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May 3, 2024 · Synchony Bank’s savings account helped it top our list because it pays a generous APY, charges no monthly fees and comes with an ATM card. NBKC Bank: Best for Full-Service Banking. The ...
- CDFI
Doug Whiteman is an award-winning journalist with three...
- TIAA Bank Review
EverBank is an online bank with a few branches in Florida...
- Vio Bank Review
Yes, Vio Bank is the online division of MidFirst Bank, which...
- Discover Bank Review
Discover Online Banking offers checking, savings and money...
- Capital One
Capital One is a full-service bank offering competitive...
- Ally Bank Review
Ally Bank is a full-service online bank offering competitive...
- Savings Accounts
The FDIC insures bank accounts up to $250,000 per depositor,...
- CDFI
Dec 21, 2023 · SoFi Bank, N.A.: Best for Online banks with checking and savings accounts. Goldman Sachs Bank USA: Best for Online banks with savings accounts only. Capital One: Best for Online banks with ...
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May 2, 2024 · Axos Bank Rewards Checking. Learn More. On Axos Bank's Website. Use Promo Code "AXOS300" by 06/30/2024 for an up to $300 bonus. Then have qualifying direct deposits to earn up to a $300 bonus ...
- Can you open a checking account entirely online?Yes, you can. In the past, it was necessary to visit a bank branch in order to open a bank account. But the rise of digital banking means customers...
- Are online checking accounts safe?Most online checking accounts are safe, but you should always check to ensure the bank website is not fraudulent and the bank is FDIC-insured. You...
- Who has the best online checking account?All the banks on this list, including Axos, PenFed, EverBank, Discover and Alliant, offer some of the best online checking accounts and digital ban...
- Chime Spending Account. 4.5. NerdWallet rating. Monthly Fee $0 APY. N/A. Bonus. Learn more. at Chime, Deposits are FDIC Insured. Why we like it. Chime is a mobile-only financial service that has no overdraft fees, plus a feature that lets certain customers overdraw as much as negative $200 without a fee.
- Capital One 360 Checking. 4.5. NerdWallet rating. Monthly Fee $0 APY. 0.10% With $0 minimum balance. Bonus. $150. Requirements to qualify. Learn more. at Capital One, Member FDIC.
- Radius Rewards Checking. 5.0. NerdWallet rating. Monthly Fee $0 APY. 0.10% With $2,500 minimum balance. Bonus. N/A. Learn more. at Radius, Member FDIC. Why we like it.
- Discover Bank Cashback Debit. 5.0. NerdWallet rating. Monthly Fee $0 APY. N/A. Bonus. Learn more. at Discover Bank, Member FDIC. Why we like it. Discover Bank’s checking account lets you earn cash back on certain purchases, and you’ll also have access to 60,000 free ATMs.
- Best Online Banks of May
- Compare The Top Online Banks
- Online Banking Trustworthiness and BBB Ratings
- Criteria For Evaluating Online Banks
- Benefits of Banking with Online Banks
- Security Considerations of Online Banks
- How to Choose The Right Online Bank
- Why You Should Trust Us: Our Expert Panel For The Best Online Banks
Below, we've provided information comparing top-rated online banks. We know "best" means something different for everyone, so we've listed each bank's strengths, as well as its limitations. These online banks have stayed as our top picks for the last few months because they continue to stand out for minimal fees, variety of bank account options, an...
None of our top picks have any recent public scandals. Here are the Better Business Bureau scores for all the banks on our list: The Better Business Bureau measures businesses by examining responses to customer complaints, honesty in advertising, and transparency about business practices. Ally received an A ratingfrom the BBB rather than an A+ beca...
Security Measures and Digital Safety
Security is important for any bank, but this is especially true for online banks. When considering an online bank, you'll want to make sure it follows certain safety procedures. Like all banks, it should be FDIC-insured; it should also have secure online banking features, like encrypting your banking information in case of hacks and requiring multi-factor authentication to log in.
Range of Services and Account Types
The best banks offer many different banking services and accounts for users to choose from. For example, a bank might offer checking accounts, savings accounts, money market accounts, CDs with many different term lengths, personal loan options, mortgages, credit cards, and more. This means you can keep all your banking services with one bank, even as you grow financially and start needing access to new types of accounts.
Fee Structures and Interest Rates
One of the major reasons to switch to an online bank is because of their low fees and strong interest rates for savings accounts. You can expect to find online banks with no monthly fees and high annual percentage yields on savings accounts, money market accounts, and CDs. A bank that avoids ATM feesby offering extensive free ATM networks is also important, so that you can safely get cash anywhere in the United States without having to pay extra.
Convenience and Accessibility
Online banks are typically both convenient and accessible. They can be accessed from any computer or mobile phone through a mobile banking app. Opening accounts online can take as little as five minutes, and you'll be able to access your banking information without having to go into a branch.
Typically Lower Fees and Higher Interest Rates
Because online banks aren't connected to brick-and-mortar branches, they can generally offer you higher interest rates on things like high-yield savings accounts without charging monthly service fees. You'll find many of our best high-yield savings accountsin online banks, for instance. Many of our best free checking accountsare with online banks, as well.
Advanced Digital Tools and Features
Online banks frequently have better digital features than traditional brick-and-mortar banks. For instance, most online banks will help you learn how to make a mobile check depositwith their app. In comparison, not all brick-and-mortar banks offer mobile check deposit, making you go into a branch to deposit checks instead. Online banks might also offer things like Zelle for easy money transfer, too.
Keep in mind that banking online might offer unique security issues that in-person banking doesn't. For example, having a bank account with a username and password means that someone could potentially use techniques like phishing to access your account, steal your banking information, and take your funds. The best way to keep that from happening is...
Matching Bank Features with Your Financial Goals
Ultimately, the best bank for you will depend on what you want from a financial institution. For example, if you're looking for a bank to use for all of your banking needs, you'll want to prioritize an online bank with a wide range of features. If you already have a bank you're comfortable with, but you want the best 1-year CD rate possible, you'll want to prioritize a bank that offers strong savings rates. Since online banks are all equally accessible, make sure to shop around to find one th...
Evaluating the Mobile App and Online Interface
Even if a bank offers everything you want, you should still make sure that its website and app are easy to use. If you lose your debit or credit card, for instance, you don't want to have to spend hours struggling with an unclear website trying to figure out how to report the loss. And you don't want to accidentally transfer more money than you meant because of a buggy interface. Spend some time on the bank's website and check out its app ratings before you commit.
To learn more about what makes a good online banking experience and how to choose the best fit, four experts weighed in: We're focusing on what will make an online bank most useful, including customer service, fees, rates, and more. Here's what they had to say about banking online. (Some text may be lightly edited for clarity.) How can someone dete...
May 2, 2024 · Best Online Bank Overall: Ally Bank. Best Online Bank for Savings: Synchrony Bank. Best Online Bank for Students: Capital One. Best Online Bank for Checking: Discover. Best Online Bank for ...
Apr 16, 2024 · 12 best online banks. Best overall: Ally. Best for interest rates: Raisin. Best for money market rates: Quontic Bank. Best for ATMs: Axos Bank. Best for businesses: Bluevine. Best for second-chance banking: Chime. Best for teenagers: Step. Best for couples: SoFi.
