CNBC's best free savings accounts of 2023

Editor's Note: APYs listed in this article are up-to-date as of the time of publication. They may fluctuate (up or down) as the Fed rate changes. CNBC Select will update as changes are made public.

Banking fees can quickly add up and eat away at any interest earned on a savings account. Fortunately, there are a number of FDIC-insured savings accounts that offer no fees whatsoever — zero monthly maintenance fees, zero excessive transaction fees, zero overdraft fees, zero insufficient / non-sufficient funds fees, plus zero minimum deposits or balances.

To determine which free savings accounts are the best overall, CNBC Select researched dozens of no-fee savings accounts offered by online and brick-and-mortar banks, including large credit unions. We narrowed down our picks by highlighting savings accounts with above-average APYs. (See our methodology for more information on how we choose the best free savings accounts.)

• Affirm Savings
• American Express® High Yield Savings Account
• Bask Interest Savings Account
• Capital One 360 Performance Savings™
• Discover® Online Savings
• Marcus by Goldman Sachs High Yield Online Savings
• MySavingsDirect MySavings Account™
• Sallie Mae High-Yield Savings Account
• SoFi Checking and Savings
• Synchrony Bank High Yield Savings

Affirm Savings stands out for offering no fees and a pretty decent interest rate. The account can be accessed online or in the Affirm app available on the App Store and Google Play.

American Express is a leader in the credit card space and also boasts a high-yield savings account to help its loyal users grow their money. And much like the reviews on Amex's credit card products, the American Express High Yield Savings Account has positive user feedback about its high interest rate, easy transfers and good customer service.

The Bask Interest Savings Account offers one of the highest rates on this list, in addition to its no-fee platform. Alternatively, frequent travelers can opt for the Bask Mileage Savings Account to earn American Airlines AAdvantage® miles back instead of cash.

The Capital One 360 Performance Savings is a good choice for savers who value in-person banking. Its rate isn't the highest you'll find, but it's great for a big bank with many physical branches. Savers can also create multiple Performance Savings Accounts for each of their financial goals.

The Discover® Online Savings offers an above-average rate along with no monthly fees. Its Modern Money Blog is a good resource for learning about managing money and other personal finance basics.

With the Marcus by Goldman Sachs High Yield Online Savings, savers earn a solid APY for no fees. Marcus' mobile banking app is also popular for being user-friendly, allowing savers to track their savings goals and see how much interest they've earned over the year.

MySavingsDirect MySavings Account offers no fees and no minimums, along with a higher interest rate than most accounts here. The main drawback with this savings account, however, is its limited website and below-average customer reviews.

Sallie Mae offers more than just student loans. The Sallie Mae High-Yield Savings Account is a standard choice for saving cash with a high return and no fees.

With SoFi Checking and Savings, savers also have access to a checking account and can earn a solid APY on their savings, plus interest on their checking balance, by just setting up direct deposit. Plus, SoFi's FDIC insurance coverage exceeds the limit that other banks on this list offer on their savings accounts. New individual checking and savings members receive FDIC insurance up to $2 million instead of the standard $250,000.

Synchrony Bank High Yield Savings stands out for offering users ATM access, which other accounts on this list do not unless you sign up for the bank's checking account. Synchrony savers can get an ATM card to easily access their cash for free at any ATM displaying the Plus or Accel logos. Plus, Synchrony Bank refunds up to $5 per statement cycle in domestic ATM fees charged by other financial institutions.

• Do all banks charge for savings accounts?
• Can I open a free savings account?
• Can I get a high yield with a free savings account?
• Can I get ATM access with a free savings account?
• Are free savings accounts FDIC-insured?

Not all banks have savings accounts with fees attached to them. As this list indicates, you can easily find a savings account that doesn't charge you. When shopping around, make sure to read the terms and conditions and small print so you know before signing up. Some bank accounts have ways you can get around fees, too, like waiving a monthly service charge if you opt into paperless statements.

You can certainly open a free savings account — and this list is a good place to start. Most savings accounts take not even 10 minutes to apply and just require a government-issued ID like a passport or driver's license, Social Security number, address, contact information, date of birth and a checking account routing number to deposit money.

Some free savings accounts offer higher yields than others, but all at least on this list are above the national savings average. If your priority is maximizing your savings, however, check out CNBC Select's list of interest savings accounts offering around 5% APY. Sometimes, the higher interest-bearing savings accounts require minimums.

Few savings accounts — let alone free ones — offer ATM access. While you usually have to open a checking account to get ATM access, the Synchrony Bank High Yield Savings actually offers savers an ATM card so they can easily access their cash at any ATM displaying the Plus or Accel logos.

Synchrony Bank currently doesn't charge a fee to use an ATM, but the ATM owner/operator may. For these domestic ATM fees charged by other financial institutions, Synchrony will refund up to $5 per statement cycle.

There are plenty of savings accounts — free or not — that are FDIC-insured, so don't settle for one that isn't and check to make sure your bank offers FDIC coverage. (All of the savings accounts on this list have FDIC insurance coverage.)

Though the FDIC protects up to $250,000 per depositor, per bank for each type of account ownership category, some financial institutions have been increasing the amount savers can insure in a single account by spreading customer deposits across multiple FDIC-insured banks.

To determine which savings accounts made this list, CNBC Select analyzed dozens of U.S. savings accounts offered by online and brick-and-mortar banks, including large credit unions. We narrowed down our picks by only considering those savings accounts with above-average rates that offer no fees whatsoever, including zero:

• Monthly maintenance fees
• Excessive transactions fees
• Overdraft fees
• Insufficient / non-sufficient funds fees

Note that we did not consider wire fees since we found that most banks charge a wire fee for outgoing transfers.

We then narrowed down our picks even further by only highlighting those savings accounts that currently do not require any minimum deposits to open an account or minimum balances to earn interest. Although the accounts on this list don't require you to reach certain minimums, the respective banks may close your account if it remains unfunded for a while.

All of the accounts included on this list are FDIC-insured up to $250,000 per depositor, some even more. Note that the rates and fee structures for savings accounts are not guaranteed forever; they are subject to change without notice and they often fluctuate in accordance with the Fed rate. Your earnings depend on any associated fees and the balance you have in your savings account. To open an account, most banks and institutions require a deposit of new money, meaning you can't transfer the money you already had in an account at that bank.

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Information about the Synchrony Bank High Yield Savings Account has been collected independently by CNBC and has not been reviewed or provided by the bank prior to publication.

* New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking/checking-offer/ *SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn up to 3.10% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.10% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. *SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC's regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks. *Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.90% APY Boost (added to the 3.10% APY as of 5/28/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at sofi.com/banking#4. SoFi Bank, N.A. Member FDIC. *Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet