Stubborn inflation continues to be a cause for concern, with prices growing 3.2% year-over-year in February. That’s bad news for borrowers, as the Federal Reserve’s federal funds rate target is currently paused at a 23-year high and is unlikely to decline fall until the inflation rate moves closer to the Fed’s 2% target. 

In turn, interest rates are likely to stay elevated for now. But while that may be an issue for borrowers, it has benefits for savers who want to earn returns that outpace inflation. And, high-yield savings accounts, in particular, could be worth considering right now. 

Some leading high-yield saving accounts currently offer APYs as high as 5.25%, which far outpaces inflation. However, some high-yield savings accounts also come with monthly maintenance fees that could cut into your earnings. So if you want to maximize the returns on your money, it’s important to look for fee-free high-yield savings accounts instead. 

Open a high-yield savings account to start earning big interest returns now. 

12 best high-yield savings accounts with no fees to open now

These high-yield savings accounts allow you to take advantage of today’s high-rate environment while avoiding fees:

• Jenius Bank: This account has a 5.25% APY and doesn’t have a minimum opening deposit requirement. There’s no minimum balance requirement to avoid fees or earn the advertised APY. 
• EverBank: This account has a 5.15% APY and doesn’t have a minimum opening deposit requirement. There’s no minimum balance requirement to avoid fees or earn the advertised APY.  
• Bask Bank: This account has a 5.10% APY and doesn’t have a minimum opening deposit requirement. There’s no minimum balance requirement to avoid fees or to access the advertised APY.  
• CIT Bank: This account has a 5.05% APY, but it has a $100 minimum opening deposit and you’ll have to maintain a minimum balance of $5,000 to earn the advertised APY. Accounts with balances under $5,000 earn a 0.25% APY. There’s no minimum balance requirement to avoid fees. 
• Varo: This account has a 5.00% APY on the first $5,000 and a 3% APY on the remainder of your balance over $5,000. There is no minimum opening deposit requirement or minimum balance requirement to avoid fees or earn the advertised APY.
• Synchrony Bank: This account has a 4.75% APY and doesn’t have a minimum opening deposit requirement. There’s no minimum balance requirement to avoid fees or earn the advertised APY.  
• Sofi: This account has a 4.60% APY and doesn’t have a minimum opening deposit requirement. There’s no minimum balance requirement to avoid fees or earn the advertised APY.  
• Marcus by Goldman Sachs: This account has a 4.50% APY and doesn’t have a minimum opening deposit requirement. There’s no minimum balance requirement to avoid fees or earn the advertised APY. 
• Barclays Bank: This account has a 4.35% APY and doesn’t have a minimum opening deposit requirement. There’s no minimum balance requirement to avoid fees or earn the advertised APY.  
• Capital One: This account has a 4.35% APY and doesn’t have a minimum deposit requirement upon opening. There’s no minimum balance requirement to avoid fees or earn the advertised APY.  
• Affirm: This account has a 4.35% APY and doesn’t have a minimum opening deposit requirement. There’s no minimum balance requirement to avoid fees or earn the advertised APY.  
• SFGI Direct: This account has a 4.26% APY and doesn’t have a minimum opening deposit requirement. There’s no minimum balance requirement to avoid fees but you must maintain a $1 minimum balance to earn the advertised APY.

Compare today’s leading high-yield savings account options today. 

The bottom line

Today’s high-rate environment is difficult for borrowers, but savvy savers can benefit from it with the right high-yield savings account. With many of the leading high-yield savings accounts offering returns that outpace inflation, these accounts are an effective way to protect the value of your savings by raking in big returns. If you’re planning to open this type of account in the future, though, it’s important to avoid fees that could cut into your earnings. 

Joshua Rodriguez

Joshua Rodriguez is a personal finance and investing writer with a passion for his craft. When he’s not working, he enjoys time with his wife, two kids, two dogs and two ducks.