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The best online banks of 2022

Best available online banks for Friday, December 02, 2022

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Bankrate's picks for best online banks of 2022

Best online bank: Ally Bank

Rating: 5 stars out of 5
5.0

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, 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 online bank: TIAA Bank

Rating: 4.8 stars out of 5
4.8

Overview

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.

Top online bank: BrioDirect Bank

Rating: 4.8 stars out of 5
4.8

Overview

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.

Top online bank: Discover

Discover logo
Rating: 4.8 stars out of 5
4.8

Overview

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.

Top online bank: Quontic

Rating: 4.7 stars out of 5
4.7

Overview

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.

Top online bank: Bank5 Connect

Rating: 4.7 stars out of 5
4.7

Overview

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.

Top online bank: CIT Bank

Rating: 4.7 stars out of 5
4.7

Overview

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.

Top online bank: TAB Bank

Rating: 4.7 stars out of 5
4.7

Overview

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.

Rating: 4.6 stars out of 5
4.6

Overview

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.

Top online bank: Sallie Mae Bank

Rating: 4.5 stars out of 5
4.5

Overview

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.