This site is a free online resource that strives to offer helpful content and comparison features to our visitors. We accept advertising compensation from companies that appear on the site, which may impact the location and order in which brands (and/or their products) are presented, and may also impact the score that is assigned to it. Company listings on this page DO NOT imply endorsement. We do not feature all providers on the market. Except as expressly set forth in our Terms of Use, all representations and warranties regarding the information presented on this page are disclaimed. The information, including pricing, which appears on this site is subject to change at any time.
Discover our list of the best online banks for 2025, featuring services, pros and cons, and cost comparisons. Our aim is to help you cut through the muck; saving time and money.
Why Choose Best Money?
Upgrade Rewards Checking Plus
2,779 peoplevisited this site this month
Discover® Cashback Debit Checking
chose an account with BestMoney this month
FAQs
Nowadays, almost all of your banking needs can be handled online, with little need to visit brick-and-mortar locations. In fact, many online banks (or those without physical branch locations) offer savings rates, fees, and services that compete with or even surpass traditional banks.
BestMoney analyzed fees, interest rates, customer service reputations, and more to identify the top online banking options. Our analysis found:
Barclays, Ally, and Varo should be at the top of your mind if you're looking for a high-yield savings account, as they offer some of the most competitive rates on the market.
American Express and Upgrade are among the few providers offering an above-average annual percentage yield (APY) on checking accounts.
Discover and Chime are great options if you're looking for low-to-no-fee checking and savings accounts.
Capital One and PNC Bank have strong online offerings for customers looking to spread and integrate assets across multiple bank accounts.
Read on to learn more about our top picks and which might be the best option for you.
To identify the best online banks, we compared institutions offering fully online checking and savings accounts based on the following factors:
Availability: The best online banks were available to customers in most or all U.S. states and offered a wide range of products, including basic checking and savings accounts and products like personal loans, certificates of deposits (CDs), money market accounts, and more.
Rates and fees: We compared APYs for savings and checking accounts to industry standards to identify the highest-earning accounts. We also prioritized banks that offered checking and savings accounts with no monthly maintenance fee and limited fees for overdrafts, ATM withdrawals, and other transactions. The best options also required no or low minimum deposit amounts to open an account.
User experience: To ensure accessibility, we prioritized online banks with user-friendly apps and online banking portals based on app store reviews and customer feedback. We also awarded banks with transparent rate and fee structures and easily accessible application processes.
Security: All the banks on our list are backed by the Federal Deposit Insurance Corp. (FDIC) or National Credit Union Administration (NCUA) and offer secure mobile and online portals for the safety of sensitive financial information.
Customer service: We compiled customer feedback from various third-party sources, including Trustpilot and the Better Business Bureau (BBB), and first-hand expert experience to identify the top institutions.
The top options ranked highly in all or most of these categories. Read more about our full methodology.
Why we picked Discover as a top online bank: Discover’s credit cards are popular for having no surprise fees, and its bank accounts are no different. In addition to no monthly maintenance fees, Discover checking and savings accounts don’t charge insufficient funds or overdraft fees. Plus, if you have a card with the bank, you can see all your financial accounts in one place.
Standout features and products:
Early direct deposit
Money market account
Offers traditional and Roth individual retirement accounts (IRAs)
Customer service at a glance
Trustpilot score: 1.8
BBB rating: A+ (accredited)
Common complaints? Difficulty qualifying for credit, trouble with card disputes
Common praise? Effective and friendly customer service, good data protection
Contact channels: Customer support phone lines
Read the full Discover Bank review
Why we picked Chime as a top online bank: In addition to traditional checking and savings accounts, Chime offers a unique credit-builder account, which, in conjunction with a secured credit card can help low- and no-credit account holders improve their scores and build credit history. It requires no credit check or minimum deposit to apply, making it an accessible choice.
For more traditional options, its checking and savings accounts are solid choices, too, with no monthly fees.
