Best Online Banks
We've compared the products and services of threescore nationally available online banks to find some of the all-time options available. See below to learn more about why we picked each institution, the pros and cons, and to access private banking concern reviews.
Annual percentage yields (APYs) and business relationship details are accurate every bit of Feb. 28, 2022.
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Best Overall Online Bank
Quontic Bank
Products
Savings, Checking, MMAs, CDs
Fees
No monthly, overdraft or ATM
ATM Network
Products
Savings, Checking, MMAs, CDs
Fees
No monthly, overdraft or ATM
ATM Network
Why We Picked It
Quontic offers competitive APYs, low minimum eolith requirements, low fees and admission to ninety,000+ surcharge-free ATMs throughout the U.S. As a Quontic client, you get all the features you may expect from a digital bank, including 24/vii access to online banking and a mobile app.
In addition to its traditional banking products—High Interest Checking, High Yield Savings, money market accounts and CDs—Quontic offers a couple of other innovative accounts. The bank has a Cash Rewards Checking account that pays upwards to one.50% greenbacks back on qualifying debit bill of fare transactions each statement cycle. And, in select states, Quontic offers a Bitcoin Rewards Checking business relationship that pays 1.50% Bitcoin on eligible debit card purchases.
Customer service is bachelor via live conversation, email and phone.
Read our full Quontic Bank Review.
Pros & Cons
- Offers cash back checking, interest checking and Bitcoin checking
- Mobile and online banking
- Admission to more than 90,000 surcharge-costless ATMs
- Designated every bit a CDFI
- Full-service bank
- May find college rates are available from some banks and credit unions
- Customer service isn't available 24/seven
Details
Quontic Bank offers one savings business relationship, iii checking accounts, a money market account and five CDs with terms ranging from 6 months to v years. Quontic launched its Bitcoin Rewards Checking account in 2020, which is just available in select states so far. The mobile app gets four.5 stars out of 5 on the App Store and 3.iv stars out of 5 on Google Play.
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Best for Avoiding Fees
Discover Banking company
Products
Savings, Checking, MMAs, CDs
Fees
No monthly, overdraft or ATM
ATM Network
Products
Savings, Checking, MMAs, CDs
Fees
No monthly, overdraft or ATM
ATM Network
Why We Picked It
Discover Bank keeps its fees to an absolute minimum. It doesn't accuse monthly maintenance fees, bereft funds fees or fees for using out-of-network ATMs. There's besides no fee for terminate payment orders, returned items or excessive withdrawals.
The bank'due south checking account earns i% greenbacks back on up to $three,000 of qualifying debit carte purchases each month. And customers accept admission to an all-encompassing ATM network. The savings account pays a competitive rate and Discover offers a suite of other banking products and services.
Notice also offers mobile banking—the app gets loftier scores on the App Shop and Google Play. Customer service is available 24/7, every 24-hour interval of the year.
Read our full Discover Depository financial institution Review.
Pros & Cons
- Charges very few fees
- Competitive APYs and cash back earnings
- Highly rated mobile app
- Extensive ATM network
- 24/7 customer service
- Higher rates are available from other banks and credit unions
- Doesn't pay interest on checking account
Details
Discover Banking concern offers a cash back checking account, a loftier-yield savings account, a money marketplace business relationship and CDs with terms from three months to x years. The mobile app gets 4.ix stars out of 5 on the App Store and 4.7 stars out of five on Google Play.
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Best for ATM Access
Axos Bank
Products
Savings, Checking, MMAs, CDs
Fees
No monthly, overdraft or ATM
ATM Network
Products
Savings, Checking, MMAs, CDs
Fees
No monthly, overdraft or ATM
ATM Network
Why We Picked It
Axos Banking concern checks a lot of boxes. Information technology keeps its fees low and its APYs relatively high. The minimum deposit requirements are reasonable. And customers have admission to approximately 91,000 ATMs throughout the U.South., with unlimited domestic ATM fee reimbursements for out-of-network ATM utilize.
Plus, Axos offers 24/7 customer service (including Thanksgiving Day and Christmas Day) via phone and secure online messaging. The site as well has a live chat characteristic bachelor during regular business hours.
Axos does well on the mobile banking front, too. The bank's app is highly rated on the App Store and Google Play and allows users to take care of basic banking needs on the become.
