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Updated by LoansLens on Nov 17, 2016
Headline for 5 Best Online Banks
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5 Best Online Banks

Although there are many benefits to using online banks, one might still wonder which to turn to. Our list is going to answer exactly that question and analyze some of the top online banks.

Source: http://loanslens.com/5-best-online-banks/

1

Ally Bank

Ally Bank

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.

2

Bank5 Connect

Bank5 Connect

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.

3

EverBank

EverBank

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.

4

Discover Bank

Discover Bank

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.

5

Bank of Internet USA

Bank of Internet USA

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.

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