List of Free Savings Account Offers

When deciding where to invest cash, two key considerations are interest rates and fees. While interest rates are critical, which is why we maintain a list of high interest savings account options, the fees banks charge are equally important. A fee of just $10 a month can easily erase the interest earned on small balances at today’s prevailing interest rates. And that’s why it’s critical to find a free savings account to park you money.

So we’ve started this list of savings accounts that do not charge a fee to open or maintain an account. In some cases, banks will charge a fee if the account balance falls below a certain minimum. We’ve included some of these options, like EverBank, because the interest rates are competitive. For these banks, we’ve indicated the necessary minimum balance to avoid the fees.

Discover Bank: Discover Bank offers a high rate savings account with no opening fees or monthly maintenance fees. It also sports one of the top interest rates on an FDIC-insured account.

E-Trade: If you use E-Trade brokerage services, its savings account option may be an ideal place to park your cash. There are no minimum balance requirement or account fees. The interest rate on this account, however, is not competitive with the other options listed, so E-Trade savings is really only option if you also use its brokerage services.

HSBC: With HSBC, you get a competitive interest rate with no monthly fees and no minimum balance requirements.

EverBank: Last on our list is EverBank, which does have a minimum deposit requirement of $1,500 but charges no monthly fee. So why did EverBank make our list? Two reasons. First, there is no longer a monthly maintenance fee for the account. Second, EverBank’s interest rates are some of highest available in any FDIC-insured account. So if you plan to save more than $1,500, EverBank is a top choice.

Keep in mind that all banks charge fees for certain types of transactions, like wire transfers for example. But these fees only apply if you choose to use certain special services. For basic savings account deposits and withdrawals, there’s no need to pay fees when there are so many free savings accounts to choose from.

Published or Updated: May 23, 2016
About Rob Berger

Rob founded the Dough Roller in 2007. A litigation attorney in the securities industry, he lives in Northern Virginia with his wife, their two teenagers, and the family mascot, a shih tzu named Sophie.

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Advertising Disclosure: The credit card and savings account offers that appear on this site are from companies from which receives compensation. This compensation may impact how and where products appear on this site, including, for example, the order in which they appear on category pages. does not include all credit card companies, banks, or all available offers, although best efforts are made to include a comprehensive list of offers regardless of compensation.