The 10 best online banks and credit unions right now (2024)

For some consumers, walking into a bank and having face-to-face conversation with a teller is an important feature. Others may prefer opening a checking or savings account online from the comfort of their home.

Nowadays, most banking can be done online—from opening an account to making deposits to transferring funds between accounts. However, with so many online banks, finding the right one can be overwhelming.

To make your decision a little easier, the Fortune Recommends TM editorial team ranked over 30 online banks that offer checking and savings accounts. We considered factors like annual percentage yield (APY), monthly service fees, overdraft fees, and mobile application ratings in our methodology.

The 10 best online banks: our top picks

InstitutionTop savings APYTop checking APYSee details
Featured Partner
SoFi Checking & Savings
4.60%0.50%View offer at SoFi
Axos Bank0.61%3.30%View offer at Axos
Quontic Bank4.50%1.10%View offer at Quontic
Bank 5 Connect1.50%2.70%Learn more
Zynlo Bank5.00%2.00%View offer at Bankrate
Laurel Road5.15%0.01%View offer at Fiona
American Express National Bank4.25%1.00%View offer at Bankrate
Capital One4.25%0.10%View offer at Bankrate
Ally Bank4.20%0.25%View offer at Bankrate
LendingClub5.00%0.15%View offer at Fiona
The 10 best online banks
Featured Partner
SoFi Checking & Savings
View offer at SoFi
Top savings APY4.60%
Top checking APY0.50%
Axos BankView offer at Axos
Top savings APY0.61%
Top checking APY3.30%
Quontic BankView offer at Quontic
Top savings APY4.50%
Top checking APY1.10%
Bank 5 ConnectLearn more
Top savings APY1.50%
Top checking APY2.70%
Zynlo BankView offer at Bankrate
Top savings APY5.00%
Top checking APY2.00%
Laurel RoadView offer at Fiona
Top savings APY5.15%
Top checking APY0.01%
American Express National BankView offer at Bankrate
Top savings APY4.25%
Top checking APY1.00%
Capital OneView offer at Bankrate
Top savings APY4.25%
Top checking APY0.10%
Ally BankView offer at Bankrate
Top savings APY4.20%
Top checking APY0.25%
LendingClubView offer at Fiona
Top savings APY5.00%
Top checking APY0.15%

Rates last updated April 29, 2024.Read our full methodology here.

The 10 best online banks of 2024

Here’s our rundown of the top 10 online banks, including the key figures you should know before you open an account. (Note: Minimum deposit requirements, fees, and other numbers in our list are up to date as of April 29, 2024, and are subject to change.)


SoFi Checking & Savings

APY 4.60%
Minimum Balance Required to Earn APY $0
Minimum Opening Deposit $0
Monthly Maintenance Fee None

The 10 best online banks and credit unions right now (1)

SoFi (which stands for Social Finance, Inc.) began as a student loan refinancing company and has since expanded into a broad financial services company that offers a range of products, including bank accounts, loans, investments, insurance, and more. SoFi operates primarily online and does not have physical branches.

SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found here.

Open Account

Quontic Bank

Checking account APY1.10%
Savings account APY4.50%
ATM networkCitibank, MoneyPass, and Allpoint
Overdraft fee$0

The 10 best online banks and credit unions right now (2)

Quontic Bank is a digital bank that first started as a community bank in New York City in 2009. It is an FDIC-insured bank offering online and mobile banking platforms and a fee-free ATM network made up of 90,000 ATMs across the country. It offers several checking accounts, savings accounts, and mortgage products.Quontic Bank made our list for its competitive deposit rates, low fees, and massive ATM network. A major selling point: Quontic doesn’t charge overdraft fees. For the online banker who isn’t diligent about checking their account balance, this could be a lifesaver. What’s more, Quontic offers multiple customer support options and mortgage products in addition to its checking and savings accounts.Learn more: read our Quontic Bank review

Customers can contact a customer service representative via live chat, email, and telephone Monday through Friday between 9 a.m. and 6 p.m. Eastern time.

