Technology has transformed the way we bank. Customers no longer expect brick-and-mortar branches, paper deposit slips or human tellers. There’s still a market for in-person banking and financial advising, of course, but many consumers are willing to forego face-to-face customer service for online banks.
Top Online Banks
- Ally
- SoFi
- Chime
- Discover
- Varo
- American Express
- Charles Schwab
- Quontic Bank
Also known as digital banks, online banks operate entirely through web and mobile apps, often offering lower fees and higher interest rates on savings accounts (and in some cases, checking accounts) than their more conventional counterparts. It’s a competitive industry, with new players and innovations constantly emerging. To help you navigate it all, we’ve rounded up a list of the top online banking companies worth knowing.
Top Online Banks to Know
Ally serves roughly 11 million members and holds nearly $190 billion in total assets as of June 2025. Its checking account has no monthly fees, no minimum balance requirements and no overdraft fees. And those who set up direct deposit can get paid up to two days sooner. Customers can use more than 75,000 Allpoint or MoneyPass ATMs in the U.S. for free, or they can be reimbursed up to $10 per statement cycle for using other ATMs. Ally offers credit cards, high-yield savings accounts, money market and CD accounts, as well as credit cards and investment accounts.
Founded in 2011, SoFi was the first company to refinance federal and private student loans. A decade later, it became a national bank, offering customers checking and savings accounts, along with credit cards, investment accounts and a variety of different loan products. SoFi has 10.9 million customers as of July 2025. Its checking account has no annual fees or minimum balance requirements. Direct deposit users can get paid up to two days earlier, and the bank offers free access to more than 55,000 ATMs in the Allpoint network.
Chime, founded in 2012, was one of the first online banks to eliminate minimum balance requirements and overdraft fees. Its free checking account also waives foreign transaction fees, allows early access to direct deposit payments and offers fee-free access to more than 50,000 ATMs throughout the U.S. Chime account holders can also deposit cash into their account (without fees) at more than 8,000 Walgreens locations.
Discover is best known for its credit cards, but it also offers a variety of online banking services. Its free checking account doesn’t charge fees for insufficient funds or overdraft protection, and it offers 1 percent cashback on up to $3,000 in monthly purchases. Discover offers access to more than 60,000 fee-free ATMs, and it allows direct deposit users to access their paychecks up to days early. It also offers savings, money market, CD and retirement accounts.
EverBank offers checking, savings and money market accounts, as well as CDs. Its interest-yielding checking account does not charge monthly maintenance fees, overdraft or ATM fees, and it reimburses members for using ATMs that charge fees. It also offers credit cards and diversified investment accounts for holding foreign currencies and precious metals.
Primis’ checking account comes with a unique perk: a 50-cent reward for each debit card purchase. The checking account doesn’t have monthly fees, overdraft fees, ATM fees or minimum balance requirements, and it allows members to access their direct deposit checks up to two days early. It also offers savings accounts and loan options, and its V1BE service allows personal and business accounts to schedule cash deliveries and deposit pickups for no additional charge.
Varo doesn’t charge monthly fees, overdraft fees or minimum balance fees, and it offers early access to direct deposit payments. With a network of 40,000 fee-free ATMs, Varo also offers cash-back debit and credit cards that earn up to 6 percent cash back at participating merchants. Varo offers several different credit cards and savings accounts, and it allows members to borrow money through a cash advance or line of credit.
Bank5 Connect, a division of Massachusetts-based BankFive, offers high-interest checking, savings, CD and money market accounts. Its checking account earns cash-back rewards and allows users to access direct deposits up to two days early. Users have free access to thousands of SUM Network ATMs, and up to $15 in ATM fees are reimbursed per month. Bank5 Connect also offers credit cards, mortgages and foreign currency services.
Bask Bank was founded in 1999 as an online savings bank that rewarded users with airline miles. The bank continues to offer its airline miles savings account, but it also offers checking and savings accounts that yield interest. Its accounts do not have monthly fees or minimum balance requirements. Bask Bank members have fee-free access to more than 55,000 Allpoint ATMs.
Barclays, a U.K. bank best known for its investment services, has a U.S. online banking division headquartered in Delaware. The bank offers high-interest CDs and savings accounts, including a tiered savings account that offers higher rates for larger investments. Its savings accounts do not have monthly maintenance fees or minimum balance requirements.
Stash offers a unique “stock-back” debit card that rewards users with stock — either from the company they patronized or from another company. The card does come with a monthly fee, but it doesn’t charge overdraft or minimum balance fees. It also allows members to access direct deposit funds up to two days early. The company, which was founded in 2015, has 1.5 million subscribers and roughly $4 billion under management.
