Overview
Compare the best online banks with high APYs, no fees, and excellent digital banking features. Find the top alternative to traditional brick-and-mortar banks. Finding the right option depends on your specific needs, spending habits, and financial goals. Below we break down the key factors to consider and the top choices available.
Top Online Banks Compared
| Bank | Monthly Fee | Best For | Rating | |
|---|---|---|---|---|
| Ally Bank | $0 | All-around best online bank | ⭐ 4.8 | Compare → |
| Marcus by Goldman Sachs | $0 | Savings-focused, no checking | ⭐ 4.7 | Compare → |
| Discover Bank | $0 | Full-service, cashback debit | ⭐ 4.7 | Compare → |
| SoFi | $0 | Banking + investing + loans in one app | ⭐ 4.6 | Read Review → |
| Capital One 360 | $0 | Large ATM network for an online bank | ⭐ 4.6 | Compare → |
How These Banks Compare
Ally Bank offers the most complete product lineup of any online-only bank on this list — checking, savings, CDs, money market, and even auto loans — all with no monthly fees and no minimum balance.
Marcus by Goldman Sachs focuses specifically on savings and CDs rather than full banking services — it doesn't offer a checking account, so it works best paired with a separate checking account elsewhere.
Discover Bank combines strong savings rates with a genuinely useful checking account (1% cash back on debit purchases) and widely-praised customer service.
SoFi stands out for combining banking with investing and lending in one app, plus a direct-deposit bonus rate boost on its savings balance — appealing if you want everything under one roof.
Capital One 360 is unusual among online banks for having actual physical branches and cafes in select cities, plus access to Capital One's ATM network, bridging the gap between online-only and traditional banking.
Key Factors to Consider
- Product range: Some online banks (Marcus) only offer savings/CDs; others (Ally, SoFi) offer full banking including checking.
- ATM access: Online banks rely on partner networks (Allpoint, MoneyPass) — confirm coverage in your area.
- Customer service channels: Without branches, phone/chat support quality matters more — Discover and Ally are frequently praised here.
- FDIC insurance: Confirm any online bank is FDIC-insured before depositing — all banks listed here are.
- Mobile app quality: Since you'll manage everything digitally, app reliability and features (mobile check deposit, budgeting tools) matter more than with a traditional bank.
Frequently Asked Questions
Yes, as long as it's FDIC-insured — your deposits are protected up to $250,000 per depositor, identical to a traditional brick-and-mortar bank. All the banks listed here are FDIC-insured.
Online banks typically partner with large fee-free ATM networks like Allpoint or MoneyPass, and many also reimburse out-of-network ATM fees up to a monthly limit.
Rates change frequently across all online banks, but Ally, Marcus, and Discover are consistently among the most competitive. Compare current rates directly since they shift with broader interest rate trends.