The Top 10 Online Banks of Today
The emergence of online banks has revolutionized the way we manage our finances. Gone are the days of visiting a physical branch to open an account or make a withdrawal. Today, online banks offer a convenient and often more cost-effective way to perform almost every banking task from the comfort of your own home.
To help you navigate the world of online banking, we’ve compared the top online banks with federal deposit insurance, examining key metrics including fees, customer experience, product selection, account features, and commitment to environmental and social responsibility. Here are the top 10 online banks that made our list:
1. Discover Bank
Discover Bank took the top spot on our list thanks to its high scores in the fee and security categories. This online bank offers a range of personal and business banking products, including credit cards, checking and savings accounts, certificates of deposit, and money market accounts. With no monthly fees on any of its accounts, Discover is an attractive option for those looking to save money.
2. Ally Bank
Ally Bank secured the second spot on our list, offering a range of personal banking products, including checking and savings accounts, certificates of deposit, and mortgages. This online bank is known for its fee-free ATM network and 24/7 customer support.
3. Quontic Bank
Quontic Bank, a New York-based digital bank, offers a suite of traditional banking products, including checking and savings accounts, certificates of deposit, and mortgages. With a large ATM network and high scores in the customer service department, Quontic is a great option for those who value convenience and personalized support.
4. American Express National Bank
American Express National Bank, typically associated with credit cards, offers a range of personal banking products, including savings and checking accounts, certificates of deposit, and personal loans. This online bank scored highly in our environmental and social responsibility category and offers multi-factor authentication for added security.
5. Capital One
Capital One, a well-established credit card company, offers a range of personal banking products, including checking and savings accounts, certificates of deposit, and auto loans. With a high mobile app rating and clear website design, Capital One is a great option for those who value ease of use.
6. SoFi
SoFi, or Social Finance Inc., offers a range of personal banking products, including checking and savings accounts, credit cards, and personal loans. This online bank scored highly in our security category and offers a financial insights dashboard to help customers budget and monitor their credit scores.
7. Axos Bank
Axos Bank, a digital bank, offers a range of personal and business banking products, including checking and savings accounts, certificates of deposit, and mortgages. With a high score in our fees category and an extensive ATM network, Axos is a great option for those who value convenience and low fees.
8. First Internet Bank
First Internet Bank, founded in 1999, offers a range of personal and business banking products, including checking and savings accounts, certificates of deposit, and health savings accounts. This online bank scored highly in our fees category and offers an instant payment service through FedNow.
9. Varo Bank
Varo Bank, an online bank with a focus on simplicity, offers a range of personal banking products, including checking and savings accounts, and credit cards. With a perfect score in our fee category and a high mobile app rating, Varo is a great option for those who value ease of use and low fees.
10. CIT Bank
CIT Bank, a division of First Citizens Bank, offers a range of personal banking products, including savings accounts, certificates of deposit, and eChecking accounts. With a high score in our fees category and a wide range of product offerings, CIT is a great option for those who value flexibility and low fees.
When choosing an online bank, it’s essential to consider factors such as fees, customer service, product selection, and security. By doing your research and comparing the top online banks, you can find the best fit for your financial needs.
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