Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.
The best no-fee savings accounts have no monthly maintenance fee and offer beneficial features that help customers manage and maximize savings. These accounts generally offer highly rated mobile apps and top-notch customer service. When banks promote having no fees, typically, they’re referring to having no monthly maintenance fee and low charges for transactions like wire transfers, excessive withdrawals and other account services.
Read More
Show Summary
Best Free Savings Accounts
We’ve compared 73 online savings accounts at 53 nationally available banks and credit unions to find some of the best accounts available. See below to learn more about why we picked each account, the pros and cons, and to access individual bank reviews.
Annual percentage yields (APYs) and account details are accurate as of April 2, 2025.
Best for High APY
Varo Savings Account
Annual Percentage Yield
2.50% or 5.00%
Rates and details as of 12/11/24.
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$0
Learn More
On Varo Bank's Website
Member FDIC
Member FDIC
2.50% or 5.00%
Rates and details as of 12/11/24.
$0
$0
Editor's Take
Our experts picked the Varo Savings Account because it offers one of the highest APYs on the market if you can meet its monthly requirements (see Details). Plus, the account requires no minimum deposit or minimum balance and carries no monthly fee.
Why We Like It
We like this savings account because it can help you save more with optional spare change transfers from your linked Varo checking account and automatic paycheck transfers.
What We Don’t Like
We don’t like that Varo requires you to open a checking account—the Varo Bank Account—before you can apply for a Varo Savings Account. You also need direct deposits to qualify for the best rate, while many free savings accounts have no such requirements.
Who It’s Best For
Varo Savings Accounts are best for those motivated to save often and who will take advantage of hands-off automated savings features. This account is only a good fit for people who want to open a new checking account for their direct deposits.
Pros & Cons
- 2.50% APY on balances up to $5,000
- Automatic savings tools
- No fees or minimum balance requirements
- 2.50% APY only applies to the first $5,000 in your account
- Must open Varo checking account first
Details
- To earn 2.50% APY, customers must receive total direct deposits of $1,000 or more within each qualifying period and have a positive balance in both savings and checking accounts at the end of the calendar month. All balances above $5,000 earn an APY of 5.00%.
- Interest on the Varo Savings Account is compounded daily and credited monthly.
- The account can only be owned by one person, which means there are no joint accounts.
- There are no fees associated with the account, and Varo doesn’t allow for overdrafts. If you request more than you have, Varo will decline the request.
- Varo doesn’t allow for wire transfers.
- You can withdraw your finances with electronic transfers through the app, but ATM access isn’t available.
- In order to take advantage of the automatic savings features (Save Your Change and Save Your Pay), you’ll need to use a Varo Bank account.
Best for No Fees
Sallie Mae Bank SmartyPig Account
Annual Percentage Yield
3.90%
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$0
Learn More
Via MoneyLion’s Website
3.90%
$0
$0
Editor's Take
We picked Sallie Mae’s SmartyPig Account because it comes the closest to having no fees. Many online banks waive common fees like monthly service fees but still charge lesser-known fees for certain services. Sallie Mae has one of the shortest lists of fees we’ve seen.
Why We Like It
We like that this account doesn’t charge inactivity fees, low balance fees, excessive transaction fees for making too many transfers or withdrawals in a month or incoming wire fees. The only fees it has are for outgoing wire transfers and expedited delivery.
What We Don’t Like
The Sallie Mae banking mobile app scores poorly on Google Play and the App Store, with many users complaining that it’s slow and outdated, making for a frustrating smartphone banking experience.
Who It’s Best For
SmartyPig Accounts from Sallie Mae are best for savers who want to avoid most banking fees with a basic savings account that has no deposit or balance requirements.
Pros & Cons
- High yield that compounds daily
- No minimums or overdraft fees
- Tools to help you save for specific purchases
- No physical locations
- No ATM access
Details
- You’ll earn 3.90% APY on all balances, with interest compounding daily.
- There’s no monthly maintenance fee, required minimum deposits or overdraft fees.
- No wire transfers and or access to ATMs.
- No limit on withdrawals.
- Customer service available via phone Monday through Friday, 9 a.m. to 6 p.m. Eastern time.
Best for Same-Day Transfers
Marcus by Goldman Sachs High-Yield Online Savings Account
Annual Percentage Yield
3.75%
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$0
Learn More
Via MoneyLion’s Website
3.75%
$0
$0
Editor's Take
We picked the Marcus by Goldman Sachs High-Yield Online Savings Account because it allows same-day transfers from other financial institutions up to $100,000. It also carries no monthly fee, doesn’t limit monthly transactions and charges relatively few other fees.
Why We Like It
We like that this online account allows for easy transfers in and out. Same-day transfers make it perfect for quickly accessing your savings or adding funds, and you can also fund the account via bank transfer, direct deposit, domestic wire transfer or mailed check.
