Online banks save money by skipping the marble lobbies and passing those savings to you as higher rates and zero fees. We opened accounts at 25+ online banks, tested their apps, called customer service at odd hours, and tracked rate changes over months. These five consistently delivered.
Ally Bank
4.9/5 Best OverallOur top-rated pick for reliability, customer service, and proven results.
Bottom Line
- 1. Online banks pay 10-12x higher savings APYs than traditional banks. That is not marketing spin -- it is the math of not paying for thousands of branch leases.
- 2. The best online banks now offer everything a traditional bank does: checking, savings, CDs, money markets, and investment accounts. Just without the building.
- 3. Every bank on this list is FDIC-insured up to $250,000 and charges $0 monthly fees on core accounts. There is no safety trade-off for the higher rates.
- 4. App quality matters more at an online bank because the app IS the bank. Our top picks have apps rated 4.7+ stars with mobile deposit, budgeting, and real-time notifications.
- 5. No branches is the trade-off. But 40,000-70,000 fee-free ATMs plus 24/7 phone support handle 99% of what you would walk into a branch for.
Zogby is an independent, advertising-supported comparison service. We may receive compensation from the companies whose products appear on this site. This compensation may impact how, where, and in what order products appear. Zogby does not include every financial company or every product available in the marketplace.
How They Stack Up
Ally Bank
Top Pick
- Monthly Fees
- $0
- Savings APY
- 4.20% Savings APY
- Min Deposit
- $0
- Rating
- 4.9
SoFi Bank
- Monthly Fees
- $0
- Savings APY
- 4.60% Savings APY
- Min Deposit
- $0
- Rating
- 4.8
Discover Bank
- Monthly Fees
- $0
- Savings APY
- 4.25% Savings APY
- Min Deposit
- $0
- Rating
- 4.7
Marcus by Goldman Sachs
- Monthly Fees
- $0
- Savings APY
- 4.40% Savings APY
- Min Deposit
- $0
- Rating
- 4.7
Capital One 360
- Monthly Fees
- $0
- Savings APY
- 4.25% Savings APY
- Min Deposit
- $0
- Rating
- 4.6
Provider Ratings
How to Choose the Best Online Bank
Start with what you need. If you want checking, savings, CDs, and investing in one place, Ally or Capital One 360 cover the full spectrum. If you only care about the highest savings rate, SoFi or Marcus will give you more APY than a full-service competitor. Do not pick a bank for features you will never use.
APY gets all the attention, but test the app before committing your paycheck. Download it, navigate around, try depositing a check. An extra 0.15% APY means nothing if the app crashes every time you try to transfer money. ATM network size and customer service hours matter too -- call their support line at 9pm on a Sunday and see what happens.
Security is identical across reputable online banks: 256-bit encryption, multi-factor authentication, FDIC insurance. The real question is whether you ever need to walk into a building. If you handle cash regularly or want a safe deposit box, keep a free local account and use the online bank for everything else.
Important Tip
Use two banks. Keep a free local checking account for cash deposits and the occasional in-person need, then park your savings, CDs, and money market at an online bank earning 4%+ APY. This two-bank strategy costs nothing and captures the best of both worlds. Most people who try it never go back to single-bank setups.
Our Top Picks for Online Banks
I was drowning in credit card debt and didn't know where to turn. The debt relief program helped me cut my balances almost in half.
1. Ally Bank
Ally is the online bank other online banks are measured against. Checking, savings, CDs, money market, and investing -- all under one roof, all fee-free. They have been doing this since 2009 (originally GMAC, founded 1919) and now hold $182+ billion in assets. The savings account pays 4.20% APY. CDs include no-penalty and raise-your-rate options. The money market comes with checks and a debit card. Ally Invest handles self-directed and managed portfolios. The app is legitimately good -- Savings Buckets, Surprise Savings (automatically finds safe amounts to save), round-up transfers, and 4.7+ stars from millions of reviews. The 43,000 Allpoint ATMs cover most areas, and $10/month in out-of-network reimbursements fill the gaps. We have used Ally as our primary bank for over a year. It does everything we need without ever charging us for the privilege.
Show Pros & Cons
Pros
- Widest product suite among online banks
- Excellent mobile app with smart savings and budgeting tools
- 24/7 customer support with 43,000+ fee-free ATMs
Cons
- No physical branches or cash deposit options
- Savings APY slightly below some single-product competitors
2. SoFi Bank
- Monthly Fees
- $0
- Savings APY
- 4.60% Savings APY
- Min Deposit
- $0
3. Discover Bank
- Monthly Fees
- $0
- Savings APY
- 4.25% Savings APY
- Min Deposit
- $0
4. Marcus by Goldman Sachs
- Monthly Fees
- $0
- Savings APY
- 4.40% Savings APY
- Min Deposit
- $0
5. Capital One 360
- Monthly Fees
- $0
- Savings APY
- 4.25% Savings APY
- Min Deposit
- $0
About the Author
David Park
Senior Banking Analyst
David Park is a senior banking analyst at Zogby with over 10 years of experience covering digital banking, fintech platforms, and online savings products. He holds an MBA from the University of Michigan and has been featured in Bankrate, NerdWallet, and The New York Times. David specializes in evaluating online banks that deliver exceptional value through technology and low-cost structures.
