13 High-Interest Savings Accounts That Don't Require Big Minimums

Casey Bond

Ever since the Great Recession, interest rates have been at rock bottom. That’s great for anyone who wants to borrow money. But for savers? Not so much. The average savings account rate today is a measly 0.10%, according to the Federal Deposit Insurance Corp. So if you’re trying to save money, don’t expect a ton of help from your bank.

Even so, there are some banks offering above-average savings account interest rates. In fact, you can find rates upwards of 2.00% ― if you take your money online. The best part is that many don’t require you to deposit a ton of cash in order to get these rates.

(Photo: Virojt Changyencham via Getty Images)
(Photo: Virojt Changyencham via Getty Images)

Online Banks: Where The Money Is

Though you’re not going to find jaw-dropping savings account rates anywhere, online banks definitely have a leg up on brick-and-mortar institutions. That’s because online banks have much fewer overhead costs thanks to having no physical locations, less staff and fewer administrative costs overall. They can then pass those savings on to customers in the form of higher rates and lower fees.

The trade-off is that you’re likely not going to find a comprehensive suite of services. Most online banks are fairly bare-bones when it comes to the products and services they offer. They can be a great place to park cash at a higher rate, but not so awesome if you conduct many transactions or expect a lot of personal attention.

So if you have a chunk of savings that’s sitting around and not earning interest, but you don’t want to lock it up in the stock market, consider putting it in an online savings account. Most allow you to make up to six withdrawals per month without incurring a penalty, and transfers only take a couple of days, so your emergency fund or home down payment will always be accessible when you need it.

Best High-Yield Savings Account Rates Today

If an online bank sounds like the ideal place to put your savings, there are lots of options. The 13 banks below all offer savings interest rates above 2.00% APY while also requiring a minimum opening deposit and minimum balance of $100 or less (in most cases it’s $0). Some also offer other perks, such as free checking and robust mobile banking.

It’s important to note that all interest rates are accurate as of June 12, 2019, but are subject to change any time at the discretion of individual institutions. Before opening an account, contact the bank to verify rates.

Vio Bank

  • Savings account rate: 2.52% APY

  • Minimum opening deposit: $100

  • Minimum balance: None

The highest savings account rate on the list comes from Vio Bank. It’s not exactly a household name, but you should rest assured that Vio is the online bank division of MidFirst Bank, one of the largest privately owned U.S. banks. It’s also FDIC-insured, meaning your deposits are protected up to $250,000 if the bank were to fail. The high-yield savings account from Vio requires a minimum deposit of $100 ― one of the highest on this list, but still reasonable for anyone who’s serious about starting to save.

Salem Five Direct

  • Savings account rate: 2.51% APY

  • Minimum opening deposit: $100

  • Minimum balance: None

The eOne savings account from Salem Five Direct offers an impressive 2.51% APY on balances up to $1,000,000 (if you have more than that, you’re in the wrong place). It also requires a minimum opening deposit of $100.

Comenity Direct Bank

  • Savings account rate: 2.48% APY

  • Minimum opening deposit: $100

  • Minimum balance: None

The high-yield savings account from Comenity Direct Bank is a new product, launched earlier this year. There’s no ATM or debit card for this account, but you can use the Comenity Direct mobile app to make deposits and withdrawals, as well as check your balance, contact customer service and more.

MySavingsDirect

  • Savings account rate: 2.40% APY

  • Minimum opening deposit: $0

  • Minimum balance: None

MySavingsDirect is the online banking division of Emigrant Bank, the oldest savings bank in New York. Note that the MySavings Account from MySavingsDirect doesn’t offer ATM access or a mobile app. You’ll need to link another account in order to make transfers, deposits and withdrawals.

Citibank

  • Savings account rate: 2.36% APY

  • Minimum opening deposit: $0

  • Minimum balance: None (with a catch)

As a major bank that’s usually associated with credit cards, it might be surprising to find Citibank on this list. The Citi Accelerate savings account from Citibank must be opened as part of one of its banking packages. It also charges a monthly fee of $4.50, which could take a pretty big bite out of interest earnings. To get around this fee, you have to maintain an average monthly balance of at least $500. This particular account is also only available in 41 states.

