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Best Free Savings Accounts of 2024

Review Updated
Steven Porrello
Author: Steven Porrello
Steven Porrello
Steven Porrello
Writer

Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.

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Ashley Maready
Reviewer: Ashley Maready
Ashley Maready
Ashley Maready
Writer and Editor

Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.

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Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
Fact checker

Nathan Alderman has been a full-time Motley Fool employee since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As Motley Fool Money's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

When it comes to savings accounts, there are plenty that don't charge monthly maintenance fees. In fact, some of these accounts boast the highest APYs you'll find -- yes, while cutting out the fees -- simply by offering clients a digital banking experience instead of in-person support at brick-and-mortar locations.

If you're sick of paying account fees, or you're looking for the best bang for your buck, here's a roundup of today's best free savings accounts.

  • Our team of experts assessed 100+ banking institutions
  • We evaluate all banking institutions across the same 4 key criteria: annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks
  • Our bank ratings are never influenced by our advertising partners
  • We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased

Our best free savings accounts for December 2024

  • At The Motley Fool Ascent, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

    Our scores are weighted as:

    • APY: 50%
    • Brand and reputation: 20%
    • Fees and minimums: 15%
    • Other perks: 15%

    Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering competitive APYs and standout features. Learn more about how The Motley Fool Ascent rates bank accounts.

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Why we chose these free savings accounts

Ratings Methodology
Rates as of Dec 20, 2024

SoFi Checking and Savings

Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
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Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

APY
up to 4.00%² Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. To Earn APY
$0
  • Competitive APY on both Savings and Checking
  • No account fees³
  • Welcome bonus up to $300 (direct deposit required)¹
  • Early access to direct deposits⁶
  • Tools to help you track savings goals
  • Unlimited number of external transfers (up to daily transaction limits)
  • ATM access⁵
  • FDIC insured (up to $2M with opt-in to SoFi Insured Deposit Program)⁴
  • Combo account only; no stand-alone savings or checking
  • Maximum Savings APY requires direct deposit
  • Overdraft protection⁷ requires monthly direct deposit minimum
  • No branch access; online only

For those who plan to set up direct deposit with their new account, we think SoFi Checking and Savings (Member FDIC) is hard to beat. Not only does this savings account offer a strong APY, but the linked checking account earns an above-average rate, too -- which is a rare perk. Plus, there's the opportunity for a bonus of up to $300¹ and a long list of extra account features. Frankly, it's the kind of combo that could make it worthwhile to switch banking relationships.

You can earn the maximum APY either by making direct deposits into checking or savings, or by depositing $5,000 or more every 30 days. Learn more.



SoFi disclosure:

¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.

SoFi members with Direct Deposit can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.00% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

² SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.

⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional

FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms

See list of participating banks at SoFi.com/banking/fdic/receivingbanks

⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.

⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.

Read Full Review

Our pick for: Combining checking and savings

Why we think this is the best for combining checking and savings: SoFi Checking and Savings is a special type of account that gives you high-yield savings and a versatile checking account, all in one place. (The checking account earns interest, too!) The SoFi Checking and Savings annual percentage yield (APY) of up to 4.00%²² is competitive with the best savings accounts, and you can get a new customer welcome bonus of up to $300 with qualifying direct deposits.¹

What to consider before opening an account: SoFi Checking and Savings is a truly "free" savings account, with no account fees.³ This account gives you access to more than 55,000 free ATMs with the Allpoint network.⁵ Be aware that if you happen to use a non-network ATM and get charged fees by a third party, you will not be reimbursed for those fees.

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Dec 20, 2024
Award Icon 2025 Award Winner

Capital One 360 Performance Savings

Open Account for Capital One 360 Performance Savings

On Capital One's Secure Website.

Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
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Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Open Account for Capital One 360 Performance Savings

On Capital One's Secure Website.

APY
3.80% Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
Min. To Earn APY
$0
  • Competitive APY
  • Branch access
  • No account fees
  • Comfort of a well-known brand and reputation
  • 24/7 customer support
  • No ATM access

Capital One 360 Performance Savings checks all the boxes we look for in a high-yield savings account. It even offers branch locations and Capital One Cafes where customers can seek in-person support (if you live near one). This makes it a great fit when you want to reap the rewards of online banking but aren't quite ready to cut ties with brick-and-mortar banks.