View offer at Quontic

Bank5 Connect

Checking account APY2.70%
Savings account APY1.50%
ATM networkSUM® Network
Overdraft fee$15

The 10 best online banks and credit unions right now (3)

Bank5 Connect is an online division of BankFive, a Massachusetts-based community that has been serving customers since 1855. It offers checking and savings accounts, and certificates of deposit (CDs). Bank5 Connect does not offer any branded ATMs. However, it does offer customers free access to thousands of ATMs across the country via the SUM Network.Bank5 Connect is a smaller online bank, but offers competitive interest rates on the products it carries, including an impressive 2.70% APY on its checking account and 1.50% APY on savings. This combination of strong interest rates on both types of accounts pushed Bank5 to the top of our list. This institution offers multiple avenues to get in touch if you need help, offering customer support via phone, email, and live chat. However, customer service hours vary widely throughout the week, which can make it difficult to know when you might be able to get a representative on the phone.Learn more: read our Bank5 Connect review

For assistance, customers can reach a support specialist via telephone Monday through Wednesday from 7:30 a.m. to 5:00 p.m. ET, Thursday and Friday from 7:30 a.m. to 7:00 p.m. ET, Saturday from 7:30 a.m. to 3:00 p.m. ET, and Sunday from 11:00 a.m. to 3:00 p.m. ET. The bank also offers a live chat option.

Zynlo Bank

Checking account APY2.00%
Savings account APY5.00%
ATM networkAllpoint
Overdraft fee$0

The 10 best online banks and credit unions right now (4)

A division of PeoplesBank, Zynlo is a fully digital bank that provides special perks such as market-leading deposit rates, earlier access to paychecks, and rewards on debit card purchases. Plus, as a Massachusetts-based institution, all deposits above the $250,000 Federal Deposit Insurance Corp. (FDIC) limit are insured in full by the Depositors Insurance Fund (DIF). That means your deposits are 100% insured regardless of the amount.Zynlo’s More Spending checking account offers an impressive 2.00% APY. Pair this with its high-yield Tomorrow Savings account, which earns a whopping 5.00% APY, and you can participate in the ZYNG Round up and Match bonus program. Every debit card purchase is rounded up to the nearest dollar, Zynlo matches that round up, then the total is deposited to your savings account. This allows you to earn an additional 4.11% return or more on your money.Zynlo customers can manage their accounts from any smartphone, tablet, or computer. As part of the Allpoint ATM network, you’ll always have nearby access to your cash.Learn more: read our Zynlo Bank review

Zynlo representatives can be reached 24 hours a day, 365 days a year by calling (844) ZYNLOBANK (844) 996-5622 or emailing

View offer at Bankrate

Laurel Road

Checking account APY0.01%
Savings account APY5.15%
ATM networkKeyBank and Allpoint
Overdraft fee$0

The 10 best online banks and credit unions right now (5)

Laurel Road is a digital banking platform and brand of KeyBank. It specializes in providing online banking and lending services and is particularly known for student loan refinancing. However, it also offers excellent deposit account options, including rewards checking and high-yield savings.The Cash Rewards checking account from Laurel Road allows you to earn up to $20 for every month you make qualifying automated clearing house (ACH) direct deposits during the first 12 months, and $10 for every month after that for as long as your account is open. It also comes with a $100 welcome bonus. You can also opt for the Refinancing Plus checking account, which provides a rate discount on your refinanced student loan.Additionally, the high-yield savings account offers one of the best rates available today at 5.00% APY with no fees or minimum balance requirements. You can reach customer support about any time via phone, email, or live chat.Learn more: read our review of Laurel Road

You can get in touch with a Laurel Road representative by calling (833) 427-2265 Monday through Friday from 8 a.m. to 8 p.m. ET. You can also email customer service at

View offer at Fiona

American Express National Bank

Checking account APY1.00%
Savings account APY4.25%
ATM networkMoneyPass
Overdraft fee$0

The 10 best online banks and credit unions right now (6)

American Express has a history that stretches back to 1850 and has since become globally recognized for its credit cards, rewards, personal, and business banking products. They also have a wide network of over 37,000 free ATMs.American Express took the fifth spot on our list for its competitive APY on its savings account, high mobile app rating, and wide range of product offerings. Amex offers personal bank accounts, credit card products with robust rewards programs, and a suite of business products and solutions for consumers who need the best of both worlds.Learn more: read our American Express National Bank review

Customer support specialists are available 24/7 over the phone or via live chat. The Amex app is also available for download on the Apple App Store and Google Play.

Capital One

Checking account APY0.10%
Savings account APY4.25%
ATM networkCapital One, MoneyPass, and Allpoint
Overdraft fee$0

The 10 best online banks and credit unions right now (7)

Capital One is one of the largest banks in the country, headquartered in Virginia with a strong online presence as well as some physical branches across the country. Customers have access to a network of more than 70,000 ATMs nationwide.Capital One garnered a spot on our list for its excellent savings account rate of 4.35% APY, lack of fees, and robust online tools. Capital One’s app gives users the power to manage their Capital One credit cards and deposit accounts, receive purchase notifications, pay bills, send money from their accounts, check their VantageScore, and more.

