Our pick for digital banking: American Express® High Yield Savings
- Monthly fees: $0
- Interest compounded daily
- Minimum deposit to open: $0
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When you’re saving up for a goal, you don’t want to end up losing any money to fees. Most banks offer free savings accounts — but you have to know how to find them. Here’s what to look for when shopping around for and how to compare free savings account.
When weighing the benefits of a free savings account, look at such factors beyond the monthly fee:
Take a quick look at these four free savings accounts or use the table below for a deeper dive. You can compare free savings accounts by sorting the table by APY and minimum deposit. View your favorites side-by-side by clicking the “Compare” box next to each one.
Free savings accounts can be found at two types of financial institutions:
Savings accounts are designed to help you save money, but you won’t be able to avoid all fees. Depending on your bank, you could face:
Your bank may require you to link your free savings account to a checking account, which could have monthly fees. When comparing savings accounts, make sure you understand the fees that may come with the checking account you link it to:
Interest counts as taxable income, which means you’ll need to file a 1099-INT with your annual tax returns. You won’t pay tax on the balance in your account — only on the interest you earned in that year. For example, if your income is taxed at 25% and you earn $200 in interest, you’ll pay $50 in taxes.
Free savings accounts are a solid option for growing your money. You’ll likely find the highest rates and lowest fees at online banks — but that doesn’t mean you should avoid brick-and-mortar institutions. They may have the accessibility you’re looking for. As always, compare savings accounts until you find one that has features you need to keep on saving.
This Chase business checking account has built-in card acceptance using a smartphone card reader.
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Learn how this high-interest account can boost your savings goals.
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