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The best online banks offer a healthy mix of high APYs, low fees and reasonable minimum requirements.
We compared the products of 60 online banks available nationwide to locate some of the most productive features available. See below for more information on why we chose each institution, the pros and cons, and to access individual bank reviews.
Annual Percentage Yield (APY) and account main points are accurate as of January 4, 2024.
Our editors are committed to providing you with unbiased reviews and information. Our editorial content is influenced by advertisers. We use data-driven methodologies to compare monetary products and businesses, so that everyone is measured equally. You can read more about our editorial rules and our banking method for ratings below.
We chose Quontic Bank as one of the best online banks for its low fees and low minimum deposit requirements as well as its generous APYs and rewards.
In addition to its classic banking products (high-interest checking accounts, high-yield savings, coin market accounts, and CDs), Quontic offers state-of-the-art accounts. The bank has a Cash Rewards checking account that will refund up to 1. 00% of coins on eligible 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 a term 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 prevent 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 gets 1% cashback on up to $3,000 in debit card purchases per month. See the online page for details. And consumers have access to an extensive network of ATMs.
Discover also offers mobile banking: the app gets the best score on the App Store and Google Play. Customer service is available 24/7, every day of the year.
Read our full Discover Bank review.
Discover Bank offers a coin-back checking account, a high-yield savings account, a market account, and CDs with terms from 3 months to 10 years. The cellular 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 different fee-free checking accounts, including Rewards Checking, which offers one of the highest checking APYs, and CashBack Checking, which earns you 1% cash back on all signature-based purchases. It also offers relatively high APYs on savings deposits, with reasonable 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 other checking accounts, a savings account, a cash market account, and certificates of deposit with terms ranging from 3 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 consumers also have access to the bank’s savings tools. With Ally’s savings account, you can create “buckets” that allow you to set another 10 savings goals within a single account. The bank also has a “rounding” feature that replaces transfers from your transactions to your savings account. And the bank’s “surprise savings” feature scans your Ally checking account for cash you can safely keep and automatically transfers it to your savings account.
Ally Bank achieves high scores in visitor satisfaction, with visitor service available 24/7 via phone. You can also receive answers to your questions via live chat, email, and regular mail.
The Ally mobile app, available for iOS and Android, gets the best score on 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 accrual rate CD and an 11-month penalty-free CD. .
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 foreign transaction fees. Incoming domestic wire transfers are also free.
The nbkc bank Everything account is an interest-bearing checking account and savings account combined into one. You can spend, save and pay your expenses from an individual account. It comes with an ATM network and reimburses up to $12 per month for out-of-network ATM fees.
Customer service is offered via live chat, phone, or email. And you can access your accounts through the bank’s mobile app.
Read our full nbkc bank review.
nbkc bank offers a combined checking and savings account, a money market account and CD terms from three months to five years. It also has an add-on CD that has a term of one year.
We chose iGObanking as one of the best online banks due to its wide range of products offering competitive APYs without monthly fees—making it a good place to stash cash for near-term financial goals. This bank also boasts an extensive surcharge-free ATM network and rebates up to $15 per month in domestic ATM fees that other banks charge.
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 review of iGObanking.
iGObanking offers a checking account, a savings account, a money market account and traditional CDs with terms of 3, 9, 36 and 48 months. It also offers the GiftsforBanking CD, which offers a gift of your choice when opening a two-, three- or five-year CD with a deposit of $25,000 or more.
We picked Salem Five Direct as a top choice—particularly for high balances—because it insures balances without limitation through a combination of insurance safeguards. In addition to Federal Deposit Insurance Corporation (FDIC) coverage of up to $250,000, all deposits above that amount are covered by the Massachusetts Depositors Insurance Fund (DIF). This differs from many other banks, which generally limit deposit insurance to the FDIC maximum of $250,000 per depositor, per ownership category.
Salem Five Direct doesn’t charge monthly fees or out-of-network ATM fees. It also reimburses fees that other banks charge, up to $15 per statement cycle.
Like the other online banks on this list, Salem Five Direct’s mobile app is highly rated. Customer service is provided via live chat, online messaging, email, and phone.
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) occupies the most sensible place thanks to its guaranteed competitive rates: the bank’s Yield Pledge states that the interest rate earned will be among the most sensible 5% of “competitive accounts. “This is based on accounts from the 10 largest banks and thrift retailers in 10 major U. S. markets. UU. Si the bank’s repayment commitment doesn’t mean getting the highest rate in the market, know that you’ll at least get a competitive rate compared to classic monetary 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 a Yield Pledge Checking account, a Yield Pledge Money Market account, foundation CDs, a couple CD, and what it calls an IntraFi CD, a CD that provides extensive FDIC insurance on deposits. .