What We Don’t Like
We don’t like that Marcus doesn’t offer a checking account, which would allow you to get to your cash even faster. Depending on the bank you’re transferring to, same-day transfers won’t guarantee same-day funds availability.
Who It’s Best For
This simple Marcus savings account is best for earning a high yield on your savings while keeping convenient access to it. It’s particularly well-suited for emergency funds because it allows for same-day and unlimited withdrawals.
Pros & Cons
- Low fees
- No minimums
- Decent yield
- Good customer service
- Higher yields elsewhere
- No physical branches
- No ATM access
Details
- You’ll earn a yield of 3.75% APY on all balances, up to maximum balance limits on all balances and interest compounds daily.
- There’s no minimum balance requirement and no monthly maintenance fee. Marcus doesn’t impose a fee for outgoing or incoming wire transfers, although you can only send a transfer to an account you own at another bank.
- No access to ATMs, so you shouldn’t use this account if you think you’ll need to dip into your savings in a pinch.
- Still, you can make as many transfers out of your savings account as you wish.
- Customer service via the phone is available 24/7, and existing customers can use the chatbot for instant communication.
Best for ATM Access
Synchrony Bank High Yield Savings
Annual Percentage Yield
Annual Percentage Yield (APY) is subject to change at any time without notice. Offer applies to personal accounts only. Fees may reduce earnings. For High Yield Savings accounts, the rate may change after the account is opened. Visit synchrony.com/banking for current rates, terms and account requirements. Member FDIC.
4.00%
Rate as of 2/4/25
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$0
Learn More
On Synchrony Bank's Website
Member FDIC
Member FDIC
Annual Percentage Yield (APY) is subject to change at any time without notice. Offer applies to personal accounts only. Fees may reduce earnings. For High Yield Savings accounts, the rate may change after the account is opened. Visit synchrony.com/banking for current rates, terms and account requirements. Member FDIC.
4.00%
Rate as of 2/4/25
$0
$0
Editor's Take
We picked the Synchrony Bank High Yield Savings account for this list because it’s one of the only savings accounts offering ATM access in addition to a high APY and no fees. Unlike a typical savings account, it offers an optional ATM card and third-party fee rebates.
Why We Like It
Synchrony Bank doesn’t charge ATM fees and reimburses customers up to $5 per statement period for fees charged by other financial institutions. Its surcharge-free ATM network consists of over 70,000 machines.
What We Don’t Like
We don’t like that you have to reach Diamond status in the Synchrony Perks Rewards program to qualify for unlimited ATM reimbursements. This status, with a balance requirement of $250,000, will be out of reach for most, so many will receive just $5 a month in fee rebates.
Who It’s Best For
The Synchrony High Yield Savings account is best for anyone who wants the ability to spend their savings as cash. With ATM access and a variety of other ways to transfer funds, this account is more flexible than most savings accounts.
Pros & Cons
- High savings yield, with daily compounding interest
- No monthly fees or minimums
- No overdraft fees
- 24/7 customer service
- Access to ATMs
- No physical branches
- $25 fee for outgoing domestic wire transfers
- Limited to 6 withdrawals per month
Details
- Earn an APY of 4.00% that compounds daily.
- No monthly maintenance fee, required minimum deposits or overdraft fees.
- No incoming wire transfer fees, though you’ll owe $25 for domestic wires. (No international wires available.)
- Access to ATM card, and no-fee options through the Plus or Accel networks. Receive up to $5 per statement in reimbursements on ATMs used in the U.S.
- Limited to 6 withdrawals per month, though that doesn’t count ATM withdrawals. After that, your withdrawals will be denied, but there is no fee.
- 24/7 customer service available via the phone and there’s a chatbot that can connect you to a human representative.
Best for Mobile Banking
Discover® Bank Online Savings Account
Annual Percentage Yield
3.70%
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$0
Learn More
On Discover's website
3.70%
$0
$0
Editor's Take
We picked the Discover Online Savings Account as the best free savings account for mobile banking because, on top of its other appealing features, it has a highly rated, user-friendly mobile app.
Why We Like It
We like that Discover’s banking app allows users to contact customer support 24/7 via online chat, customize their account alerts and widgets, see their balances, deposit checks and more.
What We Don’t Like
Compared to some of the best high-yield savings accounts, Discover’s free savings account earns a lower APY regardless of your balance. Many of the top savings accounts, CDs and money market accounts earn more competitive yields.
Who It’s Best For
If you plan to use your smartphone to do most or all of your banking, Discover’s Online Savings Account could be the best option for you. Its easy-to-use app promises convenient and secure banking on the go.
