Many of us grew up making the journey to a local branch to handle banking business. But now, with online banking, you can bank primarily online. While many online banks don't have physical locations, they offer perks that in-person banks don't. Most notably, the best banks with an online-only experience have high savings account interest rates and no monthly fees.
no monthly service fee
None
$0
- No minimum opening deposit
- No monthly service fees
- Receive your paycheck up to 2 days early
- Rounds debit card purchases up to the nearest dollar and puts spare change in your Chime Savings Account
- No overdraft fees for overdrafts up to $200 with SpotMe®, if you qualify
- No foreign transaction fees
- Request checks be sent to recipients online
- Can deposit cash at select retailers
- $2.50 out-of-network ATM fee
- No overdraft protection for overdrafts exceeding $200
- No physical checkbook
Chime has one of the best checking accounts out there, but it doesn't offer joint accounts or pay the best savings rate. Its strongest feature is that it's great for people who might not qualify to open accounts elsewhere — it doesn't check your credit score or banking history when you apply for a checking account, savings account, or credit card. It also provides several credit-building tools.
Chime Checking Account- Get paid up to 2 days early with direct deposits
- 50,000+ fee-free ATMs nationwide through MoneyPass® and Visa® Plus Alliance
- Free cash deposits at Walgreens; May deposit cash at other select retail locations but you may be charged a fee
- Rounds debit card purchases up to the nearest dollar and moves spare change into your Chime Savings Account
- Qualify for SpotMe® overdraft protection by receiving $200 in direct deposits per month
- Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC.
Best Online Banks for April 2025
- Ally
- Capital One
- Discover®
- Axos Bank
- SoFi®
- TotalBank
- Barclays
With online banks, you'll primarily manage bank accounts through online and mobile banking. If you need to speak to a banker, you can reach out to customer support by phone or live chat generally.
Compare the Top 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, and unique features. If you'd like to learn more about brick-and-mortar options, the best banks might be worth exploring.
Ally Bank
no monthly service fee
0.10% to 0.25%
$0
N/A
- Spending buckets to manage expenses
- Competitive APY
- No initial deposit
- No minimum account balance
- No monthly service charge
- Connect your account with Zelle
- Easy-to-use mobile app
- Early direct deposit
- Reimburses up to $10/month in out-of-network ATM fees
- Online bill pay
- 24/7 customer service
- No overdraft fees
- Overdraft protection
- No physical branch locations
- No way to deposit cash
- You can deposit checks right from your smartphone
- Manage expenses by creating spending buckets
- Ally reimburse's up to $10 per statement cycle for fees charged at other ATMs nationwide
- Transfer money with your voice through Ally Skill™ for Amazon Alexa
- Interest compounded daily, paid monthly
- FDIC insured
Ally is one of the best online-only banks, and it'll surely stand out to you if you are primarily interested in getting strong bank accounts and investing.
Ally is one of the few banks that doesn't have minimum opening deposits for any of its accounts, so you can start online banking with any amount.
The Ally Savings Account makes it especially easy for you to save. You can set up separate savings buckets for different goals, such as Emergency Savings or Travel Fund. The Surprise Savings feature assesses your checking account balance three times per week to determine how much you can afford to save, then transfers money into your savings account.
You can contact Ally customer support 24/7, either over the phone or via live online chat.
The Ally Spending Account is a solid account, and similar to the bank's high-yield savings account, it has spending buckets to help you manage expenses. Ally is one of the best banks for overdrafts since it doesn't charge overdraft fees, and has multiple overdraft protection options so your transactions aren't simply denied if you accidentally overdraw.
Ally also has one of the best investment apps for beginners. If you're looking for a robo-advisor to get started with investing, it's also a solid choice.
Capital One 360
no monthly service fee
See website for details
$0
$250
- Earn interest on all account balances
- No opening deposit or minimum account balance
- No monthly service fee
- No foreign transaction fee
- Range of overdraft protection options
- Processes direct deposits up to 2 days early
- Doesn't reimburse out-of-network ATM fees
- Limited access to customer service by phone
Capital One is a strong bank overall. You'll earn competitive interest rates on online savings accounts and CDs.
