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The emergence of online banks has changed the way we manage our money. In the past, we’d visit a bank branch to open an account or make a withdrawal. But now, online banks offer the ability to perform almost every banking task on a mobile device or a home computer.
We compared the top FDIC-insured online banks, examining key metrics including fees, customer experience, product choice, account features, and commitment to environmental and social responsibility to narrow down the 10 best. (Click here for the full methodology.)
The best online banks
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Best for low fees and account security: Discover Bank
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Best for fee transparency and customer service: Ally Bank
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Best for a wide range of savings options: Quontic Bank
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Best for maintaining your credit score: Capital One
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Best for customers who value environmental and social causes: American Express National Bank
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Discover Bank’s products:
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Credit cards: Discover offers a variety of rewards and cash-back credit cards, student cards, and even secured credit cards.
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Rewards checking account: Discover’s no-fee checking account — the Discover Cashback Debit account — offers 1% cash back on up to $3,000 in debit card purchases each month.
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Savings account: Discover offers one high-yield online savings account option with zero monthly fees.
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Certificates of deposit: For savers who want a different type of savings option, Discover offers CDs with terms ranging from three months to 10 years.
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Money market account: The Discover Money Market account offers savers an alternative savings account option with greater access to their funds via ATMs, debit cards, and checks.
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Retirement and lending products: Discover offers individual retirement accounts (IRAs) and home, student, and personal loans.
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Read our full review of Discover Bank
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Ally Bank’s products:
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Checking account: Ally’s Spending Account is a fee-free checking account option that lets users organize their cash into spending buckets, deposit checks remotely, and even get access to their paycheck up to two days earlier than their payday.
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Credit cards: Ally offers a platinum Mastercard option, as well as two different cash-back cards that reward cardholders with up to 3% cash back for spending at gas stations, grocery stores, drugstores, and other retailers.
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Lending products: Customers can use Ally’s lending products to get a mortgage, finance their vehicle, or get a personal loan to pay for expenses including medical treatments, home repairs, and renovations.
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Read our full Ally Bank review
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Quontic Bank’s products:
Checking accounts: Quontic offers a high-interest checking account for consumers who want to earn interest on their balance, as well as a rewards checking account that allows customers to earn cash back on debit card purchases. A standout product is Quontic’s innovative Pay Ring. If you’re the kind of customer who sometimes forgets your wallet at home, this is a wearable ring that ensures that you always have access to your funds and can pay for a purchase by tapping your ring at the checkout counter.
Savings account: Quontic’s high-yield savings account compounds interest daily and requires $100 to get started.
Certificates of deposit: Quontic offers several certificates of deposit, with terms that range from six months to 60 months with a minimum opening deposit of $500.
Money market account: With a $100 minimum deposit requirement, savers can open their own Quontic Money Market Account online in just a few minutes. This account gives them access to their savings via check or debit card while earning interest on their balance.
Mortgages: Quontic offers both traditional and non-traditional mortgage loans and refinancing for all kinds of borrowers, even those whom other lenders have rejected.
Read our full Quontic Bank review
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Capital One’s products:
Credit cards: Capital One offers credit-building cards, cash-back cards, and rewards cards that allow customers to earn points for purchases on dining, travel, and entertainment. It also offers student cards, business cards, and low-intro APR credit cards.
Checking accounts: In addition to its interest-earning 360 Checking account, Capital One allows younger customers to start managing their finances and earn interest through its teen checking account.
Savings accounts: Capital One has two savings accounts — a high-yield savings account and a fee-free kids savings account.
Certificates of deposit: Capital One’s CDs range from six months to five years with no minimum balance to open an account.
Auto loans: Capital One offers car loans for new and used cars.
Read our full Capital One review
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American Express’s products:
Credit cards: American Express’s credit card offerings include personal and business credit cards, prepaid cards, gift cards, and corporate credit cards.
Savings accounts: American Express offers a high-yield savings account with no minimum balance or monthly fees.
Certificates of deposit: American Express’s fee-free certificates of deposit range from 11 months to five years and do not require a minimum balance.
Checking account: For customers who want to earn interest on their checking account balance, Amex offers a rewards checking account for current cardholders that has no required opening deposit, no monthly fees, and offers membership rewards points on eligible debit card purchases.
Personal loans: American Express cardmembers can apply to finance personal expenses with a personal loan ranging from $3,500 to $40,000.
Business products and services: Business customers can take advantage of American Express’s business credit cards, payment solutions, corporate cards, business lines of credit, and more.
Read our full American Express National Bank review