Best Online Banks
We've compared the products and services of threescore 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 depository financial institution reviews.
Annual percentage yields (APYs) and account details are accurate equally 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 Information technology
Quontic offers competitive APYs, low minimum deposit requirements, depression fees and access to 90,000+ surcharge-free ATMs throughout the U.South. As a Quontic customer, you become all the features you may expect from a digital banking concern, including 24/7 admission to online banking and a mobile app.
In addition to its traditional banking products—Loftier 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 up to 1.50% cash back on qualifying debit card transactions each argument cycle. And, in select states, Quontic offers a Bitcoin Rewards Checking business relationship that pays i.50% Bitcoin on eligible debit carte du jour purchases.
Customer service is bachelor via live conversation, email and phone.
Read our total Quontic Banking company Review.
Pros & Cons
- Offers cash back checking, interest checking and Bitcoin checking
- Mobile and online banking
- Access to more than 90,000 surcharge-free ATMs
- Designated as a CDFI
- Full-service depository financial institution
- May observe higher rates are bachelor from some banks and credit unions
- Customer service isn't available 24/7
Details
Quontic Bank offers ane savings business relationship, three checking accounts, a money market business relationship and v CDs with terms ranging from six months to five years. Quontic launched its Bitcoin Rewards Checking business relationship in 2020, which is simply bachelor in select states so far. The mobile app gets iv.5 stars out of 5 on the App Store and iii.4 stars out of five on Google Play.
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Best for Avoiding Fees
Discover Depository financial institution
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 Nosotros 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 too no fee for stop payment orders, returned items or excessive withdrawals.
The depository financial institution's checking account earns 1% cash back on up to $3,000 of qualifying debit carte du jour purchases each calendar month. And customers have access to an extensive ATM network. The savings account pays a competitive rate and Observe offers a suite of other cyberbanking products and services.
Detect also offers mobile cyberbanking—the app gets high scores on the App Store and Google Play. Customer service is available 24/7, every day 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/vii customer service
- Higher rates are available from other banks and credit unions
- Doesn't pay interest on checking account
Details
Discover Bank offers a cash back checking business relationship, a high-yield savings business relationship, a money marketplace account and CDs with terms from three months to x years. The mobile app gets 4.9 stars out of 5 on the App Store and 4.seven stars out of 5 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 Bank checks a lot of boxes. It keeps its fees depression and its APYs relatively loftier. The minimum deposit requirements are reasonable. And customers have access to approximately 91,000 ATMs throughout the U.Due south., with unlimited domestic ATM fee reimbursements for out-of-network ATM utilize.
Plus, Axos offers 24/vii client 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 organisation hours.
Axos does well on the mobile banking front, likewise. The banking concern'south app is highly rated on the App Store and Google Play and allows users to take care of bones banking needs on the become.
Read our total Axos Bank Review.
Pros & Cons
- Competitive interest rates
- Depression fees and unlimited ATM fee reimbursement
- Highly rated mobile app
- 24/7 client service
- Full-service bank
- Higher rates are bachelor from some banks and credit unions
- Below average CD rates for an online banking company
Details
Axos offers v different checking accounts, i savings account, i money market account and CDs with terms that range from 3 months to five years. Its mobile app gets 4.seven stars out of v on the App Store and 4.6 stars out of 5 on Google Play.
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Best for Savings Tools
Marry 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 Nosotros Picked It
Ally, a total-service online bank, offers consistently competitive rates on its products with low fees and no monthly maintenance fees or minimum balance requirements. Information technology has an extensive ATM network and it reimburses upwardly to $10 per statement cycle for fees charged at out-of-network ATMs.
Ally customers too get access to the banking company'due south savings tools. With Marry'southward savings account, yous tin create "buckets," allowing yous to set 10 different savings goals within a single business relationship. The bank too has a "round ups" characteristic that looks for transactions in your checking account that it can round to the nearest dollar and transfer to your savings account. And the bank's "surprise savings" characteristic analyzes your Ally checking account for money that'southward safe to save and transfers it to your savings business relationship automatically.
Ally Bank earns high client satisfaction scores, with a client service department available 24/vii past phone. Yous tin can also get your questions answered via alive conversation, email and regular post.
Ally's mobile app, available on iOS and Android, gets high scores in the App Store and Google Play.
Read our full Ally Banking company Review.
