What Bank is Offering the Best Free Savings Account for 2018?
You shouldn't have to pay for an account that's designed to help you save money. Imagine a savings account that didn't come with monthly fees. It can be found easily at online banks because they don't have to deal with the costs of running branches.
Even then, it can be a tedious task to find the right free savings account for you. To save you from this hassle, you'll find a list below with no fee savings accounts that get the highest ratings.
What are the Best Savings Accounts Without Monthly Fees?
You could spend hours comparing different banks that offer free savings accounts. You don't have to deal with that hassle as this is the list of what banks offer free savings accounts and which ones are the best.
Here are the top three picks for banks that offer savings accounts with no monthly fees at all:
Ally Bank's Online Savings account has no monthly fee and no minimum balance. You don’t need any cash up front to open an account. (You do have to make a deposit within the first 30 days, however, or Ally will close down your account.)
There are other service fees that can apply, but you might not encounter them often or at all:
- Returned deposits
- Excess withdrawals
- Outgoing wire transfers
- Account research
Managing your account is simple when you use the Ally mobile banking app. You can check your balances or schedule transfers from your mobile device. Since this is an interest-bearing account, you’ll be able to see day to day how quickly your balance grows.
Discover Bank is another online bank that offers a savings account with no monthly fee. Additionally, you don’t have to worry about keeping a minimum balance in your account.
Discover provides comprehensive mobile banking apps with helpful features such as mobile check deposits.
Furthermore, Discover Bank is one of the few online banks that will occasionally offer a sign-up bonus to new customers.
Goldman Sachs Bank USA
Goldman Sachs Bank USA could be a good fit if you’re looking for a free high interest savings account that has no fees at all. It boasts that it has no transaction fees whatsoever. Zero fees mean more savings for you in the long run.
You don’t need a minimum deposit to open an account. You don’t have to worry about minimum balance requirements either and you’ve got multiple ways to add funds to your savings.
No Monthly Fees or Minimum Balance Requirements Set Online Savings Accounts Apart
If you’re still not convinced that these are the best free online savings accounts, comparing them to what the rest of the big banks are offering can help to put things in perspective.
For example, let’s say you opt for a regular savings account at a traditional bank, which typically offers following features:
- 0.01% APY
- Minimum deposit of $25
- $5 monthly fee (unless you maintain a minimum daily balance of $300)
- $10 excess withdrawal fee
Can't keep the required minimum daily balance? That's up to $60 per year in monthly fees. If you exceed the limit three times a year, add another $30 in fees. When you compare that to the fractional amount of interest you’re earning on your savings, this account could end up costing you money versus helping you save it.
You could also get around the monthly fee if you link your existing checking account at the same bank to your savings account. Or, you can possibly avoid the fee by having a set amount of added to your account via direct deposit or automatic transfers each month.
Sure, you’ve got lots of options for dodging the monthly fee but it’s not exactly convenient. A free online savings account, by comparison, is less of a hassle to manage.
What you have to consider is how much having a branch you can visit is really worth compared to what you could be earning in interest on your money or what you could be saving in fees.
Open an Online Savings Account Now to Start Earning More in Interest and Pay Less in Fees
Save yourself some time as you don't have to look further for the best of the best free online savings accounts. Overall, these accounts offer the most desirable combination of high yields on savings and minimal fees. When you’re trying to save towards a big goal, like a down payment on a home or cash to buy a car, every penny counts.
While you could go with a traditional brick-and-mortar bank, you’re not going to benefit from the same high interest rates these accounts offer. You’re also not getting the best deal when it comes to fees.
Taking your savings online and choosing savings accounts with no fees may seem like a drastic step but it’s one worth making if you want to squeeze the most value possible out of your money. Act quickly because the longer you wait, the more interest earnings you’re missing out on.
If you need some help in finding a free savings account, you can get a personalized recommendation to find the account that’s right for you.