5 Best Online Banks

For two years in a row, Ally Bank has been the winner of online banking, all due to a great mix of high CD and savings yields, no maintenance fee checking, and great customer service.

In addition to offering a 1.00% APY on their savings accounts and 1.05% APY on a 1-year CD, they also provide a 0.10% APY on their interest checking account (it increases to 0.60% APY for accounts over $15,000). Also, they do not require a minimum to open an account and do not charge maintenance fees for savings or checking accounts.

Bank5 Connect has competitive rates and does not charge a monthly fee for having a checking account, along with other customer service features.

They offer one of the highest interest rates for checking accounts – 0.76% APY without a monthly fee. But their savings accounts offer a little lower rates at 0.90% APY and require a minimum deposit amount of $100 to earn interest. 1-year CD rates provide a decent 1.00% APY.

When it comes to interest rates on savings accounts, EverBank offers 1.11% APY with their Yield Pledge Money Market account. Although 1-year CD offers a 1.30% APY and a checking account provides 0.95% APY for balances under $10,000, it will last only the first year to become 0.30% APY afterwards.

There is a 24/7 phone support, but no online chat. There are not ATM or monthly maintenance fees, and accounts with $5,000 or more get reimbursed for surcharges by other banks.

Discover Bank offers one of the highest 1-year CD rates – 1.15% APY. Savings account rate is 0.95% APY, with a $500 minimum deposit. Their checking accounts do not have maintenance fees and provide cash-back rewards with debit purchasing, online bill payments, and cleared checks.

There is a 24/7 support, a free mobile app, and a remote check deposit. They also offer free ATM withdrawals in 60,000+ locations.

With a 1-year CD rate of 0.55% APY and savings rate of 0.61% APY, Bank of Internet USA ranks lower than others on this list, but it still has a higher rate than many traditional banks. They also offer perks with the Rewards Checking option, such as earning up to 1.25% APY when meeting certain conditions.

Other features offered include unlimited ATM reimbursements, a 24/7 phone support, remote check deposit, a mobile app, and cash-back purchasing with rewards.