If you’re seeking a bank with high yields and low fees, online banks are where it’s at.
Although nearly every bank now allows you to do your banking with just a few taps on your preferred device, online banks only allow you to do your banking from the comfort of your computer, phone or occasional ATM. The savings on brick-and-mortar locations can be passed on to you, the customer, in the form of lower fees and more advantageous rates.
For the savvy consumer who is comfortable with technology and is looking to make their money work for them, online banks simply make sense. Read on for our top five online bank picks, with products from these institutions including high-yield savings accounts, certificates of deposit and more.
The best online banks of January 2026
Terms apply. Bank details reviewed Jan. 12, 2026.
Bank5 Connect
Bank5 Connect is an online division of BankFive, a Massachusetts-based community that has been serving customers since 1855. It offers checking and savings accounts, and certificates of deposit (CDs) with high yields.
Bank5 Connect
| Top savings APY | 3.85% with Jumbo Savings |
| Minimum opening deposit | $25,000 balance (For Jumbo Savings) |
| Monthly maintenance fee | $0 |
at MoneyLion
- Year Founded: 2013
- Company Headquarters: Fall River, MA
- CEO: Anne P. Tangen
Why we like this bank
Bank5 Connect is a smaller online bank but offers competitive interest rates on the products it carries, including an impressive 2% annual percentage yield (APY) on its checking account and 1.50% APY on savings. The checking and savings accounts each require a minimum of $10 to open but you must have a $100 balance to get the top APY.
This bank also makes it easy to get in touch if you need help, offering customer support via phone, email, and live chat.
What you should know
Bank5 Connect has great high-yielding deposit accounts but it does not have any branded ATMs. However, you do get access to thousands of ATMs through its partnership with SUM Network, and the bank will reimburse up to $15 per statement cycle in ATM fees.
Also, the bank has limited hours during the day when you can chat with a representative by phone or virtually.
Rates and products from Bank5 Connect
Bank5 has solid options for different accounts that offer high APYs, such as a jumbo savings account and CDs topping 4% APYs.
Bank5 Connect details reviewed on Jan. 12, 202 6.
Zynlo Bank
A division of PeoplesBank, Zynlo is a fully digital bank that provides special perks, such as market-leading deposit rates, earlier access to paychecks, and rewards on debit card purchases.
Zynlo Bank
| Top savings APY | 3.85% with Tomorrow Savings |
| Minimum opening deposit | $0 |
| Monthly maintenance fee | $0 |
at MoneyLion
- Year Founded: 2020 (division of PeoplesBank which was founded in 1885)
- Company Headquarters: Holyoke, MA
- CEO: Tom Senecal
Why we like this bank
Zynlo’s More Spending checking account offers an impressive 2.00% APY. Pair this with its high-yield Tomorrow Savings account, which earns a whopping 3.85% APY, and you can participate in the ZYNG Round up and Match bonus program. Every debit card purchase is rounded up to the nearest dollar, Zynlo matches that round up, then the total is deposited to your savings account. This allows you to earn an additional 4.11% return or more on your money.
Zynlo customers can manage their accounts from any smartphone, tablet, or computer. As part of the Allpoint ATM network, you’ll always have nearby access to your cash.
What you should know
Zynlo offers competitive rates on savings, checking, money market accounts (MMAs), and even a handful of CDs.
Rates and products from Zynlo Bank
Zynlo offers a savings account, checking account, MMA, and CDs, all of which earn interest.
Zynlo Bank details reviewed on Jan. 12, 2026.
Quontic Bank
Quontic Bank is a digital bank that first started as a community bank in New York City in 2009. It is a Federal Deposit Insurance Corp (FDIC)-insured bank offering online and mobile banking platforms and a fee-free ATM network made up of 90,000 ATMs across the country. It offers several checking accounts, savings accounts, and mortgage products.
Quontic Bank
| Top Savings APY | 3.50% |
| Minimum Opening Deposit | $100 |
| Monthly Maintenance Fee | $0 |
at Quontic
- Year Founded: 2009
- Company Headquarters: Astoria, NY
- CEO: Steve Schnall
Why we like this bank
Quontic Bank made our list for its competitive deposit rates, low fees, and massive ATM network. A major selling point: Quontic doesn’t charge overdraft fees. For the online bank customer who isn’t always diligent about checking their account balance, this could be a lifesaver. What’s more, Quontic offers multiple customer support options and mortgage products in addition to its checking and savings accounts.
