Opening a savings account is a great first step toward preparing for your future. Finding a savings account with no minimum deposit makes it even easier to build your money—especially for young people just starting out.
In addition to accounts with no minimum deposits, keep reading to learn which features to look for in a savings account.
For people on a tight budget, meeting the minimum deposit requirement of an account may be enough of a challenge to make them give up on saving altogether. What good is a savings account if you can't afford to use it?
An account with no minimum deposit is accessible to everyone — whether you have thousands of dollars to save or just twenty.
1. Monthly fees. Avoid banks that charge a monthly service or maintenance fee.
2. Interest rate. Look for rates that are above the national average to get the highest return on your deposits.
3. Easy online transfers between checking and savings account. You want the ability to easily transfer funds from one account to another to give you total control over your money. Seek out accounts that provide an automatic savings and transfer options.
4. FDIC insured. If your account is insured by the Federal Deposit Insurance Corporation, your money will be guaranteed up to $250,000 per depositor, per insured bank, for each ownership category.
At Synchrony Bank, our savings accounts have all of these features — and more!
Our high yield savings accounts require no minimum deposit and no minimum balance. Our accounts are FDIC-insured up to $250,000 per depositor for each ownership category. With no monthly service fees and award-winning rates that exceed the national average+, you can find the right savings account at Synchrony Bank.
Call us today at 1-855-345-5789 to open a savings account with no minimum deposit.
+National Average APYs are based on specific product types of top 50 U.S. banks (ranked by total deposits) provided by Informa Research Services, Inc. CD Rates: Average APYs are based on certificate of deposit accounts of $25,000. High Yield Savings Rates: Average APYs are based on High Yield Savings Accounts of $10,000. Money Market Account Rates: Average APYs are based on Money Market Accounts of $10,000. Although the information provided by Informa Research Services, Inc. has been obtained from the various institutions, accuracy cannot be guaranteed.
*ANNUAL PERCENTAGE YIELD (APY): All APYs are accurate as of .
APYs are subject to change at any time without notice. Offers apply to personal accounts only. Fees may reduce earnings. For Money Market and High Yield Savings Accounts, the rate may change after the account is opened. For CDs, a minimum of $2,000 is required to open a CD and must be deposited in a single transaction. A penalty may be imposed for early withdrawals. After maturity, if you choose to roll over your CD, you will earn the base rate of interest in effect at that time. The APY shown for CDs and IRA CDs is for a 60-month CD with a balance of at least $25,000. Click here for all CD rates and terms offered.