Read Full Review

Our pick for: Branch access

Why we think this is the best for branch access: Most of the best free savings accounts are with online banks. But if you want the traditional brick-and-mortar bank experience, Capital One 360 Performance Savings can offer it. This bank has branches and Capital One Cafes, as well as a high-yield savings account with 3.80% APY.

What to consider before opening an account: The Capital One 360 Performance Savings account has no monthly fees, no account maintenance fees, and no minimum balance. This makes it an exceptionally easy-to-use savings account, with no complex requirements. Just deposit your cash and earn 3.80% APY. You can also use multiple accounts for separate financial goals, and set up automatic savings plans.

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Dec 20, 2024

Discover® Online Savings

Open Account for Discover® Online Savings

On Discover Bank's Secure Website.

Member FDIC.
Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
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Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
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Open Account for Discover® Online Savings

On Discover Bank's Secure Website.

APY
3.75%
Min. To Earn APY
$0
  • Competitive APY
  • No account fees
  • Comfort of a well-known brand and reputation
  • 24/7 customer support
  • FDIC insured
  • No ATM access
  • No branch access; online only

The Discover® Online Savings account promises customers an above-average interest rate and few limitations. Most people won't ever encounter fees with this account, and you won't have to worry about keeping track of your monthly withdrawals either.

To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code TMF924 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200. 

What to Know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank.

Read Full Review

Our pick for: Frequent withdrawals

Why we think this is the best for frequent withdrawals: Some banks will charge you a fee if you make too many withdrawals per month from savings. Discover® Online Savings is a good choice if you need to make frequent withdrawals from savings because it doesn't charge any fees for excessive withdrawals. And you can earn 3.75% APY.

What to consider before opening an account: Be aware that Discover® Online Savings limits your withdrawals to six convenient withdrawals per month. The bank won't charge you a fee, but you still need to be careful not to exceed that limit on the number of withdrawals. This account offers a new customer welcome bonus of up to $200, but you must deposit at least $25,000 within 45 days.

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Dec 20, 2024
Award Icon 2025 Award Winner

LendingClub LevelUp Savings

Open Account for LendingClub LevelUp Savings

On LendingClub's Secure Website.

Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
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Open Account for LendingClub LevelUp Savings

On LendingClub's Secure Website.

APY
4.75% APY with $250+ in monthly deposits Rate info Circle with letter I in it. LevelUp Rate of 4.75% APY applied to full balance with $250+ in deposits in Evaluation Period. Otherwise, accounts earn Standard Rate of 3.75% APY. LevelUp Rate applies for first two statement cycles. Rates variable & subject to change at any time. See terms: https://www.lendingclub.com/legal/deposits/levelup-savings-t-and-cs
Min. To Earn APY
$0 to open, $250 cumulative monthly deposits for max APY
  • Competitive APY
  • No fees
  • Easy ATM access
  • Unlimited number of external transfers (up to daily transaction limits)
  • Requires you to make monthly deposits to earn the best APY
  • ACH outbound transfers limited to $10,000 per day for some accounts
  • No branch access; online only

The LendingClub LevelUp Savings account has a lot to offer. At the top of the list is its high APY, though you must deposit monthly to earn the best rate. Next is zero account fees, a strong and straightforward perk. Finally, you get a free ATM card, which you can use to withdraw from thousands of ATMs nationwide. Interested? You can open an account for as little as $1.

https://www.lendingclub.com/legal/deposits/levelup-savings-t-and-cs

Read Full Review

Our pick for: High APY for savings builders

Why we think this is the best for high APY for savings builders: If you're still building your savings by adding new cash deposits to your savings account each month, the LendingClub LevelUp Savings account could be the right choice. This account offers 4.75% APY with $250+ in monthly deposits -- that's one of the highest APYs we've found after the recent Fed rate cut. And you get a free ATM card to access your cash.

What to consider before opening an account: If you can't make the $250 monthly deposit requirement, don't worry -- you'll still earn an impressive APY. The LendingClub LevelUp Savings account also has no account fees, no minimum balance to open, and no monthly minimum balance. This is one of the best savings accounts to help your savings grow, even if you can't afford to add to your savings balance each month.

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Dec 20, 2024

Quontic High Yield Savings

Open Account for Quontic High Yield Savings

On Quontic's Secure Website.

Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
= Good
= Fair
= Poor
Open Account for Quontic High Yield Savings

On Quontic's Secure Website.