Capital One 360 Checking- Earn $250 when you open a new account with promo code CHECKING250 and receive at least 2 direct deposits, each of $500 or more, within 75 days of account opening
- Over 70,000 free ATMs nationwide
- Branches in NY, LA, TX, MD, VA, NJ, and Washington, DC
- Interest compounded daily, paid monthly
- FDIC insured
Capital One ranks as No. 1 on the J.D. Power U.S. National Banking Satisfaction Survey. This study evaluates customers' experiences with banks and measures factors such as trust, handling problems and complaints, and saving time and money.
Its bank accounts are also well-rounded. Capital One savings account and CD rates are significantly higher than the national average. You can also open these accounts with a low initial deposit. Other banks typically require $1,000 or more for CDs and $25 or more for savings accounts.
Capital One checking is also ranked as one of our best checking accounts because it has no monthly service fees and multiple overdraft protection services.
It also has branches and Capital One cafes sprinkled around the U.S., so it's a good option if you like online banking but want the option to speak with a banker face-to-face.
You can use your debit card at over 70,000 ATMs nationwide for free, but unlike many online banks, Capital One doesn't reimburse any fees charged by out-of-network ATM providers.
Discover Bank
no monthly service fee
None
$0
- Earn up to 1% cash back on up to $3,000 in purchases per month (See website for details)
- No monthly service fee
- Over 60,000 in-network ATMs
- Get paid early with direct deposit through Early Pay
- Enroll in free overdraft protection
- Debit card can only be used in the US, Canada, Mexico, and the Caribbean
- Only 1 branch location
- Earn 1% cash back on up on up to $3,000 per month in eligible debit card purchases (See website for details)
- 100% US-based customer service available 24/7
- No opening deposit or minimum account balance
- No monthly maintenance fees
- Over 60,000 in-network ATMs
- FDIC insured
Discover is the best digital bank for people who want to do all their banking, investing, and borrowing with one institution.
Discover has a strong cash-back checking account that lets you earn 1% back on up to $3,000 of purchases each month (see website for details). It's also one of the best free checking accounts, meaning that it doesn't charge any monthly service fees.
Discover credit cards are strong options overall, particularly if you're looking to still earn rewards on a 0% intro APR credit card.
You don't need to place an initial deposit for a checking, CD, money market or savings account. These accounts also pay more than average bank account interest rates, although they may not be the absolute highest out there.
Axos Bank
no monthly service fee
up to 3.30%
$0
- High APY
- Unlimited out-of-network ATM reimbursements
- No monthly maintenance fees
- No overdraft fees
- No non-sufficient funds fees
- No APY if you can't meet qualifications
- Few mobile app reviews
Axos Bank has strong high-yield savings, checking, and money market accounts if you'd like to avoid monthly service fees. But, you can find higher interest rates at some of the best online banks.
Axos Bank Rewards Checking- Build your own APY with up to 3.30% APY*
- Zero monthly maintenance fees
- Zero overdraft or NSF fees
- Zero minimum monthly balance reqs
- No initial deposit requirement
- Unlimited domestic ATM fee reimbursements
- Online debit card management
- Simple, 3-step process for direct deposit
Axos Bank has savings, checking, CD, and money market accounts, so it's a great option if you want to open all of your accounts with one bank. It's one of the best banks for avoiding ATM fees.
Its high-yield checking account doesn't charge overdraft or non-sufficient funds fees, and it offers free overdraft protection that links your checking account to a savings account.
Axos pays higher rates on its accounts than most brick-and-mortar banks, especially on its high-yield checking account. However, you can still earn higher rates at other online banks.