Read our full Axos Bank Review.
Pros & Cons
- Competitive interest rates
- Depression fees and unlimited ATM fee reimbursement
- Highly rated mobile app
- 24/7 customer service
- Total-service bank
- Higher rates are available from some banks and credit unions
- Below average CD rates for an online bank
Details
Axos offers five different checking accounts, 1 savings account, 1 coin market account and CDs with terms that range from three months to v years. Its mobile app gets 4.7 stars out of 5 on the App Shop and 4.6 stars out of 5 on Google Play.
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Best for Savings Tools
Ally Bank
Products
Savings, Checking, MMAs, CDs
Fees
No monthly, overdraft or ATM
ATM Network
Products
Savings, Checking, MMAs, CDs
Fees
No monthly, overdraft or ATM
ATM Network
Why We Picked Information technology
Ally, a full-service online bank, offers consistently competitive rates on its products with low fees and no monthly maintenance fees or minimum balance requirements. It has an extensive ATM network and it reimburses upwardly to $ten per statement wheel for fees charged at out-of-network ATMs.
Ally customers also go access to the bank'south savings tools. With Ally'due south savings account, you lot tin create "buckets," allowing you to set up 10 different savings goals within a single business relationship. The bank as well has a "round ups" feature that looks for transactions in your checking account that it can circular to the nearest dollar and transfer to your savings account. And the banking company'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 earns high customer satisfaction scores, with a customer service section available 24/7 by phone. You can also get your questions answered via live chat, email and regular mail.
Ally's mobile app, available on iOS and Android, gets high scores in the App Store and Google Play.
Read our total Ally Banking concern Review.
Pros & Cons
- Offers helpful savings tools
- High customer service satisfaction
- 24/7 customer service availability
- Low to no fees and minimums
- Out-of-network ATM fee reimbursement up to $10 per month
- Higher rates are available from other banks and credit unions
- No way to directly deposit cash
Details
Ally Bank offers a savings account, interest-checking account, coin market account and CD terms from three months to five years. It also offers a raise your rate CD with terms of two and four years and a no-penalization CD with a term of eleven months. The mobile app gets iv.vii stars out of 5 on the App Store and 3.ix stars out of v on Google Play.
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All-time for Combined Checking and Savings
nbkc bank
Products
Savings, Checking, MMAs, CDs
Fees
No monthly, overdraft or ATM
ATM Network
Products
Savings, Checking, MMAs, CDs
Fees
No monthly, overdraft or ATM
ATM Network
Why We Picked It
nbkc bank's Everything Account is an involvement-begetting checking and savings account combined into i. You tin spend, salve and pay bills from a single account. Information technology comes with an extensive ATM network and reimburses up to $12 per month for out-of-network ATM fees.
Overall, nbkc banking company is a full-service bank that keeps fees to an absolute minimum. There are no monthly maintenance fees, overdraft fees, minimum residue fees or foreign transaction fees. Incoming domestic wire transfers are costless besides.
Customer service is available by alive chat, phone or email. And yous can admission your accounts on the go with the bank'southward mobile app.
Read our full nbkc bank Review.
Pros & Cons
- Offers a combined checking and savings account
- Low to no fees
- Out-of-network ATM fee reimbursement up to $12 per month
- High customer service satisfaction and alive chat tool
- Total-service bank
- Higher rates are bachelor from other banks and credit unions
- Not designed for those who want split up checking and savings accounts
Details
nbkc bank offers a combined checking and savings account, a coin market account and CD terms from iii months to five years. Information technology also has an add-on CD that has a term of ane twelvemonth. The mobile app gets 4.iv stars out of five on the App Store and 4.i stars out of five on Google Play.
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Best for Short-Term Goals
iGObanking
Products
Savings, Checking, MMAs, CDs
Fees
No monthly or ATM, $35 overdraft
ATM Network
Products
Savings, Checking, MMAs, CDs
Fees
No monthly or ATM, $35 overdraft
ATM Network
Why We Picked Information technology
All of iGObanking's traditional products (CDs, savings, checking and money market accounts) offer competitive APYs and depression fees, making it a skilful identify to stash cash for near-term financial goals.
iGOBanking besides offers admission to an extensive surcharge-complimentary ATM network, and it rebates up to $fifteen per calendar month in domestic ATM fees that other banks charge.
