Best No-Fee High-Yield Savings Rates May 2024

Consider opening a no-fee high-yield savings account if you want a competitive rate for your cash with no strings attached.

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If you’re looking to find a great high-yield savings account, but want to avoid any pesky fees, you’re in luck. Many savings accounts let you avoid monthly fees while still earning a high rate of return, in some cases over 5%. With a no-fee high-yield savings account, you’ll have the benefit of a high APY, but won’t have to cut into your earnings by offsetting any additional monthly fees. 

Plus, overall savings rates have been rising following the series of interest rate hikes from the Fed in its effort to combat high inflation, making these accounts more appealing.  At the most recent Fed meeting in May, the Federal Reserve decided to hold interest rates steady for the sixth time in a row, meaning that for most savings accounts, you’ll likely be able to maintain or see a slight increase in your current savings rates.  

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Header Cell - Column 0 APY
TAB Bank5.27%
Newtek Bank5.25%
UFB Direct 5.25%
Bread Savings5.15%
Bask Bank5.10%
CIT Bank5.05%
Laurel Road5.00%
Marcus: by Goldman Sachs4.40%
Varo3.00% to 5.00%
Sallie Mae4.50%
Erin Bendig
Personal Finance Writer

Erin pairs personal experience with research and is passionate about sharing personal finance advice with others. Previously, she was a freelancer focusing on the credit card side of finance, but has branched out since then to cover other aspects of personal finance. Erin is well-versed in traditional media with reporting, interviewing and research, as well as using graphic design and video and audio storytelling to share with her readers.