For some consumers, walking into a bank and having face-to-face conversation with a teller is an important feature. Others may prefer opening a checking or savings account online from the comfort of their home.
Nowadays, most banking can be done online—from opening an account to making deposits to transferring funds between accounts. However, with so many online banks, finding the right one can be overwhelming.
To make your decision a little easier, the Fortune Recommends TM editorial team ranked over 30 online banks that offer checking and savings accounts. We considered factors like annual percentage yield (APY), monthly service fees, overdraft fees, and mobile application ratings in our methodology.
The 10 best online banks: our top picks
Institution | Top savings APY | Top checking APY | See details |
---|---|---|---|
Featured Partner SoFi Checking & Savings | 4.60% | 0.50% | View offer |
Bank 5 Connect | 1.50% | 2.70% | Learn more |
Zynlo Bank | 5.00% | 2.00% | Learn more |
Quontic Bank | 4.50% | 1.10% | View offer |
American Express National Bank | 4.25% | 1.00% | View offer |
Ally Bank | 4.20% | 0.25% | View offer |
Laurel Road | 5.00% | 0.01% | View offer |
Everbank | 5.15% | 0.40% | Learn more |
Capital One | 4.25% | 0.10% | View offer |
Discover Bank | 4.25% | 0.00% | Learn more |
The 10 best online banks | |||
---|---|---|---|
Featured Partner SoFi Checking & Savings | View offer | ||
Top savings APY | 4.60% | ||
Top checking APY | 0.50% | ||
Bank 5 Connect | Learn more | ||
Top savings APY | 1.50% | ||
Top checking APY | 2.70% | ||
Zynlo Bank | Learn more | ||
Top savings APY | 5.00% | ||
Top checking APY | 2.00% | ||
Quontic Bank | View offer | ||
Top savings APY | 4.50% | ||
Top checking APY | 1.10% | ||
American Express National Bank | View offer | ||
Top savings APY | 4.25% | ||
Top checking APY | 1.00% | ||
Ally Bank | View offer | ||
Top savings APY | 4.20% | ||
Top checking APY | 0.25% | ||
Laurel Road | View offer | ||
Top savings APY | 5.00% | ||
Top checking APY | 0.01% | ||
Everbank | Learn more | ||
Top savings APY | 5.15% | ||
Top checking APY | 0.40% | ||
Capital One | View offer | ||
Top savings APY | 4.25% | ||
Top checking APY | 0.10% | ||
Discover Bank | Learn more | ||
Top savings APY | 4.25% | ||
Top checking APY | 0.00% |
Rates last updated April 29, 2024.Read our full methodology here.
The 10 best online banks of 2024
Here’s our rundown of the top 10 online banks, including the key figures you should know before you open an account. (Note: Minimum deposit requirements, fees, and other numbers in our list are up to date as of April 29, 2024, and are subject to change.)
FEATURED PARTNER
SoFi Checking & Savings
APY | 4.60% |
Minimum Balance Required to Earn APY | $0 |
Minimum Opening Deposit | $0 |
Monthly Maintenance Fee | None |
SoFi (which stands for Social Finance, Inc.) began as a student loan refinancing company and has since expanded into a broad financial services company that offers a range of products, including bank accounts, loans, investments, insurance, and more. SoFi operates primarily online and does not have physical branches.
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% 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 Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found here.
Open AccountBank5 Connect
Checking account APY | 2.70% |
Savings account APY | 1.50% |
ATM network | SUM® Network |
Overdraft fee | $15 |
Bank5 Connect is an online division of BankFive, a Massachusetts-based community that has been serving customers since 1855. It offers checking and savings accounts, and certificates of deposit (CDs). Bank5 Connect does not offer any branded ATMs. However, it does offer customers free access to thousands of ATMs across the country via the SUM Network.
