Axos Bank stands out as our premier online bank pick due to its extensive network of roughly 91,000 ATMs across the U.S. Additionally, it provides unlimited reimbursements for domestic ATM fees incurred at non-network ATMs. They present customers with a selection of four no-fee checking accounts. Notably, their Rewards Checking offers an attractive APY, while their CashBack Checking rewards users with 1% cash back for every signature-based transaction. Moreover, Axos ensures competitive APYs on savings, accompanied by manageable initial deposit requirements. Axos guarantees round-the-clock customer support—even on major holidays like Thanksgiving and Christmas—through phone calls and encrypted online messaging. Their website also facilitates real-time chat during standard working hours. On the mobile banking spectrum, Axos shines brightly. With high acclaim on both the App Store and Google Play, their banking application ensures users can manage fundamental banking operations conveniently on the move.
Discover Bank takes the top spot as the premier online bank for evading fees, attributed to its no-fee model. This encompasses no monthly service charges, the absence of insufficient fund penalties, and a lack of fees for using non-affiliate ATMs. Additionally, customers won't be charged for stop-payment directives, returned items, or excessive withdrawals. Beyond this, Discover presents a comprehensive range of banking offerings, including a savings account with a notable APY and a checking account that offers rewards. Users can earn 1% cash back on up to $3,000 in eligible debit card transactions each month with their checking account. Furthermore, patrons benefit from access to a widespread ATM network. On the digital front, Discover promotes its mobile banking solution, which boasts impressive ratings on both the App Store and Google Play. Not to forget, they ensure round-the-clock customer support throughout the year.
Quontic Bank is a top online banking choice due to its minimal fees and approachable minimum deposit prerequisites. Additionally, it attracts with its appealing APYs and rewarding offers. Beyond their standard banking services—like High-Interest Checking, High Yield Savings, money market portfolios, and CDs—Quontic introduces an avant-garde account. Their Cash Rewards Checking account rewards users up to 1.00% cash back on eligible debit card expenditures. Banking with Quontic means access to an expansive network of over 90,000 no-extra-charge ATMs nationwide. As a digital banking client, you'll benefit from constant online banking availability and a user-friendly mobile application. For any inquiries or assistance, their customer support is readily accessible through live chat, email, and phone.
NBC Bank has made our list as it delivers comprehensive banking services while emphasizing interest-yielding accounts and significantly reduced fees. Clients aren't burdened with monthly maintenance, overdraft, minimum balance, or international transaction charges. Moreover, receiving domestic wire transfers won't cost you a dime. The NBC bank Everything Account merges the features of both checking and savings accounts, allowing you to manage expenses, save, and handle bills seamlessly through one platform. This integrated account also boasts a vast ATM network and offers compensation for up to $12 monthly for fees from non-affiliated ATMs. Their team can be reached via live chat, phone, or email for any queries or support. Additionally, managing your finances on the move is effortless with the bank's mobile application.
EverBank stands out with its assurance of offering compelling rates. Their unique Yield Pledge commitment ensures that the interest you accrue will consistently rank within the top 5% of what they term “competitive accounts.” This benchmark is derived from the leading accounts of the ten most prominent banks and thrifts across ten major U.S. cities. While the Yield Pledge might not guarantee the absolute best rate available, it assures that your earnings remain competitive when pitted against conventional banks. Moreover, EverBank has eliminated various charges: there's no monthly account fee, no overdraft cost when connected to another EverBank account, and no ATM charges. They further sweeten the deal by reimbursing up to $15 monthly for ATM fees charged by other entities. And if your checking account consistently maintains a balance exceeding $5,000, all third-party ATM fees are reimbursed without a cap. The mobile application of EverBank is commendably recognized for its user-friendliness and functionality. For assistance or queries, their customer support is at your disposal every day through both phone and email.