Pros & Cons
- No fees
- Competitive APY
- Customer service is available 24/7
- There are accounts with higher APYs
- No physical locations
Details
Charging few fees is a staple of Discover’s banking business model, and its online savings account is no exception. The account doesn’t charge fees for monthly maintenance, insufficient funds, account closure, official bank checks, excessive withdrawals and a host of other transactions that other banks may charge.
Aside from having few fees, the account earns 3.70% APY on all balances and carries no minimum balance requirement.
Interest is compounded daily and credited monthly. Discover Bank is not enforcing limits on certain types of transactions per month, as is typically done with savings accounts.
Summary: Best Free Savings Accounts Of 2025
Methodology
The accounts on this list keep fees to a minimum overall. These accounts don’t charge a monthly maintenance fee, or if they do, they provide the ability to waive the monthly fee easily. They also keep other fees low, like excess transaction and wire transfer fees.
To create a list of the best savings accounts, Forbes Advisor analyzed 73 online savings accounts at 53 financial institutions, including a mix of traditional brick-and-mortar banks, online banks, and credit unions. We ranked each account on 12 data points within the categories of APY, fees, minimum requirements, customer experience, digital experience and availability. All of the accounts on our list are online-based accounts.
Here’s the weighting assigned to each category for no-fee savings accounts:
- Fees: 60%
- APY: 10%
- Minimums: 10%
- Customer experience: 10%
- Digital experience: 10%
We also considered whether there were complex tier structures or requirements to earn the APY or other stipulations to earn the APY. Minimum deposit requirements of $10,000 or higher affected scores negatively, as did high minimum balance requirements to avoid fees. To appear on this list, the online savings account must be nationally available.
To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Banks.
Complete Guide on Free Savings Accounts
- What Is a No-Fee Savings Account?
- Regular Savings Account Fees
- Pros and Cons of Free Savings Accounts
- Traditional Savings Account vs. Free Savings Account
- How To Choose a Free Savings Account
- How To Open a Free Savings Account
- Alternatives to Free Savings Accounts
- Recap: Best Free Savings Accounts of 2025
- Banks We Monitor
- Frequently Asked Questions (FAQs)
What Is a No-Fee Savings Account?
A no-fee savings account refers to a savings account that doesn’t charge a monthly maintenance fee—or offers simple ways to waive those fees—and keeps other fees minimal.
Banks often charge a fee to maintain or service accounts each month. A savings account is designed to build up savings, and paying a fee cuts into how much interest you may earn, so a no-fee savings account is ideal.
Some banks that charge a monthly fee will waive the charge if you meet specific requirements, like maintaining a minimum balance or setting up direct deposits. Even banks that promote free or no-fee savings accounts may charge fees for certain types of transactions like wire transfers. Review an account’s fee schedule before opening an account to determine which fees you may have to pay.
Regular Savings Account Fees
Besides monthly maintenance fees, banks often charge customers fees for other reasons. Some of these fees are more common than others, and amounts may vary depending on the financial institution. Here are some savings account fees your bank may charge:
- Wire transfer fee. Banks often charge fees for outgoing wire transfers to other financial institutions.
- Early account closing fee. Your bank may require you to keep your account open for a specific period or face a penalty for closing it early.
- Excessive transactions fee. Changes by the federal government to Regulation D made it easier to access your savings without penalties, but some banks still charge a fee if you surpass transaction limits set for the account.
- Paper statement fees. With banks moving more toward electronic statements, you could pay a fee if you opt to receive a paper copy of your bank statement.
Pros and Cons of Free Savings Accounts
Free savings accounts can be more affordable and accessible, but they can also come with potential disadvantages. Consider these pros and cons before opening a free savings account.
Pros
- No or low fees. Free savings accounts charge no monthly fees for account management and often eliminate other common banking fees like overdraft and ATM fees.
- Low account minimums. Banks often couple no fees with no minimum opening deposit and ongoing balance requirements.
- Competitive APYs. The online banks that offer many of the best free savings accounts have fewer overhead costs than brick-and-mortar banks and generally offer higher, more competitive APYs.
Cons
- No bank branches. Free savings accounts may not offer the option to bank in person, since many are available through online banks.
- Limited deposit options. Your options for depositing funds into a savings account at an online bank may be limited. Many online savings accounts don’t allow cash deposits.
- Other bank fees. Free savings accounts don’t carry monthly service fees but may charge fees on certain transactions.
Traditional Savings Account vs. Free Savings Account
The primary difference between a traditional savings account and a free savings account is that a traditional savings account typically charges a monthly maintenance fee, while a free savings account doesn’t. Because free savings accounts are typically offered by online banks, there may be other differences.
