High-Yield Savings Account: Do You Need To Pay Fees?

High-yield savings accounts offer the allure of higher interest rates, which can help your money work more efficiently for you. But, do these accounts come with fees? Let’s understand!
Do High-Yield Savings Accounts Have Fees
High-Yield Savings Account: Do You Need To Pay Fees?
As you embark on your savings journey, one question may loom on your mind: Do high-yield savings accounts come with fees? And if so, what are these fees? Beem will help answer all your questions!
In this article

High-yield savings accounts (HYSA) have become increasingly popular among Americans seeking a faster way to grow their savings than traditional savings accounts. These accounts offer the allure of higher interest rates, which can help your money work more efficiently for you. But, as you embark on this savings journey, one question looms: Does a high-yield savings account come with fees? And if so, what are these fees? 

At a time when you are expecting unwarranted expenses, check out Beem to get updated interest rates and compare the latest best high-yield savings accounts that align with your savings goals and priorities. In this comprehensive exploration of the world of high-yield savings account with no fees in the United States, we will delve into the matter of no fees savings account, unveil the standard charges, provide strategies to avoid them and furnish tips for selecting the ideal HYSA to suit your financial aspirations.

also know about: Best High Yield Savings Account rates

Do High-Yield Savings Accounts Have Fees?

High-yield savings accounts, colloquially known as HYSA, are designed to facilitate savings while offering a superior interest rate to standard savings accounts. Both traditional and online banks typically offer them. 

Encouragingly, the majority of high-yield savings accounts do not levy fees. Nonetheless, it’s vital to understand that some accounts may impose fees or maintain minimum balance requirements.

also know about: high yield savings account

Most Common Fees Charged by High-Yield Savings Accounts

While fees are not the norm for HYSA, it is imperative to comprehend the types of fees that could affect your account. Here are the most frequently encountered fees associated with a high-yield savings account:

  1. Minimum Balance Fees: Certain high-yield savings accounts come with minimum balance prerequisites. Failing to meet these requirements could trigger fees or reduce your annual percentage yield (APY), impacting your yearly earnings.
  2. Overdraft Penalties: Dipping your account balance below zero may result in overdraft fees. Typically, these fees hover around $30 per transaction.
  3. Monthly Maintenance Fees: Consider this a service charge deducted from your account. Certain high-yield savings accounts may demand maintenance fees, which can soar as high as $25 per month.
  4. Out-of-Network ATM Fees: Your bank or credit union may favor in-network ATMs. Failing to comply might entail fees, usually $2 to $5, and a percentage of your withdrawal. The ATM operator might also levy an additional fee.
  5. Inactivity Fees: An inactivity fee may be imposed if you have not conducted account transactions in at least six months. These fees usually range between $5 to $20.
  6. Returned Item Fee: Depositing a check into your savings account that subsequently fails to clear could lead to a returned item fee, typically ranging from $5 to $19.

How Often Can I Withdraw Money From A Hysa?

High-yield savings accounts (HYSA) are prized for their liquidity, offering a straightforward method to access your funds when required. Withdrawals from a HYSA can be initiated through several channels:

  • Electronic Transfers: You can transfer money from your high-yield savings account to another, enabling seamless fund movement.
  • Bill Payments: Direct bill payments can be made directly from your high-yield savings account, simplifying financial transactions.
  • ATM and Bank Branch Withdrawals: Accessing cash from your high-yield savings account is possible through ATMs or by visiting a physical bank.

People Also Read – Do High-Yield Savings Account Rates Change?

In the past, federal regulations imposed a limit of six free electronic transfers and monthly withdrawals from savings accounts. However, this rule was temporarily lifted by some financial institutions in 2020 due to the COVID-19 pandemic. Not all banks may have adopted this change, so it’s advisable to familiarize yourself with your specific HYSA’s terms to avoid potential fees associated with exceeding withdrawal limits.

How to Avoid High-Yield Savings Account Fees

Avoiding high-yield savings account fees is essential to ensure your savings grow optimally. Here are key strategies:

Select Fee-Free Accounts

Begin by selecting a high-yield savings account that does not impose monthly maintenance fees, minimum balance requirements, or hidden charges. Look for arrangements designed to be fee-free.

