The best online banks offer a healthy mix of high APYs, low fees, and reasonable minimum requirements. We have compared the products and services of 60 nationally available online banks to find some of the best options available. See below to learn more about why we chose each institution, their pros and cons, and to access individual bank reviews. The Annual Percentage Yields (APYs) and account details are accurate as of August 30, 2024.
Best Online Banks of September 2024
1. Bank5 Connect
Products: Checking, savings, CDs
Fees: Nonsufficient funds fees; no monthly, overdraft, or ATM fees
ATM Network: Thousands
We chose the Bank5 Connect High-Interest Checking account for its high-yield checking option, which offers a 2.70% APY on balances of $100 or more. It comes with no monthly fees and the ability to earn cashback rewards with your debit card. You will also receive up to $15 per month to cover ATM fees.
Why We Like It
We like Bank5’s high-yield, free checking account and its cashback rewards debit card. The Bank5 Jumbo Savings Account also offers a competitive 5.10% APY, but you need a minimum balance of $25,000 to qualify.
What We Don’t Like
Unless you qualify for the Bank5 Jumbo Savings Account, its savings rates are not the best. Additionally, Bank5’s ATM network is relatively limited, but it helps that the bank does not charge any ATM fees — and even offers reimbursements for ATM fees charged by other banks.
Who It’s Best For
If you are primarily looking for a high-yield, low-fee checking account, you should consider Bank5. It might also be worth considering if you have $25,000 or more to set aside in savings.
Pros:
- High APY on checking account
- Cash-back rewards debit card
- No monthly maintenance fees
- No ATM fees
- ATM fee reimbursements
- Competitive rate on jumbo savings account
- 100% deposit insurance through Depositors Insurance Fund (DIF) protection
Cons:
- Low APY on regular savings account
- Small ATM network
- Not available to residents of Massachusetts or Rhode Island
2. Quontic Bank
Products: Savings, Checking, MMAs, CDs
Fees: No monthly, overdraft, or ATM fees
ATM Network: 90,000+ ATMs nationwide
We have selected Quontic Bank as one of the best online banks because it offers top APYs on all its accounts: 1.10% APY on its Quontic Bank High-Interest Checking Account, 4.50% APY on its Quontic Bank High-Yield Savings Account, 5.00% APY on its Quontic Bank Money Market Account, and 3.50% to 5.10% APY on its Quontic Bank Certificates of Deposit.
Why We Like It
We like Quontic’s high APYs, low fees, and minimal deposit requirements. The bank also offers the Quontic Bank Cash Rewards Checking Account, which pays up to 1.00% cash back on all qualifying debit card transactions.
What We Don’t Like
Quontic makes it easy to earn the stated APYs on most of its accounts, but to earn 1.10% APY with its High-Interest Checking Account, you need to make at least 10 qualifying debit card transactions per statement cycle, with each transaction being at least $10.
Who It’s Best For
You should consider this online bank if you are looking for high APYs and want to handle all your banking in one place.
Pros:
- Offers cash-back checking, interest checking, and bitcoin checking
- Mobile and online banking
- Access to more than 90,000 surcharge-free ATMs
- Designated as a CDFI
- Full-service bank
Cons:
- May find higher rates are available from some banks and credit unions
- Customer service isn’t available 24/7
3. Ally Bank
Products: Savings, Checking, MMAs, CDs
Fees: No monthly, overdraft, or ATM fees
ATM Network: 43,000+ ATMs nationwide
We chose Ally Bank for its competitive rates, low minimum deposit requirements, and lack of fees, along with its unique online savings tools.
With Ally’s savings account, you can create “Buckets” that allow you to set up to 10 different savings goals within a single account. The bank also offers a “Round Ups” feature that transfers spare change from your transactions to your savings account. Additionally, the “Surprise Savings” feature analyzes your Ally checking account to find safe amounts to save and automatically transfers them to your savings account.
What We Like About It
Ally offers a range of high-APY, low-fee checking and savings products. It has an extensive ATM network and reimburses up to $10 per statement cycle for fees charged by out-of-network ATMs.
