Best 10 Online Banks In America
The best online banks in America offer a combination of high-interest rates, low fees, and convenient digital services. These banks leverage technology to provide streamlined banking experiences, making it easy for customers to manage their finances from anywhere. Some of the top contenders include Ally Bank, Marcus by Goldman Sachs, and Discover Bank, each known for their competitive savings accounts and user-friendly mobile apps.
Advertisement
Among the standout features of these online banks is their emphasis on customer service and accessibility. For instance, Ally Bank is praised for its 24/7 customer support and no monthly maintenance fees, while Marcus by Goldman Sachs offers attractive high-yield savings accounts with no minimum deposit requirements. Discover Bank not only provides competitive rates but also cashback rewards on their checking accounts. Many of these banks also have innovative tools for budgeting and saving, enabling users to set financial goals and track their progress easily. Overall, the best online banks in America prioritize user experience, making them ideal choices for those seeking efficient and cost-effective banking solutions.
Ally BankView AllAlly Bank - Your Ally in Smart Banking Solutions.
Discover BankView AllDiscover Bank - Discover Bank: Where Your Savings Thrive.
Marcus by Goldman SachsView AllMarcus by Goldman Sachs - Empowering your financial journey with smart savings solutions.
American Express BankView AllAmerican Express Bank - Your trusted partner in global financial journeys.
Capital One 360View AllCapital One 360 - Bank smarter, save better with Capital One 360.
ChimeView AllChime - Chime: Banking that fits your life.
Synchrony BankView AllSynchrony Bank - Empowering Your Financial Journey with Synchrony Bank.
SoFi MoneyView AllSoFi Money - Your money, your way—effortless banking with SoFi.
Varo BankView AllVaro Bank - Empowering your financial freedom, anytime, anywhere.
CIT BankView AllCIT Bank - Smart banking solutions for your financial future.
Best 10 Online Banks In America
1.
Ally Bank
Ally Bank is an online-only financial institution based in the United States, known for its competitive interest rates and no monthly maintenance fees. Founded in 2009, it offers a range of banking products, including high-yield savings accounts, checking accounts, certificates of deposit (CDs), and auto financing options. Ally Bank emphasizes customer service with 24/7 support and a user-friendly digital platform. As a member of the FDIC, deposits are insured up to the legal limit, providing security for customers' funds. Ally Bank is recognized for its innovative approach to banking.
Pros
High interest rates- no monthly fees
- user-friendly online platform
- 24/7 customer support.
Cons
Limited branch access- no physical locations
- fewer product offerings
- and less advanced mobile features.
2.
Discover Bank
Discover Bank, a subsidiary of Discover Financial Services, is an online bank based in Greenwood, Delaware. Established in 1911, it offers a wide range of financial products, including savings accounts, checking accounts, and certificates of deposit. Known for its competitive interest rates and no monthly fees, Discover Bank provides customers with easy access to their accounts through a user-friendly digital platform. Additionally, the bank features a robust rewards program on its credit cards, emphasizing customer service and satisfaction. Discover Bank is FDIC insured, ensuring the safety of deposits.
Pros
- High interest rates
- no monthly fees
- easy online access
- excellent customer service
- and rewards.
Cons
- Limited branch access
- high fees for certain services
- and no physical locations.
3.
Marcus by Goldman Sachs
Marcus by Goldman Sachs is a digital banking platform launched by the investment banking giant Goldman Sachs. It offers consumers high-yield savings accounts, personal loans, and other financial services with a focus on simplicity and transparency. Marcus aims to provide a user-friendly experience through its easy-to-navigate website and mobile app, allowing customers to manage their finances efficiently. With competitive interest rates and no fees for its savings accounts, Marcus seeks to attract customers looking for smart savings and borrowing options, all backed by Goldman Sachs' reputable financial expertise.
Pros
- High interest rates
- no fees
- user-friendly app
- strong customer support
- secure platform.
Cons
- Limited product offerings
- high interest rates on loans
- no physical branches
- customer service issues.
4.
American Express Bank
American Express Bank, a subsidiary of American Express Company, specializes in providing a range of financial services, including personal savings accounts, certificates of deposit, and credit card services. Established in 1850, it has built a reputation for customer service and innovative financial solutions. The bank primarily focuses on online banking, offering competitive interest rates and no monthly fees for its accounts. American Express Bank is known for its commitment to security and user-friendly digital tools, making it a popular choice for consumers seeking reliable banking options.
