Higher interest rates, lower fees, and better digital experiences. We've compared the top online banks to help you make the most of your money.
Best overall online bank with top rates and no fees
High-yield savings from a trusted name
Full-service online bank with cashback checking
All-in-one banking with investing integration
Cash account with automated investing
Solid savings rates from a global bank
Tiered savings with Platinum tier benefits
High-yield savings with ATM card option
Mobile-first bank for everyday banking
| Bank | Savings APY | Checking | Min Deposit | ATM Access | Mobile App | Score |
|---|---|---|---|---|---|---|
| #1 Ally Bank | 4.00% | Free | $0 | Allpoint ATMs | Excellent | 9.4 |
| #2 Marcus by Goldman Sachs | 4.10% | N/A | $0 | N/A | Good | 9.1 |
| #3 Discover Bank | 3.90% | Free + 1% CB | $0 | 60,000+ | Excellent | 8.9 |
| #4 SoFi Bank | 4.00% | Free | $0 | Allpoint ATMs | Great | 8.7 |
| #5 Capital One 360 | 3.80% | Free | $0 | 70,000+ | Great | 8.5 |
| #6 Wealthfront Cash | 4.00% | N/A | $0 | N/A | Good | 8.3 |
| #7 Barclays Online | 4.00% | N/A | $0 | N/A | Average | 8.0 |
| #8 CIT Bank | 3.85% | Free | $100 | N/A | Good | 7.8 |
| #9 Synchrony Bank | 3.90% | N/A | $0 | Allpoint ATMs | Average | 7.5 |
| #10 Varo Bank | 3.00% | Free | $0 | Allpoint ATMs | Good | 7.2 |
The most important factor for savings accounts is the APY — even small differences compound significantly over time. Compare current rates, but also check the bank's history of staying competitive.
For checking accounts, look at fee structures, ATM access, and mobile deposit limits. Most online banks offer free checking with no minimums, but ATM networks vary.
Consider whether you need physical branch access. If you regularly deposit cash, a hybrid approach (online bank for savings + local bank for checking) might work best.
Yes, online banks are FDIC-insured up to $250,000 per depositor, just like traditional banks. They use the same security standards including encryption and multi-factor authentication.
Options include transferring from a linked traditional bank, using retail deposit networks (like Green Dot), or depositing money orders via mobile deposit.
Without the overhead of physical branches, online banks save significantly on real estate, staffing, and maintenance costs, passing those savings to customers as higher rates.
Absolutely. Most online banks offer checking, savings, CDs, and even investment accounts. Mobile check deposit and Zelle make daily banking seamless.
Your deposits are protected by FDIC insurance up to $250,000. In practice, online banks are typically acquired by other institutions, and your accounts transfer seamlessly.