Best Savings Accounts With No Monthly Fees [May 2026]
Our favorite savings accounts don't just offer higher-than-average APYs, but they also come without monthly fees. Here are no-monthly-fee savings accounts to consider if you're ready to ditch spending when you're trying to save.
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It's the worst feeling: You've been working hard, sticking to a spending plan, and setting aside money into an emergency fund. Yet, when you sign into your account, the balance is lower than expected because the bank charged you a monthly fee just to keep the account open.
If your bank charges account or maintenance fees, it's time to switch so those fees don't hurt your progress.
To help you find the right fit, we identified the best savings accounts with no monthly fees. We've included options with the best customer service, accounts ideal for larger balances, and more.
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
4.00%Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.70% APY Boost (added to the 3.30% APY as of 3/31/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
Minimum Balance for APY
$0
Bonus Offer
Up to $300New 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 Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $300 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% 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 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Why We Like It
Earn a $50 or $300 bonus with eligible direct deposit1 <p>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 Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $300 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% 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 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>.</p> and up to 4.00% APY2 <p>Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.70% APY Boost (added to the 3.30% APY as of 3/31/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p> on your money
Limited-Time Offer: +0.70% Boost on Savings APY to up to 4.00% for up to 6 months on new accounts. Terms apply.2 <p>Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.70% APY Boost (added to the 3.30% APY as of 3/31/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p>
No account, overdraft, or monthly fees3 <p>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 Bank Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a>.</p>
Get your paycheck up to two days early with direct deposit4 <p>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.</p>
Access additional FDIC insurance up to $3 million5 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor 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 $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>
Some banks and credit unions charge monthly maintenance fees on checking and savings accounts to cover the cost of maintaining those accounts. This fee is often waivable if you set up direct deposit or maintain a minimum balance.
Even better? Finding a bank that doesn't charge a monthly fee, no matter your balance. Many financial institutions offer fee-free savings accounts so you can keep your hard-earned money in your own hands.
Compare high-yield savings accounts with no monthly fees
3.20%6 <p>The Annual Percentage Yield (APY) as advertised is accurate as of March 18, 2026. Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened. Interest Rate and APY of a Certificate of Deposit account is fixed once the account is funded.</p>
$03 <p>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 Bank Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a>.</p>
Up to 3.30% with direct deposit7 <p>Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at <a href="https://www.sofi.com/legal/banking-rate-sheet">https://www.sofi.com/legal/banking-rate-sheet</a></p>
up to 4.10% for balances of $5,000 or higher for up to 6 months 9 <p>Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs — Annual Percentage Yields are accurate as of Jan. 09 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.</p> 10 <p>*This is a limited time offer available to New and Existing customers who meet the Platinum Savings APY Boost promotion criteria. Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.35% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate. The Promotion begins on February 13, 2026, and ends May 31, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6-month period outlined in the terms and conditions. The promotion can end at any time without notice.</p> (enter code CITBoost to qualify; $100 minimum opening deposit)
3.40% (as of 4/21/26)11 <p>Annual Percentage Yield (APY) is subject to change at any time without notice. Rate accurate as of 4/21/2026. 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.</p>
3.10%12 <span>A rate of 3.10% Annual Percentage Yield (APY) applies to all account balances. Advertised rates are variable and effective as of 05/04/2026. Rates are subject to change at any time before or after account opening. The 360 Performance Savings account has no monthly cycle service charge and no minimum balance required to open or maintain the account.</span>
Highest APY: 3.20%6 <p>The Annual Percentage Yield (APY) as advertised is accurate as of March 18, 2026. Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened. Interest Rate and APY of a Certificate of Deposit account is fixed once the account is funded.</p>
Minimum deposit: $013 <p class="">There is no minimum balance required to open your Account, to avoid being charged a fee, or to obtain the Annual Percentage Yield (APY) disclosed to you.</p>
Monthly fee: $0
American Express is best known for its rewards credit cards, but it also offers several banking products, including checking and high-yield savings accounts. We especially like the American Express High Yield Savings account, which offers a high APY with no monthly fees or minimum deposit requirements13 <p class="">There is no minimum balance required to open your Account, to avoid being charged a fee, or to obtain the Annual Percentage Yield (APY) disclosed to you.</p> .
You can move money online, set up automatic deposits from your checking account, and manage your account online or via app. J.D. Power awarded American Express the top spot in the 2025 U.S. Credit Card Mobile App Satisfaction Study. The Amex app is highly rated, scoring 4.9 on both the Apple App Store and Google Play14 <p>iOS and Android only. See app store listings for operating system info.</p> .
One drawback we noted was the lack of deposit and withdrawal options. While you can deposit and withdraw money via electronic transfer or mobile deposit, other banks may offer ATM access for their savings accounts.