The bank's accounts are accessible online and through its mobile app, bachelor for iOS and Android. Customer service is available 7 days a calendar week by phone or e-mail.
Read our full iGObanking Review.
Pros & Cons
- Competitive yields across products
- Big surcharge-free ATM network
- Reimburses 3rd-political party ATM fees up to $15 per statement cycle
- Customer service is available vii days a week
- Higher rates are bachelor from other banks and credit unions
- $35 overdraft fee
Details
iGObanking offers a checking business relationship, a savings account, a coin market account and traditional CDs with terms of six, 12, 18, 36 and 48 months. Information technology also offers the GiftsforBanking CD, which offers a gift of your choice when opening a two-, three- or v-year CD with a deposit of $25,000 or more. The mobile app receives 4.0 stars out of 5 on the App Shop and three.5 stars out of 5 on Google Play.
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Best for High Balances
Salem V Direct
Products
Fees
No monthly or ATM, $35 overdraft
ATM Network
Products
Fees
No monthly or ATM, $35 overdraft
ATM Network
Why We Picked Information technology
Salem Five Direct insures balances without limitation through a combination of insurance safeguards. The Federal Deposit Insurance Corporation (FDIC) insures each depositor, per ownership category, up to $250,000. All deposits above that amount are covered past the Massachusetts Depositors Insurance Fund (DIF). This differs from many other banks, which mostly limit eolith insurance to the FDIC maximum.
Salem V Direct doesn't charge monthly fees or out-of-network ATM fees. It as well reimburses fees that other banks accuse, upwardly to $fifteen per statement cycle.
Like the other online banks on this list, Salem V Straight'south mobile app is highly rated. Customer service is available via alive conversation, online messaging, electronic mail and phone.
Read our full Salem 5 Direct Review.
Pros & Cons
- Unlimited insurance coverage on deposits
- Competitive APYs
- Reimburses tertiary-party ATM fees up to $fifteen per statement wheel
- Highly rated mobile app
- College rates are available from other banks and credit unions
- $35 overdraft fee
- Steep $10,000 minimum deposit required for CDs
Details
Salem Five Direct offers a checking business relationship, a savings account and CDs with terms from 12 months to 36 months. The mobile app gets four.7 stars out of 5 on the App Shop and 3.3 stars out of 5 on Google Play.
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All-time for Guaranteed Competitive Rates
TIAA Depository financial institution
Products
Fees
No monthly, overdraft or ATM
ATM Network
Products
Fees
No monthly, overdraft or ATM
ATM Network
Why We Picked Information technology
TIAA Bank offers a Yield Pledge hope with its checking and money market accounts, which guarantees that the involvement rate yous earn will be among the meridian 5% of "competitive accounts." This is based on accounts from the 10 largest banks and thrifts in 10 big U.Due south. markets. While the banking concern's Yield Pledge doesn't mean you'll earn the highest rate around, yous'll know that you're at to the lowest degree earning a competitive charge per unit compared to big banks and thrifts.
In improver, the banking concern charges no monthly fees on its accounts, no overdraft fee from a linked TIAA banking company account and no ATM fees. TIAA also automatically reimburses up to $15 each month for 3rd-party ATM charges. Keep a minimum residuum of $5,000 or more than in your checking business relationship and you'll get unlimited ATM reimbursements.
TIAA's mobile app is highly rated. Customer service is available seven days a calendar week via phone and email.
Read our full TIAA Banking concern Review.
Pros & Cons
- Offers Yield Pledge hope
- No monthly, overdraft or ATM fees
- Unlimited out-of-network ATM fee reimbursement with a $5,000 minimum balance
- Highly rated mobile app
- Customer service is bachelor seven days a calendar week
- You can find higher rates at other banks and credit unions, despite Yield Pledge
- No savings account
Details
TIAA offers a checking business relationship (Yield Pledge Checking), money market business relationship (Yield Pledge Money Market), basic CDs, a crash-land-up CD and what it calls an IntraFi CD, a CD that offers expanded FDIC insurance on deposits. The app earns four.seven stars out of 5 on the App Store and 4.6 stars out of five on Google Play.
