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The best online banks of 2024

Best available online banks for Tuesday, March 19, 2024

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Current savings trends
Bankrate Partner average
4.79% APY
National average
0.57% 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.

Rating: 4.5 stars out of 5
4.5

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: Rising Bank

Rating: 4.5 stars out of 5
4.5

Overview

Rising Bank offers enticing APYs on its deposit products, and you won’t be hit with monthly service fees. Customers have fee-free access to around 40,000 ATMs nationwide in the MoneyPass network.

Included in Rising Bank’s offerings are a high-yield savings account, an interest-bearing checking account and both standard and specialty CDs.

Top online bank: Varo Bank

Rating: 4.5 stars out of 5
4.5

Overview

Varo Bank’s savings account earns a competitive APY and requires no minimum balance. In addition, a much higher APY is offered on balances up to $5,000 for accounts that meet certain criteria, such as $1,000 or more in monthly direct deposits.

Varo’s online checking account requires no minimum balance and provides free access to tens of thousands of ATMs in the Allpoint network. Account holders can deposit cash at more than 90,000 retailer checkouts using Green Dot Reload. (Each location may charge up to $4.95 per deposit.) Online checking customers also have access to early direct deposit.

Top online bank: Bank5 Connect

Rating: 4.4 stars out of 5
4.4

Overview

Bank5 Connect is an online-only division of Massachusetts-based BankFive. It offers a high-interest checking account, as well as a savings account and CDs that earn rates well above national averages.

Top online bank: Discover

Rating: 4.4 stars out of 5
4.4

Overview

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