Here’s a look at how they compare. Keep in mind that banks and credit unions vary in product offerings, account features and fee structures, so there may be traditional and free savings accounts that fall outside of the norm.
| TRADITIONAL SAVINGS ACCOUNT | FREE SAVINGS ACCOUNT | |
|---|---|---|
| Monthly maintenance fees | Yes | No |
| Other bank fees | Yes | Sometimes |
| APYs | Often have low APYs | Often have competitive APYs |
| In-person banking | Yes | Sometimes |
| FDIC insurance | Yes | Yes |
| Where to open | Bank or credit union | Online bank |
How To Choose a Free Savings Account
Finding the best no-fee savings account can help you save money in fees, leaving more of your savings to grow through interest-earning. Knowing what to look for—and your specific financial goals—can help narrow down your search. Here are some factors to consider:
- Hidden fees. Some banks and credit unions make it easy to find the fees associated with savings accounts. Others may require some digging online or a call to customer service to get answers. You may find common bank fees listed on the bank’s website under the specific account or in its FAQs section. Other places to look are online fee schedules and deposit account agreements.
- Customer service. Some credit unions and banks offer more customer service options than others. Find a bank that offers convenient ways to receive help quickly.
- APY. High-yield savings accounts offer some of the best interest rates available anywhere. Finding a bank or credit union with a competitive APY will help maximize funds kept in a savings account.
Pro Tip
These days, banks and credit unions offer many features and tools—like digital banking, roundups, and savings buckets—to help customers manage their money and automate their finances. Find a bank that offers features that will help you the most.
How To Open a Free Savings Account
Opening a free savings account online typically only takes a few minutes. The application process may look different depending on the bank, but it will generally include the following steps:
- Choose an account. Shop around to find a free savings account that earns competitive interest and meets your banking needs.
- Submit an application online. Many banks allow you to open a savings account online, although some may require a visit to a local branch to apply. Banks will ask you to supply personal information to verify your identity.
- Fund your account. If the bank requires a minimum opening deposit with application approval, you’ll need to link another bank account to fund your account.
Unlike credit cards, banks don’t perform a credit check when you apply for a bank account. You’ll still need to provide certain personal information and documentation to verify your identity and ensure you qualify for the account.
Depending on the bank, you may be required to provide the following information:
- Full name
- Physical address
- Contact information
- Social Security number or Taxpayer ID
- Funding source
- Date of birth
- A government-issued photo ID
Alternatives to Free Savings Accounts
Free savings accounts can be an excellent tool to earn interest on deposits without worrying about bank fees or high minimum deposit requirements. However, there are several alternatives you can use if you want higher APYs or more flexibility.
High-Yield Savings Accounts
Free Money Market Accounts
Certificates of Deposit (CDs)
Rewards Checking Accounts
Bonds
Recap: Best Free Savings Accounts of 2025
- Varo Savings Account: Best for High APY
- Sallie Mae Bank SmartyPig Account: Best For No Fees
- Marcus by Goldman Sachs High-Yield Online Savings Account: Best For Same-Day Transfers
- Synchrony Bank High Yield Savings: Best For ATM Access
- Discover® Bank Online Savings Account: Best For Mobile Banking
Forbes Advisor Banking Writer Kevin Payne and Banking Writer Thomas Blake contributed to this article.
Frequently Asked Questions (FAQs)
Are free savings accounts FDIC insured?
The FDIC insures bank accounts up to $250,000 per depositor, for each ownership category, in the event of a bank failure. Most online banks are either FDIC insured or are affiliated with a traditional bank that is FDIC insured.
Free savings accounts at nationally chartered and many state-chartered credit unions are insured by the National Credit Union Administration (NCUA) up to $250,000 per share owner, per insured credit union, for each account ownership category.
Do free savings accounts have high interest rates?
Online banks are known for free savings accounts with low or no monthly fees. These types of accounts often earn higher interest rates, although rates can vary between banks. Online banks tend to have lower operating costs than traditional banks because they don’t have to operate local branches. They’re able to pass those savings on to their customers through lower fees and more competitive APYs.
Do banks require any minimums to avoid savings account fees?
Some banks or savings account options require you to meet specific minimum balance requirements to avoid monthly maintenance fees. You may also need to meet a certain balance requirement to earn interest each month.
Why should teenagers look for free savings accounts?
Free savings accounts don’t charge monthly bank fees. For teenagers beginning to earn and save money, paying bank fees can quickly deplete their savings. These accounts often don’t require meeting minimum balance requirements either, making them a better fit for teens who don’t generate enough income or savings to maintain a minimum balance.
Which banks offer the best savings accounts with no monthly fee?
Varo Bank, Sallie Mae Bank, Marcus by Goldman Sachs, Discover and Synchrony Bank all offer some of the best no-fee savings accounts. The top savings accounts with no monthly maintenance fees are often found at online banks. Online banks typically charge low or no fees and offer more competitive APYs.
