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Online banks offer a healthy mix of superior APYs, low fees, and moderate minimum requirements.
We’ve compared the products and services of 60 nationally available online banks to find some of the best options available. See below to learn more about why we picked each institution, the pros and cons, and to access individual bank reviews.
Annual Percentage Yields (APYs) and account main points are accurate as of February 1, 2024.
Our editors are committed to bringing you unbiased ratings and information. Our editorial content is not influenced by advertisers. We use data-driven methodologies to evaluate financial products and companies, so all are measured equally. You can read more about our editorial guidelines and the banking methodology for the ratings below.
We chose Quontic Bank as one of the online banks because of its low fees and low minimum deposit requirements, as well as its generous APY and rewards.
In addition to its traditional banking products—High Interest Checking, High Yield Savings, money market accounts and CDs—Quontic offers another innovative account. The bank has a Cash Rewards Checking account that pays up to 1.00% cash back on qualifying debit card transactions.
With Quontic, you’ll get access to 90,000+ surcharge-free ATMs throughout the U.S. and all the features you may expect from a digital bank, including 24/7 access to online banking and a mobile app. Customer service is available via live chat, email and phone.
Read our full Quantic Bank review.
Quontic Bank offers one savings account, two checking accounts, one market account, and five CDs with terms ranging from six months to five years.
Discover® Bank has been voted the most productive online bank for avoiding payments thanks to its zero-payment policy: no monthly maintenance payments, no inadequate budget payments, and no out-of-network ATM payments. There are also no payments to avoid excessive payments, returned items, or withdrawals. In addition, Discover offers a full diversity of banking products and services, adding a high APY savings account and a rewards checking account.
The bank’s checking account earns 1% cash back on up to $3,000 in debit card purchases each month. See website for details. And customers have access to an extensive ATM network.
Discover also offers mobile banking: the app gets the best score on the App Store and Google Play. Customer service is available 24 hours a day, 7 days a week, every day of the year.
Read our full Discover Bank review.
Discover Bank offers a coin return checking account, a high-yield savings account, a market account, and CDs with terms ranging from 3 months to 10 years. The mobile app is highly rated on the App Store and Google Play.
Axos Bank is our most sensible choice as an online bank for ATM access, offering a network of approximately 91,000 ATMs across the US. Unlimited reimbursement of domestic ATM fees to out-of-network ATMs.
Customers can choose from four other free checking accounts, adding Rewards Checking, which offers one of the highest APYs, and CashBack Checking, which gives you 1% cashback on all signature-based purchases. It also offers relatively high APYs on savings deposits. , with moderate minimum deposit requirements.
In addition, Axos provides 24/7 visitor service (including Thanksgiving and Christmas Day) via phone and secure online messaging. The site also has a live chat feature available during general business hours.
Axos is also doing well on the mobile banking front. The bank’s app is highly rated on the App Store and Google Play and allows users to fulfill their fundamental banking desires on the go.
Read our full Axos Bank review.
Axos offers five different checking accounts, one savings account, one money market account and CDs with terms that range from three months to five years.
We chose Ally as one of the most productive online banks because of its competitive rates, low minimum deposit requirements, exclusive online savings tools, and maintenance fees not consistent with months. As a full-service online bank, Ally offers a diversity of banks with high APYs. , savings and verification products with low fees. It has an extensive ATM network and reimburses up to $10 according to the cycle for fees charged to out-of-network ATMs.
Ally customers also get access to the bank’s savings tools. With Ally’s savings account, you can create “buckets” that allow you to set 10 different savings goals within a single account. The bank also has a “round ups” feature that transfers the spare change from your transactions into your savings account. And the bank’s “surprise savings” feature analyzes your Ally checking account for money that’s safe to save and transfers it to your savings account automatically.
Ally Bank achieves top visitor satisfaction scores, with 24/7 visitor support available over the phone. You can also receive answers to your questions via live chat, email, and snail mail.
Ally’s mobile app, available on iOS and Android, gets high scores in the App Store and Google Play.
Read our full Ally Bank review.
Ally Bank offers a savings account, an interest-bearing checking account, a cash market account, and CD terms from 3 months to five years. It also offers a two- and four-year cumulative CD and a penalty-free CD with an 11-month term.
