Best Online Banks

Ally Bank tops our list of the best online banks thanks to its range of banking products and customer-friendly terms. Its checking and savings accounts come with higher-than-average APYs and don’t charge monthly maintenance fees. They also don’t require a minimum balance. 

While you can’t directly deposit physical cash into an Ally bank account, you can withdraw it fee-free from one of the more than 43,000 ATMs in the Allpoint network. If you use an out-of-network ATM, Ally will reimburse your ATM fees for up to $10 per month. 

Along with checking accounts, savings accounts, CDs, and money market accounts, Ally Bank also offers a range of investing and lending products, including IRAs, mortgages, car loans, and personal loans. 

The bank also has a user-friendly mobile app, making it one of the best online banks for mobile check deposits. Plus, it offers helpful savings tools and 24/7 customer service. 

Charles Schwab accounts don’t come with minimum balance requirements or monthly maintenance fees. This bank could be a good fit for world travelers, as it doesn’t charge foreign transaction fees and offers unlimited rebates for ATM fees worldwide. 

However, the APY on its savings accounts doesn’t match up to the 3% or higher APY you can find at some other online banks. Charles Schwab doesn’t currently offer direct trading of specific cryptocurrencies, so it’s not a good fit if you’re looking for that level of trading, but it does offer a variety of mutual funds. 

Note that opening a checking or savings account with Charles Schwab involves opening a brokerage account at the same time. 

Backed by Texas Capital Bank, Bask Bank is an online-only bank that offers high-yield savings accounts, mileage savings accounts, and CDs with terms of 6 to 24 months. Bask Bank is one of the best online banks for savings, since it offers one of the highest rates on the market for its interest savings account. 

If you’re a frequent flyer, you might consider its mileage savings account, which earns two American Airlines AAdvantage miles for every $1 saved per year. CDs with competitive rates are also on offer, with terms ranging from 6 to 24 months.  

Bask Bank doesn’t offer checking accounts or debit cards, so you won’t have access to your savings account through an ATM. To take out your cash, you’ll need to transfer the funds to another account with a different financial institution. 

Bask Bank doesn’t charge account or transfer fees, but you’ll have to double-check whether your other bank charges a fee if you conduct a transfer. New and established customers can make up to six transfers per month. 

SoFi is an online bank that offers checking and savings accounts, as well as a range of loans, investment services, and insurance products. You can score an APY of up to 4.00% on a SoFi savings account and 1.20% on checking if you set up direct deposit. If you don’t set up direct deposit, your APY will be just 1.20% on both account types. 

SoFi doesn’t have minimum balance requirements, nor does it charge account fees or service charges. If you want to deposit cash, you have the option to do so through a retail location that offers Green Dot services.

Along with signing in to your account on desktop, you can use SoFi’s mobile app to pay bills, find ATMs, make mobile deposits, and transfer money. Keep in mind, however, that SoFi doesn’t currently offer certificates of deposit or money market accounts.

Axos Bank is the best bank for domestic ATM access as you can take out your money fee-free from more than 91,000 ATMs nationwide. Plus, the bank offers unlimited domestic ATM reimbursements if you take out cash from an out-of-network ATM, so you’re covered no matter what you do. 

This online bank offers a variety of checking accounts, including accounts designed for teenagers and people 55 years and older. Depending on your account, you may need to maintain a certain balance, set up direct deposit, or sign up for other banking services to get the maximum APY. 

You’ll need to deposit at least $50 to open a rewards checking account and at least $250 to open a high-yield savings account. You may want to look elsewhere for a CD account or money market account, though, since Axos offers relatively low APYs.

Discover stands out for its lack of fees and its cash-back debit card, which earns 1% back on up to $3,000 in purchases per month. While the balance in your checking account won’t earn interest, your cash-back rewards could make up for it. 

You don’t have to worry about monthly or insufficient funds fees on checking or savings accounts, nor do these accounts require a minimum opening deposit. Discover doesn’t reimburse you for out-of-network ATM fees, but you do have access to more than 415,000 ATMs, including over 60,000 ATMs in the Allpoint and MoneyPass networks. 

You can manage your accounts online or with Discover’s mobile app. Discover’s customer service team is available 24/7 by phone. 

Quontic offers a range of banking products, from checking to savings to CDs to money market accounts. Its high-interest checking account earns up to 1.1% APY, while its cash-back account earns 1% back on all eligible debit card purchases. 

Cryptocurrency enthusiasts might also appreciate Quontic’s Bitcoin Rewards Checking account, which earns 1.50% back in Bitcoin on eligible debit card purchases. This Bitcoin account is available in every state but Hawaii and North Carolina. 

Quontic doesn’t charge overdraft fees, monthly service fees, or incoming domestic wire transfer fees, but requires a minimum opening deposit of $100 or $500, depending on the account type. You can contact Quontic’s customer service team via email or over the phone, Monday through Friday, 9 a.m. to 6 p.m. ET.