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The best online banks have a good mix of high annual percentage yields (APYs), low fees, and acceptable minimum requirements. Because they often don’t have branches or only have a few physical sites, these institutions tend to offer easy-to-use online and mobile banking, as well as helpful and easy-to-reach customer service.
We looked at the products and services of 60 online banks that are available across the country to find some of the best choices. See below to find out why we chose each bank, what its pros and cons are, and how to read reviews of each bank. You should also get good rates on savings accounts, a wide range of products, safe online banking and mobile apps that are easy to use and come with extras like budgeting and savings tools.
Best Online Banks Comparison Table
Bank | Account Types | Mobile Banking | Online Banking | ATM Access | Customer Support | Additional Benefits | Minimum Deposit | FDIC Insured |
---|---|---|---|---|---|---|---|---|
Quontic Bank | Checking, Savings | Yes | Yes | Free access to 90,000+ ATMs | Phone, email, live chat | Cashback rewards, personal loans | Varies | Yes |
Discover Bank | Checking, Savings, CDs | Yes | Yes | Over 60,000 fee-free ATMs | Phone, email, live chat, in-person | Cashback rewards, personal loans | No minimum | Yes |
Ally Bank | Checking, Savings, CDs | Yes | Yes | Fee-free access to 43,000+ ATMs nationwide | Phone, email, live chat | Cashback rewards, personal loans | No minimum | Yes |
Synchrony Bank | Savings, CDs | Yes | Yes | Fee-free access to 2 million+ ATMs worldwide | Phone, email, live chat | ATM fee reimbursements, digital wallets | Varies | Yes |
PNC Bank | Checking, Savings | Yes | Yes | PNC Bank ATMs and other network ATMs | Phone, email, in-person | Virtual Wallet tools, personal loans | Varies | Yes |
Quontic Bank
Feature | Details |
---|---|
Account Types | Checking accounts, savings accounts |
Mobile Banking | Yes |
Online Banking | Yes |
ATM Access | Free access to 90,000+ ATMs |
Interest Rates | Competitive rates |
Customer Support | Phone, email, live chat |
Additional Benefits | Cashback rewards program, personal loans |
Minimum Deposit | Varies by account type |
FDIC Insured | Yes |
Quontic is one of the Best Online Banks and has competitive APYs, low minimum deposit requirements, low fees, and access to more than 90,000 ATMs in the U.S. that don’t charge an extra. As a Quontic user, you get everything you might expect from a digital bank, like online banking that’s available 24/7 and a mobile app. Quontic has some standard banking products like High Interest Checking, High Yield Savings, Money Market Accounts, and Certificates of Deposit (CDs).
It also has a couple of new accounts that aren’t offered by most banks. The bank has a Cash Rewards Checking account that gives up to 1.50 percent cash back on debit card purchases that meet certain criteria each statement period. And in some states, Quontic has a Bitcoin Rewards Checking account that pays 1.50% Bitcoin on purchases made with a debit card that are qualified. You can reach customer help by live chat, email, or phone.
The Good
- Approach to banking that is new and looks to the future. Offers unique and specialized financial products.
- focuses on giving banking services to areas that don’t have enough of them.
The Bad
- Few places where branches can be found
Discover Bank
Feature | Details |
---|---|
Account Types | Checking accounts, savings accounts, CDs |
Mobile Banking | Yes |
Online Banking | Yes |
ATM Access | Over 60,000 fee-free ATMs |
Interest Rates | Competitive rates |
Customer Support | Phone, email, live chat, in-person (limited locations) |
Additional Benefits | Cashback rewards program, personal loans |
Minimum Deposit | No minimum deposit for most accounts |
FDIC Insured | Yes |
Discover Bank, Best Online Banks charges the least amount of fees possible. It doesn’t charge regular maintenance fees, fees for not having enough money in the account, or fees for using ATMs outside of its network. Stop-payment orders, returned things, and too many withdrawals don’t cost anything either. On up to $3,000 in debit card purchases that qualify each month, the bank’s savings account gives 1% cash back.
