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The hyperlink is provided for your convenience and presented for information purposes only. The provision of the hyperlink does not constitute endorsement, recommendation, approval, warranty or representation, express or implied, by the Bank of any third party or the hypertext link, product, service or information contained or available therein. The Bank does not have any control (editorial or otherwise) over the linked third-party website and is not in any way responsible for the contents available therein. You use or follow this link at your own risk. To the extent permissible by law, the Bank shall not be responsible for any damage or losses incurred or suffered by you arising out of or in connection with your use of the link. Please be mindful that when you click on the link and open a new window in your browser, you will be subject to the terms of use and privacy policies of the third-party website that you are going to visit. Savings Promotions for 2022Best Online BanksWe’ve compared the products and services of 60 nationally available online banks to find some of the best options available. See below to learn more about why we picked each institution, the pros and cons, and to access individual bank reviews. Annual percentage yields (APYs) and account details are accurate as of Oct. 27, 2022. FEATURED PARTNER OFFER Best Overall Online BankQuontic Bank ProductsSavings, Checking, MMAs, CDs FeesNo monthly, overdraft or ATM ATM NetworkProductsSavings, Checking, MMAs, CDs FeesNo monthly, overdraft or ATM ATM NetworkWhy We Picked It Quontic offers competitive APYs, low minimum deposit requirements, low fees and access to 90,000+ surcharge-free ATMs throughout the U.S. As a Quontic customer, you get all the features you may expect from a digital bank, including 24/7 access to online banking and a mobile app. In addition to its traditional banking products—High Interest Checking, High Yield Savings, money market accounts and CDs—Quontic offers a couple of other innovative accounts. The bank has a Cash Rewards Checking account that pays up to 1.50% cash back on qualifying debit card transactions each statement cycle. And, in select states, Quontic offers a Bitcoin Rewards Checking account that pays 1.50% Bitcoin on eligible debit card purchases. Customer service is available via live chat, email and phone. Read our full Quontic Bank Review. Pros & Cons
Details Quontic Bank offers one savings account, three checking accounts, a money market account and five CDs with terms ranging from six months to five years. Quontic launched its Bitcoin Rewards Checking account in 2021, which is only available in select states so far. The mobile app gets 4.4 stars out of 5 on the App Store and 3.2 stars out of 5 on Google Play. FEATURED PARTNER OFFER Best for Avoiding FeesDiscover BankProductsSavings, Checking, MMAs, CDs FeesNo monthly, overdraft or ATM ATM NetworkProductsSavings, Checking, MMAs, CDs FeesNo monthly, overdraft or ATM ATM NetworkWhy We Picked It Discover Bank keeps its fees to an absolute minimum. It doesn’t charge monthly maintenance fees, insufficient funds fees or fees for using out-of-network ATMs. There’s also no fee for stop payment orders, returned items or excessive withdrawals. The bank’s checking account earns 1% cash back on up to $3,000 in debit card purchases each month. See website for details. And customers have access to an extensive ATM network. The savings account pays a competitive rate and Discover offers a suite of other banking products and services. Discover also offers mobile banking—the app gets high scores on the App Store and Google Play. Customer service is available 24/7, every day of the year. Read our full Discover Bank Review. Pros & Cons
Details Discover Bank offers a cash back checking account, a high-yield savings account, a money market account and CDs with terms from three months to 10 years. The mobile app gets 4.9 stars out of 5 on the App Store and 4.7 stars out of 5 on Google Play. FEATURED PARTNER OFFER Best for ATM AccessAxos BankProductsSavings, Checking, MMAs, CDs FeesNo monthly, overdraft or ATM ATM NetworkProductsSavings, Checking, MMAs, CDs FeesNo monthly, overdraft or ATM ATM NetworkWhy We Picked It Axos Bank checks a lot of boxes. It keeps its fees low and its APYs relatively high. The minimum deposit requirements are reasonable. And customers have access to approximately 91,000 ATMs throughout the U.S., with unlimited domestic ATM fee reimbursements for out-of-network ATM use. Plus, Axos offers 24/7 customer service (including Thanksgiving Day and Christmas Day) via phone and secure online messaging. The site also has a live chat feature available during regular business hours. Axos does well on the mobile banking front, too. The bank’s app is highly rated on the App Store and Google Play and allows users to take care of basic banking needs on the go. Read our full Axos Bank Review. Pros & Cons
