The best 8 free savings accounts in 2024

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Opening a savings account is one of the smartest financial moves you can make. Not only does it allow you to set money aside for future goals, but the right savings account can also help your money grow through interest.

If you choose an account with no monthly fees or minimum balance requirements, saving money becomes even more affordable. Plus, many fee-free savings accounts offer higher-than-average interest rates.

The best no-fee savings accounts

To find the best free savings accounts, we looked at accounts with no monthly fees, transaction fees, overdraft fees, or minimum balance requirements.

Our top picks also include high interest rates, FDIC insurance, and convenient digital banking access. If you’re tired of paying fees to store your money, here are the best free eight savings accounts.

• Best for frequent American Airlines flyers: Bask Interest Savings Account
• Best for high interest rates: Bread Bank High-Yield Savings Account
• Best for in-person banking: Capital One 360 Performance Savings
• Best for customer service: Discover Online Savings Account
• Best for daily compounding interest: EverBank High Yield Savings Account
• Best for unlimited transfers: Marcus by Goldman Sachs High Yield Online Savings
• Best for combined checking and savings: SoFi Checking and Savings
• Best for consistently competitive interest rate: Synchrony Bank High Yield Savings

Bask Interest Savings Account: Best for frequent American Airlines flyers

• APY: 5.10%
• Minimum initial deposit: $0
• Minimum balance: $0
• Fees: None 

Bask Bank is an online bank offering two attractive fee-free savings accounts. Their Interest Savings Account earns one of the best interest rates on this list.

You can opt for Bask’s Mileage Savings Account to earn travel rewards on your savings. This account rewards you with American Airlines AAdvantage® miles based on your monthly deposit.

Bread Bank High-Yield Savings Account: Best for high interest rates

• APY: 5.15%
• Minimum initial deposit: $100 
• Minimum balance: $0
• Fees: None 

Bread Savings is an online bank that’s made a name for itself with its high-yield savings account. This account boasts one of the highest APYs on the market — plus, there are no fees for monthly maintenance, ACH transfers, online statements, and incoming wire transfers. You can make unlimited deposits via mobile check and ACH transfer.

Bread Savings is the only bank on our list with a minimum deposit requirement, but at only $100, we figured they still deserved a spot.

Capital One 360 Performance Savings: Best for in-person banking 

• APY: 4.25%
• Minimum initial deposit: $0
• Minimum balance: $0
• Fees: None

Capital One offers a competitive yield through its 360 Performance Savings account. While its APY isn’t quite as high as some of the online banks on this list, it outperforms big banks while maintaining the benefits of being a brick-and-mortar institution. 

They have more than 300 physical locations for in-person banking and over 70,000 fee-free ATMs. Read our full review of Capital One 360 Bank.

Discover Online Savings Account: Best for customer service 

• APY: 4.25%
• Minimum deposit: $0
• Minimum balance: $0
• Fees: None

While Discover doesn’t offer the highest interest rate, this savings account makes up for this in other areas. Discover offers 24/7 customer service, a highly-rated mobile app, and email alerts for when your APY is on the rise. These features helped Discover earn the #1 spot on J.D. Power’s 2023 U.S. Direct Banking Satisfaction Study for savings providers.

EverBank High Yield Savings: Best for daily compounding interest 

• APY: 5.15%
• Minimum deposit: $0
• Minimum balance: $0 
• Fees: None 

EverBank’s Performance Savings Account boasts one of the most attractive APYs on the market. Interest also compounds daily, helping you grow your savings faster over time.

EverBank further commits to offering high rates by guaranteeing its interest rate will consistently rank in the top 5% of competitive accounts. EverBank also reimburses you for other institutions' ATM fees, giving you free access anywhere.

This savings account has no monthly maintenance fees and no fees for mobile check deposits. There’s no minimum to open an account or start earning interest.