American Express National Bank, Member FDIC, Terms Apply.
Pros
Highly rated for customer satisfaction
Top-rated mobile app14 <p>iOS and Android only. See app store listings for operating system info.</p>
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
Earn a $50 or $300 bonus with eligible direct deposit1 <p>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 Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $300 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% 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 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>.</p> and up to 4.00% APY2 <p>Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.70% APY Boost (added to the 3.30% APY as of 3/31/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p> on your money
Limited-Time Offer: +0.70% Boost on Savings APY to up to 4.00% for up to 6 months on new accounts. Terms apply.2 <p>Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.70% APY Boost (added to the 3.30% APY as of 3/31/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p>
No account, overdraft, or monthly fees3 <p>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 Bank Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a>.</p>
Get your paycheck up to two days early with direct deposit4 <p>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.</p>
Access additional FDIC insurance up to $3 million5 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor 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 $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>
If you want to keep your checking and savings accounts under one roof, we recommend SoFi®. When you open a SoFi® savings account, you automatically get a checking account as well. We like that these accounts combine to give you access to low-cost, comprehensive banking with no monthly fees3 <p>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 Bank Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a>.</p> and no minimum deposit requirements.
One of our favorite SoFi features is round-ups. When you use your checking account debit card to make a purchase, SoFi rounds up the amount to the nearest full dollar and deposits your excess change to your savings account. Over time, these small contributions can add up and boost your savings.
SoFi also offers Savings Vaults, which we recommend if you're saving for multiple purchases. You can set up a separate vault for each savings goal and track your progress to stay motivated.
The SoFi savings account has an impressive APY. But to earn the highest rate, you must enroll in direct deposit or make at least $5,000 in qualifying deposits per statement cycle. If you don't meet those requirements, your maximum APY will be 1.00% (as of 3/31/26).7 <p>Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at <a href="https://www.sofi.com/legal/banking-rate-sheet">https://www.sofi.com/legal/banking-rate-sheet</a></p>
Member FDIC.5 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor 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 $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
Limited-Time Offer: Earn up to 4.10% APY (3.75% APY9 <p>Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs — Annual Percentage Yields are accurate as of Jan. 09 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.</p> with +0.35% APY Boost) on balances of $5,000 or more for up to 6 months.10 <p>*This is a limited time offer available to New and Existing customers who meet the Platinum Savings APY Boost promotion criteria. Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.35% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate. The Promotion begins on February 13, 2026, and ends May 31, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6-month period outlined in the terms and conditions. The promotion can end at any time without notice.</p> Enter code CITBoost to qualify. $100 minimum opening deposit.
No account opening or monthly services fees8 <p class="">For complete list of account details and fees, see our <a href="https://www.cit.com/cit-bank/resources/forms">Personal Account disclosures</a>.</p>
Enjoy unlimited transfers and withdrawals each month (many savings accounts have monthly limits)
Highest APY: up to 4.10% for balances of $5,000 or higher for up to 6 months9 <p>Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs — Annual Percentage Yields are accurate as of Jan. 09 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.</p> 10 <p>*This is a limited time offer available to New and Existing customers who meet the Platinum Savings APY Boost promotion criteria. Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.35% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate. The Promotion begins on February 13, 2026, and ends May 31, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6-month period outlined in the terms and conditions. The promotion can end at any time without notice.</p> (enter code CITBoost to qualify; $100 minimum opening deposit)
Minimum deposit: $100
Monthly fee: $0
We recommend CIT Bank for earning a higher APY on large balances. The CIT Bank Platinum Savings Account pays the highest APY on balances of $5,000 or more; lower balances earn a rate of 0.25% (as of 01/09/26).9 <p>Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs — Annual Percentage Yields are accurate as of Jan. 09 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.</p> There are no fees to open the account or maintenance fees, but you'll need $100 to open an account.
CIT is a digital bank. A division of First Citizens Bank and Trust, it offers higher-than-average rates on deposit accounts like savings accounts and CDs. If you want to diversify how you save, you can open a savings account, a CD, and a money market account, all with the same financial institution.
CIT Bank doesn't have physical branches. You can only deposit or transfer cash online or via the app, or by mailing a check. What's more, CIT ranked relatively low in the J.D. Power 2025 U.S. Direct Banking Satisfaction Study, indicating that customers had issues with CIT's customer service.
Highest APY: 3.40% (as of 4/21/26)11 <p>Annual Percentage Yield (APY) is subject to change at any time without notice. Rate accurate as of 4/21/2026. 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.</p>
Minimum deposit: $0
Monthly fee: $0
If you want to withdraw cash from your savings account at an ATM, we recommend opening a Synchrony High Yield Savings account. Synchrony customers can withdraw cash fee-free from in-network ATMs and will be reimbursed for any domestic ATM fees charged by other financial institutions, up to $5 per month. This makes getting your hands on your money when you need it easier than ever.
