Best No Deposit Savings Accounts
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A savings account is a great place to store money while earning a little extra interest. While some traditional savings accounts require minimum deposits to get started, there are many options available today for no deposit savings accounts. These accounts, often offered by online or digital banks, often have lower fees since there’s no brick-and-mortar building to manage.
If you’re looking for a no deposit savings account option with no or low fees, a lot of flexibility, and that’s FDIC insured, I’ll help you find the best one for your lifestyle and savings goals below.
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Overview of the best no-deposit savings accounts
Bank | Best For |
Ally Bank | Best high interest CDs |
Marcus by Goldman Sachs | Best online-only basic savings account option without ATM access |
Chime | Best savings options for those needing to transfer money out frequently (9 times per month) |
Capital One | Best savings options for those looking for high rates and in-branch services |
Discover | Best savings account with traditional checking options |
Synchrony Bank | Best savings account with signup incentives and bonuses |
Varo | Best overall savings account rates |
SmartyPig | Best alternative to a traditional savings account with high interest |
Best no-deposit savings accounts
Ally Bank
One of the most popular online banks is Ally Bank. This digital-only bank is well known for its high savings rates and multiple savings account options. It offers a high-yield savings account, a CD (certificates of deposit), and a money market account.
Ally does not require a minimum deposit and has no monthly service fees, maintenance fees, or minimum balance requirements. Its current savings rate is 4.20% APY. (APY stands for annual percentage yield and earns you interest.)
You won’t be able to access your savings account with a debit card through Ally, but you can use a debit card to withdraw from a connected checking account — and transfer funds back and forth.
Since this bank is fully online, you’ll need a separate checking or savings account to transfer money back and forth. Since Ally offers a checking option, this bank is a great no-deposit savings option that could replace your traditional savings and checking account, while saving you money on fees. Its mobile app is also extremely user-friendly.
Marcus by Goldman Sachs
Marcus by Goldman Sachs is another online savings account option that boasts no minimum opening deposit requirements to open an account. It offers competitive interest rates and has a high-yield savings account and two CD products.
Marcus’s high-yield savings account comes with a 4.40% APY. Opening a savings account with Marcus won’t cost a cent — there are also no monthly or maintenance fees or deposit requirements to keep your account running. Marcus also offers unlimited withdrawals and same-day transfers of $100,000 or less.
Like Ally, Marcus also does not offer debit card access. However, it does not feature a checking account option allowing you to transfer funds in and out to easily withdraw transferred money from your debit card. There’s no free ATM access, though — you’ll need an outside account to move money around or access your funds via ATM.
That said, Marcus is worth considering if you use a savings account to store emergency funds or save for longer-term financial goals. CDs or money market accounts often earn higher rates if you don’t need your money for several years.
Chime
Chime’s savings account is a great option for mindless savings with mobile banking. If you struggle to save money, this account might be worth considering — if you want to switch your checking and savings.
That’s because Chime’s unique round-up savings feature kicks in, rounding up change from purchases made with your debit card and moving the spare change automatically into your savings account. For this to work, however, you’ll need to be enrolled in both a checking and savings account. Even if you’re not interested in this savings feature, you must enroll in a Chime checking account to be eligible for a savings account. There are no other qualifying criteria.
This feature aside, Chime’s savings account is fairly competitive, with a 2.00% APY, no transaction or any other fees, and no minimum deposit requirements. No debit card access is available directly to your savings account — and you’ll need to transfer money into savings to make deposits.
Capital One
Capital One 360 Performance Savings has one leg up on competitors — it offers convenient in-branch access. Capital One’s financial products include a high-yield savings account, kids' savings account, IRA savings options, and CD.
Capital One’s 360 Performance Savings offers 4.25% APY. It also has no fees (no monthly maintenance fees) and is a no minimum deposit option.
Like most online savings accounts, you won’t be able to access your savings directly with a debit card. However, if you open a 360 checking account, you can transfer funds back and forth for easier debit card access.