We include nbkc bank because it’s a full-service bank that offers interest-bearing accounts and helps keep fees to an absolute minimum. There are no monthly maintenance fees, overdraft fees, minimum balance fees, or transaction fees. Incoming Domestic Cable Transfers are also free.
nbkc bank’s Everything account is a checking account and an interest-bearing savings account combined into one. You can spend, save, and pay your expenses from an individual account. It comes with a network of ATMs and reimburses up to $12 per month for out-of-network ATM fees.
Customer service can be provided via live chat, phone, or email. And you can access your accounts with the pass through the bank’s mobile app.
Read our full nbkc bank Review.
NBKC Bank offers an existing combined and savings account, a market account, and CDs with maturities from 3 months to five years. It also has an additional one-year CD.
We chose iGObanking as one of the most productive online banks because of its wide diversity of products that provide competitive APYs with no consistent monthly fees, making it a smart position to buy cash for short-term monetary goals. This bank also has an extensive network of ATMs with no additional fee and discounts of up to $15 consistent per month on qualified domestic ATM fees through other banks.
The bank’s accounts can be accessed online and through its mobile app, which is available for iOS and Android. Customer service is available seven days a week by phone or email.
Read our full iGObanking review.
iGObanking offers an existing account, a savings account, a cash market account, and classic CDs with terms of 3, 9, 36, and 48 months. It also offers the GiftsforBanking CD, which offers a gift of your choice when you open a two-, three-, or five-year CD account with a deposit of $25,000 or more.
We chose Salem Five Direct as our most sensible pick, especially for high balances, as it secures unrestricted balances through a combination of insurance guarantees. In addition to the Federal Deposit Insurance Corporation (FDIC) policy of up to $250,000, all deposits over this amount are covered through the Massachusetts Depositor Insurance Fund (DIF). This differs from many other banks, which restrict deposit insurance to a maximum of $250,000 from the FDIC depending on the depositor and asset class.
Salem Five Direct does not charge fees consistent with monthly fees or out-of-network ATM fees. It also reimburses qualifying fees through other banks, up to $15 depending on the cycle.
Like the other online banks on this list, the Salem Five Direct cellular app is highly rated. Customer service is provided via live chat, online messaging, email, and telephone.
Read our full Salem Five Direct review.
Salem Five Direct offers a checking account, a savings account and CDs with terms from 12 months to 36 months.
EverBank (formerly TIAA Bank) earns a top spot for its guaranteed competitive rates: The bank’s Yield Pledge promise states that the interest rate you earn will be among the top 5% of “competitive accounts.” This is based on accounts from the 10 largest banks and thrifts in 10 large U.S. markets. While the bank’s Yield Pledge doesn’t mean you’ll earn the highest rate around, you’ll know that you’re at least earning a competitive rate compared to traditional financial institutions.
In addition, the bank does not charge monthly fees on your accounts, no overdraft fees on a connected EverBank account, and no ATM fees. EverBank also automatically reimburses up to $15 each month for third-party ATM fees. Maintain a minimum balance of $5,000 or more in your checking account and get unlimited ATM cashback.
EverBank’s mobile app is highly regarded. Customer service is available seven days a week via phone and email.
Read our full EverBank review.
EverBank offers an existing account (Yield Pledge Checking), a market account (Yield Pledge Money Market), fundamental CDs, a pair CD, and what it calls an IntraFi CD, a CD that provides extensive FDIC insurance on deposits.
We decided on Vio Bank as one of the most productive online banks because of its competitive interest rates, low fees, and easy-to-meet minimum deposit requirements on savings, cash market, and CD accounts. Notably, it doesn’t offer a checking account, ATM network, or branches, making it a smart position for those who need to park cash for their growth.
That said, you can still access your deposit accounts through the bank’s highly-rated mobile app and make internal and external transfers. You can also fund your Vio accounts via ACH transfer with an external bank account. And the bank doesn’t charge for incoming or outgoing wire transfers.
Read our full Vio Bank Review.
Vio Bank offers a savings account, a market account, and certificates of deposit with a term of six months to 120 months.
