The best online banks of 2020

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Best banks of 2020: Big banks | Credit unions | Online banks | Regional banks

With an online bank, you give up branches. But you get other perks. You can earn a higher rate on your savings account or checking account because online banks have less overhead than banks with branches. The best online banks also charge low fees, if any, and support intuitive mobile apps. If you’re comfortable ditching branches, you may want to switch your checking and savings account to a new online bank provider to get these kinds of benefits. Bankrate compared thousands of data points to determine the nation’s best online banks for checking and savings accounts. We gave the most weight to savings interest rates and low-cost or free checking accounts.