10+ Best Free Savings Accounts in 2023 (Updated)

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10+ Best Free Savings Accounts in 2023 (Updated) – Savings accounts are a great way to save money for your short-term and long-term goals, such as building an emergency fund, saving for a vacation, or planning for retirement. Savings accounts also offer safety and security, as they are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per depositor, per institution.

However, not all savings accounts are created equal. Some savings accounts may charge fees that can eat into your interest earnings and reduce your savings potential. These fees may include monthly maintenance fees, minimum balance fees, excessive transaction fees, overdraft fees, and more.

To avoid these fees and maximize your savings, you should look for free savings accounts that offer no fees whatsoever. Free savings accounts should also offer competitive interest rates that can help your money grow faster over time.

To help you find the best free savings accounts in 2023, we have compiled a list of 10+ top choices based on their fees, interest rates, features, and customer reviews. Here are the best free savings accounts in 2023.

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Best Free Savings Accounts: Affirm Savings

Affirm Savings is a new online savings account that offers a high-interest rate of 3.75% APY with no fees and no minimum balance requirements. Affirm Savings is offered by Affirm, a fintech company that provides buy now, pay later services and personal loans.

Affirm Savings is FDIC-insured through its partner bank, Cross River Bank. You can open an account online or through the Affirm app in minutes. You can also link your Affirm debit card to your Affirm Savings account and use it for purchases anywhere Mastercard is accepted.

Affirm Savings also offers some unique features that can help you save more money, such as:

  • Save the Change: This feature rounds up your debit card purchases to the nearest dollar and transfers the difference to your Affirm Savings account.
  • Save When I Get Paid: This feature allows you to set up recurring transfers from your linked checking account to your Affirm Savings account every time you receive a direct deposit.
  • Save When I Buy: This feature allows you to set up automatic transfers from your linked checking account to your Affirm Savings account every time you make a purchase with your Affirm debit card.

Affirm Savings is a great option for anyone looking for a high-yield, no-fee savings account with a convenient debit card and smart saving features.

American Express High Yield Savings Account

American Express High Yield Savings Account is an online savings account that offers a solid interest rate of 4.00% APY with no fees and no minimum balance requirements. American Express High Yield Savings Account is offered by American Express National Bank, a subsidiary of American Express Company.

American Express High Yield Savings Account is FDIC-insured and can be opened online in minutes. You can link up to three external bank accounts to your American Express High Yield Savings Account and make deposits and withdrawals through electronic transfers. You can also access your account online or through the American Express mobile app.

American Express High Yield Savings Account also offers some useful features that can help you manage your savings, such as:

  • Automatic Transfers: This feature allows you to set up recurring transfers from your linked bank accounts to your American Express High Yield Savings Account on a daily, weekly, biweekly, monthly, or quarterly basis.
  • Goal Setting: This feature allows you to create and track multiple savings goals within your American Express High Yield Savings Account and see how much you need to save each month to reach them.
  • Alerts: This feature allows you to receive email or text notifications when your balance changes when a transfer is completed, when a goal is reached, or when there are any other important account activities.

American Express High Yield Savings Account is a great option for anyone looking for reliable, no-fee savings account with a competitive interest rate and helpful saving tools.

Axos Bank High Yield Savings

Axos Bank High Yield Savings is an online savings account that offers a high-interest rate of 4.85% APY with no fees and no minimum balance requirements. Axos Bank High Yield Savings is offered by Axos Bank, an online-only bank that provides a range of banking products and services.

Axos Bank High Yield Savings is FDIC-insured and can be opened online in minutes. You can link any external bank account to your Axos Bank High Yield Savings account and make deposits and withdrawals through electronic transfers. You can also access your account online or through the Axos Bank mobile app.