Pros & Cons
- Offers helpful savings tools
- High customer service satisfaction
- 24/vii customer service availability
- Low to no fees and minimums
- Out-of-network ATM fee reimbursement up to $ten per calendar month
- Higher rates are available from other banks and credit unions
- No style 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 heighten your rate CD with terms of two and four years and a no-penalty CD with a term of 11 months. The mobile app gets four.seven stars out of v on the App Store and 3.9 stars out of 5 on Google Play.
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All-time for Combined Checking and Savings
nbkc 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 Nosotros Picked Information technology
nbkc bank's Everything Account is an involvement-bearing checking and savings account combined into one. You lot can spend, salvage and pay bills from a single account. Information technology comes with an all-encompassing ATM network and reimburses up to $12 per month for out-of-network ATM fees.
Overall, nbkc bank is a full-service bank that keeps fees to an accented minimum. There are no monthly maintenance fees, overdraft fees, minimum balance fees or foreign transaction fees. Incoming domestic wire transfers are free also.
Customer service is available past alive chat, phone or electronic mail. And you can access your accounts on the go with the bank'due south mobile app.
Read our full nbkc depository financial institution 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
- Loftier client service satisfaction and live conversation tool
- Full-service bank
- Higher rates are available from other banks and credit unions
- Not designed for those who desire split checking and savings accounts
Details
nbkc depository financial institution offers a combined checking and savings account, a money market account and CD terms from three months to v years. Information technology also has an add-on CD that has a term of one year. The mobile app gets iv.4 stars out of 5 on the App Shop and 4.1 stars out of 5 on Google Play.
FEATURED PARTNER Offering
All-time 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 It
All of iGObanking's traditional products (CDs, savings, checking and money market accounts) offer competitive APYs and low fees, making it a practiced place to stash cash for near-term financial goals.
iGOBanking also offers admission to an extensive surcharge-free ATM network, and it rebates up to $fifteen per month in domestic ATM fees that other banks charge.
The bank's accounts are accessible online and through its mobile app, available for iOS and Android. Customer service is available seven days a week by telephone or e-mail.
Read our full iGObanking Review.
Pros & Cons
- Competitive yields beyond products
- Big surcharge-gratis ATM network
- Reimburses third-party ATM fees up to $fifteen per statement bike
- Client service is available seven days a week
- Higher rates are available from other banks and credit unions
- $35 overdraft fee
Details
iGObanking offers a checking account, a savings account, a money marketplace account and traditional CDs with terms of six, 12, eighteen, 36 and 48 months. Information technology also offers the GiftsforBanking CD, which offers a souvenir of your selection when opening a two-, three- or five-year CD with a deposit of $25,000 or more than. The mobile app receives 4.0 stars out of 5 on the App Store and three.5 stars out of 5 on Google Play.
FEATURED PARTNER Offer
All-time for High Balances
Salem Five Straight
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 V Direct insures balances without limitation through a combination of insurance safeguards. The Federal Eolith 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 generally limit eolith insurance to the FDIC maximum.
Salem Five Straight doesn't charge monthly fees or out-of-network ATM fees. It also reimburses fees that other banks accuse, upwardly to $15 per statement bike.
Similar the other online banks on this list, Salem Five Direct's mobile app is highly rated. Customer service is available via alive chat, online messaging, e-mail and phone.
Read our total Salem V Directly Review.
Pros & Cons
- Unlimited insurance coverage on deposits
- Competitive APYs
- Reimburses tertiary-party ATM fees up to $fifteen per statement cycle
- 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 Directly 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 Store and three.iii stars out of 5 on Google Play.
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Best for Guaranteed Competitive Rates
TIAA Bank
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 promise with its checking and money market accounts, which guarantees that the interest rate you earn will be amongst the top v% of "competitive accounts." This is based on accounts from the 10 largest banks and thrifts in 10 large U.Southward. markets. While the bank's Yield Pledge doesn't hateful you lot'll earn the highest rate around, you'll know that you're at least earning a competitive rate compared to large banks and thrifts.
In addition, 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 third-party ATM charges. Keep a minimum rest of $5,000 or more than in your checking account and you'll go unlimited ATM reimbursements.
TIAA'due south mobile app is highly rated. Customer service is bachelor seven days a week via phone and email.
Read our total TIAA Banking company Review.
