Unlock Your Wealth: Top 10 Free Savings Accounts for December 2024!
Terms and conditions apply to American Express offers. For further information, visit the official American Express website.
Note: The Annual Percentage Yields (APYs) mentioned here are accurate as of publication. These rates may change with fluctuations in the Federal Reserve’s rate. Updates will be made promptly as new information is released.
When it comes to choosing the right savings account, one feature stands above the rest: a total absence of banking fees. Why let unnecessary charges chip away at your hard-earned savings?
That’s why we dove deep into the world of FDIC-insured savings accounts to find options that boast zero fees. Yes, you read that right—no monthly maintenance fees, no excessive transaction fees, no overdraft fees, and no minimum deposits or balances required to start saving. We focused solely on accounts that allow you to save without any hidden strings attached!
If your goal is to tuck away your cash with absolutely no hassle, check out our list of no-fee savings accounts below. (To learn more about our selection criteria, please see our methodology.)
Top No-Fee Savings Accounts
Explore Offers to Secure the Best Savings Account
Top Choice for Customer Service
Discover® Online Savings
Discover® Bank is a Member FDIC.
- APY: Competitive rates
- Minimum Balance: None
- Monthly Fee: $0
- Transaction Limits: Up to 6 free withdrawals or transfers per statement cycle
- Overdraft Fee: None
- ATM Card: Yes, if you have a Discover checking account
Pros
- Strong APY
- No minimum balance
- No monthly fees
- 24/7 customer support
- Helpful financial tips on the Modern Money Blog
Cons
- Higher APYs available elsewhere
Who Should Consider This? The Discover Online Savings account is perfect for savers who appreciate superior customer service paired with robust APY and zero fees.
Highlight: Contact their U.S.-based banking specialists 24/7 for immediate assistance and resourceful financial guidance.
Best for In-Person Banking
Capital One 360 Performance Savings™
Capital One Bank is a Member FDIC.
- APY: Competitive rates
- Minimum Balance: None
- Monthly Fee: $0
- Transaction Limits: Up to 6 free withdrawals or transfers per statement cycle
- ATM Card: Yes, if you have a Capital One checking account
Pros
- Strong APY
- No minimum balance
- No monthly fees
- Branch locations and Capital One® Cafés available
Cons
- Higher APYs offered elsewhere
Who Should Consider This? The Capital One 360 Performance Savings account is ideal for those who value physical banking locations and face-to-face service.
Highlight: Create multiple savings accounts for various financial goals.
Best for Tracking Savings
Marcus by Goldman Sachs High Yield Online Savings
Goldman Sachs Bank USA is a Member FDIC.
- APY: Competitive rates
- Minimum Balance: None
- Monthly Fee: $0
- Transaction Limits: No limits on withdrawals or transfers
Pros
- Strong APY
- No minimum balance
- No monthly fees
- Easy-to-use mobile banking app
Cons
- Higher APYs offered elsewhere
- No option for a checking account
Best for High APY
Bask Interest Savings Account
Bask Bank is a division of Texas Capital Bank, Member FDIC.
- APY: Competitive rates
- Minimum Balance: None
- Monthly Fee: $0
- Transaction Limits: Up to 6 withdrawals or transfers per statement cycle
Pros
- Strong APY
- No minimum balance
- No monthly fees
- Options for earning airline miles
Cons
- No option for a checking account
Best for Student Loan Borrowers
Sallie Mae High-Yield Savings Account
Sallie Mae Bank is a Member FDIC.
- APY: Competitive rates
- Minimum Balance: None
- Monthly Fee: $0
- Transaction Limits: Up to 6 free withdrawals or transfers per statement cycle
Pros
- Strong APY
- No minimum balance
- No monthly fees
- Convenient e-deposit for checks
Cons
- Higher APYs available elsewhere
- No option for a checking account
Who Should Consider This? The Sallie Mae High-Yield Savings Account is a smart choice for anyone looking to save cash with high returns and no fees.
Highlight: Offers mobile text banking services for easy account management.
Best for Savings/Checking Combo
SoFi Checking and Savings
SoFi Bank, N.A. is a Member FDIC.
- APY: Up to 4.00% with Direct Deposit
- Minimum Balance: None
- Monthly Fee: $0
- ATM Card: Yes
Pros
- Cash bonus up to $300 for setting up Direct Deposit
- Strong APY with direct deposit
- No minimum balance
- Automatic savings features
Cons
- Lower APYs without Direct Deposit
- No reimbursement for out-of-network ATM fees
Who Should Consider This? With SoFi Checking and Savings, you’ll enjoy a robust APY on both savings and checking, making it a perfect all-in-one solution.
Highlight: FDIC insurance coverage of up to $2 million through the SoFi Insured Deposit Program.
Best for ATM Access
Synchrony Bank High Yield Savings
Synchrony Bank is a Member FDIC.
- APY: Competitive rates
- Minimum Balance: None
- Monthly Fee: $0
- Transaction Limits: Up to 6 free withdrawals or transfers per statement cycle
- ATM Card: Yes
Pros
- Strong APY
- No minimum balance
- Easy ATM access with card
Cons
- No option for a checking account
Who Should Consider This? The Synchrony Bank High Yield Savings account is a solid choice for savers who want easy access to their funds through ATM transactions.
Highlight: Synchrony refunds up to $5 in ATM fees charged by other banks each month.
Best from a Big Bank
American Express® High Yield Savings Account
American Express National Bank is a Member FDIC.
- APY: 3.90%
- Minimum Balance: None
- Monthly Fee: $0
Pros
- Strong APY
- No minimum deposit
- No monthly fees
- 24/7 customer support
Cons
- Higher APYs available elsewhere
Best for Limited Use
MySavingsDirect MySavings Account™
MySavingsDirect is a division of Emigrant Bank, Member FDIC.