Bank5 Connect is a smaller online bank, but offers competitive interest rates on the products it carries, including an impressive 2.70% APY on its checking account and 1.50% APY on savings. This combination of strong interest rates on both types of accounts pushed Bank5 to the top of our list. This institution offers multiple avenues to get in touch if you need help, offering customer support via phone, email, and live chat. However, customer service hours vary widely throughout the week, which can make it difficult to know when you might be able to get a representative on the phone.
For assistance, customers can reach a support specialist via telephone Monday through Wednesday from 7:30 a.m. to 5:00 p.m. ET, Thursday and Friday from 7:30 a.m. to 7:00 p.m. ET, Saturday from 7:30 a.m. to 3:00 p.m. ET, and Sunday from 11:00 a.m. to 3:00 p.m. ET. The bank also offers a live chat option.
Zynlo Bank
Checking account APY | 2.00% |
Savings account APY | 5.00% |
ATM network | Allpoint |
Overdraft fee | $0 |
A division of PeoplesBank, Zynlo is a fully digital bank that provides special perks such as market-leading deposit rates, earlier access to paychecks, and rewards on debit card purchases. Plus, as a Massachusetts-based institution, all deposits above the $250,000 Federal Deposit Insurance Corp. (FDIC) limit are insured in full by the Depositors Insurance Fund (DIF). That means your deposits are 100% insured regardless of the amount.
Zynlo’s More Spending checking account offers an impressive 2.00% APY. Pair this with its high-yield Tomorrow Savings account, which earns a whopping 5.00% APY, and you can participate in the ZYNG Round up and Match bonus program. Every debit card purchase is rounded up to the nearest dollar, Zynlo matches that round up, then the total is deposited to your savings account. This allows you to earn an additional 4.11% return or more on your money.
Zynlo customers can manage their accounts from any smartphone, tablet, or computer. As part of the Allpoint ATM network, you’ll always have nearby access to your cash.
Zynlo representatives can be reached 24 hours a day, 365 days a year by calling (844) ZYNLOBANK (844) 996-5622 or emailing support@zynlobank.com.
Quontic Bank
Checking account APY | 1.10% |
Savings account APY | 4.50% |
ATM network | Citibank, MoneyPass, and Allpoint |
Overdraft fee | $0 |
Quontic Bank is a digital bank that first started as a community bank in New York City in 2009. It is an FDIC-insured bank offering online and mobile banking platforms and a fee-free ATM network made up of 90,000 ATMs across the country. It offers several checking accounts, savings accounts, and mortgage products.
Quontic Bank made our list for its competitive deposit rates, low fees, and massive ATM network. A major selling point: Quontic doesn’t charge overdraft fees. For the online banker who isn’t diligent about checking their account balance, this could be a lifesaver. What’s more, Quontic offers multiple customer support options and mortgage products in addition to its checking and savings accounts.
Customers can contact a customer service representative via live chat, email, and telephone Monday through Friday between 9 a.m. and 6 p.m. Eastern time.
Learn moreAmerican Express National Bank
Checking account APY | 1.00% |
Savings account APY | 4.25% |
ATM network | MoneyPass |
Overdraft fee | $0 |
American Express has a history that stretches back to 1850 and has since become globally recognized for its credit cards, rewards, personal, and business banking products. They also have a wide network of over 37,000 free ATMs.
American Express took the fifth spot on our list for its competitive APY on its savings account, high mobile app rating, and wide range of product offerings. Amex offers personal bank accounts, credit card products with robust rewards programs, and a suite of business products and solutions for consumers who need the best of both worlds.
Customer support specialists are available 24/7 over the phone or via live chat. The Amex app is also available for download on the Apple App Store and Google Play.
