3 Best Savings Accounts With High Rates and No Minimum Balance Requirements

You have an unprecedented opportunity to earn high yields on savings accounts right now. While the average savings account rate is just 0.47%, there are dozens of savings accounts paying upward of 4.50%. These accounts provide liquidity (easy access to cash) and no risk, thanks to FDIC insurance.

You shouldn't waste this chance, as rates won't stay this high forever.

Check out some of the best savings accounts right now to find a great place to put your emergency fund or other money you need accessible for short- and medium-term goals.

1. SoFi Checking and Savings

The SoFi Checking and Savings account pays up to 4.60% APY on savings account balances and 0.50% APY on linked checking accounts as of April 9, 2024. And there's no minimum balance required to open your account or earn these rates

You will need to have direct deposit activity into either your checking or savings account to qualify for the best rates, though -- or deposit at least $5,000 monthly. So this account is best if you have a lot of money to deposit or want to make SoFi your primary bank. That's not a bad idea, since many other checking accounts pay no interest at all.

Other notable features of SoFi's account include:

• Early access to your paychecks (up to two days early)
• Overdraft coverage and a fee-free account
• Up to $2 million of FDIC insurance coverage, so you have more money protected than most banks offer

With its competitive yields and SoFi member benefits like free financial planning advice, this account is a great choice for many people.

Now is a good time to get started too, as you have the potential to earn a $50 bonus for an initial opening deposit of $1,000 or more or a $300 bonus for a deposit of $5,000 or more. Just be sure you can fulfill the direct deposit requirement to earn the best rates.

2. EverBank Performance℠ Savings

If you want one of the absolute highest rates we've found right now, EverBank could offer just what you're looking for. The EverBank Performance℠ Savings account is paying 5.15% APY on all balances as of April 9, 2024, which is considerably higher than many competitors offering rates in the mid-fours.

There is no minimum balance required with EverBank -- you can open the account with as little as $0 -- and there's no monthly maintenance fee. There also aren't any direct deposit requirements to get the best rates (unlike with SoFi). EverBank is insured only up to the $250,000 FDIC limit, though, so those who have really high savings balances may prefer SoFi.

Other notable features of this account include:

• The ability to make mobile deposits of up to $50,000 daily if you are an existing bank client
• A $0 mobile check deposit fee

EverBank also offers an interest-bearing checking account with no monthly maintenance fees, and offers ATM-fee reimbursements -- although this account does have a $100 minimum opening balance. Still, if you want to keep both your banking and savings accounts in the same place and you'd benefit from the high $50,000 daily deposit limit, this account may be the perfect choice.

3. Synchrony Bank High Yield Savings

Rates for the Synchrony Bank High Yield Savings account fall in the middle of EverBank and SoFi, coming in at 4.75% APY as of April 9, 2024. Like the other accounts on this list, there's no minimum balance requirement and no minimum deposit required to open your account. And, like EverBank, your deposits are FDIC insured up to $250,000.

Synchrony Bank has a much lower daily deposit limit than EverBank (just $2,000 per account) but you can also move money in from registered linked accounts without paying any fees.

Other notable features of this account include:

• ATM access to funds in your high-yield savings account
• Up to $5 in reimbursement for out-of-network ATM fees

There's no checking account option with Synchrony, so if you were hoping to maintain your checking and savings accounts at the same bank, this isn't a fit.

Which account is right for you?

The reality is, you can't go wrong with any of these accounts. But here are some tips to help you pick one:

• Consider SoFi if you can arrange direct deposits and if you have at least $1,000 to deposit so you can earn the sign-up bonus.
• Choose EverBank if you want the highest APY.
• Consider Synchrony if you are interested in ATM access to your savings account funds.

If none of these are the right choice, check out The Ascent's list of the best free savings accounts to find one that's right for you.