What you should know
Quontic Bank is a community development financial institution (CFDI) with several high-yielding deposit products. Its mortgage products are built for outside-the-box borrowers, offering waived underwriting fees. While Quontic has CDs with high APYs, the terms are limited to six options.
Rates and products from Quontic Bank
Quontic Bank offers three types of checking, a high yield savings, an MMA, and CDs with terms from three months to five years.
Quontic Bank details reviewed on Jan. 12, 2026.
SoFi
SoFi (which stands for Social Finance, Inc.) Began as a student loan refinancing company and has since expanded into a broad financial services company that offers a range of products, including bank accounts, loans, investments, insurance, and more. SoFi operates primarily online and does not have physical branches.
SoFi® Checking & Savings
Member FDIC
| Top savings APY | Up to up to 3.30% |
| Minimum opening deposit | $0 |
| Monthly maintenance fee | $0 |
at SoFi
- Year Founded: 2011
- Company Headquarters: San Francisco, CA
- CEO: Anthony Noto
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet
at SoFi
Why we like this bank
Although SoFi does not offer money market or CD accounts, it does have a range of diversified financial products. It offers high-yield checking and savings accounts as well as various loan (including mortgages) and insurance products, and small business financing.
Earn an even higher APY for a limited time
New customers who open both a checking and saving account with SoFi, member FDIC—along with enrolling in SoFi Plus—by January 31, 2026 have an opportunity to earn a 4.00% annual percentage yield (APY) on their savings. This represents a 0.70% APY boost on top the standard 3.30% rate. The maximum time period for the boosted APY is six months. (Terms apply. Rates are variable and subject to change.)
SoFi Plus is available at no extra cost for customers with eligible direct deposit until March 30, 2026. Otherwise, the cost of membership is $10 per month as of this writing.
Benefits for Plus members include a 10% boost on cash-back rewards earned with certain SoFi credit cards, a 1% match on recurring deposits to SoFi Invest (paid in rewards points) and unlimited one-on-one planning sessions from SoFi Wealth.
What you should know
In terms of banking, SoFi only offers high-yield savings and interest checking accounts, so its products are limited compared to other financial institutions.
Rates and products from SoFi
SoFi has one checking and savings account that earn interest. There is also a $300 cash back offer2 on the checking account for new customers who set up direct deposit.
SoFi details reviewed on Jan. 12, 2026.
American Express National Bank
American Express has a history that stretches back to 1850 and has since become globally recognized for its credit cards, rewards, personal, and business banking products. It also has a wide network of over 37,000 free ATMs.
American Express National Bank
| Top savings APY | 3.30% with High Yield Savings |
| Minimum opening deposit | $0 |
| Monthly maintenance fee | $0 |
at MoneyLion
- Year Founded: 1850
- Company Headquarters: New York City, NY
- CEO: Stephen Squeri
Why we like this bank
American Express landed a spot on our list for its competitive APY on its savings account, high mobile app rating, and wide range of product offerings. Amex offers personal bank accounts, credit card products with robust rewards programs, and a suite of business products and solutions for consumers who need the best of both worlds.
What you should know
American Express offers a unique combination of both an interest-bearing account plus a membership rewards program linked to the checking account. The program yields 1 Membership Rewards point for every $2 of eligible debit card purchases. Points can then be redeemed from various retail, travel, and entertainment websites. The checking account also earns a 1% APY on the balance.
Rates and products from American Express National Bank
American Express offers several high-yield savings, personal and business checking accounts, and CDs—all at little to no cost.
American Express National Bank details reviewed on Jan. 12, 2026.
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What is online banking?
Online banking allows you to perform most banking services online via computer or mobile app. But, unlike traditional banks, with an online bank, that’s the only way you can do your banking as there are no physical branches.Through online banks, customers can perform nearly all of the actions of a traditional bank, like accessing accounts electronically to check balances, make mobile check deposits, transfer money between accounts, pay bills and, often, apply for loans. The biggest difference is that you can’t do these transactions in-person with a teller.