Synchrony's savings account has a higher-than-average APY and no monthly fees or minimum balance requirements.11 <p>Annual Percentage Yield (APY) is subject to change at any time without notice. Rate accurate as of 4/21/2026. 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.</p> Synchrony also offers CDs and money market accounts if you want multiple ways to save.
However, Synchrony doesn't accept cash deposits, so those who work cash-based jobs may need another bank account to transfer funds to Synchrony. Synchrony also doesn't have the best reputation for customer service; it ranked second-to-last in the J.D. Power U.S. Direct Banking Satisfaction Study.
Highest APY: 3.10%A rate of 3.10% Annual Percentage Yield (APY) applies to all account balances. Advertised rates are variable and effective as of 05/04/2026. Rates are subject to change at any time before or after account opening. The 360 Performance Savings account has no monthly cycle service charge and no minimum balance required to open or maintain the account.
Minimum deposit: $0
Monthly fee: $0
Capital One is an all-around favorite of ours. Not only does it offer the 360 Performance Savings Account with 3.10% APYA rate of 3.10% Annual Percentage Yield (APY) applies to all account balances. Advertised rates are variable and effective as of 05/04/2026. Rates are subject to change at any time before or after account opening. The 360 Performance Savings account has no monthly cycle service charge and no minimum balance required to open or maintain the account., but it also comes with useful tools to help you navigate your finances with ease.
One such tool is CreditWise, which gives you access to your FICO credit score alongside personalized insights to help you boost your score. It also includes dark web monitoring and instant alerts for anything that could affect your credit score, such as new inquiries or late payments.
Capital One also has a limited number of branches, plus Cafes in 19 states and Washington, D.C., where you can grab a coffee and get in-person help. You can open a savings account with $0, which we like for those just starting out or who have a small amount of cash to start saving.
We find EverBank's substantially higher-than-average APY of 3.90% (as of 02/20/26) on its Performance Savings account extremely impressive. That's the highest APY among all the banks we evaluated. EverBank also offers CDs with 3.40%-4.00% (as of 03/06/26) APY and terms ranging from 3 months to 5 years.
You can maximize your earnings even further by also opening an interest-bearing EverBank Performance Checking account. You'll earn 0.25% (as of 2/20/2026) on checking balances, bumping up your total APY across both accounts. Both the checking and savings accounts are free from monthly maintenance fees, though you'll need at least $100 to open a checking account.
But if you like having the option to visit a physical branch to ask questions or deposit cash, you'll likely be better off looking elsewhere. EverBank only operates a few financial centers in Florida, California, and New York.
How we determined the best no-monthly-fee savings accounts
To determine the best savings accounts with no monthly fees, we researched popular traditional and online banks, fintechs, and credit unions. Avoiding monthly fees is a baseline requirement for any account on this list, but we also weighed the following:
APYs: We prioritized accounts offering significantly above-average annual percentage yields (APYs). The national average rate for savings accounts is just 0.38% (as of 4/20/26), according to the FDIC, but the best high-yield savings accounts can offer rates many times higher, and we gave this the highest priority in our analysis. All accounts on our list earn at least 3.00% APY.
Minimum deposit and balance requirements: We gave preference to accounts with no minimum deposits to open or a minimum balance to earn the advertised APYs, though we included select accounts with low minimums where the overall value was strong. There are no minimum deposits greater than $100 here.
Access and convenience: We evaluated how easy it is to deposit and withdraw funds by considering ATM availability, cash deposit options, and transfer flexibility. We also considered withdrawal limits, as some savings accounts cap the number of monthly transactions allowed. When choosing a bank, we found in our FinanceBuzz study on banking behavior that convenience is the number one factor people consider when choosing online-only companies.
Additional features and tools: We weighed the value of extra features like automated savings tools, savings vaults or goal-setting tools, round-up features, and access to complementary checking accounts (particularly for bundled accounts).
Customer satisfaction: We referenced third-party rankings, including J.D. Power's U.S. Direct Banking Satisfaction Study, to assess how well each institution treats and supports its customers through its mobile app, online platforms, and customer support avenues.
All savings accounts featured on this list are insured by either the Federal Deposit Insurance Corporation (FDIC) or, for credit unions, the National Credit Union Administration (NCUA). This is a non-negotiable requirement for any account we recommend. Check out how FinanceBuzz rates deposit accounts for more details about our star rating methodology.
How to choose the best savings accounts with no monthly fees
There's no one bank that's best for everyone. To find the right savings account with no monthly fees for you, consider these factors.
