4 Savings Accounts That Pay 3.80% APY or More -- With No Minimum Balance
A lot of savings accounts offer high interest rates -- with a catch. You may have to deposit a huge amount of money to earn the best rate, or use other products offered by the same bank.
If you're looking for high-yield savings without the hurdles, I have four great options with high APYs and no minimum balance requirements.
Find out which account is right for you -- and why you should open a high-yield savings account today.
1. SoFi Checking and Savings (Member FDIC)
SoFi® offers a checking and savings account combo that's easy to manage and packed with features. Right now, you can earn up to 3.80% annual percentage yield (APY) on your savings balance when you set up direct deposit. Plus, for a limited time: Earn up to $300 bonus with direct deposit. Plus, new customers earn an extra 0.70% APY on savings for up to 6 months with direct deposit (terms apply) -- that equals up to 4.50% APY!
Just open a new SoFi Checking and Savings (Member FDIC) account by Aug. 12, set up eligible direct deposit within 60 days, and maintain direct deposit for six months.
In addition to no minimum balance, there are no monthly maintenance fees and no overdraft fees. SoFi® offers early access to paychecks with direct deposit and automatic savings tools -- making it a solid all-in-one option for everyday banking.
If you're already using SoFi® for loans or a brokerage account, then the SoFi Checking and Savings (Member FDIC) account makes even more sense. You'll be able to manage your money in one place and transfer funds instantly. Just keep in mind that you'll need to activate direct deposit to unlock the highest APY.
Open a SoFi® account and start earning more on your savings today.
2. Barclays Tiered Savings
Barclays offers a flat 3.90% APY to (almost) all savers -- no minimum balance, no fees, and no account tiers to worry about. Whether you have $50 or $50,000 in your account, you'll earn the same high rate.
The exception? If you have $250,000 or more in your account, you'll earn slightly more -- 4.10% APY.
This account is online-only, so there are no physical branches. But it comes with a smooth mobile app and website, allowing for easy transfers to and from your external bank accounts. It's a great pick for straightforward, no-frills saving with a competitive return.
Start saving with Barclays and earn 3.90% APY with no account minimums.
3. LendingClub LevelUp Savings
The LendingClub LevelUp Savings account offers a top-tier yield of 4.20% APY with $250+ in monthly deposits. Still, there's no minimum balance required to open or maintain it.
The combination of high interest and no fees makes this account one of the strongest choices for savers who can commit to regular contributions. And that's easy enough for most; you can just direct deposit at least part of your paychecks. If you're looking to automate your savings and maximize returns, LendingClub is worth considering.
Open your account and get up to 4.20% APY with LendingClub LevelUp Savings today.
4. EverBank Performance℠ Savings
The EverBank Performance℠ Savings account pays a flat 4.30% APY, making it one of the highest-yield options available with no balance requirements. You don't need to set up direct deposit or meet any monthly thresholds -- you'll earn the full rate on every dollar in your account from day one.
This account is a great fit for hands-off savers who want strong returns with zero hassle. It's also FDIC insured and comes with a user-friendly online interface. If you want a simple place to stash your cash and earn a top rate without conditions, EverBank delivers.
| Account | APY | Minimum Balance | Notes |
|---|---|---|---|
| SoFi Checking and Savings (Member FDIC) | Earn up to $300 bonus with direct deposit. Plus, new customers earn an extra 0.70% APY on savings for up to 6 months with direct deposit (terms apply) -- that equals up to 4.50% APY! | None | Combined checking + savings account bundle |
| Barclays Tiered Savings | 3.90% (for balances of less than $250,000) | None | Flat, high rate |
| LendingClub LevelUp Savings | 4.20% APY with $250+ in monthly deposits | None | Earn maximum APY with $250+ in monthly deposits |
| EverBank Performance℠ Savings | 4.30% | None | Highest rate available with no minimum balance requirements |
Why choose high-yield savings?
Savings accounts like these pay at least 10 times the average APY of 0.38%. They're ideal if you want liquidity and a high return without jumping through hoops.
Each account has its pros depending on your habits, but you can't go wrong with any of them. To keep your money accessible while earning a strong return -- with no account minimums to boot -- one of these four accounts is the way to go.
Our Research Expert
Ryan is a full-time Personal Finance Writer at Motley Fool Money. He’s been covering topics like credit cards and savings since 2022, focusing on helping people who are new to the world of personal finance.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.