SoFi®
no monthly service fee
up to 3.80%
$0
up to $300
- FDIC insured up to $3 million
- High interest rate
- Earn a higher interest rate with qualifying activities
- No minimum opening deposit
- No monthly service fees
- Up to $300 bonus with qualifying direct deposit (terms apply)
- Savings tools
- Early direct deposit
- Joint account available
- Declined purchase if you overdraw by more than $50
- Doesn't reimburse out-of-network ATM providers' fees
- May deposit cash at Green Dot locations but there's a $4.95 fee
SoFi Checking and Savings is a great account option if you don't mind keeping your savings and checking in one account.
SoFi® Checking and Savings (Member FDIC)- Sign-up bonus of up to $300. When you sign up and set up direct deposit. Wait for direct deposit to hit account (typically 2-4 weeks). Collect cash bonus of $50 to $300 depending on direct deposit amount
- Up to 3.80% APY with direct deposit or $5,000 or more in qualifying deposits during the 30-day evaluation period
- FDIC Insured and covered up to $3 million in FDIC coverage through a network of participating banks
- 55,000+ fee-free ATMs
SoFi® has a great online banking option if you'd like to manage your money in one account. It's a hybrid bank account that combines checking and savings features.
You can earn a competitive interest rate that's higher than what many traditional and high-yield savings accounts pay if you set up direct deposits. It also offers up to $300 with qualifying direct deposit for eligible customers (offer expires 01/31/26, terms apply).
SoFi® Checking and Savings (Member FDIC) is also a strong online banking choice if you don't want to deal with monthly service fees or verdraft fees. It also comes with a debit card.
The account is a hybrid savings/checking account, so you'll need to keep that in mind to get the most out of the account. If you deposit cash, you also might need to pay a fee.
TotalBank
4.11% to 4.51%
$25,000
- High interest rate
- Standard early withdrawal penalties
- High minimum opening deposit
- Limited customer support
- Doesn't operate in Florida, Somoa, Guam, Northern Mariana Islands, and US Virgin Islands
- Online-only division of City National Bank of Florida
- Early withdrawal penalties: 30 days of interest for terms between 30 days up to 6 months
- Maximum deposit of $1 million
- Interest compounded daily and deposited monthly
- FDIC insured
TotalBank may be a good choice if you're searching for the best CD rates. It's featured in several of our guides for having among the highest interest rates offered for 6-month, 1-year, 2-year, 3-year, and 5-year CD terms. TotalBank CDs range from 4.11% to 4.51% APY.
TotalBank also offers a money market account with a high interest rate.
Keep in mind, TotalBank accounts have high minimum opening deposit requirements. TotalBank CDs need at least $25,000 to be opened. The TotalBank Online Money Market requires a minimum opening deposit of $25,000, which is more than banks typically require, too.
TotalBank also doesn't have any other products, so it also not the best choice if you'd like to primarily bank with one financial institution. If you want to open other bank accounts — like checking accounts or savings account — or get other banking products — like loans or credit cards — consider one of our other top picks.
Barclays
no monthly maintenance fee
4.15% to 4.40%
$0
- No monthly maintenance fees
- No minimum opening deposit required
- High APY at the highest tiers
- Interest compounds daily
- Requires a lot of money to earn highest tier of interest
This account could be a good option for you if you're searching for an account with no monthly service fees but you can't earn the best rate unless you put more than $250,000 in. This account also doesn't quite stack up to the top high-yield savings accounts offerings.
Barclays Tiered Savings- Online-only bank for U.S. customers
- Customer service available over the phone from 8:00 am ET to 8:00 pm ET every day of the week
- Interest compounds daily and deposits monthly
- Member FDIC
Barclays offers one of the best high-yield savings accounts right now. Barclays Tiered Savings offers a tiered interest rate 4.15% to 4.40% APY. Your interest earnings will depend on your account balance. You can also get a None.
Barclays also offers some of the best CD rates for a $0 minimum opening deposit.
Barclays does not have a checking account, so if this is a must for you, consider a different bank.
Online Banking Trustworthiness and BBB Ratings
We review the ethics of each company so you can see if a specific financial institution aligns with your values.