Deposit options: Savings accounts with high APYs and low fees are typically offered by online or digital banks. If you work in a cash-based business, look for one that allows you to make cash deposits at partner ATMs.
Other fees: In addition to monthly fees, some banks charge extra fees for stop payments, wire transfers, or ATM withdrawals.
Withdrawal limits: Some banks limit how many withdrawals or transactions you can make from a savings account per month. If you exceed the limit — such as six per month — the bank may charge you an excess withdrawal fee or switch your account to a checking account.
APY: Nationally, the average APY for savings accounts is just 0.38% (as of 4/20/26). But it's possible to find banks that offer rates 10 times that, so it's wise to research your options to find the best savings account rates.
Cash access: To use your savings, you often need to transfer funds to a spending account first, such as a checking account. If you need the option to withdraw cash from your savings balance, consider savings accounts with debit cards.
Build smarter savings with interest
Putting your money into an interest-earning account allows it to grow steadily instead of sitting idle. This savings calculator allows you to test different contributions and timelines, helping you see how consistent saving and earned interest can work together to boost your overall balance.
How Much Interest You Can Earn
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Total Contribution
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Total Savings:
Taking the time to research your options can help you choose the right place for your money, setting you up for stronger growth and better financial outcomes over time.
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FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
Use Cash App As Your All-in-One Financial Services Platform
Bank15 <p>Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Savings provided by Cash App, a Block, Inc. brand.</p><p class="">Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Direct Deposit provided by Cash App, a Block, Inc. brand.</p> without all the fees—save, send, and spend your money the way you want.16 <p class="">Your balance is eligible for FDIC pass-through insurance through our Program Banks Wells Fargo Bank, N.A. and/or Sutton Bank, Members FDIC for up to $250,000 per customer when aggregated with all other deposits held in the same legal capacity at each Program Bank above, if certain conditions are met. Cash App is a financial services platform, and not an FDIC-insured bank. Prepaid debit cards issued by Sutton Bank, Member FDIC. See <a href="https://cash.app/legal/us/en-us/card-agreement">terms and conditions</a>. </p> Get paid up to 2 days early – up to 2 days earlier than most banks17 <p>Your first deposit may take longer depending on your employer.</p>
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
Synchrony Bank High Yield Savings - 3.40% APY
Let your money work for you with great rates: count on it. Open a High Yield Savings account with Synchrony today. Member FDIC.11 <p>Annual Percentage Yield (APY) is subject to change at any time without notice. Rate accurate as of 4/21/2026. 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.</p>
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
AWARD WINNERBest Online Checking
SoFi Checking & Savings - Earn Up to $300 When You Set Up Direct Deposit
Limited-Time Offer: Earn a $50 or $300 bonus with eligible direct deposit and up to 4.00% APY on Savings (3.30% APY1 <p>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 Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $300 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% 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 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +0.70% APY Boost) for up to 6 Months on new accounts. Terms Apply.2 <p>Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.70% APY Boost (added to the 3.30% APY as of 3/31/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p> FDIC Insured.5 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor 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 $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>
Some banks do charge monthly account fees or maintenance fees on savings accounts. For example, you may pay a fee of $5 to $10 per month. However, many banks — particularly digital or online banks — offer savings accounts without monthly fees.
What savings account has no monthly fees?
Savings accounts from American Express, SoFi, and Capital One have $0 monthly fees, maintenance fees, or minimum balance requirements.
Where can I get 5% interest on my savings account?
Although it used to be possible to find APYs of 5.00% or better, interest rates have dropped, so high-yield savings accounts tend to offer rates between 3.5% and 4.30%. Everbank has a high APY at 3.90% (as of 02/20/26).
Bottom line
If your bank charges account fees, your savings account is losing money. Switching to a savings account with no monthly fees will help you save money and grow your money faster.
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
AWARD WINNERBest Online Checking
High APY of up to 4.00% on Savings (3.30% APY1 <p>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 Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $300 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% 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 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +0.70% APY Boost) for up to 6 Months on new accounts. Terms Apply.2 <p>Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.70% APY Boost (added to the 3.30% APY as of 3/31/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p>
Paycheck access up to 2 days early with direct deposit4 <p>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.</p>
No monthly maintenance or overdraft fees3 <p>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 Bank Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a>.</p>
Streamlined savings and savings goals with Vaults
Access to a large ATM network18 <p>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 may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.</p>
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The FinanceBuzz editorial team strives to provide accurate, in-depth information and reviews to help you, our reader, make financial decisions with confidence. Here's what you can expect from us:
FinanceBuzz makes money when you click the links on our site to some of the products and offers that we mention. These partnerships do not influence our opinions or recommendations.
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EverBank Performance Savings
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