Karen Bennett Karen Bennett
Written by
Nell McPherson Nell McPherson
Edited by
Best available online banks for Tuesday, April 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:Ally Bank
- Top online bank:TIAA Bank
- Top online bank: Quontic
- Top online bank: LendingClub
- Top online bank: CIBC USA
- Top online bank: First Internet Bank of Indiana
- Top online bank: Rising Bank
- Top online bank: Varo Bank
- Top online bank: Bank5 Connect
- Top online bank: Discover
On This Page
- Best online bank: Ally Bank
- Top online bank: TIAA Bank
- Top online bank: Quontic
- Top online bank: LendingClub
- Top online bank: CIBC USA
- Top online bank: First Internet Bank of Indiana
- Top online bank: Rising Bank
- Top online bank: Varo Bank
- Top online bank: Bank5 Connect
- Top online bank: Discover
Advertiser Disclosure
The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies.
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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
4.83% APY
National average
0.58% 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 4/2/2024. "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: Ally Bank
Best online bank: Ally Bank
Rating: 5 stars out of 5
5.0
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: TIAA Bank
Top online bank: TIAA Bank
Rating: 4.7 stars out of 5
4.7
Overview
TIAA Bank 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. TIAA 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: 4.7 stars out of 5
4.7
Overview
Quontic offers a variety of products with easy-to-meet opening deposit requirements and top-tier 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: 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 top-tier 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: CIBC USA
Top online bank: CIBC USA
Rating: 4.5 stars out of 5
4.5
Overview
CIBC USA is primarily an online bank, although it does operate a few branches in the Midwest. It’s known for its high-yielding Agility Online Savings Account, which doesn’t charge any monthly service fee. The bank also offers online-only Agility CDs, which pay competitive rates, and higher balance tiers earn slightly better yields.
CIBC also offers free and interest-bearing checking accounts, although these need to be opened at a branch location. An above-average APY is earned by the bank’s money market account, but it’s only available to residents in parts of Illinois, Michigan, Missouri and Wisconsin.
Top online bank: First Internet Bank of Indiana
Top online bank: First Internet Bank of Indiana
Rating: 4.5 stars out of 5
4.5
Overview
First Internet Bank of Indiana is one of the best online banks because of its low fees, free checking account with a low opening deposit requirement, and competitive rates on CDs and its Money Market Savings account.
First Internet Bank of Indiana doesn’t charge ATM fees in the U.S. and reimburses Interest Checking, Money Market Savings and Regular Savings account customers up to $10 in ATM surcharges each month.
Top online bank: Rising Bank
Top online bank: Rising Bank
Rating: 4.5 stars out of 5
4.5
Overview
Rising Bank offers enticing APYs on its deposit products, and you won’t be hit with monthly service fees. Customers have fee-free access to around 40,000 ATMs nationwide in the MoneyPass network.
Included in Rising Bank’s offerings are a high-yield savings account, an interest-bearing checking account and both standard and specialty CDs.
Top online bank: Varo Bank
Top online bank: Varo Bank
Rating: 4.5 stars out of 5
4.5
Overview
Varo Bank’s savings account earns a competitive APY and requires no minimum balance. In addition, a much higher APY is offered on balances up to $5,000 for accounts that meet certain criteria, such as $1,000 or more in monthly direct deposits.
Varo’s online checking account requires no minimum balance and provides free access to tens of thousands of ATMs in the Allpoint network. Account holders can deposit cash at more than 90,000 retailer checkouts using Green Dot Reload. (Each location may charge up to $4.95 per deposit.) Online checking customers also have access to early direct deposit.
Top online bank: Bank5 Connect
Top online bank: Bank5 Connect
Rating: 4.4 stars out of 5
4.4
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: Discover
Top online bank: Discover
Rating: 4.4 stars out of 5
4.4
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.
