CNBC's top picks for savings accounts in 2024.
The APYs listed in this article are accurate as of the time of publication. They may change as the Fed rate fluctuates. CNBC Select will update as new information becomes available.
No banking fees can eat away at any interest earned on a savings account. Fortunately, there are FDIC-insured savings accounts that offer no fees, including zero monthly maintenance fees, zero excessive transaction fees, zero overdraft fees, zero insufficient / non-sufficient funds fees, and zero minimum deposits or balances.
In order to identify the top free savings accounts of 2024, CNBC Select analyzed numerous no-fee savings accounts offered by both online and traditional banks, including credit unions. We then selected savings accounts with above-average APYs. (For more information on our selection process, please refer to our methodology.)
Affirm Savings
While Affirm is well-known for its buy now, pay later services, it also provides a competitive savings account. Notably, Affirm Savings offers no fees and a decent interest rate. This account can be accessed online or through the Affirm app, which is available on the App Store and Google Play.
American Express® High Yield Savings Account
American Express offers a high-yield savings account that helps its customers grow their money, and its credit card products also receive positive reviews for their high interest rate, easy transfers, and good customer service.
Bask Interest Savings Account
The Bask Interest Savings Account provides a high rate and a fee-free platform, while the Bask Mileage Savings Account offers American Airlines AAdvantage® miles for frequent travelers. The mileage savings account earns 2.5 miles for every $1 saved annually.
Capital One 360 Performance Savings™
Capital One 360 Performance Savings is a suitable option for savers who prioritize in-person banking. Although its rate may not be the highest, it is advantageous for a large bank with numerous physical locations. Additionally, customers can establish several Performance Savings Accounts for each of their financial objectives.
Discover® Online Savings
The Discover Online Savings Account provides an above-average rate and does not charge monthly fees. Its Modern Money Blog is a valuable resource for learning about managing money and personal finance fundamentals.
Marcus by Goldman Sachs High Yield Online Savings
The Marcus by Goldman Sachs High Yield Online Savings offers a strong APY without any fees, while its mobile banking app is widely praised for its user-friendly interface, enabling savers to monitor their savings goals and track their annual interest earnings.
MySavingsDirect MySavings Account
Although MySavingsDirect offers a higher interest rate than most accounts, its limited website and below-average customer reviews are the main drawbacks of its savings account, which has no fees and no minimums.
Sallie Mae High-Yield Savings Account
Sallie Mae provides more than just student loans; the Sallie Mae High-Yield Savings Account is a popular option for saving cash with a high return and no fees.
SoFi Checking and Savings
SoFi Checking and Savings offers a checking account and a high APY on savings, as well as interest on checking balance, with direct deposit setup. Additionally, SoFi's FDIC insurance coverage exceeds the limit offered by other banks on this list, providing new individual members with up to $2 million in coverage instead of the standard $250,000.
Synchrony Bank High Yield Savings
Synchrony Bank High Yield Savings offers ATM access, which is not available with other accounts on this list unless you sign up for the bank's checking account. Synchrony savers can obtain an ATM card to access their cash for free at any ATM displaying the Plus or Accel logos. Additionally, Synchrony Bank refunds up to $5 per statement cycle in domestic ATM fees charged by other financial institutions.
Why trust CNBC Select?
Our mission at CNBC Select is to deliver top-notch service journalism and in-depth consumer advice to our readers, enabling them to make well-informed decisions with their money. Each savings review is the result of thorough reporting by our team of expert writers and editors, who possess extensive knowledge of banking products. At CNBC Select, we maintain the highest journalistic standards and ethics, and we earn a commission from affiliate partners on many offers and links. However, our content is created independently by our team without any input from our commercial team or external third parties. To learn more about our methodology, please refer to our website.
Our methodology
CNBC Select analyzed numerous U.S. savings accounts from online and brick-and-mortar banks, including credit unions, to determine which ones made the list. We selected only those savings accounts that have above-average rates and do not charge any fees, including zero.
- Monthly maintenance fees
- Excessive transactions fees
- Overdraft fees
- Insufficient / non-sufficient funds fees
We found that most banks charge a wire fee for outgoing transfers, so we did not consider wire fees in our analysis.
We further refined our selections by focusing on savings accounts that do not require any minimum deposit or balance to open or earn interest. However, banks may close these accounts if they remain underfunded for an extended period.
The accounts on this list are FDIC-insured up to $250,000 per depositor, with some offering even higher protection. However, the rates and fee structures for savings accounts are not guaranteed and may change without notice, fluctuating in accordance with the Fed rate. Your earnings depend on any associated fees and the balance in your savings account. To open an account, most banks and institutions require a deposit of new money, meaning you cannot transfer money from an existing account.
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CNBC has independently gathered information about the Synchrony Bank High Yield Savings Account, which has not been reviewed or approved by the bank before publication. *American Express National Bank is a Member FDIC.
SoFi members with direct deposit can earn up to 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Members without direct deposit will earn up to 1.20% annual percentage yield (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 10/24/2023. There is no minimum balance requirement. Additional information can be found on the issuer's website.