Learn more: read our Capital One 360 review

Capital One offers chat and phone support from 8 a.m. to 8 p.m. ET, seven days a week. Customers can also send secure messages within the mobile app.

Ally Bank

Checking account APY0.25%
Savings account APY4.20%
ATM networkAllpoint
Overdraft fee$0

The 10 best online banks and credit unions right now (8)

Ally is an online-only bank that offers a wide range of financial products and services, including deposit accounts, credit cards, loans, robo-advisors, and more. Despite the lack of physical branches, Ally customers can easily access their money free of charge via the Allpoint network of ATMs.The checking account from Ally comes with several perks, including early direct deposit, no maintenance fees, no overdraft fees, and access to thousands of fee-free ATMs. If you do need to use an out-of-network ATM, however, Ally reimburses up to $10 in fees each month. Further, its savings account offers a rate more than five times the national average at 4.25% APY, plus the ability to organize your savings into buckets so that you can better track your progress toward certain goals. The APY on the checking account is tiered, customers get a 0.10% APY for balances less than $15,000 and 0.25% for balances above that.Account holders can also reach a representative day or night via phone, chat, and email.Learn more: read our review of Ally Bank

For assistance with any of Ally’s bank accounts, credit cards, investment products, or services, customers can reach a representative via live chat, email, or phone 24/7.


Checking account APY0.15%
Savings account APY5.00%
ATM networkMoneyPass
Overdraft fee$0

The 10 best online banks and credit unions right now (9)

While LendingClub started off in 2007 as an online lending platform, its offerings have expanded widely. Its offerings now include checking, savings, CDs, and other deposit accounts. With a 5.00% APY, you can watch your money grow in the high-yield savings account. While not extravagant, it also offers 0.15% APY on its checking account, which is certainly better than nothing. With no maintenance or NSF fees and no minimum balance requirements, LendingClub could be a decent option for customers looking to do all of their banking online.

Customer service is available by phone Monday through Saturday from 8 a.m. to 8 p.m. Eastern time, as well as a Help Center with answers to most FAQs.

View offer at Fiona

The pros and cons of online banks

Online banks have various pros and cons that you should be mindful of before deciding to bank with a digital-first institution.


  • Online banks may charge no fees or lower fees: Online banks without brick-and-mortar locations save on the overhead costs that traditional banks are responsible for. They may pass on these savings to customers in the form of reduced fees.
  • Online banks may offer higher APYs: Fewer overhead costs can also translate to higher APYs on savings products.
  • You could benefit from a wider range of digital tools: Online banks with a strong digital presence may invest more in online and mobile banking platforms to make up for the lack of a brick-and-mortar presence. As a result, you could have access to a wider range of digital budgeting and account management tools, customer service options, and more.


  • For customers who like the option of walking into a physical branch, online-only banks may not be the best fit: Sometimes, resolving an issue related to your account is handled better by working with a teller face-to-face, especially for customers who aren’t as digitally savvy.
  • If you deposit cash frequently, an online-only bank could end up costing you more in fees: Because online-only banks don’t have physical branches, you’ll need to ensure that you find one that offers a fee-free ATM network. In the event that they don’t, it could be challenging to make cash deposits and you’ll likely be responsible for a fee each time you do deposit cash.

Our methodology

The Fortune RecommendsTM team compared more than 30 online banks and credit unions to help you find the best institution to help you meet your needs. Our top picks are available to customers across the U.S. no matter where you’re located, subject to the terms of account, product, and service. Some of our picks have brick-and-mortar locations; however, all of our picks offer online banking for customers nationwide.

To come up with our final list, we we ranked the best online banks on the following categories and weighted each category as set forth in the percentages below:

  • Checking and savings APY (40%): This percentage represents the real rate of return on your checking and savings account balance; the higher the APY, the better. For accounts with tiered APYs, we assumed a minimum balance of $1.
  • Account and product offerings (10%): We rewarded each online bank a point for each account type and service it offered. This included additional deposit accounts, investment accounts, lending services, credit cards, and more.
  • Overdraft fee (10%): Most banks will charge you a fee when you spend more than what you have in your account. We ranked online banks with lower or zero overdraft fees higher on our list.
  • Monthly service fees (20%): Some banks charge monthly maintenance fees. We ranked banks with lower or zero monthly fees higher on the list.
  • Mobile application rating (5%): We calculated the average mobile application rating for each bank or credit union using ratings from the App Store and Google Play. We rewarded online banks that had a higher average mobile application rating.
  • Free ATM access (5%): Accounts belonging to financial institutions that have a vast network of surcharge-free ATMs ranked higher on our list than alternatives that did not offer ATM access.
  • Customer service (5%): Top picks offer customers three ways to get in contact: chat support, by phone, or even email. Among the three options, we gave phone support the most weight.
  • Security (5%): As online banks, digital security is critical. We evaluated which institutions offer two-factor authentication and have been free of data breaches within the past five years.

