Skip to Main Content

The best online banks of 2022

10'000 Hours/Getty Images
Bankrate Logo

Why you can trust Bankrate

While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .

Which bank should I choose?

Get personalized bank recommendations in 3 easy steps.

As consumers increasingly become more comfortable with managing their finances over the internet, online banking continues to grow. The best online banks pay higher than average yields on savings, charge minimal or no fees, and have low minimum balance requirements.

The best online banks also offer the conveniences that only digital banking can provide, such as online bill payment and mobile apps that allow customers to deposit checks, transfer money and do pretty much any transaction they used to have to visit a branch or ATM to do.

Bankrate gathered thousands of data points from the most notable online banks nationwide to determine which ones rise to the top. We looked at yields, minimum deposit requirements, fees, the variety of products offered, number of ATMs and other factors.

After analyzing the data, Bankrate chose these as the best online banks of 2022.


1. Ally Bank

Ally Bank is regularly recognized as one of the best online banks in the country, and for good reason. Ally offers savers competitive rates, doesn’t require minimum deposits and supports a mobile app that lets customers deposit checks and organize their savings into “buckets,” such as for emergencies, vacations and housing.

Top APYs: Ally consistently offers savers top rates. Another benefit is that Ally doesn’t require minimum deposits to open accounts, including for certificates of deposit, making products accessible to savers of all levels.

Highly rated app: The bank’s mobile app is impressive. Not only does it let you find nearby ATMs and cash-back locations, you can deposit checks, transfer money between Ally and non-Ally accounts, pay bills and search your transaction history.

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.



2. TIAA Bank (tied)

TIAA Bank offers certificates of deposit 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 annual percentage yields will always be among the top five percent of competitive accounts. Minimum deposit requirements are reasonable. There are no fees to use ATMs outside of the bank’s network.

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 five 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 and gives customers the convenience of working with just one bank.

Broad reach: TIAA Bank serves customers in all 50 states, has a highly rated mobile app that lets you pay bills, deposit checks and bank on the go, and it provides access to thousands of fee-free ATMs.



2. BrioDirect Bank (tied)

If you’re looking for competitive rates on deposits and low deposit requirements to open accounts, BrioDirect is an online bank worth considering. It offers high-yield CDs in a variety of terms, a high-yield money market account and a high-yield savings account. In addition, there are no monthly maintenance fees. It also offers an interest-bearing checking account.

Low minimum deposits: BrioDirect accounts are accessible to consumers of all income levels. Only $500 is needed to open a CD, $100 to open a money market account, and $25 to open a savings account or checking account.

Competitive APYs: BrioDirect’s money market account pays a top-tier rate, as does its savings account. CD rates also are solid.

No monthly fees: Fees can easily eat into earnings, but at BrioDirect, that’s not the case. The high-yield money market account and savings account have no monthly fees, so your savings are free to pile up with BrioDirect’s competitive yields.



2. Discover (tied)

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

No fees: Among the brand’s standout features is not charging fees for its deposit products — that includes not charging customers insufficient funds fees.

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 60,000 ATMs across the country.



5. Quontic (tied)

Quontic offers a variety of products with easy-to-meet opening deposit requirements, top-tier APYs, and vast accessibility through online banking at its website, its mobile app, a variety of digital tools, including Apple Pay, Google Pay, Samsung Pay and Zelle, and a huge ATM network. Another big plus: Deposit accounts don’t have monthly service fees, including overdraft fees.

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; same 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/nonsufficient funds fees. There is also no monthly service fee or overdraft charges on the high-yield savings account or the money market account.



5. Bank5 Connect (tied)

Bank5 Connect, an online-only division of Massachusetts-based BankFive, stands out in our rankings for offering a competitive savings rate without requiring a big deposit to open an account.

Accessible to all savers: Bank5 Connect is accessible to savers of all levels. The bank’s savings account, checking account and certificates of deposit 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 high for offering checking and savings accounts without monthly 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 for using its device.



