Best for online savings: Synchrony High Yield Savings
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For 2020, we added a list of the best online banks across various categories, including checking accounts, savings, small businesses, minimal fees and more.
|Bank||Best for…||Recommended account||More info|
|Synchrony||Savings||Synchrony High Yield Savings||Go to site|
|Discover||Minimal fees||Discover Online Savings Account||Go to site|
|Capital One||Checking accounts||Capital One 360 Checking||Read review|
|TIAA Bank||Small businesses||TIAA Bank Small Business Checking||Read review|
|Marcus by Goldman Sachs||High interest rates||Marcus by Goldman Sachs Online Savings||Read review|
|Ally||Online banking overall||Ally Bank Interest Checking||Read review|
Best for savingsSynchrony is an online-only bank offering competitive interest rates and unique perks like identity theft resolution services and travel discounts.
Best for minimal feesDiscover is the biggest online-only bank in the country. We’ve crowned it best online bank for minimal fees for one good reason — customers never pay fees for monthly maintenance, insufficient funds, expedited check or debit card deliveries, stop payment orders and more.
Best for checking accounts
Capital One has a saving suite of online banking tools that allow you to pay bills online, make peer-to-peer transfers, mobile deposit checks, manage transactions and set up an Automatic Savings Plan for all your financial goals.
Best for small businessesTIAA Bank has a wide range of business bank accounts for commercial, nonprofit and small business use. The online banking platform goes way beyond simple cash management by giving you the tools and resources you need to stay organized.
Best for high interest ratesMarcus by Goldman Sachs is the online-only banking arm of Goldman Sachs. Its online banking platform emphasizes security and simplicity. Plus, all accounts have consistently high APYs and minimal fees.
Best overallAlly takes the cake as best overall bank and best online bank for customer service thanks to its 24/7 phone and live chat support, transparent fees, easy account minimums and competitive APYs. You’ll find a wide range of products here, including checking, savings and CDs.
When shopping around for the best online bank account, weigh factors like:
If you’re thinking online banks aren’t for you, here are some alternatives to explore:
Online banking lets you manage your finances and transact your business through a bank’s website or mobile app. Instead of visiting your nearest branch, you can sign in to your online account to pay your bills, make a deposit or transfer, check your balance and more.
It usually takes less than 10 minutes to apply for online banking. The credentials you use to log in to your online banking account typically won’t be the same as your bank details for security purposes.
The Big Four brands its online banking according to platform:
|Financial institution||Online banking||Mobile banking|
|Bank of America||Bank of America Online Banking||Bank of America Mobile Banking|
|Chase||Chase Online Banking||Chase Mobile|
|Citibank||Citi Online Banking||Citi Mobile|
|Wells Fargo||Wells Fargo Online||Wells Fargo Mobile|
Opening a bank account online is becoming the new norm — and it’s easier than ever. Here’s how you do it:
Once you’ve opened your account, you can set up a username and password through the bank’s website. Then, you can log in to monitor your balances, move money across accounts and set up features like autopay.
To sign up for online banking, you’ll need to visit your bank’s website or a branch with:
After you’ve set up online banking on your desktop, download your bank’s app and follow the directions. If your phone allows it, you might be able to connect your debit or credit card to Apple Pay, Google Pay or other digital wallets.
If you live your life through your smartphone, mobile banking could be the deal breaker between competing bank accounts. Some banks offer more advanced online banking capabilities than others, like mobile check deposits and statements that integrate with your existing accounting software.
Remember to compare fees and features on mobile banking apps. You may find that more expensive bank accounts offer more helpful online banking services.Back to top
While most online bank accounts don’t accept cash deposits, there are still several ways to access your money:
Online banks have several pros and cons compared to traditional banks:
Online banking isn’t 100% risk-free, but most banks use industry-standard security measures to keep your information safe. Before you bank online, make sure the financial institution you choose is FDIC or NCUA-insured. That way you get your money back if the bank fails. Next, read through the bank’s security policy to see which measures it has in place to protect your account.
With the rise of the Internet, banks have kept up with comprehensive security and encryption to protect your personal and financial information. Still, you can take measures to keep your online banking safe from financial predators.
Many people use the terms “digital bank” and “online bank” interchangeably, but they’re not the same thing. Online banks closely mimic traditional banks and are often built with the same infrastructure. But digital banks use new technology to create out-of-the-box banking solutions to help you better manage your money.
Use the table to compare and sort online bank accounts by APY, minimum balance, features and more.
Online banking can streamline your ability to manage your finances without stepping foot in a bank. But the features and benefits you’ll find online depend on the bank or other financial institution you choose to do business with. As always, compare several accounts at different banks to find one that has the online banking features you need.
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