10 best free savings accounts of June 2026

Editor's Note: APYs listed in this article are up-to-date as of the time of publication. CNBC Select will update as changes are made public.

Terms apply to American Express benefits and offers. Visit americanexpress.com to learn more.

Nearly half of consumers say excessive account fees are the number one reason they'd switch banks.

CNBC Select has chosen the best savings accounts with no monthly maintenance fees, excessive transaction fees, overdraft charges or insufficient/non-sufficient funds fees. We gave special attention to institutions that didn't have minimum deposit or balance requirements.

For more information on how we made our choices, see our methodology.

Who's this for? With SoFi Checking and Savings, you can earn a solid APY on savings and also get access to an interest-bearing checking account.

Standout benefits: instead of the standard $250,000, depositors receive FDIC insurance up to $3 million through a network of participating banks.

Who's this for? The Bask Interest Savings Account offers one of the highest rates on this list and doesn't charge a monthly maintenance fee.

Standout benefits: The Bask Mileage Savings Account earns 2.5 miles American Airlines AAdvantage® miles for every $1 saved annually.

Who's this for? Marcus by Goldman Sachs allows same-day ACH transfers of up to $100,000 to linked external banks, so long as you initiate the transfer by 12pm ET on a business day.

Standout benefits: Marcus' user-friendly mobile banking app lets users monitor their savings goals and get 24/7 customer support.

Who's this for? The Sallie Mae High-Yield Savings Account is a solid choice for saving cash with a high return and no fees.

Standout benefits: Sallie Mae offers a free mobile text banking service (though your wireless carrier may charge normal text or data usage fees) that lets customers get information via text messaging. However, it stands out most for its private student loan offerings.

Who's this for? With 750 bank branches, including over 60 caféstyle locations, Capital One 360 Performance Savings is a great choice for in-person banking.

Standout benefits: The APY is high for a brick-and-mortar bank and savers can create Performance accounts for each financial goal.

Who's this for? MySavingsDirect's MySavings Account has no minimum opening deposit or balance requirement, making it a smart option if you don't have a lot to deposit.

Standout benefits: Emigrant's online division consistently offers a competitive rate compared to traditional banks.

Who's this for? The Synchrony Bank High Yield Savings is another standard no-fee savings option with a good APY.

Standout benefits: Synchrony offers ATM access with savings accounts, an uncommon benefit. Savers can use any Plus or Accel ATM and Synchrony also refunds up to $5 per statement cycle in domestic ATM fees charged by other financial institutions.

Who's this for? American Express is a leader in the card space and also boasts the American Express® High Yield Savings Account to help its loyal users grow their money.

Standout benefits: The American Express High Yield Savings Account offers above-average rates, easy transfers and reliable customer service.

Who's this for? Affirm may be known for its buy now, pay later services, but its savings account stands out for offering no fees and a decent interest rate.

Standout benefits: The Affirm Money Account can be accessed online or in the Affirm app available on the App Store and Google Play. No minimum balance is required to open an account.

Most savings accounts take less than 10 minutes to apply and just require a government-issued ID, like a passport or driver's license, Social Security number, address, contact information, date of birth and a checking account routing number to deposit money.

To choose the best free savings account for you, consider if you value in-person banking or if you're fine with an online-only bank. This will help filter down options as most free savings accounts are online-only accounts.

You can also rank options based on the highest savings APY offers, access to funds like ATM cards, FDIC insurance coverage limits, educational tools, plus other financial products that the bank offers customers like checking accounts, credit cards and loans.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every savings account review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of banking products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best free savings accounts.

To determine which savings accounts made this list, CNBC Select analyzed dozens of U.S. savings accounts offered by online and brick-and-mortar banks, including large credit unions. We narrowed down our picks by only considering those savings accounts with above-average rates that offer no fees whatsoever, including zero:

• Monthly maintenance fees
• Excessive transactions fees
• Overdraft fees
• Insufficient / non-sufficient funds fees

We then narrowed our picks even further by only highlighting those savings accounts that currently do not require any minimum deposits to open an account or minimum balances to earn interest. Although the accounts on this list don't require you to reach certain minimums, the respective banks may close your account if it remains unfunded for a while.

All of the accounts included on this list are FDIC-insured for at least $250,000 per depositor. Note that the rates and fee structures for savings accounts are not guaranteed forever; they are subject to change without notice and they often fluctuate per the Fed rate. Your earnings depend on any associated fees and the balance you have in your savings account. To open an account, most banks and institutions require a deposit of new money, meaning you can't transfer the money you already had in an account at that bank.

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Information about the Synchrony Bank High Yield Savings Account has been collected independently by CNBC and has not been reviewed or provided by the bank prior to publication.

*American Express National Bank is a Member FDIC.

* New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking/checking-offer/ *SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn up to 3.10% 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 3.10% APY for savings (including Vaults). Members without Eligible Direct Deposit 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 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. *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 SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks. *Earn up to 3.80% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.10% APY) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 12/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC *Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet