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In this post, we will check out the 10 best online banks in 2023.

Online banking has come a long way in recent years, with tons of companies providing free checking accounts that offer features that were not even possible a few years ago.

Nowadays, there are a plethora of benefits to signing up for an online bank account. Finding a good online bank is tough.

There are a lot of banks to choose from, and many of them have great marketing strategies that make it seem like they’re the best banks. But which ones really are?

If you’re in the market for a new bank account, there are a lot of banks out there — more than you can handle.

It can be not easy to come up with a list of reputable online banks that are worth considering. When choosing an online bank, look for one that offers the following features:

Choosing the best online bank is no easy task. You must consider the number of account holders, types of services provided, rates, and fees. It’s a lot to think about.

Here are the 10 best online banks to consider for opening bank accounts if you’re looking for top-notch services.

10 Best Online Banks of 2023

1 Alliant Credit Union

Alliant Credit Union does not need any introduction and tops the list of the 10 best online banks. The bank combines the best of both worlds which consists of comprehensive membership criteria and strong rates, with great tech venture.

Best for: Consumers who are keen to have high-yield checking and saving rates and an extensive ATM network.

Products offered: Checking accounts, savings accounts, and certificates

Monthly fees: None

Membership is available to current or former employees of Alliant’s U.S. partner businesses.

The bank also does not impose any monthly fees when you opt-in to receive e-statements. Alliant Credit Union proposes a miscellany of CD terms from 12 to 60 months.

Pros

• More than 80,000 free ATMs.
• Interest rates on checking and savings are great
• No overdraft fees.
• No monthly maintenance fees
• Lower minimum deposit requirements to open accounts

Cons

• No branches.

2 Ally

Ally Bank is another top online bank, it provides high interest with minimal fees due to saving money in overhead.

The bank also does not charge overdraft fees and provides compelling customer service options and is perfect for people who don’t require branch access for their banking.

Ally Bank is the best overall online bank and is well-known for its great rates, low fees, and user-friendly budgeting features.

This bank also proposes a vast display of products, which includes checking and savings to investing and loans.

Ally Bank does not impose any monthly maintenance fees on any accounts, and you don’t have to maintain a minimum balance to earn interest.

The Bank also offers investment and lending products, which is irregular for online banks. The products include managed investment portfolios, individual retirement accounts (IRAs), trading, mortgage loans, and personal loans.

Ally is known for online banking that’s why t does not have any physical branches. You even can’t deposit cash and also will not get an ATM card.

Its Online Savings Account delivers one of the highest interest rates if you compare the online banks. Ally also offers 24/7 customer service and an accessory of tools. Ally bank is number 2 on our list of 10 best online banks in 2023.

Best for: Those who want high-interest rates, minimal fees, and great customer support.

Pros

• No monthly fees and minimum balances
• Access to over 43,000 free ATMs via checking or money market accounts.
• The high-interest rate on savings.
• No overdraft fees.
• 24/7 customer support

Cons

• No cash deposits accepted

Monthly fees: None

3 Discover Bank

Discover’s checking account comes with a ton of perks which include no fees and a debit card that earns rewards.

The bank also offered a network of over 60,000 ATMs in the U.S. Discover Bank checking lets you earn cash back when you make qualifying debit card purchases each month.

The bank is not worthy for those customers who prefer to bank in person as the bank only has one physical branch.

Discover Bank is also known for not charging monthly maintenance fees or requiring any minimum balance.

Other than that they also don’t charge overdraft fees, card replacement, or expedited delivery fees.

The Discover mobile app makes has some features like transferring money through Zelle. However, you must remember that you won’t be able to make cash deposits, even though Discover Bank has a huge network of 60,000 U.S. ATMs. Discover Bank is number 3 in our list of 10 best online banks.

Best for: Customers who want high rates, checking benefits, and a lot more

Pros

• No monthly fees
• Cash back rewards checking account.
• High-interest rate
• Extensive ATM network.
• No minimum deposit requirements

Cons

• Only one physical branch
• No cash deposits accepted

Monthly fees: None

4 Bread Savings

Bread Savings offers high-yield savings account with no checking accounts. The high-yield savings account proposes a 3.50% APY and no monthly fees.

The customer needs a $100 minimum deposit to open. Bread Savings is an online bank, it doesn’t have any branches. Another important factor is that customers can withdraw cash by transferring it to a linked account.

Best: f the customer needs an online account with a solid APY.