Founded in 1999, First Internet Bank says it was the first FDIC-insured bank to operate entirely online. The bank offers checking, savings and health savings accounts, along with CDs. Its free checking account does not charge maintenance fees or have a minimum balance requirement. Its interest-yielding account does have a $10 monthly fee, but reimburses up to $10 per month in ATM fees.
American Express is known for credit cards with premium perks, but it also provides checking and savings accounts without monthly fees or balance requirements. Its checking accounts offer interest on account balances, rewards points for purchases and access to more than 70,000 Allpoint and MoneyPass ATMs. American Express also offers high-yield savings, CD and IRA accounts, along with the option to take out a personal loan.
CIT Bank, a division of First Citizens Bank, offers a variety of savings and CD accounts according to members’ financial situations and goals. Its checking account doesn’t charge monthly maintenance fees, overdraft fees or ATM fees, and it reimburses up to $30 per month for other bank’s ATM fees. The bank also offers home loans and self-directed investment accounts.
Axos Bank, a San Diego-based company established in 2000, offers a variety of checking accounts for members who prioritize early access to direct deposit, earning cash back for purchases or earning interest on their account balance. None of its checking accounts charge fees for maintenance, overdraft or insufficient funds. Members get fee-free access to more than 90,000 ATMs, and they are reimbursed for fees from out-of-network ATMs. Axos also offers savings accounts, CDs, loans and investment products.
Go2bank allows users to deposit cash into their account at Walmart, Walgreens, CVS and other retailers. Users who set up direct deposit do not pay monthly fees, and they receive up to $300 in overdraft protection. They can also access paychecks up to two days early. Go2bank offers credit cards and high-yield savings accounts as well. Members can withdraw cash for free at thousands of ATMs, and for a small fee, users can instantly access funds from checks they deposit.
Quontic is a Certified Community Development Financial Institution (CDFI) with a variety of mortgage programs, including options for people who lack income documentation. Quontic’s checking accounts do not charge service fees, overdraft fees or wire transfer fees, and members have fee-free access to more than 90,000 ATMs. Quontic also offers a variety of checking accounts for members who prioritize earning interest, earning cashback rewards or making purchases with the tap of a wearable ring.
Charles Schwab is best known for its investment services, but it also offers online banking accounts for investors with a brokerage account. Schwab has more than 400 branch locations, but they are primarily focused on financial advising, not traditional banking services. Schwab’s checking accounts do not charge service fees, overdraft fees or foreign transaction fees, and account holders are reimbursed for fees from any ATM machine.
Zynlo Bank offers high-interest checking and saving accounts, with a unique perk for users who have both accounts: It rounds up each debit card transaction to the nearest dollar and moves the difference into the savings account, which Zynlo then matches. Users can also go to 55,000 free ATMs, and access direct deposit funds up to two days early. None of Zynlo’s accounts have monthly fees or minimum balance requirements.
Synchrony says it’s the largest issuer of private-label credit cards for Lowe’s, Walgreens and other popular merchants. While it does not have a checking account, it offers a variety of online banking products, including high-yield savings accounts, as well as money market and CD accounts. It doesn’t charge monthly fees or impose minimum balance requirements either.
Frequently Asked Questions
What is an online bank?
Online banks, also known as digital banks, offer checking, savings and other financial services exclusively online, without physical branch locations. Instead of going to a brick-and-mortar bank, users manage their accounts online through the bank’s app or website.
What is the largest online bank in the U.S.?
As of July 2025, Ally Bank claims to be the largest online-only bank, holding $143 billion in deposits, according to a financial report from Q2 2025.
Are online banks safe?
Most online banks are insured by the Federal Deposit Insurance Corporation (FDIC), which means deposits up to $250,000 are backed by the full faith and credit of the U.S. government. When choosing an online bank, consumers should make sure it is FDIC insured.
How do online banks compare to traditional banks?
Online banks offer many of the same products and services as traditional banks, but they are often able to offer higher interest rates, lower fees and better apps and websites than their brick-and-mortar counterparts. On the other hand, traditional banks allow customers to deposit checks, withdraw cash and meet in-person to resolve issues and discuss wealth management strategies.
Do online banks charge fees?
Some online banks charge fees, but they are often lower than traditional banks. In recent years, many online banks have dropped monthly maintenance fees, overdraft fees and penalties for not meeting a minimum balance requirement. All online banks have different fee schedules, though, and it’s important for consumers to read the fine print when choosing an online bank.
