In today’s high-rate environment, earning a hefty rate of return on your savings is simple. And, there are lots of interest-bearing account types to choose from, including certificate of deposit (CD) accounts, money market accounts, regular savings accounts and high-yield savings accounts. But as with any type of financial tool, not all deposit accounts are created equal — meaning that not every option will be a good fit for your money. 

For example, savers who can leave their money untouched for a while could benefit from the current high rates on CDs, as putting your money into this type of account means you’ll lock in a high rate of interest for the full CD term. That can be a smart option considering that rates could drop soon now that inflation is cooling. However, many CD accounts come with high minimum deposit requirements, and you may not have enough saved up to open one. Or, you may need more flexible access to your funds than a CD can offer.

That’s where high-yield savings accounts can come in handy. These types of accounts work similarly to traditional savings accounts. The big difference is the interest rate. While traditional savings accounts offer an average rate of just 0.36% currently, high-yield accounts offer much higher rates on average. But like CDs, there can be minimum deposit requirements to contend with. So what can you do if you don’t have a lot of money on hand? Well, some high-yield savings accounts offer high returns and no minimums, allowing you to earn big interest without having a big deposit saved up. 

Find out what your top high-yield savings account options are now.

14 high-yield savings accounts with no minimum deposits (up to 5.30% APY)

If you’re looking for a high-yield savings account that offers big returns with no minimum deposits, these accounts may be worth considering:

• Peak Bank — 5.30% APY: This account has no minimum deposit requirements to earn the stated interest rate and the monthly service charge is $0. The maximum deposit amount allowed with this account is $10 million. 
• Forbright Bank — 5.30% APY: This account has no minimum deposit requirements to earn the stated interest rate and the monthly service charge is $0. There are fees charged for certain types of wire transfers, but there is no maximum deposit amount on this account.
• North American Savings Bank — 5.30% APY: This account has no minimum deposit requirements to earn the stated interest rate. The maximum deposit amount allowed with this account is $2 million. 
• Evergreen Bank Group — 5.25% APY: This account has no minimum deposit requirements to earn the stated interest rate and the monthly service charge is $0. The maximum deposit amount allowed with this account is $1 million. 
• Jenius Bank — 5.25% APY: This account has no minimum deposit requirements to earn the stated interest rate and the monthly service charge is $0. There is no maximum deposit amount on this account.
• Newtek Bank — 5.25% APY: This account has no minimum deposit requirements to earn the stated interest rate and the monthly service charge is $0. There is no maximum deposit amount on this account.
• UFB Direct — 5.25% APY: This account has no minimum deposit requirements to earn the stated interest rate and the monthly service charge is $0. There are fees charged for certain excessive transfers and certain types of wire transfers, but there is no maximum deposit amount on this account.
• Laurel Road — 5.15% APY: This account has no minimum deposit requirements to earn the stated interest rate and the monthly service charge is $0. There are fees charged for certain types of wire transfers, and the maximum deposit amount allowed with this account is $1 million. 
• RBMAX — 5.15% APY: This account has no minimum deposit requirements to earn the stated interest rate and the monthly service charge is $0. There are fees charged for paper statements, and the maximum deposit amount allowed with this account is $250,000. 
• Elevault — 5.13% APY: This account has no minimum deposit requirements to earn the stated interest rate and the monthly service charge is $0. The maximum deposit amount allowed with this account is $50,000. 
• Bask Bank — 5.10% APY: This account has no minimum deposit requirements to earn the stated interest rate and the monthly service charge is $0. There is no maximum deposit amount on this account.
• BMO Alto — 5.10% APY: This account has no minimum deposit requirements to earn the stated interest rate and the monthly service charge is $0. There is no maximum deposit amount on this account.
• Primis Bank — 5.10% APY: This account has no minimum deposit requirements to earn the stated interest rate and the monthly service charge is $0. There is no maximum deposit amount on this account.
• EverBank — 5.05% APY: This account has no minimum deposit requirements to earn the stated interest rate and the monthly service charge is $0. There is no maximum deposit amount on this account.

Explore today’s best high-yield savings accounts online now.

The bottom line

If you think you need a ton of cash on hand to take advantage of today’s excellent savings rates, think again. The high-yield accounts outlined above offer a good mix of high rates and no minimums, letting nearly any type of saver take advantage of what they offer. But if you want to start earning those big returns, you may want to get started now. There’s at least one Fed rate cut expected in 2024, and when that happens, the rates on these accounts will likely drop in return. Opening one now, though, allows you to start earning hefty returns on your money, making it easier to meet your savings goals over time.