Pros
- High rewards
- premium customer service
- strong security features
- and flexible payment options.
Cons
- High fees
- limited ATM access
- fewer rewards compared to competitors
- strict credit requirements.
5.
Capital One 360
Capital One 360 is an online banking division of Capital One Financial Corporation, offering a range of financial products such as checking accounts, savings accounts, and certificates of deposit (CDs). Known for its user-friendly digital platform, Capital One 360 provides customers with competitive interest rates, no monthly fees, and easy access to their accounts through a mobile app and website. The service emphasizes convenience and security, making it a popular choice for those seeking efficient banking solutions without the need for physical branches.
Pros
- No monthly fees
- competitive interest rates
- user-friendly app
- extensive ATM network
- good customer service.
Cons
- Limited branch access
- lower interest rates
- fees on certain services
- customer service variability.
6.
Chime
Chime is a financial technology company that offers online banking services without traditional fees. Founded in 2013, it provides a mobile banking app and a Chime Visa debit card, allowing users to manage their finances easily. Customers benefit from features like early direct deposit, automatic savings, and no monthly maintenance fees. Chime partners with FDIC-insured banks to ensure the safety of deposits. Its mission is to empower users with financial tools that promote savings and improve financial health, making banking more accessible and user-friendly.
Pros
- No monthly fees
- user-friendly app
- early direct deposit
- automatic savings
- and no overdraft fees.
Cons
- Limited customer support
- no physical branches
- cash deposit fees
- and account restrictions.
7.
Synchrony Bank
Synchrony Bank is a premier provider of consumer financial services in the United States, specializing in private label credit cards, promotional financing, and savings products. Established in 2003 and headquartered in Stamford, Connecticut, it partners with various retailers to offer tailored credit solutions that enhance customer purchasing power. The bank also features high-yield savings accounts and certificates of deposit, emphasizing digital banking convenience. Regulated by the Office of the Comptroller of the Currency, Synchrony Bank is recognized for its commitment to customer service and innovative financial solutions.
Pros
- High interest rates
- diverse credit products
- user-friendly online platform
- and strong customer service.
Cons
- High interest rates
- limited branch access
- potential fees
- and customer service complaints.
8.
SoFi Money
SoFi Money is a cash management account that combines features of checking and savings accounts, offering users a seamless way to manage their finances. It provides a competitive interest rate on deposits, no account fees, and unlimited reimbursements for ATM withdrawals worldwide. With SoFi Money, users can easily transfer funds, pay bills, and spend using a debit card. The account also integrates with other SoFi financial products, making it a versatile option for individuals seeking to optimize their money management while enjoying modern banking conveniences.
Pros
- No account fees
- competitive interest rates
- easy transfers
- and financial management tools.
Cons
- Limited features
- no physical branches
- and potential fees for certain transactions.
9.
Varo Bank
Varo Bank is a digital banking platform founded in 2015, offering a range of financial services without traditional brick-and-mortar branches. As a mobile-first bank, Varo provides users with features such as no-fee checking and savings accounts, early direct deposit, and budgeting tools. The bank is known for its commitment to financial inclusion and transparency, allowing customers to manage their finances seamlessly through its user-friendly app. Varo Bank is FDIC-insured and operates under a national bank charter, ensuring safety and trust for its customers.
Pros
- No monthly fees
- high-interest savings
- easy mobile banking
- early direct deposit
- user-friendly app.
Cons
- Limited physical branches
- potential fees
- customer service issues
- and withdrawal restrictions.
10.
CIT Bank
CIT Bank, a subsidiary of CIT Group Inc., is a digital bank based in the United States, focusing on consumer and small business banking services. Established in 2000, it offers competitive interest rates on savings accounts, CDs, and money market accounts, appealing to customers seeking higher returns on deposits. CIT Bank is known for its user-friendly online platform and robust customer service. Additionally, it provides various lending products, including personal loans and small business financing options, supporting financial growth for individuals and enterprises alike.
Pros
- High interest rates
- no monthly fees
- user-friendly online tools
- strong customer service.
Cons
- High fees
- limited branch access
- customer service issues
- and variable interest rates.