Note that the account requirements, fees, and perks offered by these online banks may be available for limited time periods. Interest rates are subject to change at the discretion of the bank, which could impact how much interest you earn. All the banks on this list are insured by the FDIC.

Dig deeper: learn more about our banking methodology.

Frequently asked questions

How do you keep your online bank account safe?

Be sure to change your password regularly to keep your account secure and less susceptible to being hacked. You can also opt to use multi-factor authentication on your phone or laptop, which adds another layer of security each time you’re logging into your account by asking for a text, email, or phone-call verification code.

Do online banks charge higher fees?

Fees vary from bank to bank, but generally online-only banks tend to charge lower fees than banks with brick-and-mortar locations because these institutions don’t have to pay the same overhead costs that banks with physical locations do.

Is my money safe in an online bank?

Your money is just as safe in an online bank or credit union as it is in a brick-and-mortar institution. What’s important to make note of is a bank’s deposit insurance. Be sure to verify that your financial institution is fully backed by the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA).

About the author

Cassie Bottorff is the business and banking editor at Fortune Recommends, collaborating with teams around the world while living in the beautiful hills of Kentucky. She obtained her degree from Northern Kentucky University and is a certified SCRUM master. Cassie is passionate about finances and economic development, and is the treasurer of a nonprofit organization seeking to revitalize her former railroad town. Prior to joining the team at Fortune Recommends, Cassie was a deputy editor at Forbes Advisor and a Central Operations Project Manager at Fit Small Business.

The 10 best online banks and credit unions right now (2024)


What is the #1 rated online bank? ›

SoFi Bank ranks as our top overall pick because it combines high annual percentage yields (APYs) for both checking and savings categories with the highest sign-on bonus on this list. APY measures your total return on your savings, both interest rate and compounding.

What is the easiest online bank to get approved for? ›

What are some of the easiest bank accounts to open online?
5 easiest bank accounts to open online
BankAccountTime to apply
ChimeChime Online Checking AccountLess than 2 minutes
DiscoverDiscover Cashback DebitA few minutes
SoFi BankSoFi Checking and SavingsA few minutes
2 more rows
5 days ago

Which bank has the best online services? ›

  • HDFC Bank Savings Account. ...
  • Kotak 811 Savings Account. ...
  • ICICI Bank Savings Account. ...
  • Axis Bank Savings Account. ...
  • AU Small Finance Bank Digital Savings Account. ...
  • IndusInd Bank Savings Account (3-in-1 account with Upstox) ...
  • Citibank Savings Account. ...
  • Paytm Payments Bank Savings Account.

Which bank has the best online banking app? ›

Best mobile banking apps
  • Best for variety of features: Capital One®
  • Best for a virtual assistant: Bank of America.
  • Best for credit monitoring: Chase.
  • Best for user experience: Wells Fargo.
  • Best for traveling abroad: Discover®
  • Best for credit union: Alliant Credit Union.
May 20, 2024

Which online bank is the best? ›

  • Featured Partner.
  • What are the best digital bank accounts?
  • Starling Bank Personal Current Account.
  • Chase Current Account.
  • Kroo Current Account.
  • Revolut Business.
  • Monzo Current Account.
  • Revolut.
5 days ago

Which bank is most trustworthy? ›

Summary: Safest Banks In The U.S. Of June 2024
BankForbes Advisor RatingProducts
Chase Bank5.0Checking, Savings, CDs
Bank of America4.2Checking, Savings, CDs
Wells Fargo Bank4.0Savings, checking, money market accounts, CDs
Citi®4.0Checking, savings, CDs
1 more row
4 days ago

What online stores accept routing and account number? ›

Online Stores That Accept Routing and Account Numbers for Payment
  • Amazon. Amazon is the world's largest online retailer and accepts payments with checking account numbers. ...
  • Walmart. Walmart, a multinational retailer, allows customers to pay with their checking account numbers. ...
  • Microsoft Store. ...
  • ...
  • Best Buy. ...
  • Target.
Feb 24, 2024

Which bank opens an account instantly? ›

Instant account opening is easy with HDFC Bank. All you need is a working mobile number, Aadhaar number and a PAN number to open an account.

