Best Free Savings Accounts

There's no free lunch -- so the saying goes -- but when it comes to savings accounts, there are plenty that don't charge monthly maintenance fees. In fact, some of these accounts boast the highest APYs you'll find -- yes, while cutting out the fees -- simply by offering clients a digital banking experience instead of in-person support at brick-and-mortar locations.

If you're sick of paying account fees, or you're looking for the best bang for your buck, here's a roundup of today's best free savings accounts.

What is a free savings account?

A free savings account is one that doesn't charge a monthly maintenance fee. Like, ever. These accounts are frequently offered by online banks that can avoid the overhead costs of brick-and-mortar institutions and waive account fees because of it.

Some online savings account providers have physical branches -- like Capital One Bank -- but very seldomly will they have the large network of national banks.

Free savings accounts vs. traditional savings accounts

Regular savings accounts are frequently provided by national and regional banks. These banks typically have brick-and-mortar locations and appeal to clients who value in-person banking. Many regular savings accounts charge a monthly maintenance fee, which can often be waived by maintaining a certain balance or linking several accounts at the same bank.

Free savings accounts, by contrast, are often online and replace in-person help with over the phone customer service and message support centers. These technicians can field basic questions about your account, but they may not have the financial know-how to answer questions about your financial situation and suggest banking products. The account doesn't charge a fee -- nor require you to do anything to waive one -- but they appeal more to those who can handle their own personal finances.

How to choose the best free savings account

While earning high interest on a savings account is vital, it's not always the most important criteria by which to judge them all. As you're looking at the free savings accounts above, here are some features to compare.

• App or platform strength: Many of the accounts above will be accessible through apps or webpages. Since this might be the only way to view and monitor your money, it's wise to check the app's rating and reviews on Apple Store and Google Play. You could avoid frustration, frequent app crashes, and information hacks by picking an account that has a robust and secure app.
• Customer service: Check out Trustpilot, Better Business Bureau, and other third-party review sites to get a feel for how the bank handles customer concerns and questions. Since many free savings accounts don't have a brick-and-mortar location, the strength of a customer service team can go a long way toward helping you get answers and troubleshooting guidance in a timely manner.
• Convenience: How easy will it be to access your money? Can you make cash and check deposits, or must you only transfer money electronically? A free savings account should be as convenient as you need it to be.
• APY: Earning high interest on your savings is a huge benefit of a free savings account. Compare the APYs on different accounts and see which will grow your savings the fastest.
• Fees: Free savings accounts may not charge monthly maintenance fees. But they might charge other fees, like overdraft, wire transfers, and stop payments. Look at the account's fee schedule and make sure you understand all the little charges that aren't advertised upfront.

Pros and cons of no-fee savings accounts

Alternatives to no-fee savings accounts

If a free savings account isn't right for you, here are a few other account types that might better suit your needs.

• High-yield checking accounts: High-yield checking accounts can give you the best of both worlds, meaning both high interest on your savings and easy access to your money. The downside, however, is that the high APY typically only applies to a small balance, like $500. Anything above that is hit with a much lower APY.
• Money market accounts: Money market accounts combine features of checking and savings accounts. Like checking accounts, many have check-writing privileges and some even come with debit cards. However, like savings accounts, money market accounts typically boast high APYs. Some have account fees, while many others give you options to waive the fees.
• Certificates of deposit: CDs let you lock in interest rates for a specific term, usually ranging from three months to 10 years. The rates can be higher than those on high-yield savings accounts, but you typically can't access your money for the length of your term, or pay a penalty.

Should you open a free savings account?

A free savings account might be right for you if you can do your banking online and want to earn high interest on your savings. They're also great for supporting your long-term goals, like saving for a big purchase. Even better if you're living a cashless life and can't remember the last time you held a $20 bill.

On the other hand, if you like in-person banking, or rely on cash transactions, a free savings account would be right only if you could support it with another account, like a checking account, that you can access through an ATM. Otherwise, you might be better off looking at regular savings accounts with brick-and-mortar banks.

Keep browsing our top savings accounts

Our savings account methodology

At The Motley Fool Ascent, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

Our scores are weighted as:

• APY: 50%
• Brand and reputation: 20%
• Fees and minimums: 15%
• Other perks: 15%

Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering competitive APYs and standout features. Learn more about how The Motley Fool Ascent rates bank accounts.

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