Marcus by Goldman Sachs High Yield Online Account: Best for unlimited transfers

• APY: 4.40%
• Minimum deposit: $0
• Minimum balance: $0 
• Fees: None 

Marcus is the online-only banking division of Goldman Sachs, a trusted name in the banking industry. For those new to online banking, knowing that Goldman Sachs backs Marcus can be reassuring.

This affiliation may explain why Marcus takes the #2 ranking on J.D. Power’s 2023 U.S. Direct Banking Satisfaction Study for savings providers. Marcus’ savings account offers a competitive APY and free wire transfers (which is rare). However, accessibility is somewhat limited, given the lack of a mobile check deposit feature and ATM access.

SoFi Checking and Savings: Best for combined checking and savings

• APY: 4.60%
• Minimum deposit: $0 
• Minimum balance: $0 
• Fees: No fees 

Over the past few years, SoFi has evolved into a full-service bank. Their checking and savings account is a great option if you’re looking to earn more interest and bank exclusively online.

Remember, you must open both a checking and savings account together. Plus, you'll need to set up direct deposit to qualify for SoFi's highest APY offering.

Despite this, SoFi offers features that can make saving fun, like a budget planner and a “Vaults” tool for specific goals.

Synchrony Bank High Yield Savings: Best for consistently competitive interest rates

• APY: 4.75%
• Minimum deposit: $0
• Minimum balance: $0 
• Fees: None 

Synchrony Bank is an online bank that offers a variety of financial products, including a high-yield savings account. They have an intuitive mobile app that can assist you with any questions about activating and managing your savings account.

One key feature of this account is its ATM access — ideal if you plan to make a lot of cash deposits into your savings account.

What are fee-free savings accounts?

Savings accounts at brick-and-mortar banks usually offer low interest rates while charging maintenance, transaction, and service fees that can gnaw away at account balances over time.

In contrast, fee-free savings accounts have no monthly maintenance charges, no minimum balance fees, and no fees for making withdrawals or accessing your funds. Plus, these accounts tend to offer very competitive interest rates. While traditional banks frequently offer 0.01%-0.04% APY, some online accounts yield 4% or higher.

“We are living in a time of higher-yielding savings. This is something we haven't seen in a decade,” says Brad Heagy, certified financial planner and author of Mental Cents.

Large national banks offer near-zero APYs because they can, explains Heagy. They already have a large consumer base, so attracting new customers to their savings accounts is not as important to their bottom line.

Online banks typically offer fee-free savings accounts. This earning potential comes from online banks’ lower overhead costs since they don’t have branches to operate and maintain. They pass the savings along to customers in the form of better rates.

Benefits of fee-free savings accounts

Here are some key benefits of choosing a savings account with no fees.

No fees on most transactions

The key perk of a free savings account is avoiding annoying maintenance fees, transaction fees, and account minimum fees.

For example, some brick-and-mortar banks charge a monthly fee if your account balance slips below a certain threshold. They also may charge fees if you withdraw your money more than six times monthly.

On a fee-heavy account, just a few transactions could cost you $10 or more monthly. With a fee-free account, you avoid all these junk fees. So, more of your money stays where it should be – earning interest in your account.

Higher interest rates

Online banks can offer fee-free accounts while providing higher interest rates than traditional banks. The difference in interest rates on your savings can be substantial. For example, if you have $10,000 in an account earning 5% APY, you’d earn $500 in interest after one year.

That same deposit would only earn $1 in an account, earning 0.01% APY. Plus, thanks to compounding interest, a high-yield savings account can help you grow your savings faster over time.

Accessibility

When you bank with an online-only institution, you gain 24/7 access to your money from anywhere. Using their mobile app, you can monitor your balance, transfer funds, and deposit checks straight from your phone.

Some banks even allow you to make a fee-free withdrawal from an ATM or reimburse you for ATM fees. If you ever need assistance, these banks often provide excellent customer service over the phone or chat.

FDIC insurance

A lack of physical branches and well-known brand names make some understandably wary of trusting an online bank.

Reputable online financial institutions offer FDIC insurance, like any bank, up to $250,000 per person per account. This means your money stays protected from potential loss even if the bank fails.