What We Don’t Like About It
Ally’s money market account and CD rates are not the highest available.
Who It’s Best For
Consider Ally Bank if you want to grow your savings account balance — its combination of unique savings tools and a generous savings APY can help you get there.
Pros:
- Offers helpful savings tools
- High customer service satisfaction
- 24/7 customer service availability
- Low to no fees and minimums
- Out-of-network ATM fee reimbursement up to $10 per month
Cons:
- Higher rates are available from other banks and credit unions
- No way to directly deposit cash
4. Synchrony Bank High Yield Savings
We chose the Synchrony Bank High Yield Savings account because it offers a 4.65% APY, has no monthly fees, and requires no minimum deposit. Unlike most savings accounts, the Synchrony High Yield Savings account comes with an ATM card for easy access to your funds.
Why We Like It
We like that all of Synchrony’s savings products — its high-yield savings account, money market account, and CDs — have no monthly fees and no minimum deposit requirements. Its savings account offers an impressive APY, as do its rates on most CD terms.
What We Don’t Like
The money market account from this online bank pays less than what you might find elsewhere, and it does not offer a checking account.
Who It’s Best For
Open an account with Synchrony Bank if you want a high-yield savings account or CD, especially if you wish to avoid monthly fees and minimum deposit requirements.
Pros:
- Competitive APY
- No monthly fees
- No minimum deposit requirement
- Optional ATM card
- $5 ATM fee reimbursement
Cons:
- No physical locations
- Must be 18 or older to open
5. Discover® Bank
Products: Savings, Checking, MMAs, CDs
Fees: No monthly, overdraft, or ATM fees
ATM Network: 60,000+ ATMs nationwide
Discover® Bank makes our list of the best online banks for avoiding fees, thanks to its zero-fee policy: No monthly maintenance fees, no insufficient funds fees, and no out-of-network ATM fees. There are also no fees for stop payment orders, returned items, or excessive withdrawals.
Why We Like It
Discover offers a full suite of banking products and services, including the Discover® Bank Online Savings Account, which earns 4.25% APY, and the Discover® Cashback Debit Checking Account, which provides 1% cashback on up to $3,000 in debit card purchases each month. Visit the website for details. Customers also have access to a wide ATM network.
What We Don’t Like
The rates for this online bank’s Money Market Accounts (MMA) and Certificates of Deposit (CDs) could be better, although it offers some of the best rates for 10-year CDs.
Who It’s Best For
Anyone looking to minimize fees while earning competitive rates and rewards should consider Discover.
Pros:
- Charges very few fees
- Competitive APYs and cashback earnings
- Highly rated mobile app
- Extensive ATM network
- 24/7 customer service
Cons:
- Higher rates are available from other banks and credit unions
- Doesn’t pay interest on checking account
6. NBKC Bank
Products: Savings, Checking, MMAs, CDs
Fees: No monthly, overdraft, or ATM fees
ATM Network: 37,000+ ATMs nationwide
We included NBKC Bank because it is a full-service bank that offers interest-bearing accounts and keeps fees to a minimum. There are no monthly maintenance fees, overdraft fees, minimum balance fees, or foreign transaction fees. Additionally, NBKC offers home loans, personal loans, and much more, allowing you to meet all your financial needs in one place.
Why We Like It
The NBKC Bank Everything Account is an interest-bearing checking and savings account combined into one. You can spend, save, and pay bills from a single account. It comes with an extensive ATM network and reimburses up to $12 per month for out-of-network ATM fees. Its CD rates are also quite competitive.
What We Don’t Like
While the APY for the Everything Account is impressive for a checking account, you could earn much more on your savings with one of the best high-yield savings accounts. NBKC’s money market account also does not offer the highest rates.
Who It’s Best For
Choose NBKC Bank if you want to manage all your online banking and possibly your loans in one place.
Pros:
- Full-service online bank
- Highly rated mobile app
- Low fees
- Competitive rates on CDs
- Wide ATM network and ATM fee reimbursements
Cons:
- Higher rates may be available elsewhere
- No high-yield savings account
