How we make this list: we compare pricing pages, product documentation and public user reviews. Ratings come from G2, Capterra or Trustpilot, with the date we checked them.
Key takeaways
- Ally, SoFi and Discover suit readers who want a fully online bank with competitive savings rates and no branches to visit.
- Capital One suits readers who want online banking from a large bank with some physical locations, while Marcus suits savers who want a simple, focused online bank.
- Axos and EverBank suit readers who want online checking and savings with varied account options, while Varo suits readers who want a mobile-first bank account.
- This is general information only, not financial advice. Savings rates change often, so confirm the current rate and terms on the bank page before opening an account.
Quick comparison
| Tool | Best for | Starting price | Free plan |
|---|
 Ally Bank | Online savings goals | Free | Yes |
 Capital One | Large bank online | Free | Yes |
 SoFi | Banking plus investing | Free | Yes |
 Discover | Cashback banking | Free | Yes |
 Marcus | Simple online savings | Free | Yes |
 Axos Bank | Varied online accounts | Free | Yes |
 EverBank | Online checking and savings | Free | Yes |
 Varo Bank | Mobile-first banking | Free | Yes |
Is your product missing or out of date?
We review this list regularly. Vendors can request a listing, send updated pricing or ask about featured placement.
The best online banking apps
Starting priceFree
Free planYes
Ally Bank is built for online banking from the start, with no branches and a clean app for checking, savings and investing. Savings buckets let a reader split one savings account into labeled goals, while round-ups move spare change into savings automatically. Rates on savings tend to beat large branch banks, although they move with the market. For a reader who banks mainly on a phone and wants organized savings, Ally is a top pick.
Branch access is absent, so cash deposits and in-person help work differently than at Chase or Bank of America. Most daily tasks work well online, but a reader who deposits cash often should check ATM options first. For fully online banking with strong savings tools, Ally remains a leader.
What we like- No monthly maintenance fees on many accounts
- Savings buckets for goals
- Round-up savings tools
Watch out for- No branches
- Cash deposits work through ATMs and other methods rather than a teller
Starting priceFree
Free planYes
Capital One offers online banking backed by a large bank, with a highly rated app and a wide fee-free ATM network. Checking and savings accounts carry no monthly fee in many cases, and the app covers cards, spending views, alerts and card locks in a clear layout. Capital One Cafes in some cities give a physical option, although they differ from full branches. For a reader who wants a large bank with a strong online experience, Capital One balances both worlds.
Branch coverage is thinner than Chase or Bank of America, so a reader who visits branches often should check local options. Savings rates also differ by product, so compare the exact account. For online-first banking with a large bank behind it, Capital One is a safe choice.
What we like- Highly rated app
- Large fee-free ATM network
- Checking, savings and cards in one app
Watch out for- Branch footprint is smaller than Chase
- Savings rates vary by product
Starting priceFree
Free planYes
SoFi suits a reader who wants banking, saving and investing under one login. Checking and savings sit alongside investing, loans and credit tools, which cuts the number of apps a household must manage. Early direct deposit and vaults for goals help with daily money habits, and savings rates are often competitive with other online banks. For a professional who already invests, that single-app view saves time.
Rate tiers may depend on direct deposit, so the headline savings rate may not apply to every account. SoFi also has no branches, which matters for cash handling. If you are comfortable banking online and you want investing in the same place, SoFi earns its place on the shortlist.
What we like- Checking, high-yield savings and investing in one app
- Early direct deposit
- Vaults for goals
Watch out for- Savings rate tiers may depend on direct deposit
- No branches
Starting priceFree
Free planYes
Discover suits a reader who wants simple online banking with cashback on debit spending. The cashback debit account pays back a share of purchases, which adds up for a reader who spends mainly by debit. There are no monthly fees on many accounts, and the app includes card freeze, alerts and a free FICO score view. That simplicity appeals to a reader who does not want to track fee waivers.
Branch access is absent, and the ATM network, while large, is smaller than Chase or Bank of America. Discover also offers fewer account types than a full-service bank. For straightforward online banking with cashback, Discover is a strong value pick.
What we like- No monthly fees on many accounts
- Cashback debit rewards
- Card freeze and FICO score tools
Watch out for- No branches
- Smaller ATM network than the largest banks
Starting priceFree
Free planYes
Marcus, from Goldman Sachs, suits a saver who wants a simple online bank without complexity. High-yield savings and certificates of deposit are the core products, with no fees on many accounts and a clean app for managing balances and transfers. That focus appeals to a reader who wants a safe place for savings and does not need a full checking and card suite from the same bank.
The product range is narrower than Ally or SoFi, since Marcus historically lacks a full checking account in most offers, so many savers pair Marcus with another bank for daily spending. Rates also move with the market. For simple, focused online saving, Marcus is a trustworthy choice.