Ally Bank
Checking account APY | 0.25% |
Savings account APY | 4.20% |
ATM network | Allpoint |
Overdraft fee | $0 |
Ally is an online-only bank that offers a wide range of financial products and services, including deposit accounts, credit cards, loans, robo-advisors, and more. Despite the lack of physical branches, Ally customers can easily access their money free of charge via the Allpoint network of ATMs.The checking account from Ally comes with several perks, including early direct deposit, no maintenance fees, no overdraft fees, and access to thousands of fee-free ATMs. If you do need to use an out-of-network ATM, however, Ally reimburses up to $10 in fees each month. Further, its savings account offers a rate more than five times the national average at 4.25% APY, plus the ability to organize your savings into buckets so that you can better track your progress toward certain goals. The APY on the checking account is tiered, customers get a 0.10% APY for balances less than $15,000 and 0.25% for balances above that.Account holders can also reach a representative day or night via phone, chat, and email.
For assistance with any of Ally’s bank accounts, credit cards, investment products, or services, customers can reach a representative via live chat, email, or phone 24/7.
Laurel Road
Checking account APY | 0.01% |
Savings account APY | 5.00% |
ATM network | KeyBank and Allpoint |
Overdraft fee | $0 |
Laurel Road is a digital banking platform and brand of KeyBank. It specializes in providing online banking and lending services and is particularly known for student loan refinancing. However, it also offers excellent deposit account options, including rewards checking and high-yield savings.The Cash Rewards checking account from Laurel Road allows you to earn up to $20 for every month you make qualifying automated clearing house (ACH) direct deposits during the first 12 months, and $10 for every month after that for as long as your account is open. It also comes with a $100 welcome bonus. You can also opt for the Refinancing Plus checking account, which provides a rate discount on your refinanced student loan.Additionally, the high-yield savings account offers one of the best rates available today at 5.00% APY with no fees or minimum balance requirements. You can reach customer support about any time via phone, email, or live chat.
You can get in touch with a Laurel Road representative by calling (833) 427-2265 Monday through Friday from 8 a.m. to 8 p.m. ET. You can also email customer service at help@laurelroad.com.
Learn MoreEverBank
Checking account APY | 0.40% |
Savings account APY | 5.15% |
ATM network | Allpoint and MoneyPass |
Overdraft fee | $0 |
Formerly TIAA Bank, EverBank is a subdivision of TIAA, or the Teachers Insurance and Annuity Association which is headquartered in New York. EverBank customers have access to a network of over 80,000 fee-free ATMs, but also get automatically reimbursed up to $15 per month for fees incurred at out-of-network ATMs.EverBank’s Performance Savings account rate is the highest on our list at 5.15% APY. There are no monthly fees or minimum balance requirements. Similarly, its Yield Pledge checking account offers a competitive 0.45% APY with zero maintenance or overdraft fees.For those who are looking for a bank that offers extensive free ATM access, a robust digital experience, and competitive interest rates to grow their balances, EverBank stands out as a great choice.
Representatives are available via email and by telephone, Monday through Friday from 8 a.m. to 5 p.m. ET.
Capital One
Checking account APY | 0.10% |
Savings account APY | 4.25% |
ATM network | Capital One, MoneyPass, and Allpoint |
Overdraft fee | $0 |
Learn more
Capital One is one of the largest banks in the country, headquartered in Virginia with a strong online presence as well as some physical branches across the country. Customers have access to a network of more than 70,000 ATMs nationwide.Capital One garnered a spot on our list for its excellent savings account rate of 4.35% APY, lack of fees, and robust online tools. Capital One’s app gives users the power to manage their Capital One credit cards and deposit accounts, receive purchase notifications, pay bills, send money from their accounts, check their VantageScore, and more.
Capital One offers chat and phone support from 8 a.m. to 8 p.m. ET, seven days a week. Customers can also send secure messages within the mobile app.
Discover Bank
Checking account APY | 0.00% |
Savings account APY | 4.25% |
ATM network | Allpoint and Money Pass |
Overdraft fee | $0 |
Learn more
Discover Bank is part of the Discover Financial Services company, which is primarily known for its credit card products. Discover Bank, however, offers a range of other financial services beyond just credit cards, including excellent online deposit account options.
The high-yield savings account from Discover boasts a competitive 4.35% APY and no monthly fees, while its checking account offers 1% cash back on up to $3,000 in monthly debit card purchases with no monthly fees or minimum balance requirements. Account holders also have access to an expansive surcharge-free ATM network.