Standout features and products:
Accessible account options for people with poor credit
Extensive fee-free ATM network
Early direct deposit
Customer service at a glance
Trustpilot score: 3.6
BBB rating: B- (not accredited)
Common complaints? Difficulty with direct deposit, slow transfers, slow resolution of card disputes
Common praise? User-friendly app, accessibility for rebuilding credit, quality customer service
Contact channels: 24/7 phone support, in-app chat
Why we picked PNC as a top online bank: For people who like to keep their banking simple, PNC offers an all-in-one solution with its Virtual Wallet Checking Pro account. Account holders can combine their monthly service fee-free checking account with a leading savings APY for the best of both worlds.
The bank also encourages responsible financial habits with its Low-Cash Mode tool, which gives virtual wallet users 24 hours to bring their account balance to $0 before they are charged overdraft fees.
Standout features and products:
Offers student and military checking and savings accounts
Offers extensive loan options, including student loans, personal loans, and mortgages
Virtual Wallet allows better spending and savings visualization
Customer service at a glance
Trustpilot score: 1.3
BBB rating: A+ (not accredited)
Common complaints? Poor management of fraudulent account activity, negative experiences with customer service representatives
Common praise? Competitive interest rates, positive experiences in branch locations
Contact channels: 24/7 customer service chat, phone lines with limited hours, select branch locations
Read the full PNC Online Banking review
Why we picked American Express as a top online bank: More than its popular credit cards, American Express offers a variety of online bank accounts, including personal checking and savings, CDs, and business checking accounts. Its checking account offering sets itself apart from the competition with a leading APY. There's also no account opening fee, minimum balance, or monthly service fees.
Unfortunately, American Express's online checking account is only available to existing card members, though anyone can apply for a savings account.
Standout features and products:
Offers high-yield savings, checking, and CD accounts with leading interest rates
Suite of premium rewards credit cards
Offers business checking and line of credit products
Customer service at a glance
Trustpilot score: 1.5
BBB rating: F (Not accredited)
Common complaints? High credit card fees, difficulty resolving fraudulent charges
Common praise? Friendly customer service staff, user-friendly application
Contact channels: 24/7 phone support, traditional mail, fax
Why we picked Barclays as a top online bank: While most of our top online banks offer the same APY for all savings account balances, Barclays offers a tiered interest structure, allowing people with higher balances to unlock ultra-high rates. The bank does not currently offer a checking account, so it may not be the best choice for those who want all their financial eggs in one basket, but users who don’t mind separate accounts can take advantage of higher rates.
Standout features and products:
Offers tiered and standard savings account options, plus CDs
Suite of airline and hotel co-branded credit cards
Online calculator to help you plan savings goals
Customer service at a glance
Trustpilot score: 2.3
BBB rating: A+ (accredited)
Common complaints? Difficult credit card application process, poor experience with customer service representatives
Common praise? Good app security, useful credit card products
Contact channels: 24/7 phone support
Why we picked Capital One as a top online bank: Capital One has a history as a traditional bank but has transitioned to a more online-first operation in the last several years. Its fully online 360 accounts, including checking and savings products, charge no monthly fees and don't require minimum balances.
Plus, transferring between accounts is easy, making it simple to set up multiple savings accounts for different goals and move money between them as needed.
Standout features and products:
Offers checking, savings, and CD accounts, plus accounts for kids and teens with parental controls
Deposit cash or get customer support at a Capital One Cafe
Offers credit cards, auto loans, and business banking solutions
Customer service at a glance
Trustpilot score: 1.3
BBB rating: A+ (accredited)
Common complaints? Complicated dispute process, unclear communication with customer service
Common praise? Efficient resolution of queries, user-friendly mobile app and online banking portal
Contact channels: Digital assistant chat feature, 24/7 phone support
Read the full Capital One review
Why we picked Varo as a top online bank: Besides checking and savings accounts with no hidden fees, Varo offers the opportunity to earn cash back on debit card purchases, with up to 3% back (maximum of $200 per month) at select merchants. The APY on Varo's savings account is also competitive, especially for those with smaller balances.
