Best No-Fee High-Yield Savings Rates: May 2026
A no minimum savings account isn’t the only option — here are some alternatives to consider. Online banks often offer high-yield savings accounts with rates averaging between 3.50% and 4.50%. All data is up to date as of Jan. 22, 2026, rates and fees subject to change.
- 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.
- We’ve rounded up some of the best accounts available to make it easier to find your ideal option.
- Varo Bank offers many of the same perks as our other top fee-free banks, including the less-common option to deposit cash.
- And you’ll need to have a positive balance in both your Varo Bank and Savings account at the end of each month.
- Customers of Axos Bank can deposit cash at participating ATM locations throughout the country.
Best Checking Accounts That Waive or Reimburse Overdraft Fees
Unlike some other banks on this list, Varo will let you make a cash deposit at more retail locations, including Green Dot retailers. Varo Bank offers many of the same perks as our other top fee-free banks, including the less-common option to deposit cash. It does run some physical branches, though they have a relatively limited number of locations around the country. Essential Checking, Rewards Checking, CashBack Checking, First Checking, and Golden Checking all have no monthly fees and perks personalized spinboss to their target demographics.
What bank offers a bonus for opening an account?
- Many banks and companies offer checking accounts without fees, and these come in many shapes and sizes.
- You may like Betterment if you are open to getting a checking account with an online investment platform instead of a brick-and-mortar financial institution.
- To find the right savings account with no monthly fees for you, consider these factors.
- Texas Capital Bank has big-bank security options, but the feel of a regional institution.
- Focus on finding an account that offers a competitive APY alongside no monthly fees or balance requirements.
- Your step-by-step six-part series on how to invest for retirement, from devising a successful strategy to exactly which investments to choose.
Generally, these accounts are online and have limited branch access, but come with high annual percentage yields (APYs). This means that, at no additional cost to you, we may get paid when you click on a link. Some banks require minimums to waive the monthly maintenance fee, but most online high-yield savings accounts don’t have that requirement; they just don’t charge a fee. Some advertise no monthly fees but charge ‘behind the scenes’ for many other features. Here are the top factors to consider when choosing a no-fee savings account.
With an Ally Online Savings Account, you’ll earn generous interest on your balance no matter how much you have in your account. As an account holder, you’ll also get 24/7 access to customer service, so if an issue arises, you can rest assured it’ll be addressed quickly. However, if you can easily meet the qualifications required for the new account bonus (and to waive its monthly fee), it’s a good option for those who want an entry-level account. This account has an extremely generous annual percentage yield (APY), whether your balance is $100 or $100,000. With one of the strongest high-yield savings interest rates on the market, as well as no monthly fees or minimum opening deposit, UFB Direct’s Portfolio Savings Account is an extremely attractive package. SoFi’s ATM policies are subject to change at our discretion at any time.
Brokerage and investment advisory products and services are offered by U.S. The money is usually added to your account balance within 10 minutes, although at some locations it can take up to an hour. Like Axos Bank, SoFi allows its customers to deposit cash at retail locations that offer Green Dot services. SoFi is a personal finance company and online bank with products that include checking and savings accounts.
In contrast, when you withdraw early from a regular CD, you pay at least several months’ of interest earned. APYs are subject to change at any time without notice. He has more than a decade of experience editing and shaping financial content to give readers clear, trustworthy money advice.
Waive monthly maintenance fees
For those who want competitive rates on CDs and high-yield savings account it is a good option. Texas Capital Bank has big-bank security options, but the feel of a regional institution. Ally Bank is a full service bank with options for checking, savings and certificates of deposit (CDs). If you’re looking for a savings account with no minimum deposit, there are plenty of options to choose from. A quick search online will turn up hundreds of options, but they aren’t all created equal. You can find great options with SoFi, American Express, Wealthfront, UFB, and LendingClub.
Common savings account fees to avoid
Many high-yield savings accounts offer impressive APYs that can help you bolster your savings with no effort. If you’re not saving your cash in a high-yield savings account, you’re missing out on easy money. Your step-by-step six-part series on how to invest for retirement, from devising a successful strategy to exactly which investments to choose. Please disable your adblocker to enjoy the optimal web experience and access the quality content you appreciate from GOBankingRates.
Discover’s online high-yield savings account is the most transparent account out of the banks on our list. Fortunately, many high-yield savings accounts pay 8 to 10 times the national rate and don’t charge fees. No-fee savings accounts are an easy way to boost your savings by avoiding any monthly fees. Partners are not able to review or request changes to our content except for compliance reasons. 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.
It is considered as income from other sources and taxes have to be paid as per the income tax slab. Please note, similar to other G-Secs the interest for SDLs will also be paid semi-annually so that you will receive 2.8% interest twice a year. This means you will continue to enjoy a semi-annual interest payment of 3.7% every 6 months for the next 17 years, till 2035. Wait for a second, what do you mean by ‘option to sell in secondary market’? However, recently NSE and RBI have opened it up to retail investors with a minimum of Rs.10,000/- investment. Till recently, investment in G-Sec bonds/T-bills was restricted to banks and large financial institutions with a minimum ticket size of 5 Cr.
NFCU also offers optional overdraft protection to help you avoid overdraft fees. They all come with no minimum deposits, no monthly fees, and there’s no minimum balance required. Balances of less than $15,000 are eligible for 0.10% annual percentage yield (APY), while balances of $15,000 and up are eligible for a 0.25% APY. With no monthly fees and no minimum balance requirements, Found provides simple, low-cost banking tailored to people running their own business. There are no physical locations, but consumers do have access to the bank’s network of 47,000 ATM locations across the country. The Chime Checking Account boasts no monthly fees, no overdraft fees, and no foreign transaction fees.