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Best for Parking Cash
Vio Banking company
Products
Fees
No monthly, overdraft or ATM
ATM Network
Products
Fees
No monthly, overdraft or ATM
ATM Network
Why Nosotros Picked It
Vio Bank offers competitive interest rates, low fees and relatively easy-to-meet minimum deposit amounts across its three main products—savings, money market accounts and CDs. Notably, it doesn't offer a checking business relationship, ATM network or branches, making it a skilful place for those who want to park cash for growth.
That said, you lot can still access your deposit accounts through the depository financial institution's highly rated mobile app and make internal and external transfers. You can too fund your Vio accounts via ACH transfer with an external depository financial institution account. And the depository financial institution doesn't charge for incoming or outgoing wire transfers.
Read our full Vio Bank Review.
Pros & Cons
- Competitive APYs
- Depression minimum deposit requirements
- Limited admission to funds may encourage saving
- No checking account
- Lack of ATM network and branch admission could be a negative for some
- $10 fee for excessive transactions
- $5 fee for paper statements
Details
Vio Bank offers a savings business relationship, coin market place account and CDs with terms from six months to 120 months. Its mobile app gets iv.6 stars out of five on the App Store and 3.three stars out of 5 on Google Play.
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Best for Hybrid Cyberbanking
Capital Ane 360
Products
Fees
No monthly or ATM, $35 overdraft
ATM Network
Products
Fees
No monthly or ATM, $35 overdraft
ATM Network
Why We Picked It
Capital I 360 is a hybrid between an online and brick-and-mortar bank. You tin access your accounts at whatsoever time from anywhere online or via the bank'south highly rated mobile app.
Plus, in select locations, you tin can besides find Capital One Cafés. At these spaces, yous can get personal support in a coffee-store temper. Cafés offering certified money coaches, money workshops and assistance with opening and managing Capital letter Ane accounts. If y'all tin can't discover a Café near you, Capital letter I also offers total-service branches in some states. Physical locations aren't something you'll notice with most online banks.
Client service reps are available seven days a calendar week by phone, from 8 a.m. to 11 p.thousand. ET. And Eno, the banking company's virtual assistant, is available in the mobile app or past text. You tin also send Capital letter Ane a message on Twitter.
Majuscule One 360 makes it easy to open and maintain your accounts—whether it'southward a savings account, checking account or CD. None of the bank's products require a minimum deposit or minimum balance.
Read our total Majuscule 1 360 Banking concern Review.
Pros & Cons
- Uppercase 1 Cafés, with in-person cyberbanking support
- Branch access
- Customer service bachelor seven days a week
- Large ATM network
- No minimum deposit or residuum requirements
- $35 overdraft fee
- No money marketplace account
- Majuscule 1 Cafés and branches only in select states
Details
Upper-case letter 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. Its mobile app gets 4.9 stars out of 5 on the App Store and 4.7 out of five stars on Google Play.
How to Choose an Online Bank
Online banks don't take the costs associated with traditional brick-and-mortar institutions. Equally such, they tend to laissez passer those savings on to customers in the form of lower fees, higher rates and intuitive digital banking products. Merely not all online banks are the same, and some offering amend products and experiences than others.
Here are some other things to consider when choosing an online bank:
- Fees. Pesky fees tin quickly eat into your overall bank balance. Look for an online bank that keeps fees of all types to a minimum. That includes monthly fees, overdraft fees and ATM fees. It'due south even better if the banking concern reimburses for third-party ATM charges. Analyze your banking behavior to figure out which fees you need to worry near most. You tin often avoid fees with the correct bank.
- APYs. If you lot're looking to get the near for your money, discover a bank that pays a competitive APY on its fiscal products. Online banks tend to pay higher rates, so do some comparison shopping to get the best rates you can.
- Minimums. Lower minimum deposit and balance requirements more often than not make it easier to maintain an account. Find an online depository financial institution with minimum requirements that meet your financial comfort level.
- Products. The online bank you choose depends heavily on the products y'all demand. Some online banks are full-service financial institutions, offer checking, savings, coin marketplace accounts, CDs and other products. Others limit their offerings.
- ATM network. If having access to cash is important, expect for an online depository financial institution that offers an extensive surcharge-free ATM network. Check the bank's site to make sure in that location are ATMs close to your location or in the areas where you travel most.
