Best available online banks for Friday, December 02, 2022
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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.
The following accounts can be found at most banks and credit unions. They’re federally insured for up to $250,000 and offer a safe place to put your money while earning interest.
CDs are best for individuals looking for a guaranteed rate of return that’s typically higher than a savings account. In exchange for a higher rate, funds are tied up for a set period of time and early withdrawal penalties may apply.
Checking accounts are best for individuals who want to keep their money safe while still having easy, day-to-day access to their funds. ATM and other transactional fees may apply.
Savings and MMAs are good options for individuals looking to save for shorter-term goals. They’re a safe way to separate your savings from everyday cash, but may require larger minimum balances and have transfer limitations.