Axos Bank High Yield Savings also offers some attractive features that can enhance your savings experience, such as:

  • ATM Card: This feature allows you to request a free ATM card that you can use to access your Axos Bank High Yield Savings account at any ATM nationwide. Axos Bank does not charge any ATM fees and will reimburse you for any fees charged by other banks up to $30 per month.
  • Interest Compounding: This feature allows you to choose how often you want your interest to be compounded and credited to your Axos Bank High Yield Savings account. You can choose from daily, monthly, quarterly, or annual compounding options.
  • Customer Service: This feature allows you to contact Axos Bank’s customer service team 24/7 via phone, email, or live chat. You can also use the Axos Bank mobile app to send secure messages or request a callback.

Axos Bank High Yield Savings is a great option for anyone looking for a high-yield, no-fee savings account with an ATM card and flexible interest-compounding options.

Best Free Savings Accounts: Bask Interest Savings Account

Bask Interest Savings Account is an online savings account that offers a high-interest rate of 4.85% APY with no fees and no minimum balance requirements. Bask Interest Savings Account is offered by Bask Bank, a digital banking platform that provides savings products and services.

Bask Interest Savings Account is FDIC-insured through its partner bank, Texas Capital Bank. You can open an account online or through the Bask Bank app in minutes. You can link any external bank account to your Bask Interest Savings Account and make deposits and withdrawals through electronic transfers. You can also access your account online or through the Bask Bank app.

Bask Interest Savings Account also offers some unique features that can help you earn more rewards, such as:

  • Mileage Savings: This feature allows you to earn American Airlines AAdvantage® miles instead of interest on your Bask Interest Savings Account. You can earn one AAdvantage® mile for every dollar you save annually, plus bonus miles for reaching certain milestones. You can redeem your miles for flights, upgrades, car rentals, hotel stays, and more.
  • Mileage Boost: This feature allows you to earn extra AAdvantage® miles by linking your Bask Interest Savings Account to your AAdvantage® credit card. You can earn up to 5% more miles on your credit card purchases when you maintain a certain balance in your Bask Interest Savings Account.
  • Mileage Monitor: This feature allows you to track and manage your AAdvantage® miles within the Bask Bank app. You can see your current balance, expiration date, redemption options, and more.

Bask Interest Savings Account is a great option for anyone looking for a high-yield, no-fee savings account with the option to earn travel rewards instead of interest.

Best Free Savings Accounts: Betterment Cash Reserve

Betterment Cash Reserve is an online savings account that offers a high-interest rate of 4.85% APY with no fees and no minimum balance requirements. Betterment Cash Reserve is offered by Betterment, a robo-advisor that provides automated investing and financial planning services.

Betterment Cash Reserve is FDIC-insured up to $1 million through its partner banks, which include Barclays Bank Delaware, Citibank NA, Cross River Bank, nbkc bank, State Street Bank and Trust Company, UMB Bank NA, Valley National Bank, Wells Fargo Bank NA. You can open an account online or through the Betterment app in minutes. You can link any external bank account to your Betterment Cash Reserve account and make deposits and withdrawals through electronic transfers. You can also access your account online or through the Betterment app.

Betterment Cash Reserve also offers some powerful features that can help you optimize your savings, such as:

  • Two-Way Sweep: This feature automatically transfers excess cash from your linked checking account to your Betterment Cash Reserve account to earn more interest, or transfers cash from your Betterment Cash Reserve account to your linked checking account when you need it. You can set your own target balance for your checking account and adjust it anytime.
  • Smart Saver: This feature automatically invests a portion of your Betterment Cash Reserve balance into a low-risk portfolio of exchange-traded funds (ETFs) that can potentially earn higher returns than a savings account. You can choose how much you want to invest and withdraw anytime without any fees or penalties.
  • Financial Advice: This feature allows you to access personalized financial advice from Betterment’s team of certified financial planners (CFPs) and licensed financial experts. You can get guidance on topics such as retirement planning, debt management, tax optimization, and more.

Betterment Cash Reserve is a great option for anyone looking for a high-yield, no-fee savings account with smart automation and financial advice features.

Capital One 360 Performance Savings

Capital One 360 Performance Savings is an online savings account that offers a decent interest rate of 4.00% APY with no fees and no minimum balance requirements. Capital One 360 Performance Savings are offered by Capital One, a well-known bank that provides a variety of banking and credit products and services.