HSBC Direct

  • Savings account rate: 2.30% APY

  • Minimum opening deposit: $1

  • Minimum balance: None

HSBC allows you to make deposits and withdrawals at any physical retail location, or you can transfer funds to another account. Keep in mind that if you close the account within 180 days of opening, you’ll be charged a $25 fee.

Marcus by Goldman Sachs

  • Savings account rate: 2.25% APY

  • Minimum opening deposit: $0

  • Minimum balance: None

Marcus is the consumer banking and lending side of investment bank Goldman Sachs. There are no bank branches, ATMs or mobile app, so in order to use this account, you’ll need to link another bank account for transferring money.

Synchrony Bank

  • Savings account rate: 2.25% APY

  • Minimum opening deposit: $0

  • Minimum balance: None

Synchrony Bank is an online bank that offers a variety of savings options. It’s known for its high rates that require no minimum balance or fees. Currently, you can earn 2.25% APY with the high-yield savings account.

FNBO Direct

  • Savings account rate: 2.25% APY

  • Minimum opening deposit: $1

  • Minimum balance: None

FNBO Direct, the online division of First National Bank of Omaha, offers an impressive 2.25% APY on its savings account. The account relies on Popmoney, a peer-to-peer payment app, to send and receive money.

Ally Bank

  • Savings account rate: 2.20% APY

  • Minimum opening deposit: $0

  • Minimum balance: None

Ally Bank, which operates exclusively online, offers quite a few financial services, including deposit accounts, loans and investing. By opening a savings account, you also get a free checking account, though checks and debit card aren’t included. You can make deposits via direct deposit, online transfer, wire transfer, mail and remote check deposit through the app.

Barclays Bank

  • Savings account rate: 2.20% APY

  • Minimum opening deposit: $0

  • Minimum balance: None

Though the interest rate is competitive and there are no fees or minimums, the banking services offered through Barclays are somewhat limited. There are no checking account options, no ATMs and no branch locations. However, Barclays offers a mobile banking app that allows you to deposit checks, send money, check your balance and more.

American Express National Bank

  • Savings account rate: 2.10% APY

  • Minimum opening deposit: $0

  • Minimum balance: None

You can link up to three online banking accounts to the Amex platform, which allows you to transfer funds 24/7. However, only credit card customers have access to a mobile app, so you won’t be able to deposit checks directly.

Discover Bank

  • Savings account rate: 2.10% APY

  • Minimum opening deposit: $0

  • Minimum balance: None

Rounding out the list is the online savings account from Discover Bank, which offers a great rate with no minimum deposit requirements or maintenance fees. Discover also offers a few perks such as an easy-to-use app, mobile check deposit, account transfers and more.

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Also on HuffPost

Roll Over Your Old 401(k)

“Employees should consider rolling over an old 401(k) or 403(b) <a href="https://www.huffpost.com/topic/retirement">retirement</a> plan into an IRA, which typically takes a matter of minutes. Though the money in the old plan will continue to grow tax-deferred, investors can end up paying much higher fees in an employer-sponsored retirement plan such as a 401(k) due to expensive fund options and plan administration costs. Those fees eat directly into an individual’s potential return. The savings can be significant if you switch to an IRA — even close to 1 percent in some cases. Over time, that can really add up.” ― <i>Kristin McFarland, a wealth advisor and certified financial planner at <a href="https://darrowwealthmanagement.com/" target="_blank" rel="noopener noreferrer">Darrow Wealth Management</a> in Boston.</i>
“Employees should consider rolling over an old 401(k) or 403(b) retirement plan into an IRA, which typically takes a matter of minutes. Though the money in the old plan will continue to grow tax-deferred, investors can end up paying much higher fees in an employer-sponsored retirement plan such as a 401(k) due to expensive fund options and plan administration costs. Those fees eat directly into an individual’s potential return. The savings can be significant if you switch to an IRA — even close to 1 percent in some cases. Over time, that can really add up.” ― Kristin McFarland, a wealth advisor and certified financial planner at Darrow Wealth Management in Boston.

