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Online banks will offer a healthy mix of superior APY, low fees, and moderate minimum requirements.
We compared the products and 60 online banks available nationwide to find some of the most productive features available. See below to learn more about why we choose each institution, the pros and cons, and to access each bank. Reviews
Annual percentage returns (APY) and principal points of the account are accurate as of July 25, 2023.
Why you can accept as true with Forbes Advisor: Our writers are committed to providing you with unbiased ratings and information. Our editorial content is not influenced by advertisers. We use data-driven methodologies to compare monetary products and companies, so that they are all measured equally. You can read more about our editorial rules and banking method for ratings below.
We chose Quontic Bank as one of the online banks because of their low fees and low minimum deposit requirements, as well as their abundant APY and rewards.
In addition to its classic banking products (high-interest checks, high-yield savings, cash market accounts, and CDs), Quontic offers a few other cutting-edge accounts. Card transactions. You can also earn 1. 50% bitcoin on eligible purchases with your Bitcoin rewards check on states.
With Quontic, have access to over 90,000 ATMs at no additional charge in the U. S. All the features you’d expect from a virtual bank, plus 24/7 access to online banking and a mobile app live chat, email, and phone.
Read our full Quontic Bank feature.
Quontic Bank offers a savings account, 3 checking accounts, a cash market account and five CDs with terms ranging from six months to five years. Quontic introduced its Bitcoin Rewards checking account in 2021, which so far is only available in select states.
Discover Bank Wins Best Online Bank for Fee Avoidance Thanks to its zero-fee policy: no monthly maintenance fees, no improper budget fees, and no out-of-network ATM fees. The best retreats. In addition, Discover offers a full diversity of banking products and services, adding a superior APY savings account and a rewards checking account.
The bank’s checking account earns 1% cashback on up to $3,000 of eligible monthly debit card purchases. And consumers have access to an extensive ATM network.
Discover also provides mobile banking: the app gets top scores 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 returns an existing coin account, a high-yield savings account, a market account, and CDs with terms ranging from 3 months to 10 years. The mobile app has a high rating on the App Store and Google Play.
Axos Bank is our most sensible pick for the most productive online bank for ATMs, offering a network of approximately 91,000 ATMs in the U. S. Unlimited refunds of fees from domestic ATMs to out-of-network ATMs.
Customers can choose from 4 other no-fee checking accounts, adding Rewards Checking, which provides one of the best APYs, and CashBack Checking, which gives you 1% cashback on all signature-based purchases. It also provides a relatively high APY on savings deposits, with moderate minimum deposit requirements.
In addition, Axos provides a 24/7 visitor service (including Thanksgiving and Christmas Day) via telephone and secure online messaging. The site also has a live chat feature for general business hours.
Axos is also succeeding on the mobile banking front. The banking app has a high rating on the App Store and Google Play and users satisfy fundamental banking desires on the go.
Read our full Axos Bank feature.
Axos offers five other checking accounts, a savings account, a cash market account and CDs with terms ranging from 3 months to five years.
We chose Ally as one of the most productive online banks for its competitive rates, low minimum deposit requirements, exclusive online savings tools, and non-month-consistent maintenance fees. As a full-service online bank, Ally provides a diversity of and low-fee savings and verification products. 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 the bank’s savings tools. With the Ally savings account, you can create “cubes” that allow you to set another 10 savings goals in a single account. The bank also has a “rounding” feature that transfers currency left over from your transactions to your savings account. And the bank’s “surprise savings” feature scans your Ally checking account to locate cash that can be safely stored and automatically transfers it to your savings account.
Ally Bank achieves the highest visitor satisfaction scores, with 24/7 visitor service over the phone. You can also answer your questions via live chat, email, and regular mail.
Ally’s mobile app, available on iOS and Android, scores highest on the App Store and Google Play.
Read our full Banco Aliado.
Ally Bank offers a savings account, an interest rate account, a cash market account, and CD terms from 3 months to five years. It also offers a two- and four-year rate accrual CD and an 11-month CD with no penalties.
We include nbkc bank because it is a full-service bank that provides 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. Inbound domestic cable Transfers are also free.
The NBCC All Bank account is a checking account and an interest-earning savings account combined into one. You can spend, save, and pay for your expenses from a single account. Comes with an ATM network and reimburses up to $12 consistent with the month per discount-Network ATM fees.
Customer service is available via live chat, phone or email. And you can access your accounts on the pass with the bank’s mobile app.
Read our full nbkc bank.