We chose Capital One 360 as our most sensible choice for the most productive online banks because it’s a unique hybrid between an online bank with no monthly fees and a traditional bank. In addition to 24/7 virtual banking and with live visitor service seven days a week, Capital One offers full-service branches in the states, as well as Capital One coffee shops. None of Capital One’s banking products require a minimum deposit or minimum balance.
Capital One 360 makes it simple to open and manage your accounts, whether it’s a savings account, checking account, or CD. None of the bank’s products require a minimum deposit or minimum balance. You can access your accounts anytime, anywhere online. or through the bank’s popular mobile application. And Eno, the bank’s virtual assistant, is available on the mobile app or via SMS.
At Capital One Cafés, you can take advantage of a personalized accompaniment in a coffee shop environment. The cafes offer qualified money advisors, cash workshops, and assistance with opening and managing Capital One accounts. If you can’t locate a coffee shop near you, Capital One will also offer full-service locations in some states. Physical locations are not found in most online banks.
Read our full Capital One 360 Bank review.
Capital One 360 offers a 360 Performance Savings, a 360 Checking account, and CDs (360 CDs). It also gives away a savings account for kids and a MONEY check for teens.
To create this list, Forbes Advisor analyzed the products and services of 60 online banks, including a mix of large and small online banks and neobanks. We ranked each bank on 12 data points within the categories of product offerings, APY, fees, ATM network, customer experience, digital experience and minimum requirements.
The weighting assigned to the category is as follows:
Online banks offering the highest APYs and lowest fees across their products rose to the top of the list, as did those with a low minimum deposit and balance requirements and a broad ATM network. Banks with high customer satisfaction and an intuitive digital banking experience also earned higher scores. To appear on this list, the bank must be an online bank with national availability.
To learn more about our scoring, our scoring method, and our editorial process, see our consultant on How Forbes Advisor Rates Banks.
Online banking is a banking activity that is done virtually, through a mobile app. Instead of going to a branch or ATM to manage your money, you can do it through your computer or smartphone.
Most classic banks and credit unions offer online banking services to their customers. The diversity of services that can be obtained on a regular basis does not differ much from what is found in the most productive online banks. The difference is that with the classic bank, you also have the option of going to a branch. With online-only banking, this is not the case.
Online banking consumers can initiate transactions online, on a mobile app, by phone, or by mail. They can also link their online bank accounts to those they have at classic banks, credit unions, or other online banks.
Online banking products vary across the institution. Generally, online banks offer the ability to open accounts, pay bills, move funds, deposit checks, view statements, and perform other typical banking tasks. Many also offer access to ATM networks. at no extra charge.
Here are advantages online banks offer that can improve your financial life.
One of the main benefits of online banking is the ability to manage your accounts from virtually anywhere. You can check your balances, pay your bills, move cash between accounts, and even deposit checks remotely. In addition, you can set up notifications and alerts, and if your debit card is lost or stolen, you can log in to your mobile app to deactivate the card immediately. And many online banks still offer ATMs if you want to withdraw cash.
Some of the most productive online bank accounts offer additional features that can help you budget, save, and have more insight into where your cash is going. These include:
Online banks have lower overall fees, tend to charge fewer fees, and offer more competitive interest rates, helping you save money. Most of the most productive online banks don’t qualify:
Some online banks even offer ATM payment refunds for all payments collected through out-of-network ATM operators.
Tracking expenses involves creating and sticking to a realistic budget. Online banking makes this task easier by allowing you to view credit and debit transactions at a glance. You can easily clear the main points of your account to locate quick transactions or view purchases made during a certain period.
Here are some other online banking options:
Online banks can use the same encryption point as brick-and-mortar banks and can offer enhanced security features, such as multi-factor authentication. These measures, in addition to taking fundamental steps to protect the security of your online banking, can protect your account data and keep you away from hackers.
Here are some other things to consider when choosing an online bank:
You can open a bank account online through the online page or mobile app of the bank or credit union of your choice. From there, regularly follow the same steps as for opening a bank account at a branch. Below is a typical step-by-step procedure for opening an online bank account:
Online banks work entirely online and typically don’t have branches. Customer service is available 24/7 through their websites, mobile apps, and phone lines. Since those banks don’t incur the overhead costs of operating brick-and-mortar branches, they tend to charge fewer fees and possibly offer higher rates on deposit accounts. That said, many online banks will offer more limited account features and possibly not offer extensive lending and investment services.