While Capital One’s savings account outshines many traditional financial institutions, it lags behind other digital banks. It also has free ATMs that are easier to find thanks to physical branches. That said, if you want the convenience of in-person access and the perks of a digital bank, this might be a good fit.
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- Personal loans between $5,000-$40,000.
- Rates as low as 11.72% .
- Checking your rate is free and won’t impact your credit score.
Discover
Another top no-deposit requirement savings account worth looking into is Discover. It has competitive APY rates, no fees, and similar perks to comparable accounts. Discover offers a high-yield savings account, CDs, and money market account options.
Discover’s online high-yield savings account boasts a 4.25% APY and costs nothing to open — no monthly fees, minimum deposits required, and no balance requirements. In the same vein as other online savings accounts, you can’t draw funds directly with a debit card, but you can open a free Discover checking account and easily transfer money back and forth.
Discover also frequently offers the option to earn a welcome bonus when opening a savings account, so keep your eyes peeled. If you do opt to open a checking account in tandem, you can earn 1% cash back with every debit card purchase — which you could then redeem and move to your savings account.
Synchrony Bank
Synchrony Bank offers another online no-deposit savings account option to consider. In addition to its high-yield savings account, it also provides two IRA savings options, CDs and a money market account.
The high-yield savings account at Synchrony Bank offers one of the highest APYs available — 4.75%. While you can find higher APYs at other banks, I like that this flat APY does not vary depending on your account balance.
As expected, this savings account has no deposit requirements, minimum balance to maintain, maintenance fees, and monthly fees. It also offers ATM access via debit card — a huge plus over other online savings accounts.
This account would have won the best overall spot if it also offered a checking account. For many people, a checking and savings account go hand-in-hand, and having accounts at separate banks could be a huge hassle. But if this doesn’t bother you — or you only need a separate savings account — it’s a great account to explore.
Varo
Varo is another online savings account option that can help you earn a higher-than-average APY — particularly if you deposit larger sums of money. It also offers savings tools to help you save more effectively.
To access the higher 3.00% - 5.00% APY at Varo’s savings account, you’ll need to use this savings account and its bank account (similar to a checking account).
The APY kicks in when you meet the below three requirements:
- Receive $1,000 or more in direct deposits each cycle (typically monthly)
- Keep a daily savings balance of $5,000 or less
- Keep both your bank account and savings account balance above $0
If you plan to keep more than $5,000 in savings, you’re better off moving your money elsewhere. Or, you could take advantage of Varo’s high APY (if you meet the conditions required) and move excess money to a different savings account. That hassle might be worthwhile if you want to earn as much as possible with a savings account.
You can deposit cash at major retailers that offer Green Dot Reload — but doing so will cost you a retail fee of up to $4.95. If you plan on depositing cash, you’re better off keeping a separate account — though if that’s the case, it might be better just to avoid this account.
SmartyPig
Sallie Mae’s SmartyPig is simple online savings account with no deposit requirements, no fees, and an opportunity to earn higher APYs. It allows you to open multiple savings accounts to meet different savings goals and has variable APY levels.
You can earn up to 4.25% APY on the first $10,000 you deposit. It’s a good option if you’re looking for a supplemental savings account and already have a checking account you like that you can use to transfer money in and out of.
Best no-deposit savings accounts summary
Bank | Type | Savings account APY% |
Ally Bank | Online only | 4.20% |
Marcus by Goldman Sachs | Online only | 4.40% |
Chime | Online only | 2.00% |
Capital One | In-branch and online | 4.25% |
Discover | Online only | 4.25% |
Synchrony Bank | Online only | 4.75% |
Varo | Online only | 3.00% - 5.00% |
SmartyPig | Online only | 4.25% |
FAQs
What is a no-deposit savings account?