Pros & Cons
- Offers Yield Pledge hope
- No monthly, overdraft or ATM fees
- Unlimited out-of-network ATM fee reimbursement with a $five,000 minimum residual
- Highly rated mobile app
- Customer service is available seven days a calendar week
- You can find higher rates at other banks and credit unions, despite Yield Pledge
- No savings business relationship
Details
TIAA offers a checking account (Yield Pledge Checking), money market account (Yield Pledge Coin Marketplace), basic CDs, a bump-up CD and what it calls an IntraFi CD, a CD that offers expanded FDIC insurance on deposits. The app earns 4.vii stars out of v on the App Store and 4.half-dozen stars out of five on Google Play.
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Best for Parking Greenbacks
Vio Banking company
Products
Fees
No monthly, overdraft or ATM
ATM Network
Products
Fees
No monthly, overdraft or ATM
ATM Network
Why We Picked It
Vio Bank offers competitive involvement rates, low fees and relatively easy-to-run into minimum eolith amounts across its three main products—savings, money market place accounts and CDs. Notably, information technology doesn't offer a checking account, ATM network or branches, making it a expert place for those who desire to park cash for growth.
That said, you tin can still access your eolith accounts through the banking concern'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 business relationship. And the bank doesn't accuse for incoming or outgoing wire transfers.
Read our full Vio Bank Review.
Pros & Cons
- Competitive APYs
- Low minimum deposit requirements
- Limited access to funds may encourage saving
- No checking account
- Lack of ATM network and branch admission could be a negative for some
- $x fee for excessive transactions
- $v fee for paper statements
Details
Vio Depository financial institution offers a savings account, money marketplace account and CDs with terms from six months to 120 months. Its mobile app gets four.6 stars out of v on the App Store and 3.3 stars out of 5 on Google Play.
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Best for Hybrid Banking
Capital One 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 One 360 is a hybrid between an online and brick-and-mortar bank. Y'all can admission your accounts at any time from anywhere online or via the banking company'southward highly rated mobile app.
Plus, in select locations, you lot tin likewise discover Capital 1 Cafés. At these spaces, you can become personal back up in a coffee-shop atmosphere. Cafés offer certified money coaches, money workshops and assistance with opening and managing Upper-case letter One accounts. If you can't find a Café nearly you, Capital One also offers full-service branches in some states. Physical locations aren't something yous'll find with most online banks.
Customer service reps are available seven days a calendar week by telephone, from 8 a.thou. to 11 p.m. ET. And Eno, the depository financial institution'southward virtual assistant, is available in the mobile app or by text. You can also send Majuscule One a message on Twitter.
Capital Ane 360 makes it easy to open and maintain your accounts—whether it's a savings account, checking business relationship or CD. None of the depository financial institution's products require a minimum deposit or minimum balance.
Read our full Capital letter One 360 Bank Review.
Pros & Cons
- Capital I Cafés, with in-person banking support
- Branch access
- Customer service bachelor seven days a calendar week
- Big ATM network
- No minimum eolith or residuum requirements
- $35 overdraft fee
- No money marketplace account
- Capital One Cafés and branches just in select states
Details
Capital One 360 offers a savings business relationship (360 Functioning Savings), checking account (360 Checking) and CDs (360 CDs). It besides offers a Kids Savings Account and Money Teen Checking. Its mobile app gets four.9 stars out of 5 on the App Store and 4.7 out of 5 stars on Google Play.
How to Choose an Online Bank
Online banks don't have the costs associated with traditional brick-and-mortar institutions. As such, they tend to pass those savings on to customers in the form of lower fees, college rates and intuitive digital banking products. But not all online banks are the same, and some offer meliorate products and experiences than others.
Here are another things to consider when choosing an online bank:
- Fees. Pesky fees tin quickly swallow into your overall bank balance. Look for an online depository financial institution that keeps fees of all types to a minimum. That includes monthly fees, overdraft fees and ATM fees. It'southward even better if the bank reimburses for 3rd-political party ATM charges. Clarify your banking beliefs to figure out which fees yous need to worry about well-nigh. You can often avoid fees with the right banking company.
- APYs. If you're looking to become the virtually for your money, find a bank that pays a competitive APY on its financial 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 generally go far easier to maintain an business relationship. Discover an online bank with minimum requirements that meet your financial condolement level.
- Products. The online banking company you choose depends heavily on the products y'all need. Some online banks are full-service fiscal institutions, offering checking, savings, money market place accounts, CDs and other products. Others limit their offerings.