NBC Bank offers an existing and combined savings account, a marketplace account, and CD terms ranging 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 due to its wide diversity of products that provide a competitive APY with no consistent monthly fees, making it a smart position to buy cash for short-term monetary goals. This bank also has an extensive ATM network with no additional fees and discounts of up to $15 consistent with the month on domestic ATM fees collected through other banks.
The bank’s accounts are available online and through its mobile app, available for iOS and Android. Customer support is available seven days a week by phone or email.
Read our full iGObanking review.
iGObanking grants an existing account, a savings account, a cash market account and classic CDs with maturities of 15, 18, 24 and 36 months. – or five-year CD with a deposit of $25,000 or more.
We chose Salem Five Direct as our first choice, especially for higher 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 above this amount are covered through the Massachusetts Deposit Insurance Fund (DIF). This differs from many other banks, which restrict deposit insurance to the FDIC’s maximum of $250,000 consistent with the depositor, consistent with the asset category.
Salem Five Direct does not charge fees consistent with monthly fees or out-of-network ATM fees. It also reimburses fees charged through other banks, up to $15 according to the cycle.
Like the other online banks on this list, Salem’s Five Direct mobile app is highly rated. Customer service is offered via live chat, online messaging, email, and phone.
Read our full Salem Five Direct review.
Salem Five Direct offers a checking account, savings account and certificates of deposit with terms ranging from 12 months to 36 months.
TIAA Bank gets a more sensible place for its guaranteed competitive rates: the bank’s return promise states that the interest rate it earns will be between 5% of “competitive accounts. “This is based on the accounts of the 10 largest banks and savings banks. In 10 major markets of EE. UU. Si while the bank’s commitment to functionality does not mean getting the highest rate, know that you are earning at least a competitive rate compared to classic monetary institutions.
In addition, bank fees are not consistent with the monthly fees on your accounts, there are no overdraft fees from a connected TIAA bank account, and no ATM fees. TIAA also automatically reimburses up to $15 consistent with the month for third-party ATM fees. Keep a minimum balance of $5,000 or more in your checking account and get unlimited ATM refunds.
TIAA’s mobile app is very popular. Customer service is available seven days a week by phone and email.
Read our full TIAA Bank review.
TIAA offers a Yield Pledge, a Yield Pledge Money Market account, critical CDs, a replacement CD, and what it calls an IntraFi CD, a CD that provides comprehensive FDIC deposit insurance.
We decided on Vio Bank as one of the most productive online banks for its competitive interest rates, low fees and simple minimum deposit requirements in savings accounts, cash market position 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 to grow.
That said, you can still access your deposit accounts through the bank’s highly rated 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 doesn’t qualify for incoming or outgoing cable. Moves
Read our full Vio Bank review.
Vio Bank offers a savings account, a market account and CDs with terms ranging from six months to 120 months.
We chose Capital One 360 as the most sensible selection for the most productive online banks because it’s an exclusive hybrid between an online bank with no monthly fees and a physical bank. In addition to 24/7 virtual banking and seven-day-a-week live visitor service each 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 balance.
Capital One 360 simplifies the opening and management of your accounts, whether it’s a savings, checking or CD account. None of the bank’s products require a minimum deposit or balance. You can access your accounts at any time 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 perks of personalized help in a café environment. The cafes offer qualified money coaches, cash workshops, and assistance opening and managing Capital One accounts. If you can’t locate a coffee shop near you, Capital One will also be offering full-service branches in some states. Physical locations are not at all locatable with most online banks.
Read our full Capital One 360 Bank review.
Capital One 360 offers a savings account (360 Performance Savings), an existing account (360 Checking) and CD (360 CDs). It also offers a children’s savings account and a youth MONEY check.
To create this list, Forbes Advisor analyzed the products of 60 online banks, adding a mix of large and small online banks and neobanks. We ranked each bank into 12 knowledge problems in the categories of product offerings, APY, fees, ATM network, visitor experience, virtual experience, and minimum requirements.
The weighting assigned to the category is as follows:
Online banks with the highest APY and lowest fees across all their products have become the most sensitive on the list, as have those with low minimum deposit and balance needs and an extensive ATM network. The virtual banking experience also scored higher. To appear on this list, the bank must be an online bank with domestic availability.
To learn more about our rating and review method and editorial process, please refer to our advisor How Forbes Assesses Banks.
Online banking is done virtually, either through an online page or a mobile app. Instead of going to a branch or ATM to manage your money, you can do it from your computer or smartphone.
Most classic banks and credit unions offer online banking services to their customers. The diversity of services available does not differ much from what you will find in the most productive online banks. The difference is that with classic banking services, you also have the option of moving to a branch. With online-only banking, it doesn’t.
