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Online banking requires that all financial transactions take place over the Internet. No need to visit a physical branch.Lack of access to the real world may be a deal breaker for some, but these banks typically charge the lowest fees and offer the most competitive yields. savings account When certificate of depositWe also offer a modern and intuitive banking experience online or on our mobile app.
CNET’s list of the best online banks includes the nation’s most popular banks and credit unions. Our editorial team provides unbiased analysis of leading banks and credit unions. The banks included in this list are online-only banks with no physical locations, but are insured by the FDIC or NCUA up to $250,000 per person.
Best Online Banks of 2022
- alliant credit union
- Ally
- bus bank
- saving bread
- brio direct
- discovery bank
- lending club
- Marcus by Goldman Sachs
- Sophie
- synchrony
alliant credit union
Products offered: Checking Account, Savings Account, Certificate
Monthly fee: none
Strong Points
- Competitive APY for savings and checking accounts
- No monthly maintenance fees or overdraft fees
- Low minimum deposit requirements to open an account
- ATM rebates up to $20 per month
- Free network of 80,000 ATMs
Cons
- Peer-to-peer payment tools are not supported
Membership is open to current or former employees of Alliant’s US partner businesses. If you choose to receive electronic statements, there will be no monthly charges to your account. Alliant Credit Union offers a variety of CD terms ranging from 12 months to 60 months.
Ally
Products offered: Current Account, Savings Account, Money Market Account, CD
Monthly fee: none
Strong Points
- Competitive APY for deposit accounts
- No monthly maintenance fees or overdraft fees
- Free network of 43,000 Allpoint ATMs
- No minimum deposit requirement
- 24/7 customer support
Cons
- We do not accept cash deposits
Ally offers a robust array of deposit products, loans, and other financial services. The bank also offers bump-up CDs (which automatically adjust to higher APY when available) and no-penalty CDs. There are no charges for any account. 24/7 customer support is available by phone, chat, or email.
bus bank
Products offered: savings account, CD
Monthly fee: none
Strong Points
- Savings and CD APY are high
- Low minimum deposit requirements for savings accounts
- Low fee
- Various CD terms available
Cons
- No checking account
- High minimum deposit requirements for CDs
- Limited quantity product
Bask Bank offers competitive APY on savings accounts and CDs. There is no minimum balance required to open or maintain a savings account. Earn American Airlines miles with a $25,000 deposit. The duration of the CD is 6 months to 1 year.
bread finance
Products offered: Ordinary deposit, CD
Monthly fee: none
Strong Points
- Savings and CD APY are high
- A small deposit required to open a savings account
- Low fee
- Various CD terms available
Cons
- No checking account
- High minimum deposit to open a CD
- Limited quantity product
Bread Savings, the online banking division of Bread Financial, offers competitive rates for savings, CDs, and accounts with low fees.
brio direct
Products offered: savings account, money market account, CD
Monthly fee: none
Strong Points
- Competitive APY for savings accounts
- A small deposit required to open a savings account or CD
- No account fee
Cons
- Longer duration is required to get the best CD APY
- No money market account checks
- Unable to verify account
BrioDirect is the online division of Webster Bank. We offer savings accounts, CDs (terms from 30 days to 5 years) and money market accounts. The checking account is indefinitely “under maintenance” and is not available at this time.
Discover
Products offered: Current Account, Savings Account, Money Market Account, CD
Monthly fee: none
Strong Points
- Competitive APY for savings accounts
- No monthly maintenance fees or overdraft fees
- No minimum deposit requirements to open an account
- A fee-free network of 60,000 ATMs
- Direct deposit accessible 2 days in advance
- Cash back benefits with check
Cons
- High minimum deposit to open a CD
- We do not accept cash deposits
Discover Bank offers savings accounts, credit cards, personal loans and student loans. Deposit account fees were abolished in June 2019. The Discover Cashback Debit Account is a completely free checking account that pays 1% cashback on debit card purchases up to $3,000 per month.
