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best online banks in america

Online banking has become increasingly popular in the U.S., with top institutions like Ally Bank, Capital One 360, and Discover Bank offering competitive features and services. These banks provide convenient, digital-first solutions for managing your finances, including high-yield savings, checking accounts, and user-friendly mobile apps.

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Ally Bank stands out for its customer service, high interest rates, and no monthly maintenance fees, making it a solid option for those seeking an all-around online banking experience. Capital One 360, part of the well-established Capital One brand, offers a variety of accounts with no fees and excellent customer support, while Discover Bank combines competitive interest rates and cashback rewards with a reputation for reliable service. Each of these online banks provides an attractive mix of digital accessibility, competitive rates, and a focus on customer experience, making them strong contenders for anyone seeking a seamless, fee-free banking experience in the digital age.

  • Ally Bank
    Ally Bank

    Ally Bank - Do It Right with Ally.

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  • Capital One 360
    Capital One 360

    Capital One 360 - What's in your wallet?

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  • Discover Bank
    Discover Bank

    Discover Bank - We treat you like you'd treat you.

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  • Axos Bank
    Axos Bank

    Axos Bank - Live your best financial life.

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  • SoFi®
    SoFi®

    SoFi® - Get your money right.

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  • Openbank
    Openbank

    Openbank - Banking the way it should be.

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  • Quontic Bank
    Quontic Bank

    Quontic Bank - Bank with purpose.

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  • Jenius Bank
    Jenius Bank

    Jenius Bank - Reimagine your banking experience.

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  • Chase Bank
    Chase Bank

    Chase Bank - Make more of what's yours.

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  • Bank of America
    Bank of America

    Bank of America - Advancing the financial goals of our clients.

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best online banks in america

1.

Ally Bank

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Ally Bank is an online-only financial institution offering competitive rates on savings and checking accounts. It focuses on digital services, providing easy access to banking with no monthly fees and a strong customer service reputation.

Pros

  • pros High interest rates
  • pros No monthly fees
  • pros Easy-to-use mobile app
  • pros Excellent customer service
  • pros FDIC insured

Cons

  • consLimited physical branches
  • cons Customer support wait times
  • cons No in-branch services
  • cons Limited loan options
  • cons Fees for certain services

2.

Capital One 360

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Capital One 360 offers a variety of online banking services, from savings accounts to loans and credit cards. It's known for its competitive rates, user-friendly platform, and customer-first approach, making it a strong player in digital banking.

Pros

  • pros Great rewards
  • pros No monthly fees
  • pros Mobile app
  • pros Large ATM network
  • pros FDIC insured

Cons

  • consLimited physical locations
  • cons Limited customer service hours
  • cons High fees for certain services
  • cons Confusing account options
  • cons Sometimes slow processing

3.

Discover Bank

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Discover Bank, a subsidiary of Discover Financial Services, offers a variety of financial services including savings, checking, and CDs. Known for its straightforward approach and high customer satisfaction, it also provides cashback rewards on some accounts.

Pros

  • pros High savings rates
  • pros No fees
  • pros Cashback on certain accounts
  • pros Secure online platform
  • pros Extensive customer support

Cons

  • consLimited physical locations
  • cons No in-person service
  • cons Limited loan products
  • cons ATM fees for non-Discover ATMs
  • cons Limited branch presence

4.

Axos Bank

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Axos Bank offers a comprehensive range of digital banking products, including high-yield savings accounts, checking accounts, and personal loans. Its emphasis on low fees and competitive interest rates makes it an attractive option for digital banking.

Pros

  • pros High yields
  • pros Low fees
  • pros Easy-to-use interface
  • pros Variety of products
  • pros Strong online banking platform

Cons

  • consNo physical branches
  • cons Limited customer support
  • cons High minimum deposit for some accounts
  • cons Lack of in-person services
  • cons Some accounts require high balances

5.

SoFi®

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SoFi® offers a wide array of financial services, from loans and credit cards to investment options. Known for its technology-driven solutions, SoFi® combines banking, investing, and lending in a single platform with an easy-to-use mobile app and competitive offerings.

Pros

  • pros Low fees
  • pros High interest rates
  • pros Variety of financial services
  • pros Innovative mobile app
  • pros Rewards for referrals

Cons

  • consLimited physical branches
  • cons Expensive fees for certain services
  • cons Limited customer support
  • cons Complex user interface
  • cons Not ideal for basic banking

6.

Openbank

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Openbank, part of Spain's Banco Santander, is an online bank offering flexible services like savings accounts, credit cards, and personal loans. It's known for its user-friendly mobile interface and competitive rates, though it's not as widely recognized in the U.S.

Pros

  • pros Innovative tech
  • pros Competitive rates
  • pros No monthly fees
  • pros Mobile-first
  • pros Wide international presence

Cons

  • consLimited U.S. presence
  • cons Fees for certain services
  • cons No physical locations
  • cons Limited customer service
  • cons Unfamiliar brand in some regions

7.

Quontic Bank

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Quontic Bank is a digital-first bank offering products tailored to underserved markets. It provides high-yield savings accounts, mortgages, and other banking solutions while offering a focus on community and personalized service.

Pros

  • pros High savings rates
  • pros Specialized loan products
  • pros Personal service
  • pros Low fees
  • pros Unique offerings for underserved groups

Cons

  • consLimited physical locations
  • cons High fees for certain accounts
  • cons Complex loan applications
  • cons Limited product variety
  • cons Small customer base

8.

Jenius Bank

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Jenius Bank, a digital-first bank, offers a range of services designed for mobile-first customers. It focuses on flexibility, customization, and no-fee banking with competitive rates and a solid tech-driven platform.

Pros

  • pros Customizable accounts
  • pros No fees
  • pros High interest rates
  • pros Excellent app interface
  • pros Customer-focused features

Cons

  • consLimited physical presence
  • cons Complex account setup
  • cons Customer service can be slow
  • cons High minimum balances
  • cons No in-person locations

9.

Chase Bank

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Chase offers a range of business banking products, including checking, savings, business loans, and lines of credit. Their robust online banking platform makes managing finances simple.

Pros

  • pros Nationwide presence
  • pros Strong mobile app
  • pros Excellent rewards
  • pros Robust customer support
  • pros Flexible loan options

Cons

  • consHigh fees
  • cons Limited branch services for small businesses
  • cons Low interest on deposits
  • cons Strict loan qualifications
  • cons Lengthy approval processes

10.

Bank of America

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Bank of America's private banking service provides customized solutions for high-net-worth individuals, offering everything from investments to estate planning.

Pros

  • pros Easy access to local branches
  • pros Wide variety of services
  • pros Trusted brand
  • pros High technology integration
  • pros Dedicated financial advisors

Cons

  • consHigh fees
  • cons Less personalized service
  • cons Conservative investment strategies
  • cons Limited global presence
  • cons Some bureaucratic hurdles

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