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
To identify the top savings accounts without fees, we considered major banks and evaluated them based on their annual percentage yields (APYs), monthly fees, minimum deposit requirements, availability, and customer service rankings.
Account | Best for… | Monthly fees | APY |
American Express® High Yield Savings | Customer satisfaction | $0 | 3.50%1 <p>The Annual Percentage Yield (APY) as advertised is accurate as of July 23, 2025. Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened. </p> |
SoFi Checking and Savings | Combination account | $02 <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 Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p> | Up to 3.80% with direct deposit3 <p>SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% 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 stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period 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 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. 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>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.</p> |
Synchrony High Yield Savings | Low minimum deposit | $0 | 4.00% (as of 04/18/25)4 <p>Annual Percentage Yield (APY) is subject to change at any time without notice. Rate accurate as of 6/3/2025. 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> |
Capital One 360 Performance Savings | Extra tools | $0 | 3.50%5 <span>A rate of 3.50% Annual Percentage Yield (APY) applies to all account balances. Advertised rates are variable and effective as of 06/26/25. Rates are subject to change at any time before or after account opening.</span> |
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 <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 Jun. 12 2025: 0.25% APY on balances of $0.01 to $4,999.99; 4.00% 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> |
American Express High Yield Savings
- Highest APY: 3.50%1 <p>The Annual Percentage Yield (APY) as advertised is accurate as of July 23, 2025. Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened. </p>
- Minimum deposit: $07 <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 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.
- Highly-rated for customer satisfaction
- Top-rated mobile app
- No minimum deposit
- 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
- 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 <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>
- Savings round-up feature
- No minimum balance
- Bank account bonus available
- 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
- Highest APY: 4.00% (as of 04/18/25)4 <p>Annual Percentage Yield (APY) is subject to change at any time without notice. Rate accurate as of 6/3/2025. 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
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.
- Higher-than-average APY
- No monthly fee
- ATM card
- 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
- Highest APY: 3.50%
- 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.
- No monthly fees
- No minimum deposit
- Powerful online banking tools
- Less-than-stellar customer satisfaction ratings
- Limited physical presence
- Limits withdrawals
Learn more in our Capital One 360 review
EverBank Performance Savings
- 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.
- Higher-than-average APY
- No monthly fees
- No minimum deposit
- Few physical locations
- $25 stop payment fee
CIT Bank Platinum Savings
- Highest APY: 4.00% for balances of $5,000 or higher6 <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 Jun. 12 2025: 0.25% APY on balances of $0.01 to $4,999.99; 4.00% 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>
- 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 <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 Jun. 12 2025: 0.25% APY on balances of $0.01 to $4,999.99; 4.00% 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.
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.
- Higher-than-average APY for balances over $5,000
- No account opening or maintenance fees
- No limit on transactions
- 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.
2025 award winner Best Checking and Savings Combo