- Customer experience. Online banks typically don't offer branch admission, and if they do, information technology's often limited. That'southward why it'due south essential to keep customer support in mind when shopping for an online banking company. Look for a banking concern that offers hands accessible customer service representatives or online chat alternatives.
- Digital banking feel. Convenience is crucial in the globe of digital cyberbanking. With an online bank, your principal interactions occur via the bank'south website and mobile app. The best online banks provide a simple online interface and highly rated mobile apps for cyberbanking on the go. Cheque out reviews of the mobile app on the App Store and Google Play.
- Condom. Look for a bank insured by the Federal Deposit Insurance Corporation (FDIC), which provides up to $250,000 in insurance per depositor, per bank, for each business relationship ownership category, in the issue of a bank failure. At credit unions, make certain the account is insured by the National Credit Union Assistants (NCUA).
Summary of All-time Online Banks 2022
Methodology
To create this listing, Forbes Counselor analyzed the products and services of lx online banks, including a mix of big and modest online banks and neobanks. We ranked each bank on 12 data points within the categories of product offerings, APY, fees, ATM network, customer feel, digital experience and minimum requirements.
Here's the weighting assigned to each category:
- Product offerings: 20%
- APY: 20%
- Fees: 20%
- ATM network: ten%
- Customer experience: 10%
- Digital experience: 10%
- Minimums: ten%
Online banks offer the highest APYs and lowest fees beyond their products rose to the summit of the list, equally did those with a low minimum deposit and balance requirements and a broad ATM network. Banks with loftier client satisfaction and an intuitive digital banking feel also earned higher scores. To appear on this listing, the bank must be an online depository financial institution with national availability.
Ofttimes Asked Questions (FAQs)
What is an online bank?
Online banks—besides known every bit virtual banks or internet banks—are financial institutions that operate primarily via the internet. These institutions permit you to manage your accounts from a figurer or mobile device from anywhere at any time. Branch access is ofttimes nonexistent or limited at online banks, while some online divisions of brick-and-mortar banks or hybrid banks still offering the choice to step into a co-operative location.
Considering they generally don't incur the costs to open and operate a network of branches, online banks tend to offer higher rates on deposit accounts and to charge lower fees. Keep in mind that this trade-off means you often tin't walk into a branch if at that place's a problem. Instead, you'll be communicating over the telephone, via e-mail or online chat to resolve any problems.
What are the best online banks?
The best online banks are those that meet your needs. If yous're happy with your electric current banking human relationship but want to earn more interest on your savings, consider finding an online depository financial institution with a competitive high-yield savings account.
If you lot're looking to replace your electric current depository financial institution, focus on the overall packet. Wait for an online banking company that keeps fees and minimum requirements low, offers high APYs and provides easy access to your money via ATMs and mobile apps. Seek out a depository financial institution with excellent customer service as well.
Are online banks safe?
Generally, online banks are safe. Await for the Federal Deposit Insurance Corporation (FDIC) to insure your accounts. Online banks with FDIC insurance accept the same protections as banks with branches.
In many ways, online accounts are safer than traditional bank accounts considering of online statements and the focus on digital transactions instead of paper checks. Avoiding newspaper statements and checks eliminates an opportunity for fraud that many thieves accept advantage of.
Are online banks FDIC insured?
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, for each buying category, in the upshot of a banking company failure. Earlier opening a bank business relationship, confirm that the financial institution is FDIC insured. Look for the National Credit Union Assistants (NCUA) to insure nationally chartered, and many state-chartered, credit unions for similar amounts.
How does online banking work?
Customers of online banks tin can initiate transactions online, through a mobile app, by phone or by mail. They also tin can link online banking concern accounts with accounts they accept at traditional banks, credit unions or other online banks.
Online banking products and services vary by establishment. Mostly, online banks offering the ability to open accounts, pay bills, transfer funds, deposit checks, view statements and carry out other typical banking tasks. Many as well offering admission to surcharge-free ATM networks.
Adjacent Up In Banking
Information provided on Forbes Counselor is for educational purposes simply. Your fiscal situation is unique and the products and services we review may not exist right for your circumstances. We exercise non offer financial advice, informational or brokerage services, nor do nosotros recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may take changed since the fourth dimension of publication. Past operation is non indicative of hereafter results.
Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author's alone and accept non been provided, approved, or otherwise endorsed by our partners.