And people can use a large network of ATMs. Discover has a number of other banking goods and services in addition to the savings account. Discover also has mobile banking, and both the App Store and Google Play give the app good marks. Customer help is open 24 hours a day, 365 days a year.
The Good
- Lots of different financial products and services
- Rates of interest on savings accounts that are competitive
The Bad
- Few branches in the real world
Ally Bank
Feature | Details |
---|---|
Account Types | Checking accounts, savings accounts, CDs |
Mobile Banking | Yes |
Online Banking | Yes |
ATM Access | Fee-free access to 43,000+ ATMs nationwide |
Interest Rates | Competitive rates |
Customer Support | Phone, email, live chat |
Additional Benefits | Cashback rewards program, personal loans |
Minimum Deposit | No minimum deposit for most accounts |
FDIC Insured | Yes |
Ally Bank has a little bit of everything and does everything well, which is why it is the best online bank. The annual percentage yield (APY) on both checking and savings accounts is well above the market average. The rates on CDs and money market accounts are also very good.
Ally Bank offers a wide range of investment and lending options in addition to checking and savings accounts, which is unusual for online banks. Among these are managed investment portfolios, individual retirement accounts (IRAs), trading, mortgage loans, mortgage refinancing, car loans, and personal loans.
The Good
- Savings accounts with high rates of return
- There are no monthly fees
The Bad
- There are no places to bank in person.
Synchrony Bank
Feature | Details |
---|---|
Account Types | Savings accounts, CDs |
Mobile Banking | Yes |
Online Banking | Yes |
ATM Access | Fee-free access to 2 million+ ATMs worldwide |
Interest Rates | Competitive rates |
Customer Support | Phone, email, live chat |
Additional Benefits | ATM fee reimbursements, digital wallets |
Minimum Deposit | Varies by account type |
FDIC Insured | Yes |
The best savings account goes to Synchrony Bank’s High Yield Savings account, which always has one of the highest APYs and doesn’t charge monthly fees or require a minimum amount. The app is easy to use and lets you pay checks from your phone.
With your Synchrony savings account, you’ll also get an ATM card so you can easily get to your money. In addition to free ATMs in your network, Synchrony will refund you up to $5 per statement for ATM fees at ATMs outside of your network. Because it has a network of ATMs, you can also fund your account through direct deposits, internet transfers, and mobile deposits.
The Good
- Mostly deals with high-interest savings accounts.
- Several store credit cards are available.
The Bad
- Compared to full-service banks, these banks don’t offer as many services.
PNC Bank
Feature | Details |
---|---|
Account Types | Checking accounts, savings accounts |
Mobile Banking | Yes |
Online Banking | Yes |
ATM Access | PNC Bank ATMs and other network ATMs |
Interest Rates | Competitive rates |
Customer Support | Phone, email, in-person (branch locations) |
Additional Benefits | Virtual Wallet® tools, personal loans |
Minimum Deposit | Varies by account type |
FDIC Insured | Yes |
The PNC Bank can be found in certain localities around the United States, including the West Coast, the South, the Midwest, and the Northeast. They offer a wide variety of different deposit alternatives to choose from. Although the bank does offer rates that are competitive for customers who reside in certain states, the yields that are given to customers who live in other states are below the national average.
This is despite the fact that the bank does offer rates that are competitive for customers who live in certain states. The mobile application that the bank makes available to its customers has been praised by users and has functions that make it easier to manage one’s finances.
The Good
- There are a lot of physical branches and ATMs.
- Lots of different financial products and services
The Bad
- Some bank customers may want a more high-tech banking experience.
FAQs
Yes, online banks do help customers in different ways, like by phone, email, or through safe messaging systems built into their digital platforms. Many online banks have longer hours for customer service and may also be able to help you right away through online chat.
Yes, you can link your online bank account to accounts at other banks at most online banks. You can move money between your online bank account and accounts at traditional banks or credit unions using this tool.
Yes, online banks often offer business banking services like business checking accounts, business loans, merchant services, and online billing. But it’s important to choose an online bank that meets the needs of businesses and gives you the tools and help you need to run your business.