10 Best Online Banks To Keep Your Savings This Year

Online Bank FAQ

Features

Ally has built up a reputation as one of the best online banks. The bank offers great interest rates and outstanding customer service. Ally Bank offers interest rates that customers of brick-and-mortar banks can only dream about. The bank's checking account gives you access to over 43,000 ATM.

This bank has you covered if you occasionally use a bank outside their network and will reimburse a portion of the charges if you were charged at an ATM outside its network. Interest rates for checking accounts at this bank begin at 0.10 percent for these types of accounts.
The only major problem with this bank is that depositing with cash is very hard. You generally have to use mobile check deposit, or set up a direct deposit or use a wire transfer, or you need to use a check mail

Best For

Fee-free savings and checking accounts

Features

Capital One 360 is one of the best online banks when it comes to planning tools. The bank gives customers great analytical banking tools to help them manage their money. The bank has a mobile app and is also known for great customer service. Saving accounts and checking accounts by this bank don’t have monthly fees.

The bank has several overdraft options, but charges for some of them are high. Interest rates on checking accounts range between 0.02 – 1.0 percent depending on the balance on the account. The bank also has no opening balance requirement and gives you access to all 39,000 AllPoint ATM in addition to the ones run by Capital One.

Best For

Fee-free savings and checking accounts

Features

Nationwide Bank offers some of the highest APY interest rates for its savings and checking accounts. The bank offer rates as high as 1.30 percent APY on its savings accounts. Like most other banks on our list of the best online banks, this bank’s checking accounts have no monthly fees. The bank does require a $$ minimum initial deposit and charges a $ monthly fee for the saving account.

You can, however, avoid this fee if you maintain an average daily balance of $$$ or a monthly direct deposit of at least $$. The bank allows two free ATM withdrawals at non-Nationwide Bank ATM per statement cycle. This bank’s card gives you access to over 77,000 surcharge-free ATM countrywide. The bank’s checking account also has high rates, and you can expect interest of 1.00-1.15 percent APC depending on your balance.

Best For

People who want competitive interest for a savings account.

Features

Incredible Bank’s savings accounts yield about 1.21-1.55 percent APY depending on the balance on the account, and it offers a free checking account. The catch is that you need to deposit at least $$$ to open an account in this bank. The bank doesn’t charge monthly service fees, and you can do bank-to-bank transfers starting from 60 days after account opening. The checking account for this bank is fee-free, but you need a minimum deposit of $$$.

Best For

Customers who want to save $2,500 or more.

Features

CIT Bank’s Premier High Yield Savings Account gives some of the best interest rates at the moment. This account yields at 2.15 percent APY! This bank is also suitable for people who want to invest in Certificates of Deposits because it offers pays at a rate of 2.20 percent APY for the 12-month CD. The bank does not require monthly minimum balances and has no monthly fees

Best For

Savings account and Certificate of Deposit account.

Features

This bank offers accounts with no monthly fees and gives customers access to a big ATM network. The bank’s checking account yields at 0.76 percent APY, but you need to maintain your balance above $$$ to qualify for these rates. The bank’s saving accounts give you access to a 2.05 percent APY rate. This bank also offers CD investment accounts, available for 2-5 years. A minimum deposit of $$$ is needed.

Best For

People looking for online checking and savings account with reasonable interest rates.

Features

Synchrony is one of the best online banks that offer great savings account interest rate. The bank’s yield of 2.05 percent APY are some of the best in the market, and you don’t need a minimum initial deposit and minimum monthly deposit to qualify for interest.

Synchrony Bank doesn’t charge ATM fees at Plus and Accel ATMs. The bank reimburses up to $ on other bank's ATM fees per month. The only area in which this bank is deficient is that it doesn’t offer checking accounts. Synchrony Certificate of Deposit accounts are even more impressive with the 5-year term yielding at 3.10 percent, but you need to deposit a minimum of $$$ for this account.

Best For

People looking for a high-interest savings account with no minimum deposit

Features

The Free USAA Classic Checking account comes with a lot of perks: The account enables customers to make 10 free withdrawals at any of the 60,000 ATMs in its network. This bank, serving only active and former military personnel and their families, reimburses up to $$ per month for ATM fees for transactions done of non-USAA-preferred ATMs. Although this bank has a few branches, most people can only access its services online.

Best For

Military personnel and their families looking for an online bank that offers competitive interest rates.

Features

Discover Bank offers a number of products including checking accounts, savings accounts, MMAs, and CDs. The bank has competitive rates with CDs yielding at rates as high as 2.40 percent APY. The bank’s online savings accounts yield more than 1.30 percent APY and have no monthly fees or minimum deposit requirements. The bank also offers a checking account. That gives a 1-percent cashback if you purchase items worth $$$. The bank’s card gives you access to a network of 60,000 surcharge-free ATM.

Best For

People who make big purchases with their checking account and want to get cash back.

Features

This bank has some of the best ATM fee reimbursement programs of any online bank. The bank reimburses ATM fees whether you use a domestic or foreign ATM. The account also gives you access to an optional Charles Schwab brokerage account. The bank also has no monthly fees or minimum balance requirements.

Charles Schwab is one of the best online banks because it is among the few banks whose interest-checking account has no fees and minimum requirements. It is worth noting that this bank does a hard credit check when you apply for an account (this might affect your credit score). You can access about 10,000 surcharge-free ATM nationwide if you open an account with this bank

Best For

People who do a lot of domestic and international ATM withdrawals or who want a stock trading account too.