APY
4.00%
Min. To Earn APY
$100
  • High APY
  • No monthly service, overdraft, or NSF fees
  • Includes a debit card
  • Customer support
  • Minimum balance requirement
  • No local branches, online only
  • Maximum six transactions per account statement cycle

A standout online savings account with one of the best APY's we've seen. The savings account also includes a debit card, which is a nice add-on for an account that already outshines many. Interest is compounded daily based on your posted account balance, which means your money will grow faster.

Read Full Review

Our pick for: Mobile banking app experience

Why we think this is the best for mobile banking app experience: Quontic is an online bank with a high-yield savings account offering 4.00% APY. But along with a great APY, another reason to choose an online bank is the quality of the mobile app. Quontic's mobile app gets rave reviews: 4.8 stars for iOS, and 4.7 stars for Android.

What to consider before opening an account: Quontic requires a minimum $100 deposit to open a Quontic High Yield Savings account. You can request an ATM card to use with this account, and you get access to more than 90,000 ATMs to withdraw cash.

This account charges no monthly service fees, no account maintenance fees, and no overdraft fees. You can open a Quontic account online in about three minutes.

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Dec 20, 2024

Citizens Access® Savings

Read Review
Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
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Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
= Good
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Read Review
APY
4.15%
Min. To Earn APY
$0.01
  • Competitive APY
  • No account fees
  • Unlimited transfers and withdrawals
  • FDIC insured
  • No wire transfers (inbound or outbound)
  • No checking account offered at same bank
  • No ATM access
  • No branch access; online only

Citizens Access® Savings offers a highly competitive APY and most of the features you'd expect from a reputable online savings account. Beware that wire transfers are not permitted — which may be inconvenient if you plan to pay a mortgage down-payment or closing costs from this account. Otherwise, funds should be easy to access through online transfers.

Our pick for: Online banking with no minimum deposit

Why we think this is the best for online banking with no minimum deposit: Citizens Access® Savings requires no minimum deposit to open -- technically you can open an account with just $0.01. This online bank account offers a slightly higher APY compared to some other similar banks with no minimum balance: Citizens Access® Savings is currently paying 4.15% APY.

What to consider before opening an account: The Citizens Access® Savings account doesn't allow ATM access or wire transfers. If you're trying to use your online savings account to save for a time-sensitive goal, like making a down payment on a house or buying a car, you might need to plan ahead for how to move money out of the account in time for your closing date.

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Dec 20, 2024

EverBank Performance℠ Savings

Read Review
Member FDIC.
Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
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Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
= Good
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Read Review
APY
4.75%
Min. To Earn APY
$0
  • Competitive APY
  • No monthly account fee
  • No minimum deposit or minimum balance
  • Branch access (in some Florida cities)
  • FDIC insured
  • Same-day ACH transfers
  • Free wire transfers (incoming only)
  • No ATM card
  • Branches only in Florida

EverBank Performance℠ Savings has one of the top APYs on our savings account radar, especially among accounts that require no minimum deposit. There are no maintenance fees, and there are multiple options for making deposits into the account. For customers who live in Florida, there are several physical locations to visit.

Our pick for: High APY with some branch access

Why we think this is the best for high APY with some branch access: EverBank Performance℠ Savings currently offers 4.75% APY, which is one of the highest yield savings accounts available after the recent Fed rate cut. And if you're in Florida, you can visit EverBank branches in several cities, including Jacksonville, Clearwater, Fort Myers, and Boca Raton.

What to consider before opening an account: The EverBank Performance℠ Savings account requires no minimum balance and can be opened with as little as $0. You earn the full APY on your entire balance, no matter how much money is in your account.

This account has no monthly maintenance fees. One downside: no ATM access. You can only move money into or out of the account via ACH or wire transfers.

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Dec 20, 2024

Ally Savings

Read Review
Member FDIC.
Rating image, 4.75 out of 5 stars.
4.75/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 4.75 out of 5 stars.
4.75/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
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Read Review
APY
3.80%
Min. To Earn APY
$0
  • Competitive APYs
  • No monthly maintenance fees
  • Saving buckets to separate savings by goals
  • No minimum balance requirements
  • No local branches
  • No cash deposits

The Ally Savings account features a competitive APY on all balances, with no fees or minimums. Customers also have access to several tools like savings buckets, recurring transfers, and roundups to maximize savings opportunities.