What bank does not use check Chexsystems? ›

Summary: Best Banks That Don't Use ChexSystems
Bank / Credit UnionForbes Advisor RatingLearn More CTA text
Capital One 360 Checking Account4.5
Chime® Checking Account4.4Learn More
LendingClub Bank Rewards Checking4.2Learn More
Varo Bank Account4.1Learn More
1 more row

What is the best bank to use right now? ›

Best-of 2024 Banking Winners:
  • Alliant Credit Union: Best credit union.
  • Ally Bank: Best bank; best CDs.
  • Charles Schwab Bank: Best for ATM access.
  • Chase: Best for sign-up bonuses; best for branch access.
  • Discover® Bank: Best online banking experience.
May 10, 2024

Are online banks better than credit unions? ›

Credit unions: Non-profit, member-owned cooperatives focused on serving their local communities. Members have more opportunities for input and often receive better rates and fees. Online banks: For-profit companies operating primarily online, offering lower overhead and potentially higher savings rates.

Is there a bank that is completely online? ›

As a full-service online bank, Ally offers an array 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 at out-of-network ATMs.

What is the strongest online bank? ›

NerdWallet's Best Online Banks of 2024
  • UFB Direct: Best for Online banks with savings accounts only.
  • EverBank: Best for Online banks with checking and savings accounts.
  • TAB Bank: Best for Online banks with checking and savings accounts.
  • Upgrade: Best for Online banks with checking and savings accounts.
May 10, 2024

What are the best credit unions to join? ›

Choosing the best credit union: Where to begin
Brand nameBest forAPY*
AlliantOverallUp to 3.10%
PenFedRewards credit cardUp to 3%
First Tech Federal Credit UnionLow-interest credit cardUp to 5%
Consumers Credit UnionDeposit account varietyUp to 3%
4 more rows
May 22, 2024

Who has the easiest online banking? ›

  • Key takeaways.
  • What are the easiest bank accounts to open online?
  • Discover: Best for getting cash back on purchases.
  • SoFi Checking and Savings: Best for high APY.
  • U.S. Bank: Best mobile app.
  • Truist: Best for no overdraft fees.
  • Bank of America: Best for flexible banking.
  • Chime®: Best for bad credit.

Who is number 1 in digital banking? ›

According to expert analysts in the digital banking sector, NuBank based in Brazil is the largest digital bank by valuation. Chime is the biggest digital bank in the U.S., with over 13.1 million digital banking users.

What is the number 1 ranked bank? ›

J.P. Morgan Chase is the number one bank in America in terms of total assets held, according to the Federal Reserve.

What is the best digital banking? ›

Here is a list of the best digital banks in Canada.
  • Koho. ...
  • EQ Bank. ...
  • Simplii Financial. ...
  • Motusbank. Monthly Fees: no fees for routine transactions and transfers. ...
  • Outlook Financial. Monthly Fees: no fees. ...
  • Alterna Bank. Monthly Fees: no fees. ...
  • Wealthsimple. Monthly Fees: No monthly or ATM, $5 overdraft. ...
  • Wise. Monthly Fees: no fees.
Apr 30, 2024

What banks do the 1% use? ›

7 private banks millionaires use
  • Bank of America Private Bank. Bank of America offers various services to wealthy customers. ...
  • J.P. Morgan Private Bank. ...
  • Wells Fargo Private Bank. ...
  • UBS Wealth Management. ...
  • Goldman Sachs Private Wealth Management. ...
  • Citi Private Bank. ...
  • HSBC Global Private Banking.

Top Articles
Latest Posts
Article information

Author: Jamar Nader

Last Updated:

Views: 6106

Rating: 4.4 / 5 (55 voted)

Reviews: 94% of readers found this page helpful

Author information

Name: Jamar Nader

Birthday: 1995-02-28

Address: Apt. 536 6162 Reichel Greens, Port Zackaryside, CT 22682-9804

Phone: +9958384818317

Job: IT Representative

Hobby: Scrapbooking, Hiking, Hunting, Kite flying, Blacksmithing, Video gaming, Foraging

Introduction: My name is Jamar Nader, I am a fine, shiny, colorful, bright, nice, perfect, curious person who loves writing and wants to share my knowledge and understanding with you.