We evaluated over 25 online-only banks on savings and checking APYs, fees, digital features, customer service, and product breadth. Here are our top picks for 2026.
Zogby is an independent, advertising-supported comparison service. We may receive compensation from the companies whose products appear on this site. This compensation may impact how, where, and in what order products appear. Zogby does not include every financial company or every product available in the marketplace.
Key Takeaways
- 1 Online banks consistently offer savings APYs 10-12x higher than traditional brick-and-mortar banks because of their dramatically lower overhead costs.
- 2 The best online banks provide a full suite of products including checking, savings, CDs, money market accounts, and even investment platforms under one digital roof.
- 3 All of our top picks are FDIC-insured up to $250,000 per depositor and charge zero monthly maintenance fees on their core accounts.
- 4 Mobile banking quality varies significantly between online banks. Our top picks offer highly rated apps with mobile check deposit, budgeting tools, and real-time alerts.
- 5 Lack of physical branches is the main trade-off, but most top online banks provide 40,000-70,000+ fee-free ATMs and excellent phone and chat support.
Our Top Picks for Online Banks
1. Ally Bank
Monthly Fees
$0
Savings APY
4.20% Savings APY
Min Deposit
$0
Ally Bank (FDIC Certificate #57803), headquartered in Detroit with banking operations in Sandy, Utah, is the gold standard among online banks, offering a comprehensive suite of products that rivals any traditional bank. Originally founded in 1919 as GMAC (General Motors Acceptance Corporation) and rebranded as Ally in 2009, the bank now holds over $182 billion in total assets and serves millions of customers. Ally offers fee-free checking with 0.10-0.25% APY, high-yield savings at 4.20% APY, CDs from 3 months to 5 years (including no-penalty and raise-your-rate options), money market accounts with check-writing, and Ally Invest for self-directed and managed portfolios. The mobile app earns 4.7+ stars with features including Savings Buckets, Surprise Savings automation, round-up transfers, mobile check deposit, and Zelle. Ally provides 43,000+ fee-free Allpoint ATMs and reimburses up to $10/month in out-of-network fees. 24/7 customer support is available by phone, chat, and email.
Pros
- Most comprehensive product suite among online banks
- Excellent mobile app with innovative savings and budgeting tools
- 24/7 customer support with 43,000+ fee-free ATMs
Cons
- No physical branches or cash deposit options
- Savings APY slightly below some single-product competitors
2. SoFi Bank
Monthly Fees
$0
Savings APY
4.60% Savings APY
Min Deposit
$0
SoFi Bank, N.A. (FDIC Certificate #26881) received its national bank charter from the OCC in January 2022, making it one of the few fintech companies to achieve full banking status. Founded in 2011 at Stanford and headquartered in San Francisco, SoFi has grown to over 13.7 million members and $3.6 billion in annual revenue. Its Checking and Savings account offers an industry-leading 4.60% APY on savings with qualifying direct deposit, plus 0.50% on checking balances. Beyond deposit accounts, SoFi provides personal loans, student loan refinancing, mortgages, investing (SoFi Invest), credit cards, and insurance through a single integrated platform. The SoFi app includes Relay for free credit monitoring, Vaults for goal-based savings, and early direct deposit up to 2 days. SoFi members get access to exclusive member rates on loans, complimentary financial planning sessions, and career coaching services.
Pros
- Industry-leading 4.60% savings APY with direct deposit
- All-in-one financial platform spanning banking, investing, and lending
- Member perks including financial planning and career coaching
Cons
- Top APY requires qualifying direct deposit
- No physical branch locations for in-person service
3. Discover Bank
Monthly Fees
$0
Savings APY
4.25% Savings APY
Min Deposit
$0
Discover Bank (FDIC Certificate #35546), originally chartered in 1911 as Greenwood Trust Company and now operating as a division of Capital One following the May 2025 acquisition, offers a purely fee-free online banking experience backed by award-winning customer service. Discover's 100% U.S.-based support team is available 24/7 by phone and has earned multiple J.D. Power awards for customer satisfaction. The bank offers savings at 4.25% APY, a cashback debit checking account earning 1% cash back on purchases, CDs from 3 months to 10 years across 12 term lengths, and a money market account. Every Discover deposit product charges zero monthly fees with straightforward terms. The mobile app supports mobile check deposit, account management, and bill pay. Discover provides access to 60,000+ fee-free ATMs through the Allpoint, MoneyPass, and PULSE networks, giving customers excellent cash access despite the lack of physical branches.
Pros
- Award-winning 24/7 U.S.-based customer support
- Unique cashback debit account earning 1% on purchases
- 60,000+ fee-free ATMs with absolutely zero account fees
Cons
- Savings APY slightly below top online competitors
- Product lineup narrower than Ally or SoFi
4. Marcus by Goldman Sachs
Monthly Fees
$0
Savings APY
4.40% Savings APY
Min Deposit
$0
Marcus by Goldman Sachs, launched in October 2016, is the consumer banking arm of Goldman Sachs (NYSE: GS), one of the world's most prestigious financial institutions founded in 1869. Marcus has amassed over $100 billion in consumer deposits from more than 3 million customers, making it one of the fastest-growing digital banking platforms in history. The bank offers high-yield savings at 4.40% APY, no-penalty CDs (withdraw after 14 days with zero fees), standard CDs from 6 months to 6 years, and personal loans up to $40,000 with no origination fees. Marcus is known for rate consistency, rarely dropping its APY aggressively during rate-cut cycles. While Marcus does not offer checking accounts or debit cards (making it a savings-focused platform), it excels at what it does: delivering top-tier savings rates backed by the financial strength of Goldman Sachs. All deposits are FDIC-insured, and the platform features a clean, minimalist interface focused on simplicity.
