Last Updated: October 2024

Best Online Banking Services of 2024

Manage your money with the top online bank accounts available. Simply compare, click, and get started today.


What’s on This Page?

  1. Best online banks 2024 (above)
    2.
  2. What Is Online Banking?
  3. How Does Online Banking Work?
  4. Is Online Banking Right for You?
  5. Types of Bank Accounts
  6. What Is the Best Online Bank?
  7. What Is APY?
  8. How to Open an Account
  9. Are Online Banks Safe?
  10. FAQ

What Is Online Banking?

Online banking gives customers the ability to manage finances and conduct transactions over the internet. Accounts can be accessed anywhere, anytime, typically through computers or mobile banking apps.

Offering online services can lower a bank’s operating costs, which often results in lower fees and higher returns for customers. Nowadays, many banks, credit unions, and financial institutions offer a blend of traditional and online banking.

» Best Online Bank Reviews

How Does Online Banking Work?

With online banking, you can easily transfer money, use tools like Apple Pay / Google Pay, manage budgeting apps, deposit checks, and set up automatic bill payments or transfers—all from your phone or computer.

Online banks without any physical branches often partner with local convenience stores, drugstores, and provide a wide network of fee-free ATMs to meet your in-person banking needs, like handling complex transactions, large check deposits (usually $10k or more), or accessing cash.

Is Online Banking Right for You?

Online banking, aka digital banking or virtual banking, is a great fit for anyone looking for an easy way to manage their finances. As long as you have reliable internet access, online banking platforms are designed to be user-friendly and accessible regardless of your tech skills.

  • Manage your account 24/7 from anywhere with internet access
  • Enjoy low or no fees and reduce unnecessary expenses
  • Grow your savings faster with higher APY rates
  • Keep your funds and data secure with cutting-edge security and privacy monitoring technology
  • Access free budgeting and saving tools, financial planning resources, investment opportunities, and more
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Types of Bank Accounts

Choosing the right online bank account can benefit your financial health by helping you avoid fees and earn interest. Here's a breakdown of the various types:

Checking Account

A checking account is ideal for managing everyday expenses, with low or no ATM fees and easy access to funds through debit cards and online banking apps.

» Best Checking Accounts of 2024.

Savings Account

Savings accounts are designed for storing excess money and earning maximum interest, typically with stricter withdrawal and transfer limits.

» Best Savings Accounts of 2024.

Joint Bank Account

A joint bank account is ideal for couples, roommates, or business partners who want an account for managing shared funds. The best joint bank account should offer features like no fees, great security, and easy access to internet banking tools.

Online Bank Account Free

Free online banking accounts eliminate the costs associated with keeping an account open, like monthly maintenance charges and minimum balance requirements. Without these costs eating into your balance, free banking could help you save hundreds per year.

Online Bank Account No Fees

A checking account is ideal for managing everyday expenses. These accounts offer low or no ATM fees and easy access to funds through debit cards and online banking apps.

In most cases, free or no-fee accounts come with limitations that allow for reduced fees, such as not earning interest because the earnings are being used to cover the fees instead.

What Is the Best Online Bank?

The best online bank for you depends on your personal financial needs and preferences. Use these key factors to compare online banks and find the best option for your needs:

  1. Check for account fees like monthly maintenance charges or minimum balance requirements
  2. Consider additional costs like ATM fees or overdraft fees
  3. Compare customers’ experiences and read reviews to get an idea of the bank's reputation
  4. Explore several bank websites to view product offerings and any current promotions
  5. Look for extras and perks such as cash-back on debit purchases or cash bonuses
  6. Find accounts with high APY if growing your savings is a primary goal of yours
    7.

What Is APY?

APY measures the total amount of interest earned on an account over the course of a year, meaning the higher the APY, the more money you can earn.

To earn the highest possible interest, consider a high-yield savings account with rates averaging 3% to 5% (roughly 10x higher than a standard savings account).

How to Open a Bank Account Online

You can open a bank account online free of charge in 15 minutes or less. Simply visit the bank's website, fill out an application, agree to the account terms, and submit the required documents (driver’s license/ID card, Social Security number, and proof of address).

Approval for an online bank account often takes just a few minutes. If additional verification is needed, approval can take 1 to 2 business days. If you're new to banking and want to learn the basics before opening an account, learn more.

Are Online Banks Safe?

Online banks take account safety seriously, complying with federal regulations and undergoing strict security audits. The best online banks employ state-of-the-art encryption and advanced security technologies to safeguard your personal and financial information from unauthorized access.

Every account featured on our page is fully insured by the FDIC, meaning your funds are protected in the event of a bank failure. Practice good security habits to further protect your account by routinely updating passwords and monitoring account activity.

Disclaimers

Ratings Disclaimer: The star ratings of our teams are established by our editorial team, utilizing scoring formulas that consider various data points for each financial product and service.

Chime Disclaimers: 1 Fee-free ATMs Out-of-network ATM withdrawal and over the counter advance fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM. 2 Early Payday/Get Paid Up to Two Days Early Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date. 3 The Annual Percentage Yield ("APY") for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of September 5, 2024. No minimum balance required. Must have $0.01 in savings to earn interest.

SoFi Disclaimer: Direct Deposit Promotion begins on 12/7/23 and will be available through 12/31/24.

How We Rank?

Learn more about how findbanks.com rankings are determined.

Frequently Asked Questions (FAQ)

You can deposit and withdrawal funds into your online account, and manage bills using your bank's secure mobile app, website portal, or by visiting an ATM. To deposit funds into your account, you can transfer money from another account, deposit mobile checks by uploading images of the front and back, use ATMs, or set up direct deposits for recurring incoming payments. For withdrawals, you can transfer money to another account, use ATMs, or request an electronic transfer. Use your online account's automatic payments and bill notifications features so you never miss a payment.
In most cases, you can use your online bank account right away. Opening an online account is fast, often taking just 10 to 15 minutes. Approval is typically granted immediately after application submission, allowing you to create your account, login, and begin banking straight away. If additional verification is needed, approval can take an additional 1 to 2 days.
Yes, nearly all online banks provide free ATMs nationwide and/or automatic reimbursements for ATM fees. Most online banks partner with large ATM networks to provide easy access to ATMs no matter where you live. If you run into difficulty locating in-network ATMs, oftentimes the bank will reimburse any out-of-network ATM charges.
The best bank depends on your financial needs. First, determine whether a checking account for everyday transactions or a savings account to earn interest on your deposits is right for you. Then, look for banks that offer low or no fees. competitive interest rates, great customer reviews, and helpful digital tools to manage your finances easily.
Yes, online banks must adhere to strict government regulations and licensing requirements just as traditional banks must, and many provide the same level of FDIC insurance. Robust encryption and cyber-security keep your personal information safe, in a similar way that traditional banks keep their customer databases secure. Selecting a reputable financial institution is key to any safe banking, so be sure to carefully evaluate and compare banks before agreeing to any terms.
FDIC insured banks are financial institutions that are insured by the Federal Deposit Insurance Corporation (FDIC). This insurance protects deposits up to $250,000 per depositor, per bank, meaning, in the event a bank ever fails, your money is secure.