Switch Banks

“If you aren’t earning at least 1 percent on your savings, you’re leaving money on the table. By simply switching from a traditional brick-and-mortar bank to a high-yield <a href="https://www.huffpost.com/topic/savings-account">savings account</a>, you can make your money work harder for you and earn on your savings effortlessly. It takes just a few seconds to compare interest rates between financial institutions to find the best option for you; opening a high-yield online savings account can be done in a matter of minutes.” ― <i>Andrea Woroch, <a href="http://www.andreaworoch.com/" target="_blank" rel="noopener noreferrer">consumer savings expert</a></i>
“If you aren’t earning at least 1 percent on your savings, you’re leaving money on the table. By simply switching from a traditional brick-and-mortar bank to a high-yield savings account, you can make your money work harder for you and earn on your savings effortlessly. It takes just a few seconds to compare interest rates between financial institutions to find the best option for you; opening a high-yield online savings account can be done in a matter of minutes.” ― Andrea Woroch, consumer savings expert

Negotiate With Your Internet Provider

“Call your internet provider and negotiate your bill. Let them know your budget has changed and you are shopping around. Providers usually have some sort of special promotion going on that they’ll offer you. For example, my provider once offered a huge discount for college students and gave us our internet for half price during the school year. Spending 10 minutes on the phone saved us around $300-$400.” ― <i>Jaime Gibbs, a faith and finance blogger at </i><a href="http://likeabubblingbrook.com/"><i>Like a Bubbling Brook</i></a>
“Call your internet provider and negotiate your bill. Let them know your budget has changed and you are shopping around. Providers usually have some sort of special promotion going on that they’ll offer you. For example, my provider once offered a huge discount for college students and gave us our internet for half price during the school year. Spending 10 minutes on the phone saved us around $300-$400.” ― Jaime Gibbs, a faith and finance blogger at Like a Bubbling Brook

Complete A Health Assessment

“Many people don’t realize that their health insurance provider offers the option to complete a health assessment, which means they miss out on hundreds of dollars each year. Ours has typically been a simple online survey that takes about 20 minutes to complete. In exchange (no matter what the results), we get $150 in gift cards for every insured person over 18.” ― <i>Val Breit, owner of personal finance blog </i><a href="http://thecommoncentsclub.com/"><i>The Common Cents Club</i></a>
“Many people don’t realize that their health insurance provider offers the option to complete a health assessment, which means they miss out on hundreds of dollars each year. Ours has typically been a simple online survey that takes about 20 minutes to complete. In exchange (no matter what the results), we get $150 in gift cards for every insured person over 18.” ― Val Breit, owner of personal finance blog The Common Cents Club

Sign Up For Auto-Pay

“If you follow a reasonable budget, setting your bills to auto-pay is a great way to save time and money. Start by looking at your monthly mandatory expenses and find a company that incentivizes customers to sign up for automatic billing. Usually, they’ll offer a reduced interest rate or discounts on future transactions, depending on what type of bill it is. If you’re going to have to pay a bill eventually, why not get a discount for doing it automatically? Common places to find discounts can include student loans, car loans or utilities such as your electric bill. And the biggest perk? You don’t have to worry about remembering to pay the bill in full each month ― it’s all taken care of.” <i>― Ben Huber, owner of </i><a href="https://www.dollarsprout.com/"><i>Dollar Sprout</i></a>
“If you follow a reasonable budget, setting your bills to auto-pay is a great way to save time and money. Start by looking at your monthly mandatory expenses and find a company that incentivizes customers to sign up for automatic billing. Usually, they’ll offer a reduced interest rate or discounts on future transactions, depending on what type of bill it is. If you’re going to have to pay a bill eventually, why not get a discount for doing it automatically? Common places to find discounts can include student loans, car loans or utilities such as your electric bill. And the biggest perk? You don’t have to worry about remembering to pay the bill in full each month ― it’s all taken care of.” ― Ben Huber, owner of Dollar Sprout