Pros

• High-yield savings account.
• No monthly fees on savings or CDs.
• Good customer service

Cons

• No checking accounts
• High minimum opening balance for CDs.

Monthly fees: None

5 Varo Bank

Varo Bank is an online bank that surely surprises you with its features. The bank doesn’t charge monthly maintenance fees, and you don’t need to keep a minimum balance in your account.

Varo also makes it fairly easy for you to get cash due to its extensive network of 55,000 Allpoint ATMs surcharge-free—but there’s a $2.50 cash withdrawal fee for out-of-network ATM transactions. 

There’s no minimum deposit to open a saving account and no minimum account balance to maintain.

You are eligible to earn interest if you don’t have any money in the bank account. There are no branches, and cash deposits are only available via third-party retailers that charge fees. Varo bank is number 5 on our list of 10 best online banks in 2023.

Pros

• No monthly fees.
• Alluring savings APY
• Good customer service

Cons

• High-yield savings account only open to checking account holders
• Must meet conditions to qualify for the highest savings rate.
• 24/7 customer service is not available

6 Marcus By Goldman Sachs

Marcus is one of the biggest names in investment banking, extended its offerings which include consumer banking with the name of Marcus by Goldman Sachs.

Marcus doesn’t charge any fees for their Online Savings Account and thus making it one of the finest online banks with low fees.

You’ll also get a high-interest rate of 2.50% and unlimited no-fee withdrawals. Wire transfers and ACH transactions are also free.

The Marcus by Goldman Sachs is without a doubt one of the best High-Yield Online Savings Accounts.

Marcus even doesn’t charge any one-time fees to open a savings account, or any account maintenance fees, service fees, or transfer fees.

Monthly fees: None

Pros

• No monthly maintenance fees
• Low minimum deposit requirements
• 24/7 customer support

Cons

• No checking accounts
• No ATM network

7 Bask Bank

Bask Bank is an online-only bank which is based in Dallas. The bank is known for its offerings to two savings accounts, one that helps you earn interest and another that earns American Airlines AAdvantage® miles.

The interest account has a competitive savings rate and no fees for wire transfers. Its rating on the app store is also average.

There’s also no checking account or certificates of deposit, and no access to ATMs or branches.

Bask Bank delivers phone customer service six days a week: 7 a.m. to 7 p.m. Central time, Monday-Friday, and 9 a.m. to 4 p.m., Saturday. Bask bank is number 7 in our list of 10 best online banks in 2023.

Pros

• Competitive rate
• No monthly fees or minimum balance requirements.
• A variety of CD terms are available

Cons

• No checking account.
• No branch or ATM network.

Monthly fees: None

8 One

One Finance is an online-only nonbank financial organization that depends on a chartered partner bank to deliver FDIC insurance for customers’ deposits.

Its top feature is the power to arrange money in numerous sub-accounts that One calls “Pockets,” which you can pay for specific bills or save for your life goals.

One’s customers initiate with three Pockets which are known as Spend, Save, and Auto-Save.

Interest rates on Save and Auto-Save Pockets are quite higher if you compared them with the other ones however they don’t have their own ATMs.

Best for those who like to budget their money into various sub-accounts, and want to earn interest on their savings.

Pros

• No monthly maintenance fees or minimum balances.
• Customers can open numerous pockets to save for future goals.

Cons

• No physical branches.
• No certificates of deposit.
• No ATM network

9 Sofi

Financial services company SoFi gained came into prominence in 2022 when they launched a combination checking and savings account.

It started to be known for great rates, and no monthly fees. Sofi is not well or highly rated but still earns great ratings which show its growth as a financial service company.

SoFi Checking and Savings customers can earn up to 1.25% APY on all balances.

Best for: Those who want to high-interest rate.

Pros

• Competitive APY
• No monthly maintenance fees or overdraft fees.
• An extensive network of 55,000 ATMs.

Cons

• No physical locations
• Live chat support is available only for current customers

Monthly fees: None

10 Synchrony Bank

Synchrony offers high rates for online savings accounts, certificates of deposit, and no monthly fees.

The online-only bank focuses on savings as there’s no availability of checking account features.

There is also a money market account, which delivers more withdrawal options and also proposes credit cards.

customers earn an interest rate of 3.25% APY on all balances. The Bank associates with Accel to deliver more than 400,000 ATMs across all 50 states. Synchrony Bank is number 10 in our list of 10 best online banks in 2023.

Pros

• High rates on savings and CDs.
• No monthly fees.

Cons

• Limited branch presence

Monthly fees: None