Discover Bank agents are available by phone 24/7. For online banking technical support, call 1-800-290-9885.
The pros and cons of online banks
Online banks have various pros and cons that you should be mindful of before deciding to bank with a digital-first institution.
Pros
- Online banks may charge no fees or lower fees: Online banks without brick-and-mortar locations save on the overhead costs that traditional banks are responsible for. They may pass on these savings to customers in the form of reduced fees.
- Online banks may offer higher APYs: Fewer overhead costs can also translate to higher APYs on savings products.
- You could benefit from a wider range of digital tools: Online banks with a strong digital presence may invest more in online and mobile banking platforms to make up for the lack of a brick-and-mortar presence. As a result, you could have access to a wider range of digital budgeting and account management tools, customer service options, and more.
Cons
- For customers who like the option of walking into a physical branch, online-only banks may not be the best fit: Sometimes, resolving an issue related to your account is handled better by working with a teller face-to-face, especially for customers who aren’t as digitally savvy.
- If you deposit cash frequently, an online-only bank could end up costing you more in fees: Because online-only banks don’t have physical branches, you’ll need to ensure that you find one that offers a fee-free ATM network. In the event that they don’t, it could be challenging to make cash deposits and you’ll likely be responsible for a fee each time you do deposit cash.
Frequently asked questions
How do you keep your online bank account safe?
Be sure to change your password regularly to keep your account secure and less susceptible to being hacked. You can also opt to use multi-factor authentication on your phone or laptop, which adds another layer of security each time you’re logging into your account by asking for a text, email, or phone-call verification code.
Do online banks charge higher fees?
Fees vary from bank to bank, but generally online-only banks tend to charge lower fees than banks with brick-and-mortar locations because these institutions don’t have to pay the same overhead costs that banks with physical locations do.
Is my money safe in an online bank?
Your money is just as safe in an online bank or credit union as it is in a brick-and-mortar institution. What’s important to make note of is a bank’s deposit insurance. Be sure to verify that your financial institution is fully backed by the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA).
Our methodology
The Fortune RecommendsTM team compared more than 30 online banks and credit unions to help you find the best institution to help you meet your needs. Our top picks are available to customers across the U.S. no matter where you’re located, subject to the terms of account, product, and service. Some of our picks have brick-and-mortar locations; however, all of our picks offer online banking for customers nationwide.
To come up with our final list, we we ranked the best online banks on the following categories and weighted each category as set forth in the percentages below:
- Checking and savings APY (40%): This percentage represents the real rate of return on your checking and savings account balance; the higher the APY, the better. For accounts with tiered APYs, we assumed a minimum balance of $1.
- Account and product offerings (10%): We rewarded each online bank a point for each account type and service it offered. This included additional deposit accounts, investment accounts, lending services, credit cards, and more.
- Overdraft fee (10%): Most banks will charge you a fee when you spend more than what you have in your account. We ranked online banks with lower or zero overdraft fees higher on our list.
- Monthly service fees (20%): Some banks charge monthly maintenance fees. We ranked banks with lower or zero monthly fees higher on the list.
- Mobile application rating (5%): We calculated the average mobile application rating for each bank or credit union using ratings from the App Store and Google Play. We rewarded online banks that had a higher average mobile application rating.
- Free ATM access (5%): Accounts belonging to financial institutions that have a vast network of surcharge-free ATMs ranked higher on our list than alternatives that did not offer ATM access.
- Customer service (5%): Top picks offer customers three ways to get in contact: chat support, by phone, or even email. Among the three options, we gave phone support the most weight.
- Security (5%): As online banks, digital security is critical. We evaluated which institutions offer two-factor authentication and have been free of data breaches within the past five years.
Note that the account requirements, fees, and perks offered by these online banks may be available for limited time periods. Interest rates are subject to change at the discretion of the bank, which could impact how much interest you earn. All the banks on this list are insured by the FDIC.