Details Axos offers five different checking accounts, one savings account, one money market account and CDs with terms that range from three months to five years. Its mobile app gets 4.7 stars out of 5 on the App Store and 4.6 stars out of 5 on Google Play. FEATURED PARTNER OFFER Best for Savings ToolsAlly BankProductsSavings, Checking, MMAs, CDs FeesNo monthly, overdraft or ATM ATM NetworkProductsSavings, Checking, MMAs, CDs FeesNo monthly, overdraft or ATM ATM NetworkWhy We Picked It Ally, a full-service online bank, offers consistently competitive rates on its products with low fees and no monthly maintenance fees or minimum balance requirements. It has an extensive ATM network and it reimburses up to $10 per statement cycle for fees charged at out-of-network ATMs. Ally customers also get access to the bank’s savings tools. With Ally’s savings account, you can create “buckets,” allowing you to set 10 different savings goals within a single account. The bank also has a “round ups” feature that looks for transactions in your checking account that it can round to the nearest dollar and transfer to your savings account. And the bank’s “surprise savings” feature analyzes your Ally checking account for money that’s safe to save and transfers it to your savings account automatically. Ally Bank earns high customer satisfaction scores, with a customer service department available 24/7 by phone. You can also get your questions answered via live chat, email and regular mail. Ally’s mobile app, available on iOS and Android, gets high scores in the App Store and Google Play. Read our full Ally Bank Review. Pros & Cons
Details Ally Bank offers a savings account, interest-checking account, money market account and CD terms from three months to five years. It also offers a raise your rate CD with terms of two and four years and a no-penalty CD with a term of 11 months. The mobile app gets 4.7 stars out of 5 on the App Store and 3.8 stars out of 5 on Google Play. FEATURED PARTNER OFFER Best for Combined Checking and Savingsnbkc bankProductsSavings, Checking, MMAs, CDs FeesNo monthly, overdraft or ATM ATM Network
ProductsSavings, Checking, MMAs, CDs FeesNo monthly, overdraft or ATM ATM NetworkWhy We Picked It nbkc bank’s Everything Account is an interest-bearing checking and savings account combined into one. You can spend, save and pay bills from a single account. It comes with an extensive ATM network and reimburses up to $12 per month for out-of-network ATM fees. Overall, nbkc bank is a full-service bank that keeps fees to an absolute minimum. There are no monthly maintenance fees, overdraft fees, minimum balance fees or foreign transaction fees. Incoming domestic wire transfers are free as well. Customer service is available by live chat, phone or email. And you can access your accounts on the go with the bank’s mobile app. Read our full nbkc bank Review. Pros & Cons
Details nbkc bank offers a combined checking and savings account, a money market account and CD terms from three months to five years. It also has an add-on CD that has a term of one year. The mobile app gets 4.5 stars out of 5 on the App Store and 4.2 stars out of 5 on Google Play. FEATURED PARTNER OFFER Best for Short-Term GoalsiGObankingProductsSavings, Checking, MMAs, CDs FeesNo monthly or ATM, $35 overdraft ATM NetworkProductsSavings, Checking, MMAs, CDs FeesNo monthly or ATM, $35 overdraft ATM NetworkWhy We Picked It All of iGObanking’s traditional products (CDs, savings, checking and money market accounts) offer competitive APYs and low fees, making it a good place to stash cash for near-term financial goals. iGOBanking also offers access to an extensive surcharge-free ATM network, and it rebates up to $15 per month in domestic ATM fees that other banks charge. The bank’s accounts are accessible online and through its mobile app, available for iOS and Android. Customer service is available seven days a week by phone or email. Read our full iGObanking Review. Pros & Cons
Details iGObanking offers a checking account, a savings account, a money market account and traditional CDs with terms of 15, 18, 24 and 36 months. It also offers the GiftsforBanking CD, which offers a gift of your choice when opening a two-, three- or five-year CD with a deposit of $25,000 or more. The mobile app receives 4.0 stars out of 5 on the App Store and 3.7 stars out of 5 on Google Play. FEATURED PARTNER OFFER Best for High BalancesSalem Five DirectProductsFeesNo monthly or ATM, $35 overdraft ATM Network
ProductsFeesNo monthly or ATM, $35 overdraft ATM NetworkWhy We Picked It Salem Five Direct insures balances without limitation through a combination of insurance safeguards. The Federal Deposit Insurance Corporation (FDIC) insures each depositor, per ownership category, up to $250,000. All deposits above that amount are covered by the Massachusetts Depositors Insurance Fund (DIF). This differs from many other banks, which generally limit deposit insurance to the FDIC maximum. Salem Five Direct doesn’t charge monthly fees or out-of-network ATM fees. It also reimburses fees that other banks charge, up to $15 per statement cycle. Like the other online banks on this list, Salem Five Direct’s mobile app is highly rated. Customer service is available via live chat, online messaging, email and phone. Read our full Salem Five Direct Review. Pros & Cons
