The best 8 free savings accounts in 2024

Escape tedious fees and make your money work smarter by opening a fee-free, high-yield savings account at an online bank.

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By Drew Waterstreet
Drew Waterstreet

Written by

Drew Waterstreet

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Drew Waterstreet is a contributing writer at Bankrate in the insurance vertical. His previous work includes content positions at Jerry and Podcast Notes, writing on topics related to car insurance, economic trends, personal finance, and entrepreneurship.

Updated May 14, 2024, 3:18 PM EDT

Edited by Hanna Horvath CFP®
Hanna Horvath CFP®

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Written by

Hanna Horvath CFP®

Editor

Hanna Horvath is a CERTIFIED FINANCIAL PLANNER™ and Red Venture's senior editor of content partnerships.

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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.

Pros
Cons
  • Very high annual percentage yield (APY)
  • No minimum balance requirement
  • No monthly fees
  • Mileage Savings Account allows you to earn AAdvantage® miles.
  • Limited to six withdrawals or transfers per month
  • No checking account offered
  • No ATM access

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.

Pros
Cons
  • One of the highest-yielding savings accounts on the market
  • No minimum balance requirement
  • No monthly fees
  • $100 minimum initial deposit
  • No ATM access
  • No checking account offered
  • Cash deposits not accepted

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.

Pros
Cons
  • Solid APY
  • No minimum balance requirement
  • No monthly fees
  • Physical branch access
  • In-network ATM access
  • Ability to add checking account
  • Mobile check deposit
  • Variety of other banking products offered
  • May find higher APYs elsewhere
  • Limited to six withdrawals or transfers per month