The pros and cons of online banks
Like any financial product, there are pros and cons to online banking. Here’s what to consider before deciding to bank with a digital-first institution.
Pros
- Online banks are typically light on fees. Online banks without the overhead of a brick-and-mortar presence save on the overhead costs that traditional banks are responsible for. These savings are often passed on to customers in the form of reduced fees.
- Online banks may offer higher APYs. Without the expenses required to run a physical branch, most online banks can offer Fewer higher APYs on savings products.
- Fast application process. With an online bank, you’ll likely find that everything, including opening a new account, is streamlined since it’s all online.
- A wider range of digital tools. Online banks with a strong digital presence may invest more in online and mobile banking platforms to make up for the lack of a brick-and-mortar presence. As a result, you could have access to a more robust suite of digital budgeting and account management tools, customer service options, and more.
Cons
- No in-person customer service. Sometimes, resolving an issue related to your account is handled better by working with a teller face-to-face, especially for customers who aren’t as digitally savvy.
- Potentially limited access to an ATM network. Because online-only banks don’t have physical branches, you’ll need to ensure that you find one that offers a fee-free ATM network. Otherwise it could be challenging to get cash and make deposits.
How to choose the best online bank for your needs
Online banks come in a wide variety, each with their own unique offerings, benefits, rates and fees. Think about what matters the most to you when it comes to your bank. Is it convenience and fee-free access to ATMs? Or are you looking to earn the most possible on your savings without making many transactions? Here are the key attributes to consider.
- FDIC (or NCUA) insured: Arguably the most important feature in any bank or credit union you’re considering giving your money to is that the financial institution is insured. This means if it fails, your money is protected up to the maximum insurable amount of $250,000 per depositor, per bank, per ownership category.
- Fees: Most online banks offer low or no fees for basic services, such as monthly maintenance and ATM usage. Others may have a minimum balance requirement to have those fees waived. Make sure you understand any potential fees associated with the account.
- APYs: Compare the APYs on the savings, checking, money market accountss, and other account types you’re looking to open across different banks to ensure any bank you’re considering is offering a competitive rate.
- Account opening minimums: Some online banks require a minimum deposit to open an account or a monthly balance requirement. You may also have to maintain a minimum balance to earn the highest APY rate, so be sure to find one that matches your financial capability.
- ATM access: If you plan on using an ATM to deposit and withdraw cash from the account, make sure the network allows cash deposits. Ideally, the bank you choose to hold your account will include a wide network of fee-free ATMs and/or offer ATM fee reimbursements if their network is limited.
- Check out customer reviews. It’s worthwhile to take a look at user reviews to see if existing customers are happy or there are some red flags behind the scenes.
- Mobile banking experience: Make sure the bank’s mobile app is user-friendly and offers a wide range of capabilities through the app, especially if you think this will be your primary method of banking.
- Safety: Verify that the online bank uses robust security measures, such as encryption and multifactor authentication (MFA), to protect your personal and financial information.
How to open an online bank account
Opening an online bank account is similar to opening any bank account online and can be done in just a few simple steps. Here’s what to do.
- Choose the bank that matches your needs: Research the available online bank options to narrow it down to the one that aligns with your financial goals, budget, and preferences.
- Visit the bank’s website or app: Access the bank’s official website or download its mobile app to begin the account opening process.
- Fill out the application form: Enter the required information, such as your name, address, Social Security number, and email. You’ll also have to make sure you don’t have a freeze on your credit with any of the credit reporting bureaus so the bank can run a credit check.
- Verify the account: Complete the verification process, which may include submitting legal identification documents and answering security questions.
- Deposit money: Fund your new account by transferring money from an existing bank account or depositing a check via the mobile app.
Online banks vs. Traditional banks
Online banks and traditional banks have similarities in terms of the products and services they can offer, but they each have some distinct features that cater to different customer needs. Here’s a side-by-side comparison of the two.
Who are online banks best for?
Online banks are ideal for digital-savvy customers who don’t mind exclusively banking via mobile apps, online platforms and ATMs. One of the biggest advantages of an online-only bank is that they generally offer higher APYs and lower fees than traditional banks, which can help you maximize your savings.
If you rarely have the need to visit a bank branch and value the convenience of 24/7 access to your accounts, an online bank could be the right choice for you.
