Overview
Compare online banks side by side. Find the best APY, fees, ATM network, and digital features for your banking needs. 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.
Online Bank Comparison
| Bank | Checking? | Savings Rate | Standout Feature |
|---|---|---|---|
| Ally Bank | Yes | Competitive | Most complete product lineup |
| Marcus by Goldman Sachs | No | Competitive | Savings/CD focused only |
| Discover Bank | Yes | Competitive | 1% cash back debit + strong support |
| SoFi | Yes | Competitive + bonus with direct deposit | Banking + investing + loans in one app |
| Capital One 360 | Yes | Competitive | Physical branches/cafes available |
Which Online Bank Should You Choose?
If you want one bank for everything, Ally offers the broadest range of products with no fees across the board.
If you only need savings/CDs, Marcus keeps things simple without cluttering the experience with checking features you may not need.
If you want banking plus investing in one place, SoFi's all-in-one app is a genuine differentiator, plus a rate boost for direct deposit customers.
If you occasionally want in-person access, Capital One 360's physical cafes (in select cities) bridge the online/traditional gap.
Frequently Asked Questions
Yes — as long as the bank is FDIC-insured, your deposits are protected up to $250,000 per depositor, identical to any brick-and-mortar bank.
This is genuinely more limited than a traditional bank — most online banks rely on mobile check deposit, direct deposit, or transfers, with cash deposits either unavailable or requiring a workaround like a money order. If you regularly deposit cash, factor this in before switching.