- APY: Competitive rates
- Minimum Balance: None
- Monthly Fee: $0
- Transaction Limits: Up to 6 free withdrawals or transfers per statement cycle
Pros
- Strong APY
- No minimum balance
- No monthly fees
Cons
- No option for a checking account
- No ATM access
Best for Simplicity
Affirm Money™ Account
Affirm Money accounts are held with Cross River Bank, Member FDIC.
- APY: Competitive rates
- Minimum Balance: None
- Monthly Fee: $0
- Transaction Limits: More than 6 withdrawals allowed
Pros
- Strong APY
- No minimum balance
- No monthly fees
- Mobile app for easy access
Cons
- Higher APYs available elsewhere
- No option for a checking account
Who Should Consider This? The Affirm Money Account is a solid choice for those looking for a simple, fee-free savings solution.
Highlight: The account can be accessed online or through the Affirm app, making it hassle-free.
Learn More About Our Top Free Savings Accounts
Discover Online Savings
Capital One 360 Performance Savings
Capital One is well-known for a comprehensive range of banking services.
APY: 4.00%
Withdrawal Limit: 6 per statement cycle, though currently not enforced
Checking Account Option: Yes
Marcus by Goldman Sachs High Yield Online Savings
Marcus offers outstanding savings products through its high-yield account.
APY: 4.40%
Withdrawal Limit: None
Checking Account Option: No
Bask Interest Savings Account
Sallie Mae High-Yield Savings Account
Sallie Mae is a leader in the student loan industry and offers competitive savings options.
APY: 4.50%
Withdrawal Limit: None; limits apply
Checking Account Option: No
SoFi Checking and Savings
SoFi has expanded its offerings considerably, including a robust banking suite.
APY: Up to 4.00%
Withdrawal Limit: None
Checking Account Option: Yes
Synchrony Bank High Yield Savings
Synchrony Bank specializes in online savings products.
APY: 4.30%
Withdrawal Limit: None; limits apply
Checking Account Option: No, but savings accounts come with ATM cards
American Express High Yield Savings Account
American Express has more to offer than just credit cards; they provide competitive savings options as well.
APY: 3.90%
Withdrawal Limit: 9 per month
Checking Account Option: Yes
MySavingsDirect MySavings Account
MySavingsDirect offers a straightforward approach to savings with a solid yield.
APY: 4.35%
Withdrawal Limit: 6 per month
Checking Account Option: No
Affirm Money Account
Affirm is known for its financing options but also offers a competitive savings product.
APY: 4.35%
Withdrawal Limit: None; limits apply
Checking Account Option: No
How to Open a No-Fee Savings Account
Opening a no-fee savings account is a breeze. Most applications take less than 10 minutes and require a government-issued ID such as a passport or driver’s license, your Social Security number, address, contact info, and a checking account routing number for deposits.
Choosing the Right Free Savings Account
When selecting the best free savings account, consider your preference for in-person banking versus online banking. This can help streamline your options, as many free accounts are online-only. You can also evaluate choices based on APYs, ATM access, FDIC insurance limits, educational resources, and additional financial products offered by the bank, such as checking accounts or credit cards.
Pros and Cons of a Free Savings Account
Pros
- No fees whatsoever
- No minimum deposit or balance requirements
- Above-average interest rates
- FDIC-insured
Cons
- Potentially lower returns compared to other accounts
- Most options are from online banks, limiting in-person services
Common Fees to Avoid
Be on the lookout for common fees associated with checking or savings accounts, including monthly maintenance fees, excessive transaction fees, overdraft fees, insufficient funds fees, and wire transfer fees.
Alternatives to Free Savings Accounts
If you’re looking for an alternative to free savings accounts, consider high-yield accounts that minimize fees while providing greater returns. For instance, the UFB Secure Savings account offers above 5% APY with no monthly fees or minimum deposits, plus additional benefits like checking access and overdraft protection.
FAQs
Do all banks charge for savings accounts?
No, not all banks impose fees on their savings accounts. You can easily find options that are fee-free. Just be sure to read the fine print and terms to avoid surprises.
Can I get a high yield with a free savings account?
Absolutely! There are several free savings accounts that offer competitive yields.
Are free savings accounts FDIC-insured?
Yes, many free savings accounts are indeed FDIC-insured, providing peace of mind. All accounts on our list come with FDIC insurance.
Can I get ATM access with a free savings account?
While most free savings accounts do not provide ATM access, options like Synchrony Bank do. They offer ATM cards for easy cash access.
Bottom Line
Every dollar counts when you’re building your savings, so why not open a no-fee savings account? It’s a savvy choice for smart banking!
Why Trust Us?
Our mission is to deliver high-quality consumer advice and journalism, empowering you to make informed financial decisions. Each review is based on thorough analysis conducted by a dedicated team of experts. While we may earn commissions from affiliate partners, our content is crafted independently, ensuring integrity and transparency.
Our Methodology
To curate this list, we analyzed a variety of U.S. savings accounts from both online and traditional banks. Our selection criteria focused on accounts that offer above-average rates with no fees and no minimum deposits. Additionally, all accounts featured here are FDIC-insured up to $250,000 per depositor. Please remember that rates and terms are subject to change, and we recommend checking directly with the financial institution for the latest information.
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Note: All information about the Synchrony Bank High Yield Savings Account has been independently collected and has not been reviewed or verified by the bank.
Editorial Note: The opinions expressed in this article are solely those of the editorial team and have not been reviewed or endorsed by any third parties.
