Best Online Banks 2023

There are many online banks available, each with its own unique features and benefits. So, we have picked some best online banks to consider.

Best American Online Banks

Ally Bank: Ally Bank offers a high-yield savings account and a checking account with no monthly maintenance fees. It also offers competitive rates for CDs and money market accounts.
Capital One 360: Capital One 360 offers a checking account with no monthly fees, as well as savings accounts and CDs. It also has a mobile app that allows you to deposit checks and manage your accounts.
Chime: Chime offers a fee-free checking account with no minimum balance requirements. It also has a savings account with an APY that is higher than the national average.
Marcus by Goldman Sachs: Marcus offers high-yield savings accounts and CDs with competitive rates. It also offers personal loans and a mobile app for account management.
Discover Bank: Discover Bank offers a range of savings accounts, including a high-yield savings account, money market accounts, and CDs. It also offers a cashback debit card and a mobile app for account management.

In today’s digital age, online banking has become increasingly popular among consumers who want to manage their finances from the comfort of their own homes. Online banks offer a range of benefits, including higher interest rates, lower fees, and convenient mobile apps. However, with so many options available, it can be difficult to determine which online bank is the best for your needs. In this article, we’ll take a closer look at some of the best online banks on the market today.

List of Online Banks

Ally Bank

Ally Bank is one of the best online banks that has been around since 2009. It offers a range of products, including savings accounts, checking accounts, money market accounts, and CDs. One of the biggest advantages of Ally Bank is its high-yield savings account, which currently offers an APY of 0.50%. This is much higher than the national average for savings accounts, which is currently around 0.05%.

In addition to its high-yield savings account, Ally Bank’s checking account is also popular among consumers. It offers a number of benefits, including no monthly maintenance fees, no minimum balance requirements, and access to over 43,000 ATMs nationwide. Ally Bank also offers a mobile app that allows customers to manage their accounts on the go, deposit checks, and transfer funds.

Another advantage of Ally Bank is its customer service. The bank has a team of customer service representatives available 24/7 to answer questions and provide support. It also has a robust online resource center that provides answers to frequently asked questions and offers guidance on a range of financial topics.

Capital One 360

Capital One 360 is another popular online bank that offers a range of products, including checking accounts, savings accounts, money market accounts, CDs, and investment accounts. One of the biggest advantages of Capital One 360 is its fee-free checking account, which has no monthly maintenance fees or minimum balance requirements.

Capital One 360 also offers a savings account with a competitive APY, as well as CDs with various terms and rates. In addition, the bank has a mobile app that allows customers to deposit checks, transfer funds, and manage their accounts from their smartphones.

Another advantage of Capital One 360 is its overdraft protection program, which allows customers to link their checking and savings accounts to avoid overdraft fees. The bank also offers a range of financial tools and resources, including a budgeting tool and a retirement planning calculator.

Chime

Chime is also one of the top online banks that have gained popularity in recent years. It offers a fee-free checking account with no minimum balance requirements or monthly maintenance fees. In addition, the bank’s savings account currently offers an APY of 0.50%, which is higher than the national average.

Chime also offers a mobile app that allows customers to deposit checks, transfer funds, and manage their accounts from their smartphones. The app also provides real-time alerts and notifications for account activity.

One of the unique features of Chime is its automatic savings program. This program allows customers to round up their purchases to the nearest dollar and deposit the difference into their savings account. This can be a useful tool for customers who struggle with saving money.

Marcus by Goldman Sachs

Marcus by Goldman Sachs is an online bank that offers a range of products, including savings accounts, CDs, personal loans, and investment accounts. One of the biggest advantages of Marcus is its high-yield savings account, which currently offers an APY of 0.50%.

In addition to its savings account, Marcus also offers CDs with competitive rates and terms. The bank’s personal loans can be a useful tool for customers who need to borrow money for a variety of purposes, including debt consolidation and home improvements.

Marcus also has a user-friendly mobile app that allows customers to manage their accounts on the go, view their balances and transaction history, and make deposits and transfers. The app also provides access to a range of financial tools and resources, including a savings calculator and a debt consolidation calculator.

Another advantage of Marcus is its customer service. The bank has a team of knowledgeable and helpful customer service representatives available to answer questions and provide support. It also has a robust online resource centre that offers guidance on a range of financial topics, including budgeting, saving, and investing.

Discover Bank

Discover Bank is a popular online bank that offers a range of products, including savings accounts, money market accounts, CDs, and credit cards. One of the biggest advantages of Discover Bank is its high-yield savings account, which currently offers an APY of 0.45%.

Discover Bank’s money market accounts also offer competitive rates, and its CDs have a range of terms and rates to choose from. The bank’s cashback debit card is also a popular feature among customers, as it offers cashback rewards on qualifying purchases.

Discover Bank’s mobile app allows customers to manage their accounts on the go, deposit checks, transfer funds, and view their balances and transaction history. The app also provides access to a range of financial tools and resources, including a budgeting tool and a retirement planning calculator.

Another advantage of Discover Bank is its customer service. The bank has a team of knowledgeable and friendly customer service representatives available to answer questions and provide support. It also has a robust online resource centre that offers guidance on a range of financial topics, including credit scores, saving for college, and retirement planning.

Conclusion

In conclusion, there are many online banks available today that offer a range of products and services to help consumers manage their finances. Some of the best online banks include Ally Bank, Capital One 360, Chime, Marcus by Goldman Sachs, and Discover Bank.

When choosing online banks, it’s important to consider factors such as interest rates, fees, customer service, and mobile app functionality. It’s also a good idea to compare different banks and read customer reviews to get a sense of their strengths and weaknesses.

Overall, online banking can be a convenient and cost-effective way to manage your finances. With so many options available, it’s worth taking the time to find the online bank that best meets your needs and helps you achieve your financial goals.