We also include the settlement history of the last three years so you're aware of any recent public controversies involving the bank.
None of our top picks have any recent public scandals.
Here are the Better Business Bureau scores for all the banks on our list:
| Institution | BBB grade |
| Ally | A+ |
| Capital One 360 | A+ |
| Discover | A+ |
| Axos | A+ |
| SoFi | A+ |
| TotalBank | A- |
| Barclays | A+ |
The Better Business Bureau measures businesses by examining responses to customer complaints, honesty in advertising, and transparency about business practices.
Something to keep in mind is that a good BBB rating won't guarantee that your interactions with the bank will be great. Consider speaking to current customers or reading online customer reviews to see if one of these banks may be suitable for you.
TotalBank has an A- rating from the BBB because it hasn't responded to a few customer complaints.
In 2024, Discover was required to pay $1 million in a settlement that claimed Discover denied Deferred Action for Childhood Arrivals, or DACA, recipients loans because of their immigration status. In the settlement, Discover has also agreed to rewrite its lending rules so DACA recipients are equally eligible for loans as U.S. citizens.
In 2022, Barclays paid $361 million in a settlement with the U.S. Securities and Exchange Commission. The SEC claimed the bank distributed a high number of unregistered securities and didn't thoroughly keep track of security sales. Although Barclays settled, the bank neither confirmed nor denied these charges.
Best Online Banks Offer Comparison
no monthly service fee
0.10% to 0.25%
$0
N/A
- Spending buckets to manage expenses
- Competitive APY
- No initial deposit
- No minimum account balance
- No monthly service charge
- Connect your account with Zelle
- Easy-to-use mobile app
- Early direct deposit
- Reimburses up to $10/month in out-of-network ATM fees
- Online bill pay
- 24/7 customer service
- No overdraft fees
- Overdraft protection
- No physical branch locations
- No way to deposit cash
- You can deposit checks right from your smartphone
- Manage expenses by creating spending buckets
- Ally reimburse's up to $10 per statement cycle for fees charged at other ATMs nationwide
- Transfer money with your voice through Ally Skill™ for Amazon Alexa
- Interest compounded daily, paid monthly
- FDIC insured
no monthly service fee
See website for details
$0
$250
- Earn interest on all account balances
- No opening deposit or minimum account balance
- No monthly service fee
- No foreign transaction fee
- Range of overdraft protection options
- Processes direct deposits up to 2 days early
- Doesn't reimburse out-of-network ATM fees
- Limited access to customer service by phone
Capital One is a strong bank overall. You'll earn competitive interest rates on online savings accounts and CDs.
Capital One 360 Checking- Earn $250 when you open a new account with promo code CHECKING250 and receive at least 2 direct deposits, each of $500 or more, within 75 days of account opening
- Over 70,000 free ATMs nationwide
- Branches in NY, LA, TX, MD, VA, NJ, and Washington, DC
- Interest compounded daily, paid monthly
- FDIC insured
no monthly service fee
None
$0
- Earn up to 1% cash back on up to $3,000 in purchases per month (See website for details)
- No monthly service fee
- Over 60,000 in-network ATMs
- Get paid early with direct deposit through Early Pay
- Enroll in free overdraft protection
- Debit card can only be used in the US, Canada, Mexico, and the Caribbean
- Only 1 branch location
- Earn 1% cash back on up on up to $3,000 per month in eligible debit card purchases (See website for details)
- 100% US-based customer service available 24/7
- No opening deposit or minimum account balance
- No monthly maintenance fees
- Over 60,000 in-network ATMs
- FDIC insured
no monthly service fee
up to 3.30%
$0
- High APY
- Unlimited out-of-network ATM reimbursements
- No monthly maintenance fees
- No overdraft fees
- No non-sufficient funds fees
- No APY if you can't meet qualifications
- Few mobile app reviews
Axos Bank has strong high-yield savings, checking, and money market accounts if you'd like to avoid monthly service fees. But, you can find higher interest rates at some of the best online banks.
