10 Best Free Savings Accounts of September 2026

After that, you can avoid the $10 monthly fee with a $500 minimum daily balance or $500 in qualifying direct deposits. Online banks are crushing traditional banks with their no-fee game. They can afford to waive charges that traditional banks love collecting.
The Ally Bank Spending Account has no minimum opening deposit, monthly maintenance fee, overdraft fee, or minimum balance requirement. The Varo Bank Account has no minimum opening deposit, monthly maintenance fee, overdraft fee, or minimum balance requirement. The Schwab Bank Investor Checking account has no minimum opening deposit, monthly service fee, or minimum balance requirement. The Capital One 360 Checking account has no minimum opening deposit, monthly maintenance fee, or minimum balance requirement. The Chime Checking Account boasts no monthly fees, no overdraft fees, and no foreign transaction fees.

• Citi offers multiple checking options with no minimum opening deposit required, but monthly service fees range from $5-$15 depending on the account type.
• Savings accounts without minimum balance requirements can help you save more and stress less, and they’re not hard to find anymore (plus, they’re some of the easiest bank accounts to open online).
• In addition, most no-fee checking accounts are with online banks without physical branches.
• Axos ONE transforms free checking by bundling high-yield checking and savings into a single, zero-fee package.
• The Varo Bank Account has no minimum opening deposit, monthly maintenance fee, overdraft fee, or minimum balance requirement.
• The Schwab Bank Investor Checking account has no minimum opening deposit, monthly service fee, or minimum balance requirement.
• Their Foundation Checking account charges no overdraft fees and waives the $7 monthly fee with $500 in direct deposits.

The content was clear and easy to understand I found exactly what I was looking for The page layout and design worked well SoFi is a personal finance company and online bank with products that include checking and savings accounts. Many online banks have partnerships that let you deposit cash at ATMs or retail stores nationwide.
Check writing limits exist at some online banks. Inactive account fees kick in after 6-12 months of no activity. Chime and SoFi have no minimum opening deposits and simple online applications. Chase provides round-the-clock customer service, while many online banks offer extended hours and quick response times. Marcus by Goldman Sachs and other online banks often pay times more interest than big banks. Most traditional banks pay almost nothing on checking balances.

Essential Features to Look For

She helps readers track down the best high-yield savings accounts, decide if they’re in between banks, and take their first steps into investing. Savings accounts without minimum balance requirements can help you save more and stress less, and they’re not hard to find anymore (plus, they’re some of the easiest bank accounts to open online). The best high-yield savings account rates vary from bank to bank and over time. These are a lot easier to find than they used to be, especially with online banks, fintechs, and credit unions. To maximize your return on investment (ROI), choose a high-yield savings account with no minimum balance.

• But the reason we chose it for this list is that, in addition to regularly offering a good rate even when the market is in flux, this account is designed for quick, easy transfers to and from other accounts.
• Our fee policy is subject to change at any time.
• After that, you can avoid the $10 monthly fee with a $500 minimum daily balance or $500 in qualifying direct deposits.
• Each relates in some way to the overall cost of the account — lower is better — or to its features or overall usability.
• For one, online banks operate no physical branches, saving them a tremendous amount of capital.
• Plus, online banks often make a profit by simply passing interchange fees on to merchants (interchange fees are fees on transactions made using payment platforms, like Visa and Mastercard).
• Chime makes it easy to make cash deposits and transfer money with its mobile app.

The account charges no monthly fees and even waives fees for out-of-network ATM withdrawals. 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. Chime® is an excellent mobile finance app with no monthly fees¹! No monthly fees and no minimum balance to open mean it’s accessible to everyone, while unlimited transfers and withdrawals let you manage your savings your way. Barclays Tiered Savings pays a competitive rate with no minimum balance to earn it, and no monthly fees. Many top online banks, such as Capital One 360, and SoFi, explicitly offer a «no deposit bank account.» This means the required minimum opening deposit is exactly $0.
We’ve researched and rounded up several of the best no-minimum savings accounts without monthly fees, with our picks offering varied but competitive annual percentage yields (APYs), features, other fees, and more. The Ally Spending Account is an FDIC-insured checking account with no monthly fees or minimum balance requirements. To choose the best high-yield savings accounts with no minimum balance requirements, we analyzed dozens of accounts that offer competitive APYs without requiring a minimum opening deposit or ongoing balance. 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).

SoFi Checking Account

Every account below has no monthly fee and no minimum balance requirement. Savings accounts without minimum balance requirements might require you to deposit some funds within a couple of months to «break in» the account, even when they don’t have ongoing minimums. Many high-yield savings accounts available today have no minimum opening deposit requirements. Ally requires no minimum deposit and charges absolutely no monthly maintenance fees, overdraft fees, or minimum balance requirements.

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®. While massive traditional banks (like Chase or Bank of America) usually charge monthly fees, they do offer strict fee waivers if you set up direct deposit. The lack of monthly fees and minimum initial deposit makes it accessible to most savers. The account has no monthly fees, and the bonus is paid quickly once requirements are met. 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.

Best welcome bonus: SoFi Checking and Savings

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. Unlike traditional banks that treat checking as a non-earning transaction account, Axos ONE pays competitive rates on both your spending and crusado saving money – all from one integrated platform. Axos ONE transforms free checking by bundling high-yield checking and savings into a single, zero-fee package.
It pays its top rate as long as you add at least $250 to the account each month, which is easy to automate and forget. Plus, new customers earn a bonus of $50 or $400 with eligible direct deposit. The national average savings rate is just 0.38% annual percentage yield (APY), according to Motley Fool Money research. Accounts like the SoFi Checking & Savings Account, charge zero monthly maintenance fees. Consequently, if you set up direct deposit, you can comfortably receive your paycheck up to two days faster than traditional banks allow.