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The best online banks of 2024

Best available online banks for Tuesday, February 27, 2024

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Current savings trends
Bankrate Partner average
4.62% APY
National average
0.59% APY

Bankrate's picks for best online banks of 2024

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 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: TIAA Bank

Rating: 4.7 stars out of 5
4.7

Overview

TIAA Bank 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. TIAA 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: 4.7 stars out of 5
4.7

Overview

Quontic offers a variety of products with easy-to-meet opening deposit requirements and top-tier 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: 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 top-tier 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: CIBC USA

Rating: 4.5 stars out of 5
4.5

Overview

CIBC USA is primarily an online bank, although it does operate a few branches in the Midwest. It’s known for its high-yielding Agility Online Savings Account, which doesn’t charge any monthly service fee. The bank also offers online-only Agility CDs, which pay competitive rates, and higher balance tiers earn slightly better yields.

CIBC also offers free and interest-bearing checking accounts, although these need to be opened at a branch location. An above-average APY is earned by the bank’s money market account, but it’s only available to residents in parts of Illinois, Michigan, Missouri and Wisconsin.