Easy to open and fund

Opening an account with an online bank is extremely simple – most can be opened online in a matter of minutes. Funding your new account is easy, too. For example, you can transfer money from an external bank account or set up direct deposit. Deposits typically take 1-2 business days to clear — and most accounts on this list don’t even require an initial deposit.

Common savings account fees to watch out for

Though none of the banks on this list charge these fees, it’s essential to be aware of the typical charges you may be paying.

• Your bank may charge a monthly maintenance fee for the upkeep of your savings account.
• If you withdraw more money from your savings account than is available, you may be charged an overdraft fee.
• Your bank may charge a non-sufficient funds fee if your account doesn't have enough funds to cover a transaction.
• If you exceed the allowable number of transactions within a given period, you may be charged an excessive transaction fee.
• Your bank may charge an out-of-network ATM fee when you withdraw cash from an ATM not in its network.

The banks we've covered have reduced common banking fees, but some are more challenging to avoid.

• Wire transfer fees are the costs associated with transferring funds from one bank to another and, unfortunately, are rarely avoidable.
• Paper statement fees are applied for providing a printed, paper-based account statement.
• Early account closing fees are assessed when you close your savings account within a specific time frame after opening the account.

What consider When choosing a free savings account

When selecting a free savings account, there are several factors to consider:

• Interest rate: Look for an account with a competitive interest rate to maximize your earnings. Keep in mind that some accounts offer tiered rates based on your balance.
• Minimum balance requirements: While many free savings accounts have no minimum balance requirements, some may require a certain amount to open the account or earn the advertised interest rate.
• Accessibility: Consider how easily you can access your funds when needed. Look for accounts with online and mobile banking, as well as ATM access if that's important to you.
• Linking to other accounts: If you already have a checking account with a particular bank, it may be convenient to open a free savings account with the same institution for easy transfers and management.
• Customer service: Consider the reputation and customer service of the bank or credit union offering the free savings account. Look for institutions with a track record of satisfied customers and responsive support.

How to make the most of your savings account

To get the most out of your free savings account, consider these tips:

• Automate your savings: Set up automatic transfers from your checking account to your free savings account to make saving a habit and ensure consistent growth.
• Make regular contributions: Even small, regular deposits can add up over time. Try to contribute to your savings account each month, even if it's just a small amount.
• Avoid withdrawals: While your money is accessible if needed, try to limit withdrawals from your savings account to allow your funds to grow uninterrupted.
• Monitor your interest rate: Keep an eye on the interest rate offered by your free savings account. If rates rise significantly, consider shopping around for an account with a higher yield.

How we rated the best free savings accounts

To determine the best free savings accounts, we carefully evaluated a wide range of factors, including interest rates, fees, minimum deposit and balance requirements, and product mix. 

Our team analyzed numerous bank offers and selected the top contenders based on these key criteria. The options on this list represent the best value benefits available.

Here are some of the key factors we considered:

• Interest rate: The interest rate is the primary reason someone would choose a savings, CD, or money market account over another, so this is our most heavily weighted factor. 
• Fees: Low fees can help minimize the cost of managing your money and accessing essential financial services, allowing you to keep more of your hard-earned cash.
• Minimum deposit & balance requirements: High minimum deposits can be a barrier, and high balance requirements to avoid fees or earn the best rate limit the account's usefulness.
• Product mix: A diverse product mix allows customers to find the right financial solutions for their unique needs and goals. 
• Customer service: Reliable customer service is essential for a positive banking experience. 
• Digital experience: With more banking done online, the quality of an account's digital offerings is increasingly important.
• ATM & branch access: Access to ATMs and branches gives bank customers the flexibility to handle their banking needs in person when necessary while also providing easy access to cash when they need it.

The bottom line

Choosing a fee-free savings account means earning higher interest without jumping through hoops or paying outrageous fees. Opting for an online bank allows you to access your account anytime without worrying about how every transaction may cost you. 

Editorial disclaimer: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.