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

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.

American Express High Yield Savings

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.

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

SoFi Checking and Savings

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.⁹ <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, 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.&nbsp;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&nbsp;<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>

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

Synchrony High Yield Savings

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.

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

Capital One 360 Performance Savings

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.

Learn more in our Capital One 360 review

EverBank Performance Savings

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.

CIT Bank Platinum Savings

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 09/23/25).⁷ <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 Sep. 23 2025: 0.25% APY on balances of $0.01 to $4,999.99; 3.85% 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.

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 0.4% (as of 9/15/25). 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

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

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2025 award winner Best Checking and Savings Combo

High APY of up to 4.50%³ <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> with direct deposit

Paycheck access up to 2 days early¹⁰ <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 fees² <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>

Streamlined savings and savings goals with Vaults

Access to a large ATM network¹¹ <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 incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.</p>

Author Details

Kat Tretina

Kat Tretina is a FinanceBuzz writer and personal finance expert focusing on practical financial matters, including student loans, debt repayment, side hustles, insurance, and healthcare. Drawing from her personal experience, she aims to simplify complex financial topics and provide individuals with the information they need to make informed decisions.