5. CIT Bank (tied)

CIT Bank, a division of First Citizens Bank, pays competitive APYs without imposing high opening-deposit requirements and monthly service fees. It also offers a wide range of term CDs as well as no-penalty and jumbo CD products, all of which pay APYs that are well above national averages and certainly exceed what you would get from most brick-and-mortar banks.

CIT stopped offering its RampUp and RumpUp Plus CDs in 2018, but current account holders can renew them or roll them over to other CDs upon maturity.

CITs mobile app rates well with Apple and Android device users. CIT Bank also allows person-to-person payments and customers can use Apple Pay and Samsung Pay at store checkout counters.

Competitive yields: CIT Bank’s savings, money market and checking accounts pay top-tier yields. CDs also earn competitive APYs.

CD product variety: CIT Bank gives customers plenty of CD term options, allowing them to save for short-term and long-term goals or build a CD ladder. It also offers a no-penalty CD, a range of jumbo CDs for big depositors and Ramp-Up CDs, which offer existing account holders an opportunity for an APY bump.

No monthly fees: The savings, money market and checking accounts have no monthly maintenance charges, giving account holders chances to build up their savings without being charged fees that could nullify that growth.



5. TAB Bank (tied)

At Transportation Alliance Bank, or TAB Bank, you can earn one of the highest yields available on a savings account and competitive yields on certificates of deposit without paying steep fees. There’s no minimum opening deposit requirement for its high-yield savings account or the Kasasa Cash Back Checking account. The Kasasa checking account gives 1 percent cash back on debit card purchases and reimburses up to $15 a month in ATM surcharges. Its mobile app is highly rated by Apple users, too.

Accessible to all savers: At TAB Bank, savers of all levels can open accounts. There is no minimum balance requirement to open the Kasasa Cash Back Checking account or the high-yield savings account, and you need only maintain a daily balance of $1 on the savings account to earn interest. Make sure to get eStatements, though, because paper statements are $5 a month.

Kasasa Cash Back Checking: The cash-back checking account has several benefits besides the cash-back reward. There are no category restrictions on qualifying cash-back purchases, no cap on cash-back rewards, no minimum opening deposit, and it reimburses up to $15 a month in ATM surcharges.

Highly rated app: The mobile app is highly rated by Apple users. With the app, you can deposit checks, pay bills, search your recent transactions and more.



9. First Internet Bank of Indiana

First Internet Bank of Indiana is one of the best online banks because of its low fees, free checking account with a low opening-deposit requirement, and competitive rates on CDs and its Money Market Savings account. First Internet Bank of Indiana doesn’t charge ATM fees in the U.S. and reimburses Interest Checking, Money Market Savings and Regular Savings account customers up to $10 in ATM surcharges each month.

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 $4,000 balance 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.



10. Sallie Mae

Sallie Mae is a great place for savers to sock away money into a money market account, savings account or CD. In addition to competitive yields, there are no opening deposit requirements for the High-Yield Savings, SmartyPig savings and money market accounts. There are also no monthly fees to eat away at your savings growth. Sallie Mae’s money market account has the added benefit of allowing check writing. Deposit requirements to open CDs are higher than many banks, but rates are competitive.

Competitive APYs: Sallie’s Mae’s money market account pays an appealing APY as does its SmartyPig savings account, though the opening deposit for SmartyPig is higher than many banks, at $2,500. Its CD rates are also worth a look for serious savers.

Account accessibility: There are no minimum opening deposits for the High-Yield Savings account, SmartyPig savings account and the money market account, making them available to consumers of all income levels.

No monthly fees: Fees can consume your earnings, but Sallie Mae doesn’t levy monthly service charges on its High-Yield Savings, SmartyPig savings or money market accounts. CDs also have no monthly service charges, but account holders should avoid early withdrawals or they will incur penalties.

Written by
Libby Wells
Contributing writer
Libby Wells covers banking and deposit products. She has more than 30 years’ experience as a writer and editor for newspapers, magazines and online publications.
Edited by
Wealth editor