Axos Bank Rewards Checking- Build your own APY with up to 3.30% APY*
- Zero monthly maintenance fees
- Zero overdraft or NSF fees
- Zero minimum monthly balance reqs
- No initial deposit requirement
- Unlimited domestic ATM fee reimbursements
- Online debit card management
- Simple, 3-step process for direct deposit
no monthly service fee
up to 3.80%
$0
up to $300
- FDIC insured up to $3 million
- High interest rate
- Earn a higher interest rate with qualifying activities
- No minimum opening deposit
- No monthly service fees
- Up to $300 bonus with qualifying direct deposit (terms apply)
- Savings tools
- Early direct deposit
- Joint account available
- Declined purchase if you overdraw by more than $50
- Doesn't reimburse out-of-network ATM providers' fees
- May deposit cash at Green Dot locations but there's a $4.95 fee
SoFi Checking and Savings is a great account option if you don't mind keeping your savings and checking in one account.
SoFi® Checking and Savings (Member FDIC)- Sign-up bonus of up to $300. When you sign up and set up direct deposit. Wait for direct deposit to hit account (typically 2-4 weeks). Collect cash bonus of $50 to $300 depending on direct deposit amount
- Up to 3.80% APY with direct deposit or $5,000 or more in qualifying deposits during the 30-day evaluation period
- FDIC Insured and covered up to $3 million in FDIC coverage through a network of participating banks
- 55,000+ fee-free ATMs
no monthly service fee
up to 4.47%
$25,000
- High interest rate
- Interest compounds daily
- No monthly service fees
- High minimum opening deposit
- No customer service on weekends
- No extra ways to access your money
- Only balances of $25,000 or more earn interest
- Online-only bank
- No ATM access
- Customer service hours available via phone call from 8:30 a.m. ET to 5:00 p.m. ET, Monday through Friday
- Balances of $2,500 or more earn highest APY; balances of less than $2,500 don’t earn interest
- Maximum of $1,000,000 allowed in the account
- Interest compounds daily and deposits monthly
- Member FDIC
no monthly maintenance fee
4.15% to 4.40%
$0
- No monthly maintenance fees
- No minimum opening deposit required
- High APY at the highest tiers
- Interest compounds daily
- Requires a lot of money to earn highest tier of interest
This account could be a good option for you if you're searching for an account with no monthly service fees but you can't earn the best rate unless you put more than $250,000 in. This account also doesn't quite stack up to the top high-yield savings accounts offerings.
Barclays Tiered Savings- Online-only bank for U.S. customers
- Customer service available over the phone from 8:00 am ET to 8:00 pm ET every day of the week
- Interest compounds daily and deposits monthly
- Member FDIC
Criteria for Evaluating Online Banks
Security Measures and Digital Safety at Online Banks
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 at Online Banks
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 at Online Banks
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 fees by 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.
Customer Service and User Experience at Online Banks
The best digital banking customer service will feature 24/7 customer support, with phone line, live chat, and email options. You'll also want a bank that has an easy-to-use online website and mobile banking app. Websites that provide all the information you need upfront and mobile apps with high ratings are both signs that a bank values user experience.
Benefits of Banking with Online Banks
Convenience and Accessibility at Online Banks
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.
Although online banks are typically digital-first, some of the best digital banks also allow you to deposit cash through ATMs or participating retailers. However, there may be fees involved depending on the financial institution. Sometimes, it's up to $4.95 per transaction.
Typically Lower Fees and Higher Interest Rates at Online Banks
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 accounts in online banks, for instance.
Many of our best free checking accounts are with online banks, as well.
Advanced Digital Tools and Features at Online Banks
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 deposit with 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.
Security Considerations of Online Banks
Keep in mind that banking online might offer unique security issues that in-person banking doesn't. Since you're primarily banking through a digital platform, you'll have to be extra mindful of password protection.
