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The best online banks of 2024

Best available online banks for Thursday, June 13, 2024

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Current savings trends
Bankrate Partner average
4.87% APY
National average
0.58% APY

Bankrate's picks for best online banks of 2024

Best online bank: EverBank

EverBank Logo
Rating: 4.8 stars out of 5
4.8

Overview

EverBank offers CDs in terms ranging from three months to five years, as well as savings, money market and checking accounts, all of which pay competitive yields. Its money market and checking accounts come with a “yield pledge,” which guarantees that the APYs will always be among the top 5 percent of competitive accounts. Minimum deposit requirements are reasonable. EverBank doesn’t charge ATM fees and will reimburse you up to $15 each month for fees paid at other U.S. ATMs.

Top online bank: Quontic

Rating: 4.8 stars out of 5
4.8

Overview

Quontic offers a variety of products with easy-to-meet opening deposit requirements and above-average APYs. Customers have access to a huge ATM network as well as digital tools that include Apple Pay, Google Pay, Samsung Pay and Zelle. Another big plus: Deposit accounts don’t have monthly service fees, including overdraft fees.

Top online bank: Ally Bank

Rating: 4.7 stars out of 5
4.7

Overview

Ally Bank is regularly recognized as one of the best online banks in the country, and for good reason. Ally offers savers competitive rates and requires no minimum deposits. Its mobile app enables customers to organize their savings into “buckets,” such as for emergencies, vacations and housing.

Top online bank: LendingClub

LendingClub Logo
Rating: 4.6 stars out of 5
4.6

Overview

In addition to its lending products, LendingClub offers deposit accounts that include a high-yield savings account that pays a competitive rate, charges no monthly service fee and comes with an ATM card. The bank also offers a rewards checking account that earns a tiered APY as well as CDs that pay competitive rates.

Top online bank: Discover

Rating: 4.5 stars out of 5
4.5

Overview

Many consumers think Discover provides only credit cards, but it’s also a top online bank offering savings, money market and checking accounts as well as CDs. Discover impresses by charging no fees for its deposit products and by offering savers competitive rates. You can also reach bank representatives over the phone 24/7.

Top online bank: Bank5 Connect

Bank 5 Connect logo
Rating: 4.5 stars out of 5
4.5

Overview

Bank5 Connect is an online-only division of Massachusetts-based BankFive. It offers a high-interest checking account, as well as a savings account and CDs that earn rates well above national averages.

Top online bank: SoFi

Rating: 4.5 stars out of 5
4.5

Overview

When you sign up for a SoFi bank account, you’ll receive both a checking and a savings account. You’ll qualify for a competitive yield on both accounts when you use direct deposit or add at least $5,000 every 30 days. Perks include early direct deposit, no maintenance fees and no minimum balance requirements.

Top online bank: American Express

Rating: 4.5 stars out of 5
4.5

Overview

It may be best known for its credit cards, but American Express is also a bank that offers a savings account, checking account and CDs that earn high yields. The checking account earns points for debit card purchases — although you’ll need to have had an American Express card for at least three months to be eligible for the account.

Top online bank: FNBO Direct

Rating: 4.5 stars out of 5
4.5

Overview

FNBO Direct’s savings and checking accounts both earn competitive APYs, with just a $1 minimum opening deposit and no monthly service fees. Note, however, that FNBO Direct isn’t accepting new applications for either of its deposit accounts, according to an FNBO spokesperson.

Top online bank: CIT Bank

CIT Bank Logo
Rating: 4.5 stars out of 5
4.5

Overview

A division of First Citizens Bank, CIT Bank offers a high-yield savings account as well as CDs that earn yields above national averages. The interest-bearing checking account earns a higher yield on greater balances. The bank doesn’t charge ATM fees, and it reimburses up to $30 per month in other bank’s ATM fees.