However, if you prefer in-person banking services, whether it’s to make cash deposits or for face-to-face financial advice, a traditional bank might better suit your needs. It’s also worth considering how comfortable you are with technology and whether you have reliable internet access to manage your banking online.
Frequently asked questions
How do you keep your online bank account safe?
The same rules apply for keeping your online bank account safe as for any bank account you can access online. Never share your password and log-in information with anyone and change your password regularly to be less susceptible to hackers. You may also want to set daily transaction limits if they aren’t already established and/or account withdrawal notifications so you’re aware of any transactions as they happen.
You can also opt to use multi-factor authentication on your phone or laptop, which adds another layer of security each time you log into your account by asking for a verification code sent to you via text, email, or phone call.
Do online banks charge higher fees?
Fees vary from bank to bank but, generally, online-only banks tend to charge lower fees than banks with brick-and-mortar locations because these institutions don’t have to pay the same overhead costs that banks with physical locations do.
Is my money safe in an online bank?
Your money is just as safe in an online bank or credit union as it is in a brick-and-mortar institution. What’s important to make note of is a bank’s deposit insurance. Be sure to verify that your financial institution is fully backed by the FDIC or National Credit Union Administration (NCUA). The insurances mean that your account is insured up to $250,000 per depositor, per bank, per ownership category.
How do I deposit and withdraw money with my online bank account?
Depositing money into an online bank typically can be done through mobile check deposits, direct deposits, or electronic transfers from another bank. Withdrawing money is typically done via bank transfer or by using an ATM within the bank’s network.
Are online banks FDIC-insured?
It’s possible that some online banks are not insured by the FDIC. To determine if the bank you’re considering is, look on the homepage for the bank for the “member FDIC” logo on the bottom of their main page. You can also verify this by doing a bank search by name on the FDIC’s website. An FDIC-insured bank means your deposits are protected up to $250,000 per depositor, per bank, per ownership category should the bank fail.
Do online banks have ATMs?
Many online banks partner with ATM networks to provide fee-free access to cash withdrawals. Additionally, some online banks offer reimbursement for ATM fees.
How do you deposit cash into an online bank account?
Depositing cash into an online bank account can be more challenging because most do not accept cash deposits. Options include using a network of partner ATMs that accept cash deposits, purchasing a money order and depositing it via mobile check deposit, or transferring funds from a traditional bank account where you’ve deposited the cash.
Our methodology
The Coins2Day team compared approximately 30 online banks to help you find the best institution to meet your needs. Our top picks are available to customers across the U.S., subject to the terms of account, product, and service. Some of our picks may have brick-and-mortar locations, although they all operate primarily online.
To come up with our final list, we ranked the best online banks according to the following categories:
- Checking and savings APY: This percentage represents the real rate of return on your checking and savings account balance, and the higher the APY, the better. For accounts with tiered APYs, we assumed a minimum balance of $1.
- Account and product offerings: We rewarded each online bank with a point for each account type and service it offered. This included additional deposit accounts, investment accounts, lending services, credit cards, and more.
- Overdraft fee: Most banks will charge you a fee when you spend more than what you have in your account. We ranked online banks with lower or zero overdraft fees higher on our list.
- Monthly service fees: Some banks charge monthly maintenance fees. We ranked banks with lower or zero monthly fees higher on the list.
- Mobile application rating: We calculated the average mobile application rating for each bank using ratings from the App Store and Google Play. We rewarded online banks that had a higher average mobile application rating.
- Free ATM access: Banks with larger networks of surcharge-free ATMs ranked higher on our list than those that did not offer free ATM access.
- Customer service: Top picks offer customers three ways to get in contact: Chat support, phone, and email. Among the three options, we gave phone support the most weight.
- Security: As online banks, digital security is of utmost importance. We evaluated which institutions offer two-factor authentication (2FA) and have been free of data breaches within the past five years.
Note that the account requirements, fees, and perks offered by these online banks may be available for limited time periods. Interest rates are subject to change at the discretion of the bank, which could impact how much interest you earn. All the banks on this list are insured by the FDIC.
SoFi disclaimers
1
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet
2
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not receiveda cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults)and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
3
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
4 0.70% Savings APY Boost
Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