The best way to keep that from happening is to use a strong, unique password that you don't use for any other account and enable multi-factor authentication. That means that, even if someone does figure out your password, they won't be able to log in unless they also have access to your authentication account. The safest online banks will have features that help you easily set up multi-factor authentication.
How to Choose the Right Online Bank
Matching Online Banking 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 that offers exactly what you're looking for. If you'd like to keep your money in a local bank, we also curate lists of women-owned banks, Black-owned banks, and Hispanic-American-owned banks, some of which are online.
Evaluating the Mobile App and Online Interface of an Online Bank
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.
Online Banking FAQs
Can I open a bank account online for free?
Yes, it's possible to open many free bank accounts online, meaning accounts with no monthly service fees or minimum balance requirements. To see if a bank account has no fees, ask for the fee schedule and account agreement.
Are online banks worth it?
Online banks are worth it. They often are better than online banks because they offer lower fees, higher rates on savings accounts, and 24/7 access to banking services online.
Is it risky to have online banking?
No, online banks are secure. Online banks are still FDIC-insured, and use industry-standard security measures, such as encryption and multi-factor authentication.
Can I deposit checks and cash with an online bank?
Yes, most banks let you deposit your checks through a mobile banking app. While many online banks don't allow you to deposit cash, some let you use ATMs to deposit your physical money.
Do online banks offer loans and credit products?
Yes, many banks offer a wide variety of credit products. You can get personal loans, mortgages, and credit cards. Check with the bank you're thinking about banking with to see if it offers the specific services you're interested in.
Why You Should Trust Us: Our Expert Panel for the Best Online Banks
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 determine whether a bank is the right fit for them?
Tania Brown, CFP® professional and vice president of coaching strategy at OfColor:
"Obviously, you want to make sure it's FDIC-insured. Also, your banking experience — do you like walking into a bank? Well, then you need someone local. Do you just not care if you ever see your bank? Then you're okay online. Do you write checks? Do you not write checks? So it's thinking through how your experience with it is going to be before you make that decision."
Sophia Acevedo, banking editor, Business Insider:
"I would create a list of what I prioritize most in a bank account. For example, some banks have accounts that charge monthly service fees. I would look to see what the requirements are for waiving the monthly service fee and whether I think I could feasibly meet those requirements each month. If I'm searching for an interest-earning bank account I'll pay attention to interest rates. I would make sure the account pays a higher interest rate than the average bank account."
What should someone look for in an online bank?
Tania Brown, CFP® professional:
"With an online bank, absolutely online customer service, because you do not have the advantage of walking inside and talking to a human being. How often are you able to get them? What are their hours?"
Roger Ma, CFP® professional and author of "Work Your Money, Not Your Life":
"How onerous the transfer process is, transferring money in and transferring money out. Is it same day, next day? Is it pretty easy to sync a brick-and-mortar checking account to this particular high-yield savings account?"
Mykail James, MBA, certified financial education instructor, BoujieBudgets.com:
"When it comes to online banks, you want to be a little bit more strict about what type of interest rates they're providing. That's the biggest thing, because online banks are supposed to have the higher interest rate because they don't have the overhead of the brick-and-mortar. You want to make sure that it's well above the national average. What type of securities do they provide? Do they have two-factor identification? If it's an online bank, they should definitely have — at the bare minimum — two-factor authentication in how easy it is to change your passwords and things like that, because you want to be a little more hypersensitive about the cyber security for a strictly online bank."
Our Methodology: How We Chose the Best Online Banks
Business Insider's personal finance team reviewed two dozen online banks to identity the strongest options.
We are editorially independent, which means our business team does not decide how we cover products and what we write about. Our editorial standards provide more information about our editorial independence, and how we choose what we cover and write about.
To determine the best online banks, we considered the overall banking experience, such as what types of bank services and accounts are provided. We also take note of whether certain accounts stood out or are featured as our top picks for CDs, checking accounts, high-yield saivngs accounts or money market accounts.
