Online Savings Accounts That Don't Require Startup Funds

Online banking is a convenient way to establish savings accounts without the hassle visiting the bank. Many accounts are particularly attractive because they can be opened with little or no money and they often have a significantly higher APY than local banks. If you're looking for a high-yield online savings account but are short on cash, consider these accounts that can be opened for $1 or less.

   
American Express Bank

In addition to credit cards and CDs, American Express Bank also offers a high-yield online savings account. There are no fees and no minimums required and the account offers a 1.50 percent APY.
   
Ally Bank

Ally Bank is a new online bank built on the foundations of GMAC financial. Their online savings account can be opened with no minimum deposit and multiple accounts can be opened at one time. The current APY is 1.48 percent and there are no monthly maintenance fees.
   
WTDirect

A division of Wilmington Trust FSB, WTDirect offers a high-yield online savings account with a 1.41 percent APY for accounts over $10,000. There are no monthly fees or minimums to open an account and WTDirect offers mobile banking services at no charge.
   
FNBO Direct

FNBO Direct's online savings account currently offers an APY of 1.40 percent. Just one dollar is all that's required to start an account and there are no monthly fees. Account holders can link up to three external accounts, making transfers fast and easy.
   
iGObanking.com

A division of Flushing Savings Bank, iGObanking.com offers an APY of 1.31 percent and new accounts can be opened for only $1. Accounts can be accessed anywhere, at any time and there are no monthly fees.
   
ING Direct

The ING Direct Orange Savings Account currently carries a 1.30 percent APY and is fee-free. There are no minimums required to open the account and individual accounts may be divided into labeled subaccounts.
   
Univest Direct

The Anytime Online Savings Account by Univest Direct offers a 1.25 percent APY and can be opened for just $1. Univest also offers person-to-person transfers, allowing you to exchange funds from your Univest Direct Account with another person's bank account quickly and securely online.

Emigrant Direct

With an APY of 1.20 percent and a minimum deposit of $1, the Emigrant Direct American Dream Savings Account is another great option for savers. There are no monthly fees and no minimum balance required.