We selected Vio Bank as one of the best online banks for its competitive interest rates, low fees and relatively easy-to-meet minimum deposit requirements across savings, money market and CD accounts. Notably, it doesn’t offer a checking account, ATM network or branches, making it a good place for those who want to park cash for growth.
That said, you can still access your deposit accounts through the bank’s much-loved mobile app and make internal and external movements. You can also fund the ACH movement of your Vio accounts with an external bank account. And the bank does not qualify for entries or exits. the cord moves.
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 and from anywhere online. or through the bank’s popular mobile app. And Eno, the bank’s virtual assistant, is available on the mobile app or via SMS.
At Capital One Cafés, you can get personal support in a coffee-shop atmosphere. Cafés offer certified money coaches, money workshops and assistance with opening and managing Capital One accounts. If you can’t find a Café near you, Capital One also offers full-service branches in some states. Physical locations aren’t something you’ll find with most online banks.
Read our full Capital One 360 Bank Review.
Capital One 360 offers a savings account (360 Performance Savings), checking account (360 Checking) and CDs (360 CDs). It also offers a Kids Savings Account and MONEY Teen Checking.
To create this list, Forbes Advisor analyzed the products of 60 online banks, adding a mix of neobanks and online banks large and small. We categorized each bank into 12 knowledge topics in the categories of product offerings, APYs, fees, ATM network. , visitor experience, virtual experience, and minimum requirements.
The weighting assigned to the category is as follows:
Online banks that offer the highest APYs and lowest fees on all of their products became the most sensible on the list, as did those with low deposit and minimum balance requirements and an extensive ATM network. automatic. Banks with higher visitor satisfaction and an intuitive virtual banking experience also scored higher. To appear on this list, the bank must be an online bank with national availability.
To learn more about our scoring, scoring method, and editorial process, consult our consultant on How Forbes Advisor Rates Banks.
Online banking is banking conducted virtually, either through a website or mobile app. Rather than going to a branch or ATM to manage your money, you can do so via your laptop or smartphone.
Most traditional banks and credit unions offer online banking services to their customers. The diversity of services that can be obtained regularly 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 by 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 the benefits that are presented through online banks that can improve your money life.
One of the chief benefits of online banking is the ability to access and manage your accounts from practically anywhere. You can check your balances, pay bills, transfer money between accounts and even deposit checks remotely. Plus, 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 ATM access if you need to withdraw cash.
Some of the most productive online bank accounts offer additional features that can help you budget, save, and have more information about where your cash goes. These include:
Online banks have lower overhead costs and tend to charge fewer fees and offer more competitive interest rates, helping you save money. Many of the best banks online charge no:
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 simplifies this task by allowing you to see credit and debit transactions at a glance. You can seamlessly delete key points from your account to find quick transactions or view purchases made. during a certain period of time.
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 you should do when opting for 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 suitable for:
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 fees and minimum requirements low, offers the best APYs, and allows easy access to your cash through ATMs and mobile apps. Also look for a bank with the right customer service.
The FDIC insures many online banks. Other online banks are affiliated with traditional FDIC-insured banks. And some will offer more 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 a completely free bank account. All bank accounts come with fees in one form or another, but it’s possible to find checking accounts and savings accounts with no monthly account maintenance fees.
Generally, banks are safe. Look to the Federal Deposit Insurance Corporation (FDIC) to insure your accounts. FDIC-insured banks 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 fact that they focus 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 might not be able to open a bank account online if you don’t have certain required documents, such as a government-issued photo ID, U.S. residential address, Social Security number or taxpayer identification number. Additionally, your application might be denied if you’ve had too many negative marks, such as overdrafts or bounced checks, reported to ChexSystems.
If your online bank has an ATM network that allows coin deposits, you can sometimes deposit coins at an ATM in the network the same way you would at a classic bank. Some online banks without an ATM network offer coin deposits at some retailers, which can lead to 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.
Managing Editor, Global Data and Automation for Forbes Advisor. Mitch has more than a decade of experience as personal finance editor, writer and content strategist. Before joining Forbes Advisor, Mitch worked for several sites, including Bankrate, Investopedia, Interest, PrimeRates and FlexJobs.
Kat Aoki is a privately held financier that helps consumers make better decisions about their home loans, credit cards, banking products, and more.