Related Articles & Guides
We opened accounts, deposited money, tested apps, and called support lines at 25+ online banks. Here is what carried the most weight in our evaluation.
APY & Rate Competitiveness
30%We tracked rates across savings, checking, CDs, and money markets at each bank over multiple months. Banks that offer a great teaser rate then quietly drop it did not score well.
Fees & Account Terms
25%Monthly fees, minimum balances, overdraft charges, wire fees, and ATM surcharges all got scrutinized. An online bank charging fees is defeating its own value proposition.
Digital Experience & Features
25%We installed every app, deposited checks, set up alerts, tested budgeting tools, and measured load times. At an online bank, the app IS the branch -- it has to be excellent.
Product Breadth & Support
20%We evaluated how many products each bank offers, customer service availability and quality, ATM network coverage, and overall financial stability.
How We Tested
Authoritative Resources on Banking
We consulted these regulatory sources while evaluating banking products.
FDIC — Bank Find & Deposit Insurance
Federal Deposit Insurance CorporationVerify FDIC insurance coverage and check any bank's financial health.
NCUA — Credit Union Locator
National Credit Union AdministrationFind federally insured credit unions and compare savings rates.
CFPB — Bank Accounts & Services
Consumer Financial Protection BureauCFPB guidance on choosing bank accounts, avoiding fees, and filing complaints.
Federal Reserve — Interest Rate Data
Federal ReserveDaily interest rate data that drives savings account and CD yields.
OCC — Consumer Protection
Office of the Comptroller of the CurrencyFederal bank regulatory oversight and consumer complaint resources.
USA.gov — Banking
USA.govOfficial government guide to bank accounts, FDIC insurance, and financial literacy.
Did You Know?
Fintech lending now accounts for nearly 50% of all unsecured personal loans in the United States.
The average credit card interest rate hit 22.76% in 2025 — the highest since tracking began in the early 1990s.
BNPL (Buy Now, Pay Later) usage tripled between 2020 and 2025, with over 40% of U.S. consumers having used it.
Cost of living varies dramatically: the same salary goes 30-50% further in states like Texas or Tennessee vs. California or New York.
Frequently Asked Questions
Economic Snapshot
Source: Federal Reserve Economic Data (FRED). Indicators refresh daily.
Financial News & Regulation
Apr 10, 2026Holding Government Contractors Accountable for Wrongdoing
Jan 21, 2025Argus Information and Advisory Services, a subsidiary of TransUnion, has agreed in writing that it will not seek any government contract with the Consumer Financial Protection Bureau for three years.
Blog | Consumer Financial Protection BureauStrengthening Appraisal Oversight: Progress at the Appraisal Subcommittee
Jan 17, 2025CFPB Deputy Director Zixta Martinez discusses changes at the ASC since she became Chair in 2022, including enhanced state oversight, landmark hearings on appraisal bias, and improved collaboration with The Appraisal Foundation to create a more equitable and accountable appraisal industry.
Blog | Consumer Financial Protection BureauBack from the Dead: Zombie Second Mortgages
Jan 17, 2025Forgotten second mortgages may be coming back to haunt homeowners who haven’t received notices or account statements for years.
Blog | Consumer Financial Protection BureauFederal Reserve Board announces termination of enforcement actions with Crédit Agricole S.A. and Crédit Agricole Corporate and Investment Bank, Mega International Commercial Bank Co., Ltd, and the Goldman Sachs Group, Inc.
Apr 9, 2026Federal Reserve Board announces termination of enforcement actions with Crédit Agricole S.A. and Crédit Agricole Corporate and Investment Bank, Mega International Commercial Bank Co., Ltd, and the Goldman Sachs Group, Inc.
FRB: Press Release - All ReleasesHeadlines sourced from government agencies and legal publications. Updated every 12 hours.
Important Online Banking Disclaimers
- APYs (Annual Percentage Yields) shown are accurate as of the date of publication and are subject to change at any time without notice. APYs may vary by region. Contact the bank directly for the most current rates.
- Deposits at FDIC-insured banks are insured up to $250,000 per depositor, per insured bank, for each account ownership category. Credit union deposits are insured by the NCUA up to the same limits.
- Online banking requires internet access and a compatible device. Service availability may be affected by outages or maintenance.
- Product offerings, terms, and features may change without notice. Visit each bank's website for the most current information.
- Zogby is not a bank. We are an independent comparison service. We do not offer banking products or hold deposits on your behalf.
The information provided on this page is for general informational and educational purposes only. It is not intended as, and should not be construed as, financial, legal, tax, or investment advice. Always consult with a qualified professional before making any financial decisions.
Editorial Independence
We make money from some companies on this page. That doesn't change our rankings -- the editorial team scores every product independently, and the business side has no say in what we recommend.