CNBC's best free savings accounts of 2024

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 of 2024, 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 may be known for its buy now, pay later services but it also offers a competitive savings account. 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. Frequent travelers can opt for the Bask Mileage Savings Account instead to earn American Airlines AAdvantage® miles back. With the mileage savings account, savers earn 2.5 miles for every $1 saved annually.

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 Account 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.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every savings review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of banking products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best savings products.

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. *American Express National Bank is a Member FDIC.

*SoFi members with direct deposit can earn up to 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 4.50% APY for savings. Members without direct deposit will earn up to 1.20% annual percentage yield (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 10/24/2023. There is no minimum balance requirement. Additional information can be found on the issuer's website.