lending club
Products offered: Checking account, Savings account, CD
Monthly fee: none
Strong Points
- Savings and CD APY are high
- Small deposit required to open a savings account, no minimum balance required
- Low fee
- Cashback benefits on debit card eligible purchases
- Unlimited ATM Fee Refunds
Cons
- APY paid against higher checking account balance
- A large deposit is required to open the CD
LendingClub offers a full suite of banking products and services. Unlimited His ATM fee rebates give customers free access to the vast ATM network. Also, low fees and his competitive APY make LendingClub savings accounts and CDs particularly attractive.
Products offered: Ordinary deposit, CD
Monthly fee: none
Strong Points
- Competitive APY for deposit accounts
- No monthly maintenance fee
- Low minimum deposit requirement
- Automated 24/7 customer support
Cons
- We do not accept cash deposits
- No checking account
- No ATM network
- Limited types of accounts
Founded in 2016, Marcus is the online-only banking division of Goldman Sachs, one of the ten largest banks in the United States. Bank savings accounts and CDs offer competitive yields and low fees.
For more information, see Goldman Sachs’ complete review of Marcus.
Sophie
Products offered: checking account, ordinary deposit
Monthly fee: none
Strong Points
- Competitive APY for checking and savings accounts
- Low deposit required to open savings and CD accounts
- No monthly maintenance fees or overdraft fees
- Free network of 55,000 Allpoint ATMs
- Direct deposit accessible 2 days in advance
Cons
- Fee for depositing cash
SoFi (Social Finance Inc.) is the brainchild of Stanford Business School alumni to create an alumni-funded financing source that was initially focused on refinancing student loans. Since then, SoFi has expanded into various loan categories and now offers online checking and savings accounts. Some applicants may be eligible for new account bonuses.
Synchronous bank
Products offered: Savings Account, Money Market Account, CD, IRA Money Market Account, IRA CD
Monthly fee: none
Strong Points
- Competitive APY for deposit accounts
- No monthly maintenance fees or overdraft fees
- Up to $5 monthly out-of-network rebates
- No minimum deposit requirement
Cons
Synchrony offers competitive rates on deposit accounts with limited overhead. Synchrony offers a variety of financial instruments such as IRA CDs and IRA Money Market Accounts, as well as niche varieties such as bump-up (which automatically adjusts to higher APY when available) and no-penalty varieties. We provide CDs.
methodology
CNET researched online banks based on the latest APY information, fees charged, and services provided by the issuer’s website. We evaluated online banks among over 50 banks, credit unions, and financial companies. We selected the banks with the highest APY to insure up to $250,000 among the organizations surveyed.
Banks surveyed include Alliant Credit Union, Ally Bank, America First Credit Union, American Express National Bank, Axos Bank, Bank of America, Bank of the West, Bank5 Connect, Barclays, BMO Harris, Bread Savings, BrioDirect, Capital One, CFG included. Community Bank, Citizens Access, Colorado Federal Savings Bank, Connexus Credit Union, Consumers Credit Union, Credit One Bank, Discover Bank, First Internet Bank of Indiana, First Tech Federal Credit Union, FNBO Direct, GO2bank, Golden 1 Credit Union, HSBC Bank , Huntington Bank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, Merrick Bank, Nationwide (by Axos), Navy Federal Credit Union, NBKC, OneUnited Bank, Pentagon Federal Credit Union, PNC, Popular Direct, PurePoint Financial, Quontic Bank, Rising Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Synchrony Bank, TAB Bank, TD Bank, TIAA Bank, Truist Bank, US Bank, UFB Direct, Union Bank, USAA Bank, Vio Bank, Wells Fargo.
The editorial content on this page is based solely on the objective and independent evaluation of our writers and is not influenced by any advertising or partnership. It is not provided or commissioned by any third party. However, we may receive compensation for clicking on links to products or services offered by our partners.
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