Best Online Bank Accounts

Take a closer look at the best online bank accounts we've reviewed for 2023
The #1 Most Loved Banking App
  • Build Credit History with No Annual Fees or Interest
  • Fee-Free Overdraft, Up to $200
  • Get Paid Up to Two Days Early with Direct Deposit
A Bank Built Around You
  • 1% Cash Back on Up to $3,000 in Monthly Debit Card Purchases
  • Early Pay for Access to Your Paycheck, Up to Two Days Early with Direct Deposit
  • No Monthly Fees and No Minimum Balance
A One-Stop Shop for Your Finances
  • Better Banking Is Here—Sign Up and Get Up to 4.20% APY
  • Get Up to $1,000 in Stock by Funding an Invest Account
  • Get Your Money Right, All In the SoFi App
U.S. Bank Smartly™ Checking
Over a century of banking experience
  • Earn Up to 3.85% APY with Elite Money Market
  • Manage Cash Easily with Smartly Checking
  • No fees at U.S. Bank and MoneyPass® Network ATMs
No ATM fees, no account fees, no transfer fees
  • Up To 2% Cashback With Debit Card Purchases
  • Highly Competitive Savings Account APYs
  • No Monthly Fees

Should You Switch To An Online Bank Account?

It's no surprise that 80% of Americans would rather bank digitally than visit brick-and-mortar banks. Online banking is simple, fast, convenient, and can be done anywhere, anytime. Not only do you have several banking options at your fingertips, but online banks provide all, if not more, convenient resources than traditional banks. If you are new to the idea of taking your checking and savings account fully virtual, this guide will answer all of your questions and put your mind at ease.

Top 5 Benefits of Online Banking

  1. Lower Fees: Online banks are able to offer little to no fees because generally, they don’t have to worry about maintaining hundreds of brick and mortar branches. Chime*, an award-winning financial app and debit card, offer overdraft protection up to $200 without fees on top of zero monthly, transaction, and foreign fees. *Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank N.A.; Members FDIC.

  2. Better Interest Rates: Online banks typically have higher APY rates on its savings accounts, as well as select interest-earning checking accounts. According to Investopedia, “The most generous of them offer as much as 1% to 2% more than you'll earn on accounts at a traditional bank.”This is a significant difference once you do the math. If you kept $10,000 in a traditional with a 0.01% APY, you would earn $1 on your savings during the year. Alternatively, keep that money saved in an online bank account that earns 3.85% APY, like at CIT Bank, you will earn $50.

  3. Accessibility: Just because your online bank is technically in the cloud, it doesn’t mean you are going to have a harder time managing your money. In fact, most online banks are connected to ATM networks, so you can withdraw money from your account almost anywhere. Varo has no-fee ATM withdraws from over 55,000 Allpoint® ATMs, which are conveniently placed in stores like Walgreens, CVS, Target, and more.

  4. Better Online Experience: While most traditional banks have online bill pay and mobile apps, online banks still dominate the fintech space. You can expect better online customer service and more online options. You can even contact your bank representative late at night or on the weekend.

  5. Many Banking Products Offered: Some online banks stick with a variety of checking, savings, and money market accounts. Other banks like Capital One offer a suite of banking products to keep all your finances in one easy-to-manage spot. Capital One offers savings, checking, credit cards, and auto loans.

Explore Leading Online Banking Choices

1.  Chime

Chime is one of the fastest-growing online banks out there right now. They make the transition from traditional banking easy by offering fee-free overdrafts, getting your paycheck early, and much, much more.

  • Offers credit building features
  • High interest savings
  • FDIC Insured to $250k
  • No in person branches
  • USA only customers allowed
  • Spending limits
2.  Discover

Discover moved into the online banking world to couple with their popular credit card products. They have implemented some of those aspects into their banking platform by giving some serious rewards with their debit card, early paycheck access, and virtually no fees.

  • Debit card cash back
  • 24/7 customer service
  • Very high APYs
  • No in person banking
  • minimum balances for CDs
  • Out of network ATM fees
3.  Sofi

SoFi has entered the banking industry and taken off quickly. They offer an “all-in-one” experience, allowing their customers to have checking, savings, access to personal loans, access to insurance, and even the ability to invest in stocks, crypto, and other products.

  • Sign Up and Get Up to 4.20% APY
  • Top rated banking App
  • FDIC Insured up to $2,000,000
  • Cash back with certain merchants
  • Early payments with Direct Deposit
  • Only USD accounts allowed
  • No walk in branches
  • No stand alone checking or savings accounts
4.  U.S. Bank Smartly™ Checking

Coming from the traditional banking world, US Bank has great APY products for their customers. They make nearly every banking product and service easy to use or attain. And they have one of the best customer service teams of any bank, regardless of whether it is an online bank or a traditional one; they have been known for this for decades.

  • Move Money Safely via Zelle Transfers
  • Waive monthly service fees on certain accounts
  • Earn $200 when you open the Smartly Account
  • Not the highest of APYs
  • Monthly service fees
5.  Upgrade

One of the best cashback debit cards in the industry, Upgrade is giving 2% cash back on many expenses. Furthermore, they have almost no fees, give a huge return with their savings account, and have one of the cleanest interfaces of any bank we have seen.

  • No account fees, no ATM fees, no transfer Fees
  • 4.00% APY with Everyday Savings
  • 2% Cashback on common debit purchases
  • No cash deposits
  • Need requirements for ATM fee reimbursements