Boasting exemplary customer service, an intuitive mobile application, and minimal fees, Varo Bank stands out as a stellar option for individuals aiming to streamline their financial management. Varo presents enticing interest rates for savings accounts, offers up to 6% cash back on particular transactions, and facilitates short-term borrowing up to $250 with Varo Advance. Despite its online-only model, accessing your funds is convenient with an extensive network of more than 40,000 Allpoint ATMs.
Truist Bank, previously known as BB&T, provides an extensive variety of financial services and products for both individual and business needs. This includes their collection of personal banking offerings. Headquartered in Charlotte, North Carolina, Truist runs more than 2,100 financial branches spanning the South, Mid-Atlantic, and Midwest regions, making it one of the top ten largest banks in the U.S. Though Truist may not boast the best rates in the market, the fees associated with its accounts are comparatively low. If you reside within Truist's service areas and prioritize face-to-face banking along with comprehensive financial solutions, it might be a good option to explore.
Established in 1845, PNC Bank ranks as the seventh-largest commercial banking entity in the U.S. based on assets, as per data from the Federal Reserve. With its roots in Pittsburgh, this regional bank mainly serves the Midwest, Northeast, and South regions of the U.S. When referring to PNC's offerings, rates, and fees, it's worth noting that they can differ depending on the location. For this analysis, we've primarily sourced information from the bank's main office in Pittsburgh. This assessment is centered on PNC's personal banking facilities. The account specifics and APYs are up-to-date as of January 18, 2023.
Founded in 1935, Pentagon Federal Credit Union (PenFed) has become the nation's second-largest credit union. As of June 2022, it serves over 2.8 million members globally, boasting assets exceeding $36 billion. PenFed's membership was originally exclusive to military and government workers and their immediate families. However, with its current open charter, it welcomes anyone interested in joining. Given its attractive rates and extensive ATM coverage, PenFed stands out as a strong option for those exploring new savings accounts and open to enrolling in a credit union. The rates and account specifics provided are current as of July 11, 2023.
With an impressive customer base of around 200 million accounts globally, Citi®, a consumer banking branch of Citigroup, Inc., ranks among the world's most expansive consumer banks. Commonly known as Citi®, it provides an array of financial services, including in-branch operations and an extensive ATM network. This makes Citi® an appealing choice for those wishing to consolidate their banking activities under one roof. However, it's worth noting that only certain accounts come with competitive rates, and inactivity could result in monthly fees. This analysis mainly emphasizes the personal banking services provided by Citi, a partner with Forbes Advisor. The data pertaining to account specifications and APYs is up-to-date as of September 12, 2023. Keep in mind, account offerings and APYs might differ depending on the ZIP code.
The ideal online banks align with your personal requirements. If you're satisfied with your existing bank but wish to amplify the interest on your savings, explore online banks known for their lucrative high-yield savings accounts. For those contemplating a switch from their present bank, it's essential to consider the whole offering. Opt for an online bank that maintains minimal fees and low initial deposit requirements, boasts attractive APYs, and ensures convenient access to funds through ATMs and mobile applications. Prioritize a bank recognized for its outstanding customer support.
Typically, online banks don't have their own dedicated ATMs. However, many provide free ATM usage via affiliated banks. The extent of ATM networks can differ based on the bank, with some leading online banks granting complimentary access to over 37,000 ATMs across the country. If you frequently use cash, it's wise to see if your account includes ATM fee refunds, as charges from non-partner ATMs can accumulate rapidly.
No bank account is entirely without costs. Every bank account has some form of associated fees. However, you can discover checking and savings accounts that do not charge monthly maintenance fees.
There are several reasons an online bank account might be locked. One common reason is multiple incorrect login attempts, like entering the wrong username or password repeatedly. Additionally, if the bank identifies any unusual activities which may indicate fraud or illicit transactions, they might secure the account. Moreover, having significant outstanding debts with creditors or governmental entities can also lead to account restrictions.
Opening an online bank account might be challenging if you lack specific necessary documents like a valid government-issued photo ID, a U.S. residential address, or a Social Security or taxpayer identification number. Moreover, your request could be declined if you have a history of financial discrepancies like excessive overdrafts or returned checks, especially if these are recorded in ChexSystems.