Standout features and products:
Earn cash back on debit purchases with 10,000 participating merchants
Offers checking, savings, and credit-building accounts, plus personal lines of credit
No foreign transaction fee debit card
Customer service at a glance
Trustpilot score: 3.7
BBB rating: A- (accredited)
Common complaints? Issues setting up direct deposit, delayed receipt of debit cards, limited customer support channels
Common praise? User-friendly app with easy-to-track credit score, simple banking structure
Contact channels: 24/7 live chat support in-app, phone support with limited hours
Read the full Varo Bank review
Why we picked Ally as a top online bank: Ally offers a variety of account options, including checking and savings accounts, a money market account, and a variety of CDs. It doesn't charge monthly maintenance or overdraft fees on checking and savings accounts. Plus, its online banking software allows users to stay organized by creating digital buckets for different spending and savings categories.
Standout features and products:
Offers checking, savings, money market, and CD accounts, plus credit cards, mortgages, and auto loans
User-friendly online banking tools with features for organizing money and saving more efficiently
Extensive fee-free ATM network
Customer service at a glance
Trustpilot score: 1.4
BBB rating: B (not accredited)
Common complaints? Savings rates falling and becoming less competitive, poor experience with customer service representatives
Common praise? Accessible customer service, user-friendly app, hassle-free products
Contact channels: 24/7 customer support via chat, email, or phone lines
Why we picked Upgrade as a top online bank: While savings accounts that offer tiered APY earnings often restrict the best rates to high balances, you can earn a competitive APY on the Upgrade savings account with a balance as low as $1,000.
Upgrade also offers joint savings accounts, which are uncommon among competitors. Its checking account is competitive, too, offering the ability to earn cash back on select debit card purchases.
Standout features and products:
Offers competitive personal loans and credit cards in addition to checking and savings accounts
Opportunity to earn cash back on debit card purchases, with no monthly cap
Proprietary “buy now, pay later” service called Flex Pay
Customer service at a glance
Trustpilot score: 4.3
BBB rating: A+ (accredited)
Common complaints? Long wait times for customer support, low credit limits
Common praise? Straightforward online application processes, positive customer support experiences, transparent terms
Contact channels: Email and phone lines with limited hours
Bank | Monthly checking fee? | Minimum deposit to open savings | Minimum deposit to open checking |
|---|---|---|---|
Discover | No | $0 | $0 |
Chime | No | $0 | $0 |
PNC Bank | $0 to $25 with a waive option | $0 | $0 |
American Express | No | $0 | $0, but only available to Amex card members |
Barclays Savings | N/A | $0 | N/A |
Capital One | No | $0 | $0 |
Varo | No | $0 | $0 |
Ally | No | $0 | $0 |
Upgrade | No | $0 | $0 |
Western Alliance: This small bank offers an online high-yield savings account with an uber-competitive APY of 4.35% (and a minimum opening deposit of $500).
Bank5 Connect: Bank5 Connect offers a high-yield checking account with a 2.00% APY with a minimum balance of $100.
ONE Cash: This relatively new market entrant (and fin-tech company) offers a high-yield checking account with a 3.75% APY if you set up at least $500 in monthly direct deposit.
Online banking lets you manage your finances via computer or smartphone, providing convenient access to banking services from anywhere with internet access. It includes features like check deposit, fund transfers, and bill pay, mimicking almost all in-branch services.
Some online banks have physical locations, while others are exclusively digital, which limits services like cash deposits. Despite the 24/7 transaction capability, customer support availability can vary.
Convenience: Manage your finances from home, the office, or anywhere with internet access, saving time and hassle.
Flexibility: Conduct transactions 24/7, including transferring funds, paying bills, and checking account balances, without being limited by bank hours.
Accessibility: Use mobile banking apps from your smartphone or tablet, ensuring your finances are always at your fingertips.
Security: Benefit from enhanced security measures like encryption and multi-factor authentication to protect your personal and financial information.
Limited cash transactions: Some online banks support cash deposits via ATMs, but many do not accept cash at all. Banks focused solely on savings may not offer ATM access or cash withdrawals, requiring fund transfers to external accounts.
Lack of physical branches: Unless the bank utilizes a hybrid model like Capital One, the absence of brick-and-mortar branches means you miss out on in-person banking services or customer service.