A no deposit savings account is one that does not require a minimum deposit to open or maintain your account. That said, most people like to use savings accounts to earn a little bit of extra interest. In order to do this, you’ll want to keep a regular balance on hand. Some savings accounts also offer different levels of interest depending on your account balance — like Smarty Pig.
Should I have more than one savings account?
This depends on your financial goals. Multiple savings accounts can make sense to keep funds separate — such as shared savings between you and a spouse and your own personal savings accounts. Different accounts may also help you keep money separate — i.e. savings for a new car, your vacation fund, and a down payment savings account. If you’re looking into a separate savings account to keep your money separated, you might be able to assign financial goals to one account, allowing you to easily reserve parts of your savings account for separate goals. Online accounts like Ally often offer this. That said, if you don’t plan on touching your money for five years or more, it may make sense to invest in a different way — money market accounts and CDs often earn more in interest. Investing in the stock market is another approach you can consider.
How much money should you keep in your savings account?
There’s no set amount that makes sense to keep in savings — everyone’s priorities are a little different. I recommend building an emergency fund that can cover six months’ worth of expenses — just in case. In addition to that, you may want to keep money for other short-term goals.
Do no deposit accounts offer in-branch access?
No — most no minimum deposit savings accounts can be found at online only banks. There are a few exceptions, like Capital One. This is because most banks with physical branches, like Chase, Wells Fargo, and PNC, charge fees or have minimum deposit requirements for savings accounts. Digital banks do not need to charge fees to maintain their expenses, and they pass the savings along to their customers.
Will savings account interest rates rise?
With interest rates going up across the country, savings account rates are also poised to increase. That noted, you won’t earn a lot from savings accounts in general. $1,000 stored in a savings account earning 0.50% APY will only yield you $5 per year. Savings you don’t need to access right away may be better served in a retirement or long-term investment account.
Pay off credit card debt and fund your happiness
- Personal loans between $5,000-$40,000.
- Rates as low as 11.72% .
- Checking your rate is free and won’t impact your credit score.
Pros and cons
Pros
- No fees to store your money. Most no deposit savings accounts allow you to keep your money safe, for no cost. Most no deposit accounts have no maintenance, monthly, or overdraft fees (or optional overdraft protection), unlike many traditional in-person banks.
- Earn higher APY. Online banks tend to offer higher interest rates, allowing you to earn even more on your deposits. This is great news for anyone looking for a no-deposit option.
- Simple account opening process. Opening a no-deposit savings account is relatively easy and can often be done online with a few clicks. There’s no credit check required and no-deposit accounts won’t even require you to transfer funds to get started — though you will want to do so to start earning interest.
Cons
- Hard to deposit cash. If you get paid in cash or tend to have money you deposit in person at a bank, you’ll have a lower selection of no deposit accounts available to you — Capital One offers one of the only savings options. While you can deposit cash with other savings accounts, you’ll often need to route it through a different checking account or pay to deposit at drugstores.
- Withdrawal and transfer limits. If you need to access your savings funds often, you might want to opt for a high yield checking account instead. With few savings accounts offering direct debit card access, you’ll be required to transfer funds in and out to other accounts — or withdraw directly. Most online banks limit the number of times you can do this per month, with 6 being the average.
- Low-interest rates. Even though online banks tend to offer the highest interest rates, you won’t make very much money stored in a savings account. On top of this, these rates are variable, which means they can change day to day, depending on the market. So, if you open an account and start earning 0.70% interest, there’s no guarantee the number won’t decrease down the line.
The bottom line
No-deposit savings accounts can offer you higher interest rates and no monthly service fees — but they function best as companions to your existing checking accounts.
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Writer
Courtney Johnston is a freelance writer, specializing in finance, travel, and health. She has written for The Chicago Tribune, Benzinga, BestReviews, Mashvisor, Fundera, MoneyGeek, and The Culture Trip. She also teaches writing instruction at the University of Indianapolis. Courtney currently resides in Indianapolis.
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