Yahoo Finance roundup highlights five high-yield savings accounts with no minimum balance
A recent analysis by Yahoo Finance identifies SoFi, American Express, Ally Bank, Bask Bank, and Synchrony Bank as top providers offering competitive annual percentage yields without requiring minimum opening deposits or monthly fees.
Yahoo Finance has published a roundup identifying five high-yield savings accounts that do not require a minimum balance to earn interest. The analysis contrasts the rates offered by these online lenders with the national average savings rate of 0.38%, highlighting options for new savers who may be deterred by minimum deposit requirements. The featured accounts are provided by SoFi, American Express, Ally Bank, Bask Bank, and Synchrony Bank.
SoFi’s online bank account currently offers a 3.3% annual percentage yield on all savings balances with no minimum deposit required. Customers can earn up to 4% APY for six months via a rate boost if they enrol in SoFi Plus by 31 December 2026. These rates are variable and subject to change, with data current as of 23 December 2025. Members without eligible direct deposit will earn a lower rate of 1.00% APY on savings balances.
American Express offers a 3.2% APY on its high-yield savings account, with no minimum opening deposit or minimum balance requirement. Interest on the account balance is compounded daily and deposited into the account monthly. This structure allows savers to earn interest on their balance from the outset without maintaining a specific threshold.
Ally Bank provides a 3.1% APY with no minimum deposit, zero monthly fees, and no minimum balance. The account includes features such as round-ups, recurring transfers, and a tool that analyses checking account spending to transfer safe-to-save money to the savings account. This approach aims to help account holders maximise their savings potential through automated mechanisms.
Bask Bank’s Interest Savings Account offers the highest rate among the selected options at 3.75% APY. It requires no minimum opening deposit, monthly fees, or minimum balance. Synchrony Bank rounds out the list with a 3.4% APY, also featuring no minimum deposit or monthly fees. Synchrony Bank distinguishes itself by offering an optional ATM card and refunding up to $5 in domestic ATM fees per statement cycle, providing easier access to funds compared to typical online-only savings products.
The national average interest rate for a standard savings account remains at 0.38%, making the rates offered by these online banks significantly more competitive. Yahoo Finance notes that while these rates are currently attractive, they are variable and subject to change. Consumers are advised to consider factors such as annual percentage yield, minimum opening deposits, fee structures, and access to funds when selecting an account.
