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Karen Bennett
Written by
Marc Wojno
Edited by
Best available online banks for Sunday, June 02, 2024
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What To Know First
As consumers increasingly become more comfortable with managing their finances over the internet,online bankingcontinues to grow. The best online banks pay higher than averageyields on savings, charge minimal or no fees, and have low minimum balance requirements.
The best online banks also offer the conveniences that only digital banking can provide, such as online bill payment and mobile apps that allow customers to deposit checks, transfer money and do pretty much any transaction they used to have to visit a branch or ATM to do.
Bankrate gathered thousands of data points from the most notable online banks nationwide to determine which ones rise to the top. We looked at yields, minimum deposit requirements, fees, the variety of products offered, number of ATMs and other factors.
Bankrate’s best online banks of 2024
- Best online bank: EverBank
- Top online bank: Quontic
- Top online bank: Ally
- Top online bank: LendingClub
- Top online bank: Discover
- Top online bank: Bank5 Connect
- Top online bank: SoFi
- Top online bank: American Express
- Top online bank: FNBO Direct
- Top online bank: CIT Bank
On This Page
- Best online bank: EverBank
- Top online bank: Quontic
- Top online bank: Ally
- Top online bank: LendingClub
- Top online bank: Discover
- Top online bank: Bank5 Connect
- Top online bank: SoFi
- Top online bank: American Express
- Top online bank: FNBO Direct
- Top online bank: CIT Bank
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Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next.
Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. All of our content is authored by highly qualified professionals and edited by subject matter experts, who ensure everything we publish is objective, accurate and trustworthy.
Our banking reporters and editors focus on the points consumers care about most — the best banks, latest rates, different types of accounts, money-saving tips and more — so you can feel confident as you’re managing your money.
Show me:
The following accounts can be found at most banks and credit unions. They’re federally insured for up to $250,000 and offer a safe place to put your money while earning interest.
Certificate of Deposit (CD)
CDs are best for individuals looking for a guaranteed rate of return that’s typically higher than a savings account. In exchange for a higher rate, funds are tied up for a set period of time and early withdrawal penalties may apply.
Checking account
Checking accounts are best for individuals who want to keep their money safe while still having easy, day-to-day access to their funds. ATM and other transactional fees may apply.
Savings / Money Market Accounts (MMA)
Savings and MMAs are good options for individuals looking to save for shorter-term goals. They’re a safe way to separate your savings from everyday cash, but may require larger minimum balances and have transfer limitations.
Current savings trends
Bankrate Partner average
4.89% APY
National average
0.61% APY
The "Bankrate Partner average" is calculated from the average of the top savings account offers from the institutions we track, included on this page as of 6/2/2024. "National average" is determined by Bankrate's comprehensive national survey of savings accounts and CDs.
Bankrate's picks for best online banks of 2024
Best online bank: EverBank
Best online bank: EverBank
Overview
EverBank offers CDs in terms ranging from three months to five years, as well as savings, money market and checking accounts, all of which pay competitive yields. Its money market and checking accounts come with a “yield pledge,” which guarantees that the APYs will always be among the top 5 percent of competitive accounts. Minimum deposit requirements are reasonable. EverBank doesn’t charge ATM fees and will reimburse you up to $15 each month for fees paid at other U.S. ATMs.
Top online bank: Quontic
Top online bank: Quontic
Rating: 4.8 stars out of 5
4.8
Overview
Quontic offers a variety of products with easy-to-meet opening deposit requirements and above-average APYs. Customers have access to a huge ATM network as well as digital tools that include Apple Pay, Google Pay, Samsung Pay and Zelle. Another big plus: Deposit accounts don’t have monthly service fees, including overdraft fees.
Top online bank: Ally Bank
Top online bank: Ally Bank
Rating: 4.7 stars out of 5
4.7
Overview
Ally Bank is regularly recognized as one of the best online banks in the country, and for good reason. Ally offers savers competitive rates and requires no minimum deposits. Its mobile app enables customers to organize their savings into “buckets,” such as for emergencies, vacations and housing.
Top online bank: LendingClub
Top online bank: LendingClub
Rating: 4.6 stars out of 5
4.6
Overview
In addition to its lending products, LendingClub offers deposit accounts that include a high-yield savings account that pays a competitive rate, charges no monthly service fee and comes with an ATM card. The bank also offers a rewards checking account that earns a tiered APY as well as CDs that pay competitive rates.
Top online bank: Discover
Top online bank: Discover
Rating: 4.5 stars out of 5
4.5
Overview
Many consumers think Discover provides only credit cards, but it’s also a top online bank offering savings, money market and checking accounts as well as CDs. Discover impresses by charging no fees for its deposit products and by offering savers competitive rates. You can also reach bank representatives over the phone 24/7.
Top online bank: Bank5 Connect
Top online bank: Bank5 Connect
Rating: 4.5 stars out of 5
4.5
Overview
Bank5 Connect is an online-only division of Massachusetts-based BankFive. It offers a high-interest checking account, as well as a savings account and CDs that earn rates well above national averages.
Top online bank: SoFi
Top online bank: SoFi
Rating: 4.5 stars out of 5
4.5
Overview
When you sign up for a SoFi bank account, you’ll receive both a checking and a savings account. You’ll qualify for a competitive yield on both accounts when you use direct deposit or add at least $5,000 every 30 days. Perks include early direct deposit, no maintenance fees and no minimum balance requirements.
Top online bank: American Express
Top online bank: American Express
Rating: 4.5 stars out of 5
4.5
Overview
It may be best known for its credit cards, but American Express is also a bank that offers a savings account, checking account and CDs that earn high yields. The checking account earns points for debit card purchases — although you’ll need to have had an American Express card for at least three months to be eligible for the account.
Top online bank: FNBO Direct
Top online bank: FNBO Direct
Rating: 4.5 stars out of 5
4.5
Overview
FNBO Direct’s savings and checking accounts both earn competitive APYs, with just a $1 minimum opening deposit and no monthly service fees. Note, however, that FNBO Direct isn’t accepting new applications for either of its deposit accounts, according to an FNBO spokesperson.
Top online bank: CIT Bank
Top online bank: CIT Bank
Rating: 4.5 stars out of 5
4.5
Overview
A division of First Citizens Bank, CIT Bank offers a high-yield savings account as well as CDs that earn yields above national averages. The interest-bearing checking account earns a higher yield on greater balances. The bank doesn’t charge ATM fees, and it reimburses up to $30 per month in other bank’s ATM fees.
