The best online banks of 2023

• Top rates: Ally consistently offers savers top annual percentage yields (APYs). What’s more, it doesn’t require minimum deposits to open accounts — including for certificates of deposit (CDs) — so products are accessible to all savers.
• Robust ATM network: Ally customers have fee-free access to more than 43,000 ATMs across the country in the Allpoint network. What’s more, Ally reimburses up to $10 each statement cycle in fees charged at other ATMs nationwide.
• No monthly fees: As an Ally Bank customer, you won’t waste your money on monthly maintenance fees — Ally doesn’t charge them. It even abolished overdraft fees.

CDs, Savings account, Money market account, Checking account

• Yield guarantee: To uphold its “yield pledge” on money market and checking accounts, TIAA assesses competitor APYs every week and adjusts its yields, if necessary, to guarantee they are among the top 5 percent of competitive accounts.
• Expanded federal deposit insurance: For customers whose deposits exceed the Federal Deposit Insurance Corp. limit of $250,000, TIAA uses IntraFi Network Deposits to distribute the money to other banks in the network, which broadens insurance protection while giving customers the convenience of working with just one bank.
• Broad reach: TIAA Bank serves customers in all 50 states and has a highly rated mobile app that lets you pay bills, deposit checks and bank on the go. It also provides access to more than 80,000 fee-free ATMs.

CDs, Savings account, Money market account, Checking account

• Competitive APYs: The high-interest checking account has one of the best APYs you’ll find at any bank. Its savings and money market accounts rank up there, too, as do its CD rates. Quontic is worth a look by serious savers who prefer digital banking.
• Low minimum deposit requirements: You can open Quontic’s high-interest checking account with just $100; the same goes for its high-yield savings and money market accounts. CDs require just $500 to open.
• No monthly fees: Checking account customers don’t have to worry about overdraft or NSF funds fees. There’s also no monthly service fee or overdraft charges on the high-yield savings account or the money market account.

• Top-tier savings account rate: LendingClub’s High-Yield Savings account earns a very competitive rate that’s well above the national average. The account comes with an ATM card and charges no monthly maintenance fee. It requires just $100 to open, and you can make the opening deposit using a debit card.
• Rewards checking account: This account pays 1 percent unlimited cash back on debit purchases when you meet minimum balance or direct deposit requirements. It also earns some interest, and large balances earn a higher APY. There are no maintenance fees, and you’ll receive unlimited rebates for ATM surcharges imposed by other banks.
• Money management tools: The bank’s mobile app enables you to create a budget, track your spending, analyze spending trends, create a debt repayment plan and determine your net worth.

CDs, Savings account, Checking account

• Top-yielding savings account: The Agility Online Savings Account earns an attractive APY. Note that the account requires a minimum opening deposit of $1,000, which is higher than some other banks.
• High-interest CDs: The Agility Online CDs pay attractive rates and require a minimum deposit that’s manageable — although slightly higher yields are earned for balances of $25,000 or more.
• No monthly fees: No monthly maintenance fees are charged for the savings account or checking accounts.

• No monthly fees: Like other top online banks, First Internet Bank of Indiana doesn’t charge monthly service fees for its Free Checking or Free Savings account.
• Consistently solid yields: The bank’s CDs pay competitive APYs and its Money Market Savings account has a top-tier yield, though there is a small monthly service charge unless a balance of at least $4,000 is maintained.
• Low minimum deposit requirements: The required deposit to open a Free Savings or Free Checking account is just $25. The Money Market Savings account is also easy to open, with a minimum deposit requirement of $100.

• High rates: You’ll earn competitive APYs on Rising Bank’s savings account, checking account and CDs. (Note that you’ll need a balance of $1,000 or more to earn any interest on the savings and checking accounts.)
• No monthly fees: Rising Bank’s savings and checking accounts don’t charge any monthly service fees.
• Specialty CDs: In addition to standard CDs available in five term lengths, Rising Bank offers three terms of Rising CDs that pay competitive rates and allow for rate bumps if yields increase during the term. Also offered is a two-year Jumbo CD, which pays a higher rate and requires a minimum deposit of $100,000.

• Top-tier savings account rate: A top-yielding APY is earned by savings accounts that meet certain direct deposit and balance requirements. Those that don’t meet these requirements still earn a rate that’s well above the national average.
• No monthly fees: Varo’s savings and checking accounts are accessible to nearly everyone, since they don’t charge monthly service fees or require set minimum balances.
• Early direct deposit: Checking customers have access to direct deposit up to two days early.

Savings account, Checking account 

• Accessible to all savers: Bank5 Connect is accessible to savers of all levels. The bank’s savings account, checking account and CDs all have low balance requirements. You need to deposit only $100 to start earning top-tier returns in the High-Interest Savings account, for example.
• No monthly fees: The bank also ranks highly for offering checking and savings accounts without maintenance fees.
• Free ATM access and rebates: Even if you use an ATM outside of the bank’s network, Bank5 won’t charge you. The online bank will also refund you up to $15 per statement cycle should the ATM operator charge you a fee.

• No fees: Among the brand’s standout features is not charging fees for its deposit products — that includes not charging customers fees for overdrafts or nonsufficient funds (NSF).
• No minimum deposit requirements: The online bank doesn’t require a minimum deposit to open a savings account or a checking account.
• Rewards checking account: Discover offers a rewards checking account that gives you cash back when you make debit card purchases. Free ATMs are plentiful, too: There are more than 415,000 ATMs across the country, including those in the Allpoint and MoneyPass networks.

Please note that Discover’s highly rated cash-back checking account is not available to new customers at this time. The account may reopen in the spring, according to a Discover spokesperson.