- ATM network. If having access to cash is important, await for an online bank that offers an extensive surcharge-costless ATM network. Check the bank's site to brand sure at that place are ATMs close to your location or in the areas where you travel almost.
- Customer experience. Online banks typically don't offer branch access, and if they exercise, it'southward oft limited. That'south why information technology's essential to keep client support in mind when shopping for an online bank. Look for a bank that offers easily accessible customer service representatives or online chat alternatives.
- Digital banking experience. Convenience is crucial in the globe of digital banking. With an online bank, your primary interactions occur via the bank's website and mobile app. The best online banks provide a unproblematic online interface and highly rated mobile apps for banking on the go. Cheque out reviews of the mobile app on the App Store and Google Play.
- Safety. Look for a depository financial institution insured by the Federal Deposit Insurance Corporation (FDIC), which provides upwardly to $250,000 in insurance per depositor, per banking concern, for each account ownership category, in the outcome of a banking company failure. At credit unions, make sure the account is insured by the National Credit Wedlock Administration (NCUA).
Summary of Best Online Banks 2022
Methodology
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. Nosotros ranked each bank on 12 data points within the categories of product offerings, APY, fees, ATM network, client experience, digital experience and minimum requirements.
Here's the weighting assigned to each category:
- Product offerings: 20%
- APY: 20%
- Fees: 20%
- ATM network: 10%
- Customer feel: 10%
- Digital experience: x%
- Minimums: ten%
Online banks offering the highest APYs and lowest fees beyond their products rose to the top of the listing, every bit did those with a low minimum deposit and remainder requirements and a broad ATM network. Banks with high customer satisfaction and an intuitive digital banking experience likewise earned college scores. To appear on this list, the bank must be an online bank with national availability.
Frequently Asked Questions (FAQs)
What is an online bank?
Online banks—besides known every bit virtual banks or internet banks—are fiscal institutions that operate primarily via the net. These institutions let you to manage your accounts from a estimator or mobile device from anywhere at any time. Branch admission is ofttimes nonexistent or limited at online banks, while some online divisions of brick-and-mortar banks or hybrid banks nonetheless offer the option to step into a branch location.
Because 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. Go along in mind that this trade-off ways you oftentimes can't walk into a branch if there's a problem. Instead, yous'll be communicating over the phone, via email or online chat to resolve whatsoever issues.
What are the all-time online banks?
The all-time online banks are those that see your needs. If y'all're happy with your current cyberbanking relationship merely want to earn more interest on your savings, consider finding an online depository financial institution with a competitive high-yield savings account.
If y'all're looking to replace your current banking company, focus on the overall package. Look for an online banking company that keeps fees and minimum requirements depression, offers high APYs and provides piece of cake access to your money via ATMs and mobile apps. Seek out a bank with excellent customer service every bit well.
Are online banks rubber?
Generally, online banks are prophylactic. Look for the Federal Deposit Insurance Corporation (FDIC) to insure your accounts. Online banks with FDIC insurance have the same protections every bit banks with branches.
In many ways, online accounts are safer than traditional depository financial institution accounts considering of online statements and the focus on digital transactions instead of paper checks. Fugitive paper statements and checks eliminates an opportunity for fraud that many thieves take 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 similar the Massachusetts Depositors Insurance Fund (DIF).
FDIC-insured accounts are covered upwardly to $250,000 per depositor, for each ownership category, in the event of a banking company failure. Before opening a depository financial institution account, confirm that the financial establishment is FDIC insured. Await for the National Credit Union Administration (NCUA) to insure nationally chartered, and many state-chartered, credit unions for similar amounts.
How does online banking work?
Customers of online banks can initiate transactions online, through a mobile app, by phone or by mail. They likewise can link online bank accounts with accounts they have at traditional banks, credit unions or other online banks.
Online banking products and services vary by institution. Generally, online banks offer the power to open accounts, pay bills, transfer funds, eolith checks, view statements and carry out other typical banking tasks. Many as well offering access to surcharge-gratuitous ATM networks.
Side by side Up In Banking
Data provided on Forbes Advisor is for educational purposes only. Your financial state of affairs is unique and the products and services we review may not be right for your circumstances. Nosotros do not offer financial advice, advisory or brokerage services, nor do nosotros recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past operation is non indicative of future 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 exist bachelor. The opinions expressed are the writer'due south alone and have not been provided, approved, or otherwise endorsed by our partners.