Traditional banks offer a full range of money services to consumers, such as checking accounts, savings accounts, loans, and investments. They also have branches for other people who prefer to bank in person. However, most classic banks offer negligible interest rates. fees on deposit accounts and would possibly qualify the highest account maintenance fees per month.
Online banks are best suited to:
Our studies are based on data from the following monetary institutions: Acorns, Affinity Federal Credit Union, Affirm, Albert, Alliant Credit Union, Ally Bank, Amalgamated Bank, American Express, Andigo Credit Union, Apple Federal Credit Union, Armed Forces Bank, Aspiration. , Axos Bank, BancorpSouth Bank, Bank of America, Bank OZK, Bank5 Connect, BankDirect, BankPurely, BankUnitedDirect, Barclays, Bask Bank, BB
The most productive online banks are the ones that meet your needs. If you’re happy with your current banking services but need to earn more interest on your savings, look for an online bank that offers a competitive, high-yielding savings account.
If you’re upgrading your current bank, focus on the total package. Look for an online bank that helps you keep minimum fees and requirements low, offers the best APYs, and allows easy access to your cash through ATMs and mobile apps. Also, look for a bank that provides the right service to the visitor.
The FDIC insures many online banks. Other online banks are affiliated with brick-and-mortar banks that are FDIC insured. And some offer additional insurance protections through organizations like the Massachusetts Depositors Insurance Fund (DIF).
FDIC-insured accounts are covered up to $250,000 per depositor, per asset class, in the event of bank failure. Before opening a bank account, verify that the financial institution is FDIC insured. Look for the National Credit Union Administration (NCUA). ) to secure nationally chartered credit unions and many nationally chartered credit unions for similar amounts.
Online banks do not have their own branded ATMs, however, in many cases, they provide free access to ATMs through partner banks. The length of ATM networks varies depending on the bank you use, and some of the most productive online banks provide free access. Access to more than 37,000 ATMs nationwide. If you withdraw money frequently, check to see if your account has ATM payment refunds, as payments loaded from out-of-network ATMs may be temporarily charged.
There is no such thing as an absolutely loose bank account. All bank accounts come with fees in one form or another. But it’s possible to find checking and savings accounts with no monthly account fees.
Generally, online banks are safe. Look for the Federal Deposit Insurance Corporation (FDIC) to insure your accounts. Online banks with FDIC insurance have the same protections as banks with branches.
In many ways, online accounts are more secure than classic bank accounts because of online statements and the emphasis on virtual transactions rather than paper checks. Avoiding paper statements and checks eliminates a fraud opportunity that many thieves take advantage of.
You can retrieve your bank statements by logging into your account and accessing the statements page on your bank’s website.
Online bank accounts can be blocked for a number of reasons. Banks can freeze them if credentials, such as a username or password, are entered too often. Accounts can also be blocked if the online bank detects suspicious activity, such as fraud or cash laundering. In some cases, your account may simply be blocked if you have too many notable debts to your creditors or the government.
You may not need to open an online bank account if you don’t have certain required documents, such as a government-issued photo ID, U. S. green card, social security number, or tax identification number. In addition, your application would possibly be rejected if you have earned too many negative notes, such as overdrafts or bad checks, reported to ChexSystems.
If your online bank has an ATM network that allows coin deposits, you can regularly deposit coins at an ATM in the network in the same way as you would at a classic bank. Some online banks without an ATM network offer coin deposits at certain retailers, this can incur fees of up to $5 or more. Many online banks don’t support coin deposits at all, but possibly offer a mobile check deposit feature.
Editor-in-Chief, Global Data & Automation at Forbes Advisor. Mitch has over a decade of experience as a private finance editor, writer, and content strategist. Prior to joining Forbes Advisor, Mitch worked for various sites, adding Bankrate, Investopedia, Interest, PrimeRates, and FlexJobs.
Kat Aoki is a personal finance writer helping consumers make better decisions with their home loans, credit cards, banking products and more.