Little opportunity for relationship-building: Online accountholders won’t have the chance to get to know their friendly neighborhood banker, given the lack of branches and (often) limited customer support channels, usually phone or online chat.
To help you choose the best bank for your business, here are some key ways online and traditional banks usually differ.
Due to a lack of overhead in terms of staffing and maintaining brick-and-mortar locations, most online banks offer no-to-low fee checking and competitive APYs, particularly on savings accounts.
Online banks usually offer a narrower range of financial services than traditional ones. They might only provide basic accounts like checking, savings, and CDs, whereas larger national banks offer a comprehensive suite of banking, lending, and investment options.
Traditional banks offer ATM access at their branches and partnering retailers. Online banks typically partner with external ATM networks to provide accountholders with some access to free cash withdrawals. Some online banks will reimburse you for out-of-network ATM fees.
Online banks can be right for tech-savvy users who are comfortable conducting online financial transactions. They're ideal for individuals who prefer the convenience of managing their finances via computer or smartphone without the need to visit a physical branch.
Online banks are less of a fit for people who prefer conducting transactions in person, need to make (large) cash deposits regularly, or are uncomfortable with online portals and mobile apps.
These steps can help you pinpoint whether an online financial institution is legitimate and right for your needs.
Lack of FDIC or NCUA insurance, unrealistic interest rates and fees, no physical address, and poor website security are all signs of a shady online bank.
High APYs are one of the biggest draws across online bank accounts, but not all have the same offer. Ensure you're getting a competitive rate by seeing how your options stack up against each other.
Most online banks offer some type of free checking, but you might have to make or maintain a minimum deposit into your account to qualify. Check whether certain behaviors, like overdrafts or ATM withdrawals, incur other charges.
Ensure you can deposit or withdraw money promptly, as online banks sometimes have longer transfer times or lower withdrawal limits each month than their traditional counterparts.
Learn more steps for selecting the best online bank account for you.
Once you’ve chosen a provider, expect to go through the following steps to open your online account.
Visit a bank’s website or app: Go to its website or download its mobile app.
Fill out an application: Most financial institutions will ask for personal information, like your name, address, and Social Security number. They might also ask about your current employment and income status.
Verify your identity: You might have to upload identification documents like a driver's license or passport.
Fund your account: While many online banks don't impose minimum deposit amounts to open an account, you might have to maintain a certain amount of funds to qualify for fee waivers or high APY earnings. Usually, this process involves transferring some money from an existing bank account.
Once you complete this process, you can expect to have access to your new account in a few business days.
Online banking offers a convenient, flexible, and cost-effective alternative to traditional banking. With lower fees, higher interest rates, and advanced digital features, online banks are ideal for tech-savvy users who prefer managing their finances from anywhere.
Our comprehensive review of the top online banks for 2025 highlights the best options based on APY, fees, and product offerings. By understanding the benefits and potential drawbacks, you can make an informed decision and find the right online bank to meet your needs.
More online banks we reviewed: American Express Business Checking, American Express National Bank, Axos Rewards Checking, Bank Of America Business Advantage Banking, Barclays Tiered Savings, Blue Federal Credit Union, Bluevine, Bmo Alto Cd, Bread Savings Cd, Capital One Cd, Chime, Cit Bank, Citi Small Business Checking, Cloudbank 247 Savings, Current, Discover Cd Rates, Etrade Max Rate Checking, Forbright Bank Cd, Grasshopper, Langley Cd, Lending Club High Yield Savings, Liberty Savings Bank, Lili, Marcus, Northone, Novo Boost, One Cash, Pacific Western Bank, Ponce, Primis Bank Checking, Rbmax High Yield Savings, Relay, Skyone, Synchrony, Synchrony High Yield Savings, Ufb Direct Savings, Upgrade Rewards Checking Plus, Us Bank, Us Bank Member Fdic, Us Bank Smartly Checking, Usalliance Financial, Valley Direct High Yield Savings, Valley Direct Savings Promo, Varo Bank, Vio Bank, Western Alliance Bank High Yield Savings Premier, Western Alliance Cd and Western Alliance High Yield Savings.