Our pick for: Multiple savings goals

Why we think this is the best for multiple savings goals: The Ally Savings account offers slightly lower APY than some other online banks (3.80% APY). But here's what makes Ally Savings unique: it gives you powerful online smart savings tools, like Ally "savings buckets" to save for specific goals, and savings boosters to automatically move more money to savings. If you want to get your savings better organized, Ally Savings can be a good choice.

What to consider before opening an account: Ally says its customers save an average of two times more when they use Ally's smart savings tools. Ally Savings has no monthly maintenance fees and no minimum balance requirements. Be aware that there is a limit of 10 withdrawals from your Ally Savings account per statement cycle -- that's more than many banks allow.

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Dec 20, 2024

Laurel Road High Yield Savings Account

Read Review
Member FDIC.
Rating image, 4.50 out of 5 stars.
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Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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APY
4.80%
Min. To Earn APY
$0
  • Competitively high APY
  • No minimum balance requirement
  • No monthly maintenance fees
  • Mobile check deposit
  • FDIC insurance
  • No ATM access
  • No cash deposits or withdrawals
  • Limited customer service hours

If you want the highest APY on your savings, the Laurel Road High Yield Savings Account offers one of the best APYs we've found, with no minimum deposit, no minimum balance, and no account maintenance fees. Laurel Road is a great choice if you can leave your savings untouched to earn interest -- but this account won't let you withdraw cash.

Our pick for: Healthcare professionals

Why we think this is the best for healthcare professionals: You don't have to be a healthcare professional to open a Laurel Road High Yield Savings Account. But if you're a nurse, doctor, veterinarian, or working in other healthcare careers, Laurel Road offers some unique perks that can be a good fit for your financial life. The Laurel Road High Yield Savings Account offers 4.80% APY.

What to consider before opening an account: The Laurel Road High Yield Savings Account requires no minimum balance and charges no account maintenance fees. You can open an account with $0, and you'll earn the same high APY on your entire balance, no matter how much money is in your account. Be aware that this savings account does not offer ATM access.

How to choose a free savings account

While earning high interest on a savings account is vital, it's not always the most important criteria by which to judge them all. As you're looking at the free savings accounts above, here are some features to compare.

  • App or platform strength: Many of the accounts above will be accessible through apps or webpages. Since this might be the only way to view and monitor your money, it's wise to check the app's rating and reviews on Apple Store and Google Play. You could avoid frustration, frequent app crashes, and information hacks by picking an account that has a robust and secure app.
  • Customer service: Check out Trustpilot, Better Business Bureau, and other third-party review sites to get a feel for how the bank handles customer concerns and questions. Since many free savings accounts don't have a brick-and-mortar location, the strength of a customer service team can go a long way toward helping you get answers and troubleshooting guidance in a timely manner.
  • Convenience: How easy will it be to access your money? Can you make cash and check deposits, or must you only transfer money electronically? A free savings account should be as convenient as you need it to be.
  • APY: Earning high interest on your savings is a huge benefit of a free savings account. Compare the APYs on different accounts and see which will grow your savings the fastest.
  • Fees: Free savings accounts may not charge monthly maintenance fees. But they might charge other fees, like overdraft, wire transfers, and stop payments. Look at the account's fee schedule and make sure you understand all the little charges that aren't advertised upfront.

What is a free savings account?

A free savings account is one that doesn't charge a monthly maintenance fee. Like, ever. These accounts are frequently offered by online banks that can avoid the overhead costs of brick-and-mortar institutions and waive account fees because of it.

Some online savings account providers have physical branches -- like Capital One Bank -- but very seldomly will they have the large network of national banks.

Free savings accounts vs. traditional savings accounts

Regular savings accounts are frequently provided by national and regional banks. These banks typically have brick-and-mortar locations and appeal to clients who value in-person banking. Many regular savings accounts charge a monthly maintenance fee, which can often be waived by maintaining a certain balance or linking several accounts at the same bank.

Free savings accounts, by contrast, are often online and replace in-person help with over the phone customer service and message support centers. These technicians can field basic questions about your account, but they may not have the financial know-how to answer questions about your financial situation and suggest banking products. The account doesn't charge a fee -- nor require you to do anything to waive one -- but they appeal more to those who can handle their own personal finances.

Pros and cons of no-fee savings accounts

Pros

  • High APYs: Free savings accounts typically boast some of the highest interest rates on the market.
  • Low minimum requirements: Many free savings accounts have low opening deposits and minimum balances, white some have no requirements at all.
  • No monthly maintenance fees: This one bears repeating. With a free savings account, you don't have to worry about monthly fees eating into your earnings.