Rethink Your Health Insurance

“Re-evaluate your health insurance options at work since now is enrollment time. What did you sign up for in the past that you now don’t need? For example, I knew someone who had health insurance and cancer insurance. The cancer insurance, which she did not need, was $100 a month. She removed it for instant savings.” <i>― Ja’Net Adams, speaker, author and creator of </i><a href="https://www.debtsucksuniversity.com/"><i>Debt Sucks University</i></a>
“Re-evaluate your health insurance options at work since now is enrollment time. What did you sign up for in the past that you now don’t need? For example, I knew someone who had health insurance and cancer insurance. The cancer insurance, which she did not need, was $100 a month. She removed it for instant savings.” ― Ja’Net Adams, speaker, author and creator of Debt Sucks University

Skim Your Bank Statements

“Spend 30 to 60 minutes one evening and review your past two to three months of bank statements. You might find your bank is charging you monthly maintenance fees that can be avoided and save you a couple hundred dollars a year. One way to avoid monthly fees is to enroll in direct deposit or, if you can, keep at least $1,000 in your checking account.” ― <i>Jason Reposa, CEO and co-founder of </i><a href="https://www.mybanktracker.com/"><i>MyBankTracker</i></a>
“Spend 30 to 60 minutes one evening and review your past two to three months of bank statements. You might find your bank is charging you monthly maintenance fees that can be avoided and save you a couple hundred dollars a year. One way to avoid monthly fees is to enroll in direct deposit or, if you can, keep at least $1,000 in your checking account.” ― Jason Reposa, CEO and co-founder of MyBankTracker

Listen To A Personal Finance Podcast

“There are many out there, which can be from a few minutes long to almost an hour. These types of podcasts will greatly impact your knowledge and help you to learn how to save money at no cost to you. And you also aren’t spending hours to learn, either. It’s something I do each week and has helped me make smarter money choices.” ― <i>Todd Kunsman, founder of <a href="https://investedwallet.com/" target="_blank" rel="noopener noreferrer">Invested Wallet</a></i>
“There are many out there, which can be from a few minutes long to almost an hour. These types of podcasts will greatly impact your knowledge and help you to learn how to save money at no cost to you. And you also aren’t spending hours to learn, either. It’s something I do each week and has helped me make smarter money choices.” ― Todd Kunsman, founder of Invested Wallet

Switch To A Prepaid Cellphone Plan

“Call your cellphone provider and ask about their prepaid pricing plans. With a few minutes on the phone, you can save $15 or more per month ($180+ per year), plus increase your data limit. After switching to prepaid, we saved $15 a month and increased our data from 3GB shared to 10GB each (20GB total).” <i>― Evan and Nikayla, the bloggers behind </i><a href="https://budgetingcouple.com/budgeting/"><i>Budgeting Couple</i></a>
“Call your cellphone provider and ask about their prepaid pricing plans. With a few minutes on the phone, you can save $15 or more per month ($180+ per year), plus increase your data limit. After switching to prepaid, we saved $15 a month and increased our data from 3GB shared to 10GB each (20GB total).” ― Evan and Nikayla, the bloggers behind Budgeting Couple

Set It And Forget It

“Using an app like <a href="https://www.acorns.com/" rel="nofollow">Acorns</a> can take less than 10 minutes to set up and will continuously save (and actually invest) money every time you make a purchase. Acorns works by rounding up each transaction to the nearest dollar and investing the difference for you automatically. It’s a simple and quick way to get a method of saving and investing money every single day in place.” ― <i>Dustyn Ferguson, blogger at </i><a href="https://dimewilltell.com/"><i>Dime Will Tell</i></a>
“Using an app like Acorns can take less than 10 minutes to set up and will continuously save (and actually invest) money every time you make a purchase. Acorns works by rounding up each transaction to the nearest dollar and investing the difference for you automatically. It’s a simple and quick way to get a method of saving and investing money every single day in place.” ― Dustyn Ferguson, blogger at Dime Will Tell

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This article originally appeared on HuffPost.