Banking Bank Reviews

The Best Savings Accounts With No Monthly Fees: Our [2025] Picks

Banks like American Express, Synchrony, and Everbank boast higher-than-average APYs without monthly fees.

A woman smiles while using her phone to make a payment.
Updated July 31, 2025
Fact check checkmark icon Fact checked

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. Some of our favorite accounts include American Express® High Yield Savings for excellent customer service and SoFi Checking and Savings for a combination account.

To help you find the right fit, we identified the best savings accounts with no monthly fees.

How we evaluate products

Account Best for… Monthly fees APY
American Express® High Yield Savings Customer satisfaction $0 3.50%1
SoFi Checking and Savings Combination account $02 Up to 3.80% with direct deposit3
Synchrony High Yield Savings Low minimum deposit $0 4.00% (as of 04/18/25)4
Capital One 360 Performance Savings Extra tools $0 3.50%5
EverBank Performance Savings High APY $0 4.30% (as of 07/25/25)
CIT Bank Platinum Savings Larger balances $0 0.25% (as of 06/12/25) (4.00% for balances of $5,000 or higher)6

American Express High Yield Savings

Excellent for customer service

Product details

  • Highest APY: 3.50%1
  • Minimum deposit: $07
  • Monthly fee: $0

American Express is best-known for its rewards credit cards, but it also has several banking products, including checking and high-yield savings accounts. Overall, I like its savings account, which offers a higher APY than most and doesn't have a monthly fee or minimum deposit requirement.

American Express is highly-rated for customer satisfaction, and J.D. Power also awarded American Express the top spot in the 2025 U.S. Credit Card Mobile App Satisfaction Study.

However, its accounts only allow you to deposit and withdraw money via electronic transfer or mobile deposit. Unlike many other banks, it doesn't offer ATM access, so there's no way to deposit or withdraw cash.

American Express National Bank, Member FDIC, Terms Apply.

Pros
  • Highly-rated for customer satisfaction
  • Top-rated mobile app
  • No minimum deposit
Cons
  • No ATM access
  • Lower APY than some competitors

Visit American Express High Yield Savings | Learn more in our American Express High Yield Savings review

SoFi Checking and Savings

Excellent for combination accounts

Product details

  • Highest APY: Up to 3.80% with direct deposit
  • Minimum deposit: $0
  • Monthly fee: $0

When you open a SoFi® savings account, the company automatically opens a checking account for you too. I like that these accounts combine to give you access to low-cost, comprehensive banking. Neither of the accounts charge monthly fees, and there is no minimum deposit to start saving.

SoFi also has a round-up feature; whenever 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. This feature is great for those who are new to saving, as over time, these small contributions can add up and boost your savings.

The SoFi savings account pays a significantly higher rate of interest, 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, the highest APY you can earn is 1.00% (as of 01/24/25).

Member FDIC.8

Pros
  • Savings round-up feature
  • No minimum balance
  • Bank account bonus available
Cons
  • Must have a checking account too
  • Direct deposit required to earn the highest APY
  • No physical branches

Visit SoFi Checking and Savings | Learn more in our SoFi Checking and Savings review

Synchrony High Yield Savings

Excellent for ATM access

Product details

  • Highest APY: 4.00% (as of 04/18/25)4
  • Minimum deposit: $0
  • Monthly fee: $0

Synchrony stands out as an online bank with higher-than-average APYs and no monthly fees or minimum deposit requirements.

Typically, savings accounts don't include an ATM card. But, with Synchrony's High Yield Savings account, you can get an optional ATM card and use it to withdraw cash at 70,000 surcharge-free ATMs nationwide.

However, Synchrony doesn't accept cash deposits, so those who work cash-based jobs may need another bank account they can use to then transfer funds to Synchrony. Synchrony also doesn't have the best reputation for customer service; it was ranked second to last in the J.D. Power U.S. Direct Banking Satisfaction Study.

Member FDIC.

Pros
  • Higher-than-average APY
  • No monthly fee
  • ATM card
Cons
  • Does not offer checking accounts
  • No cash deposits
  • Poor customer satisfaction ranking

Visit Synchrony High Yield Savings | Learn more in our Synchrony Bank review

Capital One 360 Performance Savings

Excellent for extra tools

Product details

  • Highest APY: 3.50%info
  • Minimum deposit: $0
  • Monthly fee: $0

Capital One's 360 Performance Savings Account allows you to open a savings account with $0, making it a good option for those just starting out or who have a small amount of cash to start saving. It pays a higher-than-average rate of interest without monthly fees. And, Capital One offers free banking tools like free credit monitoring, which can come in handy as you improve your finances.

However, Capital One has a limited physical presence, so you can't pop into a branch when you need help. The Capital One 360 Performance Savings Account limits customers to six transfers from a savings account per statement cycle. Currently, Capital One isn't enforcing that limit, but that may change in the future, so you could incur added fees or account restrictions.

Pros
  • No monthly fees
  • No minimum deposit
  • Powerful online banking tools
Cons
  • Less-than-stellar customer satisfaction ratings
  • Limited physical presence
  • Limits withdrawals

Learn more in our Capital One 360 review

EverBank Performance Savings

Excellent for high rates

Product details

  • Highest APY: 4.30% (as of 07/25/25)
  • Minimum deposit: $0
  • Monthly fee: $0

EverBank is a great online bank that offers substantially higher-than-average rates on checking accounts, savings accounts, and CDs. Its Performance Savings account had the highest APY of all of the banks we evaluated, and it doesn't charge monthly fees. It also doesn't have a minimum deposit requirement, so you can open an account and start earning interest right away.

But, if you like having the option of visiting a physical branch with questions or to deposit cash, you'll likely be better off looking elsewhere; EverBank only operates a few financial centers in Florida and California.

Pros
  • Higher-than-average APY
  • No monthly fees
  • No minimum deposit
Cons
  • Few physical locations
  • $25 stop payment fee

CIT Bank Platinum Savings

Excellent for larger balances

Product details

  • Highest APY: 4.00% for balances of $5,000 or higher6
  • Minimum deposit: $100
  • Monthly fee: $0

CIT Bank is a good option if you're looking to open a savings account that earns an excellent APY on higher 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 06/12/25).6 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.

CIT Bank doesn't have physical branches, so if you need to deposit or transfer cash, you can only do so online, through the bank's mobile app, or by mailing them a check. What's more, CIT was ranked last in the J.D. Power 2025 U.S. Direct Banking Satisfaction Study, indicating that customers had issues with CIT's customer service.

Member FDIC.

Pros
  • Higher-than-average APY for balances over $5,000
  • No account opening or maintenance fees
  • No limit on transactions
Cons
  • Low APY for smaller balances
  • $100 minimum deposit
  • Poor customer satisfaction ranking

Visit CIT Bank Platinum Savings | Learn more in our CIT Bank High Yield Savings review

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 tend to be offered by online or digital banks. If you work a cash-based business, look for one that allows you to make cash deposits at partner ATMs.
  • Other fees: Besides 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 7/21/25). But, it's possible to find banks that offer rates that are 10 times that, so it's wise to research your options to find the best savings account rates.

FAQs

Do banks charge a fee for a savings account?

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 account minimums.

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 4.30% (as of 07/25/25).

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.

The best savings accounts also pay a higher-than-usual APY, so you could open an online savings account and supercharge your savings within minutes.

Learn More
5.0
info
Financebuzz awards badge

2025 award winner Best Checking and Savings Combo

High APY of up to 4.00%3 with direct deposit
Paycheck access up to 2 days early9
No monthly maintenance or overdraft fees2
Streamlined savings and savings goals with Vaults
Access to a large ATM network10