7 Best Online Banks of 2023

Best Overall Online Bank

Products: Checking, savings, money market account (MMA), certificate of deposit (CD)  

Fees: No monthly fee, overdraft or ATM

ATM Network: 90,000+ ATMs nationwide

We have picked Quontic Bank as the best overall online bank because they offer competitive APY (annual percentage yield) rates, low minimum deposit requirements, low to no monthly fees, and 90,000+ ATM locations across the nation. 

They also offer 24/7 access to online banking and a mobile app. And it offers incentives such as cryptocurrency rewards upon opening.

Best for Avoiding Fees

Products: Checking, savings, money market account (MMA), certificate of deposit (CD) 

Fees: No monthly fee, overdraft, or ATM

ATM Network: 60,000+ ATMs nationwide

We have chosen Discover Bank as the best online bank for avoiding fees because they charge little to no fees. They do not charge monthly maintenance fees, insufficient funds fees, or a fee for using an ATM other than Discover. There are no fees for excess withdrawals or overdrafts.

Some of the perks of online banking with Discover is that they offer 1% cash back on up to $3,000 on qualifying debit card purchases monthly. Discover also offers a wide range of products that are easily accessible on their mobile banking app, as well as 24/7 customer service. 

Best for Savings Tools

Products: Checking, savings, money market account (MMA), certificate of deposits (CD)

Fees: No monthly fee, overdraft, or ATM

ATM Network: 43,000+ ATMs nationwide

Ally is a fully online bank that boasts no monthly maintenance fees or minimum balance requirements.

They consistently offer competitive rates on certain accounts. For example, their savings account offers 1.25% APY and a checking account that offers 0.10% APY on balances under $15,000 and 0.25% on balances over $15,000.

Customers who bank with Ally get a wide range of savings tools, such as creating “buckets” in your savings account where you can allocate monies specifically for that bucket.

For example, suppose you are saving for a vacation and want to separate the money for the trip from the rest of the money in your account. In that case, you can create a bucket within your savings account specifically for vacation and hold the vacation money there.

Another savings tool that they offer is the “round up” feature. When you make a transaction with your debit card, you can opt to “round up” to the nearest dollar amount, which will automatically go into your savings account.

Ally also has an extensive ATM network and reimburses up to $10 on fees charged for using a non-Ally ATM. Ally equips their customers with 24/7 banking through their mobile app and 24/7 customer service.

Best for Combination Account

Products: Checking, savings, money market accounts (CD), certificate of deposit (CD), loans, brokerage accounts, refinancing

Fees: No account fees, no overdraft 

ATM Network: 55,000+ ATMs nationwide

SoFi online bank offers a wide range of financial products, ranging from checking accounts and brokerage accounts to refinancing your home and even auto insurance. SoFi has just released their new combination checking and savings account, and customers can also receive 1.80% APY on that account once they set up direct deposit.

SoFi offers high APY rates across all accounts, which are subject to change, and as well, offers many savings features such as “round up” on checking purchases into savings accounts.

In addition, the bank has no monthly maintenance fees or overdraft fees and offers direct depositing of funds up to two days early.

Best for Competitive Rates

Products: Checking, savings accounts, money market accounts (MMA), certificate of deposit (CD) 

Fees: No monthly fees, overdraft fee, or ATM fee

ATM Network: 80,000

TIAA is considered one of the best online banks for competitive rates because they give a Yield Pledge promise. This promise guarantees that with their checking and money market accounts, they will ensure that the interest rate will be in the top 5% of competitive accounts.

They base this on accounts of the top 10 largest banks in 10 large U.S. markets. The pledge does not mean that you will be guaranteed “the best” rates but guarantees that your rate will be competitive enough.

TIAA offers no monthly maintenance fees, no overdraft fees, and no ATM fees. TIAA will also reimburse up to $15 on ATM fees at non-TIAA ATMs.

TIAA provides a mobile app, as well as 24/7 customer service. 

Best for Checking and Savings

Products: Checking, savings, money market accounts (MMA), certificate of deposits (CD)

Fees: No monthly fees, overdraft, or ATM

ATM Network: 37,000+ ATMs nationwide

NBKC bank offers an “Everything Account,” which is a combined checking and savings account that bears interest. You can spend, save, pay bills and make purchases all on one account. This makes online banking easier and more accessible.

NBKC also has minimum fees and reimburses $12 per bill cycle for non-NBKC ATM fees. Domestic wire transfers are also free. NBKC offers a mobile app and live customer service via phone. 

Best for Hybrid Banking

Products: Checking, savings, and certificate of deposits

Fees: No monthly ATM, overdraft fee of $35

ATM Network: 70,000+ ATMs nationwide

Capital One bank does have physical branch locations but is slowly transitioning into full online banking as many branches around the U.S. are closing. However, not all brick-and-mortar locations have closed yet, so Capital One still provides the luxury of online banking and a stroll into a branch.

With Capital One, you can enjoy their Capital One cafes, where they offer coffee and financial services where you can sit down with a money coach. In addition, they offer an interactive mobile app and designated hours of customer service via app or phone service.