The best free savings account on the market currently belongs to AdelFi with an annual percentage yield (APY) of 5.00%. It's proof that you don't need to compromise on getting a high APY for the sake of having a free savings account. These accounts frequently have the top rates nationwide, considerably outperforming the national average. Many of the following accounts also have no or minimal balance prerequisites, making it much easier to earn significant returns on your savings.
For a broader range of options, our daily ranking of the nation's best high-yield savings accounts is worth viewing. Each weekday, Investopedia’s research and compliance teams meticulously investigate savings account rates from hundreds of banks and credit unions to update our listings of the highest paying accounts. Offers from our partners, as well as our rated list of the top free savings accounts available, is listed below.
The leading free savings account rates in the U.S. are outlined in ascending order of APY. In cases where more than one bank offers the same rate, accounts with the lowest minimum required balances to earn the APY are presented first, followed by an alphabetical ranking for any remaining ties.
Please be aware that while some the accounts mentioned have "money market" in their title, they provide no check-writing capabilities and work like a classic savings account.
The Federal Reserve decided to keep its key interest rate stable at its March 18 meeting, with a range of 3.50%–3.75%. This is the second consecutive time the Fed has opted to keep things steady following six rate cuts that took place since September 2024. High-yield savings account rates are closely mirrored by the federal funds rate, so if the Fed decides to cut rates further this year, your savings rates could decrease.
Investopedia strives to present readers with the best rates on the market, regardless of our affiliations or partnerships. Every business day, our research teams gather savings account rates from over 100 banks and credit unions. To qualify as a free account, there must be no recurring deposit requirements, no need to hold other accounts at the bank, and no monthly maintenance fees. We also take into account factors like required balance, minimum deposit requirements, and more.
A few notes on some account specifics: Revolut's Annual Percentage Yield (APY) may change at any time and varies by plan and account type. E*TRADE's promotional APY is only valid for new customers opening a Premium Savings Account.