Details Salem Five Direct offers a checking account, a savings account and CDs with terms from 12 months to 36 months. The mobile app gets 4.7 stars out of 5 on the App Store and 4.1 stars out of 5 on Google Play. FEATURED PARTNER OFFER Best for Guaranteed Competitive RatesTIAA BankProductsFeesNo monthly, overdraft or ATM ATM NetworkProductsFeesNo monthly, overdraft or ATM ATM NetworkWhy We Picked It TIAA Bank offers a Yield Pledge promise with its checking and money market accounts, which guarantees that the interest rate you earn will be among the top 5% of “competitive accounts.” This is based on accounts from the 10 largest banks and thrifts in 10 large U.S. markets. While the bank’s Yield Pledge doesn’t mean you’ll earn the highest rate around, you’ll know that you’re at least earning a competitive rate compared to large banks and thrifts. In addition, the bank charges no monthly fees on its accounts, no overdraft fee from a linked TIAA bank account and no ATM fees. TIAA also automatically reimburses up to $15 each month for third-party ATM charges. Keep a minimum balance of $5,000 or more in your checking account and you’ll get unlimited ATM reimbursements. TIAA’s mobile app is highly rated. Customer service is available seven days a week via phone and email. Read our full TIAA Bank Review. Pros & Cons
Details TIAA offers a checking account (Yield Pledge Checking), money market account (Yield Pledge Money Market), basic CDs, a bump-up CD and what it calls an IntraFi CD, a CD that offers expanded FDIC insurance on deposits. The app earns 4.7 stars out of 5 on the App Store and 4.5 stars out of 5 on Google Play. FEATURED PARTNER OFFER Best for Parking CashVio BankProductsFeesNo monthly, overdraft or ATM ATM NetworkProductsFeesNo monthly, overdraft or ATM ATM NetworkWhy We Picked It Vio Bank offers competitive interest rates, low fees and relatively easy-to-meet minimum deposit amounts across its three main products—savings, money market accounts and CDs. Notably, it doesn’t offer a checking account, ATM network or branches, making it a good place for those who want to park cash for growth. That said, you can still access your deposit accounts through the bank’s highly rated mobile app and make internal and external transfers. You can also fund your Vio accounts via ACH transfer with an external bank account. And the bank doesn’t charge for incoming or outgoing wire transfers. Read our full Vio Bank Review. Pros & Cons
Details Vio Bank offers a savings account, money market account and CDs with terms from six months to 120 months. Its mobile app gets 4.6 stars out of 5 on the App Store and 3.3 stars out of 5 on Google Play. FEATURED PARTNER OFFER Best for Hybrid BankingCapital One 360ProductsFeesNo monthly or ATM, $35 overdraft ATM NetworkProductsFeesNo monthly or ATM, $35 overdraft ATM NetworkWhy We Picked It Capital One 360 is a hybrid between an online and brick-and-mortar bank. You can access your accounts at any time from anywhere online or via the bank’s highly rated mobile app. Plus, in select locations, you can also find Capital One Cafés. At these spaces, you can get personal support in a coffee-shop atmosphere. Cafés offer certified money coaches, money workshops and assistance with opening and managing Capital One accounts. If you can’t find a Café near you, Capital One also offers full-service branches in some states. Physical locations aren’t something you’ll find with most online banks. Customer service reps are available seven days a week by phone, from 8 a.m. to 11 p.m. ET. And Eno, the bank’s virtual assistant, is available in the mobile app or by text. You can also send Capital One a message on Twitter. Capital One 360 makes it easy to open and maintain your accounts—whether it’s a savings account, checking account or CD. None of the bank’s products require a minimum deposit or minimum balance. Read our full Capital One 360 Bank Review. Pros & Cons
Details Capital One 360 offers a savings account (360 Performance Savings), checking account (360 Checking) and CDs (360 CDs). It also offers a Kids Savings Account and MONEY Teen Checking. Its mobile app gets 4.9 stars out of 5 on the App Store and 4.6 out of 5 stars on Google Play. Summary of Best Online Banks 2022MethodologyTo create this list, Forbes Advisor analyzed the products and services of 60 online banks, including a mix of large and small online banks and neobanks. We ranked each bank on 12 data points within the categories of product offerings, APY, fees, ATM network, customer experience, digital experience and minimum requirements. Here’s the weighting assigned to each category:
Online banks offering the highest APYs and lowest fees across their products rose to the top of the list, as did those with a low minimum deposit and balance requirements and a broad ATM network. Banks with high customer satisfaction and an intuitive digital banking experience also earned higher scores. To appear on this list, the bank must be an online bank with national availability. What Is Online Banking?Online banking is banking conducted virtually, either through a website or mobile app. Rather than going to a branch or ATM to manage your money, you can do so via your laptop or smartphone. Most traditional banks and credit unions offer online banking services to their customers. The range of services available usually doesn’t differ that much from what you’d find at the best online banks. The difference is that with traditional banking, you also have the option of visiting a branch. With online-only banking, you don’t. How Does