Customers of online banks can initiate transactions online, a mobile app, by phone or by mail. They can also link online bank accounts with accounts they have at classic banks, credit unions, or other online banks.
Online banking products and rank through the institution. Typically, 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.
These are the benefits presented through online banks that can improve your money 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 bills, move cash between accounts, and even deposit checks remotely. Additionally, you can set up notifications and alerts, and if your debit card is lost or stolen, you can log into 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 banking accounts offer additional features that can help you budget, save, and feel more informed of where your money is going. These include:
Online banks have lower overall fees and tend to rate lower fees and offer more competitive interest rates, saving you money. Most of the most productive online banks do not qualify:
Some online banks even offer ATM payment refunds for all payments collected through out-of-network ATM operators.
Tracking expenses is about 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 clear the main points of your account to look for quick transactions or review purchases made in an era of time.
Here are some other online banking:
Online banks can use the same point of encryption as physical banks and can offer enhanced security features such as multi-factor authentication. Hackers
Here are some other things to keep in mind 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 opening a bank account at a branch. Here is a typical step-by-step procedure for opening an online bank account:
Online banks work entirely online and usually have no branches. Customer service is available 24/7 through their websites, mobile apps, and phone lines. Since those banks don’t have the operating overhead of physical branches, they tend to rate lower fees and would possibly be offering higher rates on deposit accounts. That said, many online banks have more limited account features and wouldn’t possibly be offering extensive lending and investment services.
Traditional banks offer a full variety of money to consumers, such as checking accounts, savings accounts, loans, and investment matrices. They also have branches for other people who prefer to bank in person. However, most classic banks offer minimum interest rates on deposit. accounts and would possibly rate 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 existing banking appointments but need to earn more interest on your savings, look for an online bank with a competitive, high-yield savings account.
If you’re upgrading your existing bank, focus on the overall package. Look for an online bank that helps you keep fees and minimum necessities low, offers the best APYs, and provides simple access to your cash through ATMs and mobile apps. Also take a look for a bank with the right visitor service.
The FDIC insures many online banks. Other online banks are affiliated with physical banks insured through the FDIC. And some offer more insurance protections through organizations like the Massachusetts Depositor Insurance Fund (DIF).
FDIC-insured accounts are covered up to $250,000 by depositor, by asset class, in the event of a bank failure. Before opening a bank account, verify that the money establishment is insured through the FDIC. Look for the National Credit Union Administration. (NCUA) to insure nationally licensed credit unions and many state-chartered credit unions for similar amounts.
Online banks do not work with their own branded ATMs, but in many cases provide free access to ATMs through the spouse banks. ATM networks vary in length depending on the bank you use, and some of the most productive online banks provide free access to more than 37,000 ATMs across the country. If you withdraw cash frequently, check to see if your account has ATM payment refunds, as out-of-network ATM surcharges can add up quickly.
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 conceivable to locate checking and savings accounts without monthly maintenance fees.
In general, 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 concentrate on virtual transactions rather than paper checks. Avoiding paper statements and checks eliminates the fraud option that many thieves take advantage of.
You can retrieve your bank statements by logging into your account and going to the statements page of your bank’s website.
Online bank accounts can be blocked for various reasons. Banks can freeze them if credentials, such as a username or password, are entered too many times. Accounts can also be blocked if online banking detects suspicious activity, such as fraud or money laundering. In some cases, your account may simply be blocked if you have too much notable debt to creditors or the government.
You may not be able to open a bank account online if you don’t have certain required documents, such as a government-issued photo ID, a residential address in the U. S. , and a residential address in the U. S. and a new address. A U. S. federal security number, or tax identification number. In addition, your application could be denied if you have had too many negative notes, such as overdrafts or NSF checks, reported to ChexSystems.
If your online bank has an ATM network that allows money deposits, you can regularly deposit money at an ATM in the network in the same way you would with a classic bank. Some online banks without an ATM network will be offering money deposits at some retailers, this can incur fees of up to $5 or more. Many online banks do not help money deposits at all, but may offer a mobile check deposit feature.
Editor-in-Chief, Global Data and Automation for Forbes Advisor. Mitch has over a decade of experience as a non-public finance editor, writer and content strategist. Prior to joining Forbes Advisor, Mitch worked for several sites and added Bankrate. , Investopedia, Interest, PrimeRates and FlexJobs.
Kat Aoki is a non-public financier who is helping consumers make better decisions about their mortgage loans, credit cards, banking products and more.