Pros
- Backed by Goldman Sachs with $100B+ in consumer deposits
- Consistently competitive savings APY with rate stability
- No-penalty CD option and no-fee personal loans
Cons
- No checking account or debit card offering
- Limited product ecosystem compared to full-service online banks
5. Capital One 360
Monthly Fees
$0
Savings APY
4.25% Savings APY
Min Deposit
$0
Capital One 360, the digital banking division of Capital One, N.A. (FDIC Certificate #33954), combines the high yields and low fees of an online bank with the branch access and ATM network of a top-10 national bank. Capital One holds over $480 billion in assets, making it one of the largest and most financially stable banks in America. The 360 Performance Savings account offers 4.25% APY with no minimums or fees, the 360 Checking account provides fee-free banking with early direct deposit, and CDs are available from 6 months to 5 years. What distinguishes Capital One 360 from pure online banks is its physical presence: over 280 Capital One Cafe locations and branch offices provide in-person banking, and the 70,000+ fee-free Capital One and Allpoint ATM network offers extensive cash access. The highly rated mobile app includes a credit monitoring tool (CreditWise), auto loan management, and the ability to manage Capital One credit cards alongside banking products.
Pros
- Unique hybrid model with 280+ Cafe locations plus digital banking
- 70,000+ fee-free ATMs and no monthly fees across all accounts
- One of America's largest banks at $480B+ in assets
Cons
- Savings APY sometimes trails pure online bank competitors
- Cafe locations concentrated in major metro areas
How to Choose the Best Online Bank
Online banks operate entirely through digital channels, which allows them to pass their lower overhead costs to customers in the form of higher interest rates, lower fees, and better perks. When choosing an online bank, start with the products you need: if you want checking and savings under one roof, look for banks like Ally or Capital One 360 that offer a full product suite.
Compare APYs across savings, checking, and CD products, but do not stop there. Evaluate the mobile app quality, ATM network size, customer service availability, and transfer speeds. The best online banks make it easy to deposit checks, send money, and manage your finances entirely from your phone.
Security is paramount with online banking. All of our top picks are FDIC-insured and use bank-grade encryption, multi-factor authentication, and fraud monitoring. The main trade-off with online banks is the lack of physical branches, so consider whether you need in-person service for cash deposits or complex transactions.
Important Tip
You do not have to choose just one bank. Many savvy consumers use an online bank for high-yield savings and CDs while maintaining a traditional bank or credit union account for cash deposits and in-person services. This approach lets you capture the best rates online while retaining branch access when you need it.
Online Banks Compared
| Provider | Monthly Fees | Savings APY | Min Deposit | Rating |
|---|---|---|---|---|
|
Ally Bank
Top Pick
|
$0 | 4.20% Savings APY | $0 |
4.9
|
|
SoFi Bank
|
$0 | 4.60% Savings APY | $0 |
4.8
|
|
Discover Bank
|
$0 | 4.25% Savings APY | $0 |
4.7
|
|
Marcus by Goldman Sachs
|
$0 | 4.40% Savings APY | $0 |
4.7
|
|
Capital One 360
|
$0 | 4.25% Savings APY | $0 |
4.6
|
Our Methodology
Our team evaluated over 25 online-only and digital-first banks across more than 40 criteria, including product offerings, rates, fees, mobile app quality, and customer service.
APY & Rate Competitiveness
30%We compared savings, checking, CD, and money market rates across each bank, factoring in rate consistency over time and tiered structures.
Fees & Account Terms
25%We assessed monthly fees, minimums, overdraft charges, ATM fees, and any other costs that could erode your banking experience.
Digital Experience & Features
25%We tested mobile apps, online banking platforms, budgeting tools, savings automation, and the overall user experience of each bank.
Product Breadth & Support
20%We evaluated the range of products offered, customer service quality and availability, ATM networks, and the bank's financial stability.
Frequently Asked Questions
David Park
Senior Banking Analyst
David Park is a senior banking analyst at Zogby with over 10 years of experience covering digital banking, fintech platforms, and online savings products. He holds an MBA from the University of Michigan and has been featured in Bankrate, NerdWallet, and The New York Times. David specializes in evaluating online banks that deliver exceptional value through technology and low-cost structures.
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Important Online Banking Disclaimers
- APYs (Annual Percentage Yields) shown are accurate as of the date of publication and are subject to change at any time without notice. APYs may vary by region. Contact the bank directly for the most current rates.
- Deposits at FDIC-insured banks are insured up to $250,000 per depositor, per insured bank, for each account ownership category. Credit union deposits are insured by the NCUA up to the same limits.
- Online banking requires internet access and a compatible device. Service availability may be affected by outages or maintenance.
- Product offerings, terms, and features may change without notice. Visit each bank's website for the most current information.
- Zogby is not a bank. We are an independent comparison service. We do not offer banking products or hold deposits on your behalf.
The information provided on this page is for general informational and educational purposes only. It is not intended as, and should not be construed as, financial, legal, tax, or investment advice. Always consult with a qualified professional before making any financial decisions.
Editorial Independence
Our recommendations are based on independent research and analysis. While Zogby may receive compensation from some partners listed on this page, our editorial team maintains full independence over our rankings and ratings. Compensation does not influence which products we recommend or how we rate them.