Online Banking Work?Customers of online banks can initiate transactions online, through a mobile app, by phone or by mail. They also can link online bank accounts with accounts they have at traditional banks, credit unions or other online banks. Online banking products and services vary by institution. Generally, online banks offer the ability to open accounts, pay bills, transfer funds, deposit checks, view statements and carry out other typical banking tasks. Many also offer access to surcharge-free ATM networks. What Are the Benefits of Online Banking?Online banking offers a host of benefits that can make managing your financial life much easier. If you’re interested in finding the best online bank—but you’re on the fence about whether online banking is right for you—here are some of the most significant advantages to consider. ConvenienceOne of the chief benefits of online banking is the ability to access your accounts from practically anywhere. As long as you’re able to log in to online banking or mobile banking, you can check your balances, pay bills or transfer money between accounts. You can also deposit checks remotely and set up notifications or alerts, all without visiting a branch. If your debit card is lost or stolen, you may be able to log in to your mobile app to deactivate the card so no new purchases can be made. These are tasks you can do with the tap of just a few buttons. While online banks may lack branches, many of them offer ATM access if you need to withdraw cash. In short, online banking keeps you in touch with your money whether you’re at home, out to dinner or taking an extended trip. Added FeaturesOnline banking and mobile banking allow you to perform a wide range of functions. But you may get more than simple account management. Some of the best online bank accounts include features such as:
All those features can help you feel more in control of where your money is going. Having built-in trackers or automated savings can also help you get into a regular savings habit if that’s something you’ve been struggling with. CostOnline-only banks don’t have the same overhead costs that traditional banks do. That can be a huge benefit if you’re tired of paying high fees. Many of the best banks online charge no:
Some of the best online banks even refund your foreign and domestic ATM surcharges up to a certain amount each billing cycle. The less you pay in fees, the more of your hard-earned money you get to keep. Online banking can pay off in a different way if you take the money you save on fees and deposit it into a high-yield savings account. Online banks can offer rates that are much more competitive than brick-and-mortar banks, owing to their lower overhead costs. Record KeepingKeeping track of expenses is crucial for creating—and sticking to—a realistic budget. Online banking simplifies that task by letting you review credit and debit transactions at a glance. You can easily filter your account details to look for specific transactions or review purchases made over a certain period. As mentioned, some of the best online bank accounts offer digital tools that let you categorize expenses for easier budgeting. Other Benefits of Online BankingOnline banking offers many advantages. Here’s a quick look at some of the pluses of banking online:
Online banking can take some of the hassle and frustration out of keeping up with your accounts. And it’s a secure way to manage your money. Online banks may use the same level of encryption as brick-and-mortar banks and they can offer enhanced security features, such as multifactor authentication. Those measures, along with taking basic steps to protect your online banking security, can keep your account information safe and out of the hands of hackers. How to Choose an Online BankOnline banks don’t have the costs associated with traditional brick-and-mortar institutions. As such, they tend to pass those savings on to customers in the form of lower fees, higher rates and intuitive digital banking products. But not all online banks are the same, and some offer better products and experiences than others. Here are some other things to consider when choosing an online bank:
How to Open an Online Bank AccountYou can open a bank account online via your chosen bank or credit union’s website or mobile app. From there, you’ll generally follow the same steps that you would to open a bank account at a branch. Here’s a typical step-by-step process for opening a bank account online: 1. Visit the bank or credit union’s website, or launch its mobile app. 2. Find the type of bank account you want to open, and fill out an application for a new account. 3. Verify your identity and provide other required information, which may include your address, phone number and email. 4. Make a minimum deposit, if required. 