Rates updated between April 1 and April 7
The best online banks pay higher than average yields on savings, charge minimal or no fees, and have low or no minimum balance requirements. Top online banks also offer conveniences on par with traditional banks, including online bill payment, powerful budgeting tools and mobile apps that allow customers to deposit checks, transfer money and much more.
Our team researched the best deposit account options available so you can compare banks in one place.
Get the basics on this page and visit Bankrate reviews to dive deeper.
Click "Next" or go directly to the institution's website to open the account you like best.
In addition to its lending products, LendingClub offers bank accounts with standout features. That includes a high-yield savings account that pays a top rate, charges no monthly service fee and comes with an ATM card and a rewards checking account that earns cash back and interest (but you do have to meet certain requirements). Plus, its CDs pay competitive rates.
Axos Bank doesn’t have all the standard types of deposit products — but its checking and savings accounts have stand-out features. Axos’ Summit Savings account earns an above-average yield, and its Essential Checking charges no monthly fees and reimburses unlimited ATM fees. The bank also has a bundle account called Axos ONE, which includes a top-earning savings account and an interest checking account, and is available to those who meet deposit and minimum balance requirements.
Marcus by Goldman Sachs' only deposit accounts are a savings account and CDs, but it has a wide range of CD terms, including specialty CDs, all of which offer top-notch rates. Its savings account earns a competitive yield too, well above average, and it doesn’t charge monthly fees or require a set minimum deposit.
Capital One offers strong accounts on all fronts: a high-yield savings account, checking account and CDs with solid yields. Its accounts require no minimum opening deposit, and it provides fee-free access to a wide network of ATMs. It has all the perks of online banking with a sprinkle of brick-and-mortar locations throughout the US, if you really want the back-up option of getting in-person banking service once in a while.
Ally offers savers competitive rates and requires no minimum deposits. It stands out for its tech-enhanced budgeting tools. Its savings account allows customers to organize savings into “buckets,” such as for emergencies, vacations and housing. The checking account offers similar spending buckets. The "surprise savings" feature tracks your spending and transfers extra funds from checking to savings automatically. If you do overspend, it has forgiving overdraft policies.
When you sign up for a SoFi bank account, you’ll receive both a checking and a savings account. They come as a combo pair. You can qualify for a competitive yield on both accounts when you use direct deposit or add at least $5,000 every 31 days. Perks include early direct deposit, no-fee overdrafts, no maintenance fees, no minimum balance requirements and the ability to insure up to $3 million of your funds with the Federal Deposit Insurance Corp. (FDIC), instead of the usual $250,000.
Alliant Credit Union is easy for anyone to join despite its status as a credit union and has lots of solid accounts that might tempt you to do so. The credit union offers the full suite of deposit products, including accounts for children and teens. Alliant’s yields generally range from solid to competitive, and these accounts come without monthly fees.
NBKC Bank’s checking account pays a high interest rate (for a checking account) — called the Everything account because you can also use it for savings. But it’s not a great rate for savings. If you want to keep your savings at the same bank, look into the bank’s money market account or CDs, both of which offer rates more worth your while. You’ll also have access to more than 90,000 ATMs globally, and can receive up to $12 per month in out-of-network ATM refunds.
UFB Direct offers the competitive returns you expect at an online bank from its savings, money market and checking account. You can't open the checking account on its own though — you’ll need to bundle it with a savings or money market account. The bank also has a highly-rated mobile app, which allows you to open and manage accounts and loans, track your spending and monitor your credit score. You also have the option of doing your banking via your phone outside of an app. UFB’s digital tools include SMS banking, allowing you to access your accounts via text.
Bask Bank, the online subsidiary of Texas Capital Bank, offers a handful of deposit accounts available nationwide, all with competitive APYs. If you want both your checking and savings at the same place and both earning a high yield, look at Bask’s Interest Checking account and Interest Savings account. Both offer strong yields, with no requirements to earn it like some other competitors. You’ll find good APYs on CDs here, too, but terms only go from three months to two years.
E*TRADE from Morgan Stanley Private Bank is an option for those who wish to bank and invest with the same institution (though you don’t have to do both if you don’t want to). It pays strong yields on its savings account and CDs, and it offers two checking accounts: a free one and one earns interest but charges a monthly fee (though it is waivable if you meet requirements).
Online banks can offer higher annual percentage yields (APYs) than traditional banks because they have lower overhead. Without physical branches, they need fewer employees and can spend less on upkeep. Competition with other online banks to draw customers away from brick-and-mortar banks also incentivizes high rates. As a result, online banks dominate Bankrate's lists of the best bank products, including the best money market accounts and the best certificate of deposit rates.
APY's aren't just determined by competition, though. When the Federal Reserve raises or lowers the federal funds rates, bank account yields often move in the same direction. That's because a higher federal funds rate makes it more expensive for banks themselves to borrow money, so they offer better yields to attract more deposits from customers.
During its March 18 meeting, the Federal Reserve held the federal funds rate steady for the second time in a row. The federal funds rate remains at 3.50%-3.75% following three cuts at the end of 2025. Those cuts may mean gradually dwindling yields on deposit accounts.
It's still possible to find good rates on deposit accounts, though, and the banks we've rounded up here are a great place to start.
Decide whether you want to do all your banking with one institution, or open different accounts for maximum benefits. If you want to keep your accounts under one virtual roof, start your search with the banks on this page — each has earned top scores by offering all-around high-quality products and services. If you'd rather select separate accounts, try our best lists — such as the best savings accounts and best checking accounts.
Start by looking for high annual percentage yields (APYs), no maintenance fees and easy ways to deposit and withdraw funds. But thinking about your own habits can help you choose additional features to focus on — maybe you:
Online banks and credit unions are insured by the Federal Deposit Insurance Corp. (FDIC) and National Credit Union Administration, respectively. That means your deposits are protected to $250,000 per depositor, per insured bank, per ownership category. You can use the FDIC BankFind or NCUA Credit Union Locator tools to check if an institution is insured. From a cybersecurity standpoint, look for banks that use industry-standard encryption, multi-factor authentication in their login and secure websites to protect your information.
Once you've narrowed your list, it's time to look for catches. For example, do you need to meet monthly minimum deposit or balance requirements to enjoy certain features or rates? Is the savings account limited to a certain number of withdrawals? Check the footnotes, and search the site for links to detailed documentation — these documents may be named things like "Truth in Lending disclosure," "Schedule of fees" or "Terms and conditions."
Online banks are often where you’ll find the best rates and lowest (or no) fees, although they lack what some consumers highly value — branch access. If you want to earn the best rates without losing out on human contact and personalized advice, consider putting your savings in an online bank and keeping your checking account at a local bank with branches.
Karen Bennett
Senior consumer banking reporter
Typically, higher interest rates than at brick-and-mortar banks.
Typically, low or no fees, though you may have to meet deposit requirements to qualify.
May have access to tens of thousands of fee-free ATMs — more than some brick-and-mortar banks — if the bank belongs to a network such as MoneyPass or AllPoint.
Other bank services, such cashier’s checks or notary services, may be harder to obtain, if they are available at all.
No in-person support.
May not offer as many financial products, requiring you to maintain accounts with more than one bank.
May not be able to deposit cash.
Bankrate researches over 100 banks and credit unions, including some of the largest financial institutions, online-only banks, regional banks and credit unions with both open and restrictive membership policies.
We score these institutions based on their product offerings (savings, checking accounts, CDs and money market accounts), APYs, fees, minimum deposit requirements, funds access, digital features and more.
The highest-rated online banks and credit unions made this list. Learn more about how we choose the best banking products and our methodology for reviewing banks.
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