Monitor Account Balances

Ensure to check your account balance regularly to ensure it stays above any minimum requirements. More than depositing enough to meet or exceed these thresholds can prevent fees.

Limit Withdrawals

Stay within the allowed withdrawal limits to avoid fees related to exceeding transaction caps. High-yield savings accounts with no fees generally enable you to make up to six monthly withdrawals.

Use In-Network ATMs

When accessing your funds via an ATM, opt for in-network machines recommended by your bank to evade out-of-network ATM fees.

Regular Deposits

Maintain regular deposits to keep your account adequately funded. This practice avoids overdraft fees due to insufficient balances.

Review Account Terms

Periodically review the terms and conditions of your high-yield savings account to stay informed about any policy changes or potential fee adjustments.

See also about: avoid an overdraft fee

What Are The Best High-Yield Savings Accounts With No Fees?

Talking about a high-yield savings account with no fees, there are several standout options to consider:

LendingClub High-Yield Savings Account

This account offers an impressive 4.50% Annual Percentage Yield (APY) with no monthly fees or minimum balance requirements. You only need an initial deposit of $100 to get started.

UFB High Yield Savings

With potentially earning up to 5.25% APY, this account is designed for those seeking high returns without monthly fees or minimum deposit requirements.

Western Alliance Bank Savings Account

They offer an outstanding 5.20% APY. This account requires only a $1 minimum deposit to open and doesn’t charge monthly fees.

Marcus by Goldman Sachs High Yield Online Savings

This account boasts a 4.15% APY, no monthly fees, and no minimum deposit requirement.

Ally Bank

Ally provides a 4.25% APY with no monthly fees for its savings account. It’s an excellent choice to consolidate your banking in one place.

Synchrony Bank High Yield Savings 

With a robust 4.50% APY, this account doesn’t have minimum balance requirements or monthly fees, offering convenient withdrawal options.

SoFi Checking and Savings Account 

While the savings account offers a 0.50% APY, it’s paired with a no-fee overdraft coverage feature. You can earn a significant amount of welcome bonus with direct deposit.

Varo Savings Account

Varo provides a competitive 3.00% APY, an all-mobile national bank. It doesn’t require minimum balances or charge monthly maintenance fees.

These accounts offer attractive interest rates and a fee-free structure, making them ideal choices for growing your savings while avoiding overdraft fees and worrying about hidden charges. Be sure to compare their features and benefits to find the one that aligns best with your financial goals.

High-Yield Savings AccountMonthly feeAnnual Percentage Yield (APY)Overdraft fees
UFB NoneEarn up to 5.25% APYOverdraft fees may be charged
Western Alliance None5.20% APYNo overdraft fee
Marcus by Goldman SachsNone4.15% APYNone
Ally BankNone4.25% APYNone
Synchrony None4.50% APYNone
SoFi None0.50% APY onno-fee Overdraft Coverage
VaroNone3.00% APY None
Table 1.0. High-Yield Savings Accounts With No Fees, APY, and Overdraft Fees

Tips for Choosing a High-Yield Savings Account

Online vs. Traditional Savings Accounts

  • Evaluate Online Options: Explore online bank offerings before automatically choosing a local brick-and-mortar bank. Online banks often provide significantly higher interest rates due to lower operating costs from the absence of physical branches.
  • Verify FDIC Insurance: Ensure the online bank has FDIC insurance (up to $250,000) to safeguard your funds.

Higher-than-Average Interest Rates

  • Prioritize APY: The annual percentage yield (APY) determines your annual interest earnings. Opt for an HYSA with an APY surpassing the national average, even though these rates fluctuate based on economic conditions.

No Bank Fees

  • Scrutinize Account Terms: Thoroughly review the terms and conditions of the account to identify any hidden fees.
  • Minimum Deposit and Balance: Some banks may require an initial minimum deposit or impose monthly maintenance fees if your balance is below the threshold.
  • Zero Recurring Fees: Choose an HYSA with no recurring fees, minimum balance requirements, or other obligations to avoid additional expenses.