What we like- Simple online savings and CDs from Goldman Sachs
- No fees on many accounts
- Clean app
Watch out for- No checking account in most offers
- Product range is narrower than full-service banks
Starting priceFree
Free planYes
Axos Bank suits a reader who wants variety in online accounts. Checking options include rewards and cashback styles, savings accounts cover different goals, and business accounts are available for small firms. That range helps a household or a freelancer find an account that fits spending habits, rather than accepting a single standard account. The app covers mobile deposits, bill pay and alerts for daily use.
Fee waivers, rate tiers and minimums vary by account, so a reader must compare the exact product rather than the brand. There are no branches, so cash handling works through ATMs and transfers. For varied online account choice, Axos offers more options than most online banks.
What we like- Wide range of online checking and savings accounts
- Rewards checking options
- Business accounts available
Watch out for- Fee waivers and rate tiers vary by account
- No branches
Starting priceFree
Free planYes
EverBank suits a reader who wants online checking and savings with competitive yields in a straightforward package. Money market accounts add flexibility for a saver who wants check-writing access alongside interest, while checking covers daily spending with mobile deposits and bill pay. The app is clean, and the product range covers the core needs of an online banking household without overwhelming choice.
Brand presence is smaller than Ally or Capital One, and branch access is limited, so a reader who wants a widely known bank may prefer a larger name. Rates also change with the market. For online checking and savings with solid yields, EverBank is a credible alternative.
What we like- Online checking and savings with competitive yields
- Money market options
- Straightforward app
Watch out for- Smaller brand presence than Ally or Capital One
- Branch access is limited
Starting priceFree
Free planYes
Varo Bank suits a reader who wants a bank account built for a phone from day one. There are no monthly fees on the main account, early direct deposit helps paycheck timing, and savings tools in the app encourage automatic saving. The app is simple, which helps a reader who finds large bank apps cluttered. For a mobile-first reader who wants a straightforward account, Varo is easy to start and use.
There are no branches, and the product range is narrower than Ally, SoFi or Capital One, with fewer lending and investment options in the same app. A reader who needs a full financial suite should pair Varo with another provider. For mobile-first everyday banking, Varo is a solid pick.
What we like- Mobile-first bank account with no monthly fees
- Early direct deposit
- Savings tools in the app
Watch out for- No branches
- Product range is narrower than full-service banks
How we chose
We compared pricing pages, fee schedules, app features and public reviews for online banks serving US readers. We looked for free or waivable fees, savings rates, ATM access, app tools such as alerts and card locks, and clear terms for direct deposit and overdraft. We did not claim hands-on testing, and we treated savings rates as snapshots that change, so readers should confirm the current rate before opening an account.
What to check before you open an online account
Start with how you handle cash. If you deposit cash often, an online-only bank may frustrate you, since deposits work through ATMs, retail partners or transfers rather than a teller. If you rarely handle cash, an online bank often pays more on savings and charges fewer fees. Check the fee schedule for the exact account, since waivers and tiers differ by product.
Next, look at overdraft, direct deposit and transfer limits. Some online banks charge for overdrafts while others do not, and transfer times to an outside bank can take a day or more. Finally, confirm FDIC insurance for the bank holding the deposit, and keep a record of the rate and terms on the day you open the account. A short checklist now prevents surprises later.
Frequently asked questions
Is online banking safe?
Yes, when you use the official app, with biometric login, alerts and card lock turned on. Deposits at the banks in this list are generally FDIC insured up to the legal limit through the bank itself or partner banks, but confirm insurance for the exact account you open.
Which online bank pays the most interest?
Online banks such as Ally, SoFi and Marcus often pay more on savings than large branch banks, but rates change with the market and may depend on direct deposit. Check the current rate on the bank page on the day you apply.
Can I deposit cash with an online bank?
It depends on the bank. Some online banks accept cash through ATM networks or retail partners, while others require a transfer from another bank. Check cash deposit options before opening an account if you handle cash regularly.
Do online banks have branches?
Most online banks in this list have no branches, although Capital One operates cafes and limited locations in some cities. If branch visits matter to you, a large branch bank may suit you better than a fully online bank.
Can I switch to an online bank without missing payments?
Yes, in most cases. Open the new account first, move direct deposit and automatic payments over one at a time, and keep the old account open for a month to catch missed payments. Then close the old account once all transfers have cleared.
Sources we checked (8)
- https://www.ally.com
- https://www.capitalone.com
- https://www.sofi.com
- https://www.discover.com
- https://www.marcus.com
- https://www.axosbank.com
- https://www.everbank.com
- https://www.varo.com
Is your product missing or out of date?
We review this list regularly. Vendors can request a listing, send updated pricing or ask about featured placement.
Shihab Mia · Founder, Rankite
Shihab has 5+ years in B2B and SaaS SEO. He writes Rankite's software buying guides from pricing pages, documentation and public user reviews. More about Shihab.