We sourced our data from these financial establishments: Bask Bank, Barclays, LendingClub, American Express, Bank OZK, U.S. Bank, First National Bank of America, Kinecta Federal Credit Union, Personal Capital, SmartyPig Bank, Blue Federal Credit Union, Affinity Federal Credit Union, Chime®, EmigrantDirect, MySavingsDirect, Regions Bank, Lili, Ally Bank, EBSB, CIBC Bank, Exchange Bank and Trust, EverBank, Huntington Bank, Huntington National Bank, Live Oak Bank, Texas Capital Bank, NASA Federal Credit Union, Michigan State University Federal Credit Union, One, Capital One, Greenwood Credit Union, Wells Fargo, BlueVine, Digital Federal Credit Union, First Internet Bank, Armed Forces Bank, Redneck Bank, SunTrust Bank, Northpointe Bank, Zions Bank, Affirm, SalemFiveDirect, Relay, Synchrony Bank, Caliber Home Loans, USAlliance Federal Credit Union, Citizens Access, PenFed, Spectrum Credit Union, BancorpSouth Bank, TD Bank, Dollar Savings Direct, Limelight, Simple, BankDirect, Axos Bank, Quontic, BB&T, Pen Air Federal Credit Union, Quorum Federal Credit Union, Fifth Third Bank, BBVA, Citizens Bank, Digital Federal Credit Union, Navy Federal Credit Union, Mercury, Vio Bank, Charles Schwab Bank, Bethpage Federal Credit Union, FNBO Direct, BECU, Discover, Step, Varo Bank, State Department Federal Credit Union, Union Bank & Trust, Betterment, Nuvision Federal Credit Union, United Wholesale Mortgage, HSBC Direct, Rising Bank, BankUnitedDirect, Quicken Loans, PNC Bank, Service Credit Union, Colorado Federal Savings Bank, Alliant Credit Union, Wealthfront, Georgia’s Own Credit Union, Hanscom Federal Credit Union, Purepoint Financial, Tab Bank, E*Trade Bank, Pacific National Bank, Sallie Mae Bank, Acorns, CommunityWide Federal Credit Union, Northern Bank Direct, CFG Community Bank, State Bank of Texas, MainStreet Bank, Bread Financial, Security Service Federal Credit Union, PSECU, Copper, Interactive Brokers, Ideal Credit Union, Virtual Bank, Ellevest, My Banking Direct, M&T Bank, nbkc Bank, Golden1 Credit Union, Albert, Connexus Credit Union, TD Ameritrade, Santander, Apple Federal Credit Union, First Horizon Bank, Memory Bank, TotalDirect Bank, Fitness Bank, UFB Direct, KeyBank, Chase, BrioDirect Banking, Webster Bank, Truist, iGoBanking, Incredible Bank, Presidential Bank FSB, Bank of America, Cadence Bank, Brex, Financial Resources Federal Credit Union, Robinhood, Chevron Federal Credit Union, La Capitol Federal Credit Union, Financial Partners Credit Union, SFGI Direct, Marcus by Goldman Sachs, My eBanc, IBERIABANK, Current, First Foundation Bank, Zynlo Bank, Amalgamated Bank, Comerica, SoFi, Bank5 Connect, USAA, Greenlight, GTE Financial, Novo, BankPurely, USAlliance Federal Credit Union, Hughes Federal Credit Union, First National Bank and Trust, BMO Harris, Dave, Heritage Bank, Freedom Mortgage, FNBO Direct, First Citizens Bank, Credit Union of Denver, CIT Bank, Prudential, Andigo Credit Union, Popular Direct, BankPurely, BankUnitedDirect, SchoolsFirst Federal Credit Union, Consumers Credit Union (MI), Aspiration, MainStreet Bank (2), LoanDepot, HSBC, Consumers Credit Union, Superior Choice Credit Union, MAC Federal Credit Union, GoBank.