Easy Access to Your Money

  • Consider Accessibility: Account accessibility is crucial, primarily if you use your HYSA as an emergency fund.
  • ATM Access: Seek an account with ATM access for cash withdrawals.
  • Linked Checking Account: Look for options for easy fund transfers by linking your HYSA to a checking account.
  • Mobile App: A mobile app provides convenience for managing your finances on the go.

FDIC or NCUA Insurance

  • Ensure your chosen HYSA is insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA) for up to $250,000 per depositor and ownership category.

Customer Service and Support

  • Assess the customer service quality offered by the financial institution. Prompt and helpful customer support can be vital when encountering issues or having questions.

Track Record and Reputation

  • Research the reputation and track record of the bank or credit union offering the HYSA. Customer reviews and ratings can give you valuable insights into their reliability and service quality.

Additional Features and Perks

  • Explore the account’s extra features or perks, such as mobile check deposits, bill payment services, or cashback rewards.

Terms and Conditions

  • Carefully read and understand all terms and conditions associated with the HYSA. Be aware of any limitations or restrictions that might affect your account use.

Diversify Your Savings Portfolio

  • While a high-yield savings account is an excellent place for your emergency fund or short-term savings, consider diversifying your overall investment and savings portfolio to achieve better returns in the long run.

Is A High-Yield Savings Account Worth It?

High-yield savings accounts hold significant value as secure repositories for cash reserves. They are assured of being insured by the Federal Deposit Insurance Corp. (FDIC) or the National Credit Union Association (NCUA), providing depositors coverage of up to $250,000 per account holder and ownership category. What sets high-yield savings accounts apart is their ability to offer notably competitive interest rates, with some currently reaching an impressive 5.00%. In stark contrast, the average rate on a conventional savings account languishes at a mere 0.42%, as per data from the FDIC.

These accounts serve as versatile financial tools, allowing individuals to save for many goals, from homeownership aspirations to fortifying their financial safety net. 

As you weigh the benefits, it’s essential to focus on critical factors such as fees, minimum balance requirements, and ATM accessibility. However, while high-yield savings accounts are instrumental for securely stashing cash, maintaining a diversified financial portfolio is prudent. Over-reliance on savings alone could result in missed opportunities for superior investment returns elsewhere in the financial landscape.


In conclusion, deciding whether to pay fees for a High-Yield Savings Account (HYSA) hinges on your choice of financial institution and no-fee savings account terms. While some HYSA providers may impose fees, many do not, offering fee-free accounts. Understanding the potential fees associated with a HYSA is paramount.

By researching and selecting an HYSA with minimal or no fees, you can maximize your savings and harness the benefits of higher interest rates. Use Beem to make a well-informed choice that will ensure that your financial goals align harmoniously with your chosen savings vehicle, contributing to your financial well-being.


Can I find high-yield savings accounts in the United States with no fees?

Many high-yield savings accounts in the United States do not charge fees. Look for accounts offered by reputable institutions with no monthly maintenance fees, minimum balance requirements, or hidden charges.

Are high-yield savings accounts insured?

Yes, high-yield savings accounts are typically insured by the Federal Deposit Insurance Corp. (FDIC) or the National Credit Union Association (NCUA) for up to $250,000 per depositor and ownership category, providing an added layer of security for your savings.

Can I access my high-yield savings account funds easily?

Yes, most high-yield savings accounts offer various methods for accessing your funds, including electronic transfers, bill payments, ATM withdrawals, and mobile app access. Choosing an account that provides the level of access you require for your financial needs is essential.

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Allan Moses

An editor and wordsmith by day, a singer and musician by night, Allan loves putting the fine in finesse with content curation. When he's not making dad jokes or having fun with puns, he's constantly looking to tell stories out of everything.


This page is purely informational. Beem does not provide financial, legal or accounting advice. This article has been prepared for informational purposes only. It is not intended to provide financial, legal or accounting advice and should not be relied on for the same. Please consult your own financial, legal and accounting advisors before engaging in any transactions.

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