Cons

  • Limited or no branch access: Because these accounts are mostly digital, you won't have in-person banking support. If your bank does have branches, it typically won't have the same nationwide coverage as a regular savings account.
  • Might be hard to deposit or withdraw cash: Many free savings accounts will let you deposit checks mobily. But very few take cash deposits and may not even take physical checks.

Alternatives to no-fee savings accounts

If a free savings account isn't right for you, here are a few other account types that might better suit your needs.

  • High-yield checking accounts: High-yield checking accounts can give you the best of both worlds, meaning both high interest on your savings and easy access to your money. The downside, however, is that the high APY typically only applies to a small balance, like $500. Anything above that is hit with a much lower APY.
  • Money market accounts: Money market accounts combine features of checking and savings accounts. Like checking accounts, many have check-writing privileges and some even come with debit cards. However, like savings accounts, money market accounts typically boast high APYs. Some have account fees, while many others give you options to waive the fees.
  • Certificates of deposit: CDs let you lock in interest rates for a specific term, usually ranging from three months to 10 years. The rates can be higher than those on high-yield savings accounts, but you typically can't access your money for the length of your term, or pay a penalty.

Should you open a free savings account?

A free savings account might be right for you if you can do your banking online and want to earn high interest on your savings. They're also great for supporting your long-term goals, like saving for a big purchase. Even better if you're living a cashless life and can't remember the last time you held a $20 bill.

On the other hand, if you like in-person banking, or rely on cash transactions, a free savings account would be right only if you could support it with another account, like a checking account, that you can access through an ATM. Otherwise, you might be better off looking at regular savings accounts with brick-and-mortar banks.

Banks we monitor

  • Alliant, Ally, All America Bank, American First Credit Union, American Express National Bank, Arvest Bank, Aspiration, Axos Bank, B2 Bank, Bank of America, Bank5 Connect, Bank7, Barclays, Bask Bank, Betterment, Bluevine, BMO Bank, Bread Financial, Capital One, Carver Federal Savings Bank, Charles Schwab Bank, Chase, Chime, CIT, Citibank, Citizens, Citizens Savings Bank, Columbia Bank, Connexus Credit Union, Consumers Credit Union, Copper, Cross River Bank, Customers Bank, Discover® Bank, E*TRADEEdward Jones, EverBank, Fidelity, Fifth Third Bank, First Foundation Bank, First Internet Bank of Indiana, First National Bank, First Tech Federal Credit Union, Flushing Bank, Freedom Bank, Generations Bank, GN Bank, Golden 1 Credit Union, Greenlight, Harborstone Credit Union, HSBC, Huntington Bank, Ivella, Kabbage by American Express, KeyBank, Laurel Road, LendingClub, Liberty Bank, Liberty Federal Credit Union, Marcus by Goldman Sachs, Mercury, Municipal Credit Union, Mutual of Omaha, NASA Federal Credit Union, Nationwide Bank, Navy Federal Credit Union, NBKC Bank, New York Community Bank, Northpointe Bank, Novo, OceanFirst Bank, Old National Bank, ONE Finance, OneUnited Bank, Oxygen, Pacific Western Bank, PNC Bank, Ponce Bank, Popular Direct, Presidential Bank, Prime Alliance Bank, Quontic, Radius, Raisin, Redneck Bank, Regions Bank, Relay, Republic Bank of Chicago, Revolut, Salem Five Bank, Sallie Mae, Santander Bank, SchoolsFirst Federal Credit Union, Simple, SoFi®, Synchrony Bank, TAB Bank, TD Bank, Third Federal, Truist Bank, U.S. Bank, UFB, Upgrade, USAA, Valley Bank, Vanguard, Varo Bank, Vio Bank, Wealthfront, Wells Fargo, Western Alliance Bank, and Zeta.

FAQs

  • Yes, most free savings accounts are FDIC insured. As long as the financial institution supporting the account has FDIC insurance, your deposits will be insured up to $250,000.

  • Yes, interest earned within a free savings account is generally taxable. If you earn more than $10 within a tax year in an interest-bearing account, your bank will send you a form to help you report the interest on your taxes.

  • No, unlike credit cards, banks don't need to look at your credit report to approve your application. Opening a savings account will have no impact on your credit score.