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Compare free savings accounts

No fees mean every dollar gets you closer to your financial goals.

Compare free savings accounts

Most banks offer a free savings account — but you have to know how to find them. Use this table to compare free savings accounts based on their fees, interest rates and minimum opening deposits. Sort the accounts based on their APYs and minimum deposits, or compare providers against each other by checking the Compare box below each providers' name.

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
5.00%
$0 per month or $7.99 per month for Aspiration Plus ($5.99 per month if you pay annually)
$10
Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC and a $100 bonus when you spend $1,000 in your first 60 days.
Axos Bank High Yield Savings
Finder Rating: 4 / 5: ★★★★★
Axos Bank High Yield Savings
0.61%
0.25%
0.15%
$0
$250
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
American Express® High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
American Express® High Yield Savings
0.40%
$0
$0
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Quontic Bank High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
Quontic Bank High Yield Savings
0.55%
$0
$100
Interest is compounded daily. No monthly service fees. Competitive rates
SoFi Money
Finder Rating: 4.3 / 5: ★★★★★
SoFi Money
0.25%
$0
$0
SoFi Money® is a cash management account that charges no account fees to save, spend, and earn cash back rewards when you spend on brands you love.
Chime Savings
Finder Rating: 4.6 / 5: ★★★★★
Chime Savings
0.50%
$0
$0
Grow your savings automatically with recurring transfers, round-ups on debit card purchases and 0.5% APY.
Axos Bank High Yield Money Market account
Finder Rating: 4.1 / 5: ★★★★★
Axos Bank High Yield Money Market account
0.25%
$0
$1,000
Offers the security of traditional savings with the advantage of high interest rates and limited transactions.
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Compare up to 4 providers

How to compare free savings accounts

When weighing the benefits of a free savings account, look at such factors beyond the monthly fee:

  • Interest rates. If you want the highest APY, consider online banks. They have lower overhead than traditional banks, so they tend to offer the highest interest rates with little to no fees.
  • Signup bonuses. Some banks offer introductory bonus rates, extra features, free gifts or other rewards for opening a free savings account with them. Carefully read the conditions of the perk so that you don’t miss out.
  • Minimums. Look for an account with no minimum balance and minimum opening deposit requirements. That way you know you’re earning interest on every dollar you save. Plus, you can start saving with as little or as much money as you’d like.
  • Account access. Free savings accounts — especially those from online banks — may not come with an ATM card or easy account access. Consider whether your bank offers a mobile app or an extensive network of ATMs and branches for easy access to your money.
  • Miscellaneous fees. Many savings accounts are considered “free” as long as they don’t have a monthly fee. But that doesn’t mean you won’t pay fees for excessive withdrawals, ATMs or transfers. Read the account’s fine print to see what you could be on the hook for.

Where should I open a free savings account?

Free savings accounts can be found at two types of financial institutions:

  • Online banks. Online banks — and online divisions of traditional banks — slash their overhead costs and pass these savings onto you in the form of high APYs and low fees. You’ll typically find the highest rates at institutions offering free online savings accounts, but you won’t be able to withdraw cash in-person and your account may not come with an ATM card.
  • Brick-and-mortar banks. Free savings accounts from physical banks usually have the lowest APYs. You won’t earn much on your money, but you may be able to withdraw cash at a local branch or using an ATM card.

    What other fees do I need to look out for?

    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:

    • Transfer fees. Your bank may charge you to transfer money to an account at another bank.
    • Overdraft fees. If a transaction drops your balance below $0, you could be charged a fee.
    • Paper statement fees. Unless you sign up for digital statements, your bank may charge a small fee to mail them.
    • Transaction penalties.Federal law limits the activity you can have in your savings account to six transactions per month. If you exceed that limit, you face fees and even the closing of your account.
    • Potential fees with linked checking. Your bank may require you to link your free savings account to a checking account, which could have monthly fees.

    How is interest taxed on a free savings account?

    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.

    Are there tax free savings accounts?

    Tax-Free Savings Accounts (TFSAs) aren’t a thing in the US, but they are available in Canada to individuals over age 18. With a TSFA, Canadians can deposit up to CAD $6,000 a year and enjoy tax-free withdrawals on any gains and dividends they receive.

    Learn more about income tax and savings accounts.

    Are free savings accounts safe?

    Yes. Your savings account balance is protected by the federal government for up to $250,000 across all accounts at one bank or other financial institutions.

    Why do most savings accounts come with no fees?

    Banks are a business. When you deposit your money into a free savings account, you’re effectively lending money to the bank. Your bank pools your money with other members’ and lends it out to borrowers, charging them interest. The interest they earn from lending out your money is likely a benefit they’re willing to waive fees for.

    Bottom line

    Free savings accounts are a solid option for growing your money — and some even offer high interest rates. You’ll likely find most free savings accounts at online banks — but that doesn’t mean you should avoid brick-and-mortar institutions. They may have the accessibility you’re looking for.

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