5. Wait for your deposit to clear, which may take a few days. Then, start using your new account. How Is an Online Bank Different From a Retail Bank?Online banks operate mainly online and often don’t maintain branches. Fintech startups, also called “neobanks,” fall into the online banking category. Retail banks offer basic banking services to consumers, such as checking accounts, savings accounts and loans. They differ from commercial banks, which focus on business customers. Many, if not most, online banks are retail banks. But not all retail banks are online banks, since retail banks can also be traditional brick-and-mortar institutions. Do Online Banks Have ATMs?You may need to withdraw cash from time to time, and the good news is that most online banks offer ATM access. The size of the ATM network can depend on who you bank with. Some of the best online banks offer access to more than 36,000 ATMs nationwide, while others offer access to 90,000+ ATMs. If you’re specifically interested in choosing an online bank account based on ATM access, the size of the network is an important consideration. But it’s also a good idea to pay attention to whether the account includes any ATM fee reimbursements. Out-of-network ATM surcharges can quickly add up, so it’s good to know if any of those fees might be reimbursed. Bottom LineIf you’re used to traditional banking, making the switch to an online bank might seem a little daunting. But it can be worth it if you’re able to save money on fees, get a better rate on savings deposits and enjoy the added convenience of being able to bank from anywhere. Ultimately, the best online bank for you is the one that offers the right combination of features and fees to meet your needs. Frequently Asked Questions (FAQs)What are the best online banks?The best online banks are those that meet your needs. If you’re happy with your current banking relationship but want to earn more interest on your savings, consider finding an online bank with a competitive high-yield savings account. If you’re looking to replace your current bank, focus on the overall package. Look for an online bank that keeps fees and minimum requirements low, offers high APYs and provides easy access to your money via ATMs and mobile apps. Seek out a bank with excellent customer service as well. Are online banks FDIC insured?The FDIC insures many online banks. Other online banks are affiliated with brick-and-mortar banks that are FDIC insured. And some offer additional insurance protections through organizations like the Massachusetts Depositors Insurance Fund (DIF). FDIC-insured accounts are covered up to $250,000 per depositor, for each ownership category, in the event of a bank failure. Before opening a bank account, confirm that the financial institution is FDIC insured. Look for the National Credit Union Administration (NCUA) to insure nationally chartered, and many state-chartered, credit unions for similar amounts. What bank accounts can I open for free?There’s no such thing as a completely free bank account. All bank accounts come with fees attached in some form. But it is possible to find checking accounts and savings accounts with no monthly maintenance fees. What is required to open a bank account online?The requirements to open a new bank account vary by financial institution. Typically, you’ll need a government-issued photo ID, your Social Security number or Individual Taxpayer Identification Number (ITIN) and a minimum initial deposit. You may need to complete an application for a new account as well. How do you deposit cash into an online bank?Most online banks don’t support cash deposits, but some banks do let you deposit cash at certain retailers. However, if you choose to deposit cash through a retailer, expect to pay a fee of up to $5 or more. Are online banks safe?Generally, online banks are safe. Look for the Federal Deposit Insurance Corporation (FDIC) to insure your accounts. Online banks with FDIC insurance have the same protections as banks with branches. In many ways, online accounts are safer than traditional bank accounts because of online statements and the focus on digital transactions instead of paper checks. Avoiding paper statements and checks eliminates an opportunity for fraud that many thieves take advantage of. How do you get bank statements online?You can retrieve your bank statements by logging into your account and navigating to the statements page of your bank’s website. Next Up In BankingInformation provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results. Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners. Does Bank of America have online Mobile Banking?Log in to Bank of America Online & Mobile Banking to Manage Your Accounts.
What are the two features of online and Mobile Banking?15 features your online banking & mobile app should have. Up-to-date account activity. ... . Check account balance. ... . Account-to-account transfer. ... . Person-to-person transfer. ... . Bank-to-bank transfer. ... . Mobile deposit. ... . Cleared check images. ... . Online bill pay.. Why can't I access my Bank of America account online?Having problems signing in or resetting your Password? It's possible you're using a password manager or your browser has stored credentials that are no longer valid. While Bank of America can't prevent your browser from storing credentials, deleting your stored credentials should enable you to access your account.
Is Online Banking available for Bank of America?There is no fee for Online Banking when you have a Bank of America account, however, there may be other fees associated with your account. Once you've enrolled in Online Banking, you simply need to log in to view your accounts.
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