Online savings accounts typically don’t charge monthly maintenance fees, saving you up to $15 monthly, depending on the bank’s fees. Varo Bank makes it easy to save money by not charging any monthly fees or requiring minimum deposits. Western Alliance Bank, Member FDIC, has one of the most competitive high-yield savings accounts on the market, and it doesn’t have any account activity or maintenance fees.
For those who want competitive rates on CDs and high-yield savings account it is a good option. Synchrony Bank is good for those who want a variety of savings options, from high-yield savings account to CDs. Capital One offers fee-free checking and savings accounts, competitive interest rates and access to over 70,000 fee-free ATMs nationwide. Capital One stands out for its fee-free checking and savings options as well as its extensive ATM network. Bask Bank is ideal for those looking to park their savings in CDs or a high-yield savings account.
You may have to pay third-party fees, like mutual fund transaction fees and charges for options contracts. All data is up to date as of Jan. 22, 2026, rates and fees subject to change. Factors (1) and (2) were weighted 0.5 times, factors (3) and (4) weighed 1.5 times, factor (5) weighed 3 times. All factors were then scored and combined, with the lowest score being the best.
These top stock-trading platforms don’t charge commission fees.
The account can be opened entirely online from either desktop or mobile app, making it a convenient and easy way to start banking at low cost. The 360 Checking Account provides US residents with a bank account with no monthly fees, no international transaction fees, and no opening or minimum deposit. Once you’re signed up, Chime will charge you no monthly fees¹ and give you a panel of features, including overdraft on debit card purchases and cash withdrawals⁵ offered via a special optional service called SpotMe®. Chime® is an excellent mobile finance app with no monthly fees¹! APYs are subject to change at any time without notice.
Marcus by Goldman Sachs offers a high-yield savings account with no fees or no minimum deposit. CloudBank 24/7 alexa casino should also be on your list if you’re looking for a fee-free high-yield savings account. The high-yield savings account from Customers Bank pays 11 times the national average savings rate. It’s another solid choice if you’re looking for competitive interest rates and no monthly fees. Once you add your minimum opening deposit of $500, you’ll start earning the full APY on all your funds.
Discover® Online Savings Account
The Capital One 360 Checking account has no minimum opening deposit, monthly maintenance fee, or minimum balance requirement. CNBC Select has chosen the best savings accounts with no monthly maintenance fees, excessive transaction fees, overdraft charges or insufficient/non-sufficient funds fees. Some banks require minimums to waive the monthly maintenance fee, but most online high-yield savings accounts don’t have that requirement; they just don’t charge a fee. No-fee savings accounts don’t charge monthly maintenance fees and offer high APYs with no monthly minimum balance requirements. SoFi requires no minimum deposit to open your account and charges zero monthly maintenance fees, making it completely free to maintain. Many high-yield savings accounts available today have no minimum opening deposit requirements.
Many of the high-yield savings accounts with no monthly fees don’t require direct deposit to earn the best APY, though a few accounts do (but are still well worth it). Both the checking and savings accounts are free from monthly maintenance fees, though you’ll need at least $100 to open a checking account. Some banks and credit unions charge monthly maintenance fees on checking and savings accounts to cover the cost of maintaining those accounts. Well, some high-yield savings accounts offer high returns and no minimums, allowing you to earn big interest without having a big deposit saved up. These no-minimum-deposit high-yield savings accounts could help you rake in the interest returns. We use several important factors to choose the best free checking accounts on the market.
How To Choose a No Minimum Savings Account
Some advertise no monthly fees but charge ‘behind the scenes’ for many other features. It’s easy to open a no-fee savings account, especially since they are typically online-only accounts. Here are the top factors to consider when choosing a no-fee savings account. When customers’ bank account balances dip below the threshold, they charge a monthly maintenance fee.
- Marcus by Goldman Sachs offers a high-yield savings account with no fees or no minimum deposit.
- While you may not have to pay a monthly maintenance fee, you may still be hit with overdraft or NSF fees, or charged for paper statements or for using an ATM outside your network.
- The point of a no-fee savings account is to avoid monthly maintenance fees.
- The accounts below charge no standard monthly maintenance fee and require no opening deposit.
- The best no-fee checking accounts offer features such as low or no minimum balance requirements, convenient ATM access, overdraft protection and early paycheck access.
- Compare the best high-yield savings accounts and grab the rate that fits your money.
- Fortunately, there are many high-yield savings accounts (HYSAs) with no minimum deposit or balance requirements that pay high interest rates without monthly service fees.
Best welcome bonus: SoFi Checking and Savings
If you want to keep your checking and savings accounts under one roof, we recommend SoFi®. To help you find the right fit, we identified the best savings accounts with no monthly fees. If your bank charges account or maintenance fees, it’s time to switch so those fees don’t hurt your progress.
That makes it easy to get off the ground and start earning right away. Quontic High Interest Checking makes earning category-leading interest on eligible checking account balances easy. Chime is a mobile-first financial app that merges the low cost of online checking and savings accounts with the convenience of truly on-the-go money management. Axos ONE transforms free checking by bundling high-yield checking and savings into a single, zero-fee package. Credit Karma Checking is an online checking account that’s free to open — with no penalties, overdraft fees or minimum balance requirements.
- All data is up to date as of Jan. 22, 2026, rates and fees subject to change.
- Current may suit customers who also want credit-building tools, while Chime and Varo provide simple mobile banking without monthly maintenance fees.
- CNBC Select has chosen the best savings accounts with no monthly maintenance fees, excessive transaction fees, overdraft charges or insufficient/non-sufficient funds fees.
- Ally requires no minimum deposit and charges absolutely no monthly maintenance fees, overdraft fees, or minimum balance requirements.
- The Schwab Bank Investor Checking account has no minimum opening deposit, monthly service fee, or minimum balance requirement.
A free online checking account typically doesn’t charge the common fees mentioned above, or at least waives opening or minimum balance requirements. When move-out charges apply, Obligo handles the payment flow digitally. While you may not have to pay a monthly maintenance fee, you may still be hit with overdraft or NSF fees, or charged for paper statements or for using an ATM outside your network.
