10 Best Online Banks

In today’s world, most of us manage our money online rather than in person. That’s why having a reliable online bank is more important than ever. Some banks cater to businesses, while others focus on personal finances.

If you’re searching for the right fit for your needs, check out our list of the top 10 digital banks!

Everbank: One of the Best Online Banks for Savings

EverBank’s savings accounts offered here feature high APYs and competitive rates. The annual yield can reach 4.40%, resulting in impressive earnings. CDs require at least $1,000 to open, with no monthly service charge. APYs vary based on the chosen term. Additionally, clients can easily transfer their money within the bank, by wire transfers, or with Zelle.

Benefits:

• FDIC insurance for depositors up to a certain limit;
• High rates for accounts and CDs;
• There are approximately 100,000 no-fee ATMs;
• Customer support available Monday through Sunday;
• No minimum deposit required to start earning interest.

Offerings: Checking, money market and savings accounts, and CDs.

Quontic: One of the Best Internet Banks

Known for its competitive rates on savings and CDs, Quontic Bank also offers high-interest checking accounts. Customers enjoy free access to over 90,000 ATMs nationwide and benefit from innovative features such as Bitcoin Rewards Checking and a Pay Ring contactless payment device. The bank also simplifies the payment process for customers by integrating Samsung Pay, Apple Pay, Zelle, and Google Pay.

Benefits:

• Short-term and long-term CDs from 3 months to 5 years;
• No monthly service fees on savings and money market accounts, and no overdraft or NSF fees on checking accounts;
• Most profiles require only $100 to open, while Certificates of Deposit demand only $500;
• Checking and savings options come with appealing interest rates, resulting in high APYs.

Offerings: CDs, checking, money market and savings accounts.

Ally Bank: One of the Best Online Banks for Savings

Ally Bank stands out not only with its competitive rates, low minimum deposit requirements, and lack of fees. It also offers innovative online savings tools, allowing users to set up to 10 distinct “buckets” in their savings accounts, which helps them manage and monitor various savings objectives and financial goals all in one place. The “round-ups” feature further supports saving by automatically transferring spare change from purchases into the savings account.

Benefits:

• 24/7 customer support;
• No minimum balance is needed to open any account, including a certificate of deposit;
• No charges for overdraft items, ACH transfers, cashier’s checks, incoming wires, or excessive transactions, nor monthly maintenance fees;
• Access to over 75,000 ATMs;
• Up to $10 per month in reimbursements for third-party ATM fees.

Offerings: Checking, savings, money market accounts, and CDs.

LendingClub: Rewarding Savings and Cashback

In addition to earning 1% cashback on shopping, LendingClub’s Checking account provides access to an extensive network of ATMs, making it easy for customers to manage finances. The high-gain savings accounts and flexible Certificates of Deposit allow customers to grow their funds efficiently, with APYs of 4.75% and 4.25%, respectively. CD terms range from six and sixty months with attractive interest rates.

Benefits:

• 1% infinite cash back on Rewards Checking account purchases;
• No servicing, overdraft, or non-sufficient funds fees on Rewards Checking;
• Checking accounts earn interest and include a cashback debit card.

Offerings: Savings, checking accounts, and CDs.

Discover: Banking Without Fees

The Discover Savings Account offers an impressive 3.75% APY, while rates for CDs can be as high as 4%. The Discover Cashback Debit account rewards customers with 1% cash back on up to $3,000 in monthly card purchases, providing value for everyday spending. In addition, Discover Bank has no service charges on its savings accounts and offers an extensive network of more than 60,000 fee-free ATMs. Unlike many major US banks, Discover also eliminates overdraft fees, allowing customers to overdraw up to $200 on purchases without penalties.

Benefits:

• 1% cashback for Rewards Checking account purchases;
• High interest rate on savings account with daily compounding;
• No fees for excessive withdrawals, overdrafts, monthly maintenance, or NSF on any deposit products;
• 24/7 US-based customer support.

Offerings: CD, savings, checking, money market, IRA CD, and IRA savings accounts.

Bank5 Connect: The Best Online Bank for Checking Accounts

Customers of Bank5 Connect benefit from low fees and no-fee access to over 37,000 ATMs in the US. The Jumbo savings account provides an attractive 4.5% APY, while CDs feature competitive rates with terms ranging from 6 to 36 months. Bank5 Connect also provides 100% deposit protection through FDIC insurance, combining safety and value for digital-first banking clients.

Benefits:

• No maintenance fees for savings and checking accounts;
• FDIC insurance covering 100% protection for deposits;
• Compensation for third-party ATM fees of up to $15 every statement cycle.

Offerings: CDs, Connect and Jumbo savings accounts, checking, and money market accounts.

SoFi: One of the Top Online Banks

SoFi offers combined checking and savings accounts with modern features like mobile check deposits and early direct deposit. Customers earn 0.50% APY on checking accounts and up to 4% APY on savings with direct deposit or deposits or monthly deposits of $5,000 or more. Without meeting these criteria, savings balances still earn a competitive 1.20% APY. SoFi debit card users can also enjoy cashback rewards at participating merchants.

Benefits:

• Direct deposits arrive up to two days earlier than scheduled;
• No fees for minimum balances, charges for monthly maintenance, or overdraft;
• 24/7 account monitoring;
• Savings APYs  up to 4%.

Offerings: Mixed checking and savings accounts.

American Express: One of the Top Rated Online Banks

In addition to credit cards, American Express also offers customers banking products. The High Yield Savings Account provides a competitive APY of 3.8%, allowing customers to grow their savings efficiently. This account has no minimum balance requirements and monthly fees, making it accessible to all users. Additionally, American Express offers CDs with various term lengths, from 11 months to 5 years. These CDs also come with substantial interest rates of up to 3.75% and no monthly fees.

Benefits:

• FDIC insurance on all deposits;
• 24/7 customer support via chat and phone;
• Daily compounding interest on savings accounts and CDs;
• No minimum deposit required to open an account.

Offerings: Savings, checking accounts, and CDs.

CIT Bank: A Versatile Institution

The Savings Account of CIT Bank features favorable APYs for savings accounts, reaching up to 4.35%. The bank also provides multiple options for savings and checking accounts, as well as flexible terms for CDs to help customers optimize their finances. Its no-penalty CD has an 11-month term and 3.50% APY with a $1,000 minimum deposit, making it perfect for an emergency fund.

Benefits:

• All deposits are FDIC-insured;
• No monthly maintenance fees on most products;
• Ability to send money by internal and external transfers, Zelle, and wire transfers;
• Offers a no-penalty CD with high yields.

Offerings: Multiple savings account choices, CDs with various terms, checking accounts, money market accounts, and Jumbo CDs.

First Internet Bank: The Best Bank for Business Bank Account

First Internet Bank offers checking accounts for businesses of all sizes, from small startups to large corporations. There’s no minimum balance requirement, and interest rates are highly competitive. Large businesses should consider Commercial checking accounts with extra functions and full financial management potential. Its money market account can be opened with just $100 and earn up to 4.42% APY.

Benefits:

• No monthly fees or caps on transactions with Do More business checking;
• Competitive interest rates on most business accounts;
• Budgeting tools for small-business accounts;
• Customers receive up to $10 in monthly ATM fee reimbursements.

Offerings: Checking accounts for small and large businesses, CDs, money market and savings accounts.

Conclusion

Good online banks allow us to manage financial operations without leaving home and provide value that meets the needs of modern consumers. Whether for savings, investments, or day-to-day spending, they are a robust alternative to traditional banks.