While interest rates are an important aspect of any online banking account, several offer the same annual percentage yields (APYs). To differentiate between them, we considered how much you'll need to open an account, balance requirements, fees, ATM access, mobile apps, and other standout features.
We also took customer service into account, because with an online bank, you don't have the option of walking into a branch to speak with a representative.
See our bank account rating methodology to learn more about how we rate bank accounts. To provide a brief overview, we rate bank products on a scale from one to five stars.
If a bank account has a rating of one star, that's the lowest possible, and it means the bank account requires significant improvement. If it has five stars, that's the highest rating possible, and it's considered a superior option.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
**Enrollment required.
Bonus Disclosure: New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
APY disclosures: SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
Fee Policy: SoFi does not charge any account, service or maintenance fees for SoFi Checking and Savings. SoFi does charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. SoFi's fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
Additional FDIC Insurance: SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC's regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
ATM Access: We've partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi's ATM policies are subject to change at our discretion at any time.
Early Access to Direct Deposit Funds: Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
Overdraft Coverage: Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the "Start Date" and "End Date" set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the"30-Day Evaluation Period"). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
Chime® Disclosures:
Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.
Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
Early Pay: Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
The Annual Percentage Yield ("APY") for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.
Round Up: Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account.
SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your physical Chime Visa® Debit Card or secured Chime Credit Builder Visa® Credit Card. Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime's sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions.
Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.
The secured Chime Credit Builder Visa® Credit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your card for its issuing bank.
On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as Credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.
Qualifying Direct Deposit: The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.
Save When You Get Paid: Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.
Once the retailer accepts your cash, the funds will be transferred to your selected Chime Account. Barcode and debit card cash deposits land in the Checking Account. Credit Builder card cash deposits first go through your Card Account and then land in your Secured Account. Cash deposit fees may apply if using a retailer other than Walgreens and Duane Reade.
Tax e-file services provided by April Tax Solutions Inc. ("april") or Column Tax, Inc. ("Column Tax"). These tax filing offers are not endorsed or offered by our partners, The Bancorp Bank, N.A. or Stride Bank, N.A.
Maximum refund guarantee is provided by april or Column Tax. If you use april's service to prepare and file your return and you find an error in the tax preparation that entitles you to a larger refund (or smaller liability), you may use their service to amend that return at no additional charge. To qualify, the larger refund or smaller tax liability must not be due to differences or inaccuracies in data supplied by you, your choice not to claim a deduction or credit, positions taken on your return that are contrary to law, or changes in federal or state tax laws. See here for details. If you use Column Tax's service, Column Tax will reimburse you for up to $250 if you are able to pay less federal or state income tax or receive a larger federal or state income tax return by using another tax return preparation provider. Eligibility requirements apply. See terms for details.
If the april tax preparation software makes a mathematical error that results in your payment of a penalty and/or interest to the IRS that you would otherwise not have been required to pay, april will reimburse you up to a maximum of $10,000. See april terms for details. If interest and/or a penalty is imposed by the IRS as a result of a computational error by Column Tax, you may be entitled to up to $10,000 reimbursement by Column Tax. See Column Tax terms for details.
There are no fees required to use this product. Chime does not require you to deposit your refund into your Chime Account to qualify for free tax filing. Certain costs may be incurred if you decide to obtain other optional financial products offered in relation to your tax filing. The Internal Revenue Service (IRS) may impose penalties or other charges depending on your personal tax situation. If the april tax preparation software makes a mathematical error that results in your payment of a penalty and/or interest to the IRS that you would otherwise not have been required to pay, april will reimburse you up to a maximum of $10,000. See april terms for details. If interest and/or a penalty is imposed by the IRS as a result of a computational error by Column Tax, you may be entitled to up to $10,000 reimbursement by Column Tax. See Column Tax terms for details.
Chime does not guarantee timing of refund. Six day refund estimate is based on 2023 tax year filing data. Refund timing estimates are dependent upon timing of complete tax return submission and when the IRS submits your refund.
