Savings Rates Stand Right Now
Traditional banks typically offer savings accounts with rates around 0.01% to 0.10%, which is relatively low compared to online banks. Online banks often offer high-yield savings accounts with rates averaging between 3.50% and 4.50%.
Pros and Cons of No Minimum Savings Accounts
Here are the key pros and cons of no minimum savings accounts:
| Pros | Cons |
|---|---|
| Open an account without a large lump sum | Low APYs |
| No monthly minimum balance requirement | You may be charged a fee if the account is dormant |
| Accounts are automation friendly | Limited physical branch access |
Who No Minimum Savings Accounts Are Best For
Here’s who may benefit most from a no minimum savings account:
- First-time savers
- Emergency fund builders
- Individual budgeters
- Students and young professionals
How To Choose a No Minimum Savings Account
Picking the best no minimum savings account for you comes down to these five factors:
- Look for a competitive APY
- Find an account with no fees
- Determine whether the digital app works for you
- Look for compounding frequency
- Make sure the bank is FDIC-insured
4 Alternatives to No Minimum Savings Accounts
A no minimum savings account isn’t the only option — here are some alternatives to consider.
| Account | Fees | Access | Best For |
|---|---|---|---|
| Traditional savings account | Often have a waivable monthly maintenance fees | High access via branches and online | Those who want branch access |
| Money market accounts | Typically require high minimum balances | Moderate access since withdrawals are limited to six per month | Anyone who can keep higher account balances |
| High-yield savings accounts | Usually no fees | Moderate access in the forms of transfers | Emergency funds and short-term savings |
| CDs | No fees, but early withdrawal penalty applies | Funds are locked in until maturity | Long-term savings and those who don’t need cash immediately |
How To Open a No Minimum Savings Account
Opening a new savings account is simple. You can follow these six steps:
- Select the bank of your choice
- Make sure you have your ID and Social Security number
- Visit the bank’s website or mobile app
- Fill out the application
- Link an external account to fund it later
- Once approved, verify your account and set up your security
Key Takeaways
When looking for a no minimum savings account, keep these factors in mind:
- Most online savings accounts offer higher APYs than traditional brick-and-mortar banks.
- No minimum deposit savings accounts typically have no monthly fees.
- You can often open an account with $0, though you may need to fund it within 30 to 60 days.
- Fees are usually tied to inactivity or letting the account go dormant.
No Minimum Savings Accounts FAQ
Here are answers to common questions about no minimum savings accounts:- Can I really open an account with $0?
- Many banks will allow you to open an account with $0, but will require you to fund it within 30 to 60 days.
- Are these accounts safe?
- These accounts are safe as long as they're FDIC- or NCUA- insured.
- Do they earn less interest?
- Most of these accounts typically earn more interest.
- Can I add money later?
- Yes, you can add money to your account at a later date.
- Are there hidden fees?
- Typically, the hidden fees are associated with your account being inactive. Most banks have eliminated other fees.
More Resources for Banking
Best Banks
CD Account Rates
Best Savings Accounts
Best Checking Accounts
Best Money Market Accounts
*Capital One interest rates accurate as of March 27, 2026. See website for all current rates.
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