Best Online banks in America in 2020.

Online banks are not the most convenient in today’s times. You give up on the traditional Brick and Mortar models of bankings. In return, you get high-interest rates and low charges as overhead costs of banks are saved. Mostly all banks have almost NO maintenance fees. So we are just considering the APY’s and their USP’s. You also get technology advantages with these banks. Certainly, we analyzed various datapoints and came up with the best Online Saving and Checking account options. We focused more on low fees and high APY’s.

Bank name APYUSP/Additional Details
1.25%You can get the maximum APY by having a minimum $1000
deposit and a minimum 3$ spend fifteen times a month. Great
reward schemes for their checking account too.
CIT Logo1.70%Best Saving account, Good products for CD and Money
market accounts as well. The best recommended for
Savings account.
0.10%Is a good combination for Checking accounts, offers competitive
interest rates along with great rewards. Also, has an awesome ATM
reimbursement program.
0.10%Has a low maintained Checking account, a fair APY, great ATM re-reimbursement program! It has a network of more than 43000 surcharge-free ATM network.
Discover BankN/ADiscover bank has great Cashback schemes and one of the biggest ATM networks.
You can access more than 60000 free ATM’s across the country.

Best Online Banks of America.

Best National Banks, Chase Bank

Axos: You can get the maximum APY by having a minimum $1000 deposit and a minimum 3$ spend fifteen times a month. Great reward schemes for their checking account too.

  • Monthly Charges: None.
  • Special Features: Great APY, Awesome Reward schemes, Huge ATM network with ATM fee reimbursements.
  • Notable points: To get the best APY you need to deposit $1000 minimum monthly basis. You also, need to spend minim $3 for 15 transactions in a month too.

best online banks,
CIT Logo
CIT Bank

Best Saving account, Good products for CD and Money market accounts as well. The best recommended for Savings account.

  • Monthly Charges: None.
  • Special Features: Great APY for Savings account. (No Checking accounts) Special features for CD and Money market accounts as well.
  • Notable points: It’s an online-only bank. No access to ATM’s. A minimum deposit of $100 to get the best APY for your savings account.
Best Online banks

Radius Bank: Is a good combination for Checking accounts, offers competitive interest rates along with great rewards. Also, has an awesome ATM
reimbursement program.

  • Monthly Charges: None.
  • Special Features: Competetive interest rates for Checking accounts, along with the best ATM fees reimbursements. Rewards up to 1% for its Money market accounts. Also, does not charge out of network ATM fees.
  • Notable points: But, you need a minimum of $2500 deposit in your account to take advantage of the Cashbacks, rewards and ATM services.

best online banks

ALLY Bank: Has a low maintained Checking account, a fair APY, great ATM re-reimbursement program! It has a network of more than 43000 surcharge-free ATM network.

  • Monthly Charges: None.
  • Special Features: Is again an Online-only bank. Has a huge network of more than 43000 Surcharge-free ATM’s. Competitive interest rates for its Checking accounts.
  • Notable points: Customers must either choose from a direct deposit, online transfer or wire transfer or money order and do a mobile check deposit.
Best Online banks,
Discover Bank
Discover Bank Logo

The bank has great Cashback schemes and one of the biggest ATM networks.
You can access more than 60000 free ATM’s across the country.

Open Account Here.

  • Monthly Charges: None.
  • Special Features: Has a network of more than 60000 ATM’s for free. You can earn Cashback on your Checking accounts. Can make up to 1% on your qualifying debit card purchases. The bank also has a high yield Savings account schemes as well.
  • Notable points: Just have one physical branch, so its as good as an Online-bank only.
What is an Online Bank?

An online bank is one which operates exclusively online. These banks don’t have physical branches. These banks may have a chain of networks of ATM’s but no physical people branch experience like other banks. They tend to low fees and high-interest rates. The only wat to communicate with them would be Via Phone Calls, internet banking, online chats, texts or emails.

Are online banks safe?

Yes, the FDIC insurance is the same for online banks and also the traditional Brick & Mortar banks too. You get the same services as a physical branch just everything is managed via a different mode of communication. The only thing you need to make sure it is a legitimate financial institution and insured by the FDIC. It gives you more security by managing everything digital and also saving you on Paperwork and documentation.

How do Online banks work?

Everything is managed using online transactions, phone calls, email, mobile apps or any online facility availed by the bank. A lot of banks also offer ATM networks to help you with some of your needs. That depends on your requirement and the bank you choose. Everybody has to decide on their needs and take a decision accordingly.

How to choose the Best Online banks?

Moreover are some Important points which you can consider:

  • Check the Fees details.
  • Check the Interest Rates offered. (APY)
  • Look for your branch convenience and financial product needs.
  • The technology offered from the banks.
  • Fine Tuned details for each bank.
  • See if you need ATM services or no?
  • FDIC Insured.

In Conclusion: Finally, it usually is a personal choice to choose a bank as per your custom requirement. Hopefully, the above information will help you choose the Best Online Banks for America. But, if you don’t have a rigid physical bank requirement, an online bank would be a good option for you because of the lucrative interest rates and almost zero maintenance charges. Also, here are the Best National Banks of America for your reference.