You should start tracking your saving habits because it’s one of the most valuable traits you can develop. Savings accounts are great since they help you to set money aside for a variety of reasons.
They can also help you grow your money since your account balance earn interest over time. Continue reading below to see where is the best place to open a free savings account.
Online or in-person?
You can find many fee-free savings account options at different banks, including online banks and brick-and-mortar institutions. If you prefer banking in person, a brick-and-mortar bank is the way to go.
When it comes to brick-and-mortar savings accounts, small institutions are the best way to go. Although big banks might offer free accounts, they’re harder to find and qualify for.
You might need to keep a substantial account balance or set up automatic deposits to the account in order to avoid the fees. You can check out local banks and credit unions, if you need help finding what you need.
Online Banks
If you’re looking for free savings accounts, online banks are a one of the best sources to find one.
Most of them offer low-cost savings and checking accounts, while traditional bank have been difficult on offering free accounts.
If earning high-interest rate (APY) is your main focus then you should keep your attention only on online banks since rates are typically better online.
If need some ideas for online savings account with no fees, check out the accounts we’ve listed below! These accounts usually have no minimum required, as well as no monthly fees! Plus you can open an account entirely online!
Discover offers different types of accounts for potential one-stop shopping. Plus you can open checking accounts with a cashback debit card, money market accounts and more!
 Open a Discover® Online Savings Account for all these features: • Earn $200/$150 Bonus with promo code LOP325 by 9/11/2025 • Earn high interest rate of 3.70% APY • No minimum opening deposit, no minimum balance requirement, and now no fees • Interest on Discover Online Savings Accounts is compounded daily and credited monthly • Manage your account online or with the Discover mobile app • FDIC insurance up to $250,000 • See advertiser website for full details To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code LOP325 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200. What to know: Offer not valid for existing or prior Discover savings customers. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/11/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding, see FAQs on Discover.com/Bank. |
Capital One 360 is a well-established bank with competitive rates and a variety of account types! It makes it easy to earn interest and dodge fees. Please note that you will need a linked brick-and-mortar checking account to open a savings account with Capital One 360.
Ally Bank is unique because you don’t necessarily need a brick-and-mortar account to open an account. You can just set up an Ally account and start funding it with check deposits, electronic transfers and deposits, mobile deposit, or wire transfers.
These three are the most popular online bank, but they aren’t the only ones and not the best. Most major online banks are similar, so make sure that you choose the bank that has free savings accounts with the specific features you need.
Business Accounts: If you own business, it’s best to separate your business and personal accounts. You might need to open a business checking account in order to get a savings account option for your business. There are several options for free business checking accounts like: US Bank “Silver” and Capital One “Spark.
Plan Ahead
When you decide where to open an account, make sure to check which account features are the most important and do verify that those services are part of the free savings account.
Some of the questions you should ask yourself:
- Will you receive an ATM card?
- Are fee-free ATMs available in your area?
- Is banking face-to-face important? If so, are branches conveniently located and open when you need them?
- Does the bank offer a variety of CD terms?
- Can you deposit checks with your mobile device?
- Do you have any need for wire transfers? How much do they cost, and what’s the process for completing a transfer?
How about services other than a savings account? Do you need a mortgage, a safe deposit box, or a checking account anytime soon?
You can keep track of all of these by choosing a bank that handles multiple needs! Also, banks are more likely to waive fees on checking and savings accounts if you use multiple products.
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Bottom Line
It’s easy to find and open free savings accounts that has the best offers. Make sure to look at both online banks, as well as brick-and-mortar institutions, since you might need both types of accounts anyways.
While you’re here on HMB, you can find the best savings account promotions here, see which one fits your taste the most! Also, don’t forget to browse our complete list of Bank Rates across the nation.
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