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Banking has changed more in the last decade than in the century before it. In 2025, online banks are offering record-high savings rates, zero monthly fees, and mobile apps packed with features that traditional banks just can’t match.
Instead of waiting in line at a branch, you can deposit checks, pay bills, and move money instantly from your phone. Many digital banks even offer perks like early direct deposit, credit-building tools, and cashback rewards—making them more than just a place to park your money.
With so many options out there, finding the right fit can feel overwhelming. To help, we reviewed the top providers and put together this list of the 15 best online banks of 2025.
15 Best Online Banks
Whether you’re looking for robust investment options, minimal fees, or strong interest rates, you’re sure to find a bank in our list that meets your needs.
SoFi is a financial services company and brokerage that operates online. Its flagship banking product is the Checking and Savings account.
While this is a combined account, your money will earn up to 3.80% APY on savings and 0.50% APY on checking accounts, as long as you set up direct deposit.
In addition, SoFi provides two days early direct deposits and doesn’t charge monthly maintenance fees or overdraft fees.
The online bank’s product lineup goes beyond banking services. It includes private student loans, student loan refinancing, personal loans, mortgage loans, investing products, credit cards, and insurance.
As a SoFi customer, you can enjoy member benefits, such as complimentary career coaching, invites to happy hours and other events in your local area, and discounts on estate planning.
Current is a fintech company that offers a simple, low-cost banking experience with no hidden fees, no monthly fees, and no minimum balance requirements on its standard or teen accounts.
You won’t pay money transfer or overdraft fees, and you’ll have access to over 40,000 Allpoint ATMs nationwide.
Current also pays up to 4.00% APY on savings balances, making it one of the stronger options for growing your money while avoiding unnecessary fees.
With its Credit Builder feature, you can build credit just by using your debit card for everyday purchases—no borrowing or credit checks required.
You can also earn points when you use your debit card at participating retailers, which can be redeemed for cash or items in the Current Shop.
Cash deposits are supported at more than 60,000 retail locations, including Walmart and CVS.
Stash is a mobile-first online bank that combines simplified banking with investing and financial tools—all in one app.
It doesn’t use ChexSystems or pull your credit report, making it accessible for people who’ve had trouble getting approved at traditional banks.
The account includes direct deposit with early paycheck access, no overdraft fees, and Stock-Back® rewards, which let you earn fractional shares of stock every time you spend with your debit card.
You’ll also have access to more than 55,000 fee-free ATMs through the Allpoint® Network.
Everything is managed through the Stash app, where you can track spending, set savings goals, and invest in stocks or ETFs.
Chime® is a neobank and fintech company that doesn’t charge any fees, including monthly fees, overdraft fees and minimum balance fees.
The only fee you might have to pay is an out-of-network ATM fee.
You can easily avoid ATM fees, as Chime has a broad ATM network with over 47,000 ATMs1 nationwide. If you opt for a Chime checking account, you’ll get a Visa debit card and won’t have to pay a replacement fee if you lose.
There’s also the SpotMe®5 feature, which allows for fee-free overdrafts. Plus, you can round up9 your debit purchases and transfer them into the Chime high-yield savings account to meet (or even exceed) your savings goals.
Additionally, Chime offers early direct deposits2 and an intuitive mobile app you can use on your iOS or Android device.
GO2bank is an online bank from Green Dot that offers a streamlined banking experience with features designed for convenience and accessibility.
There are no monthly fees with eligible direct deposit, no minimum balance requirements, and full access through a user-friendly mobile app.
Customers can deposit checks, pay bills, and manage their accounts from any iOS or Android device. The account also includes access to over 19,000 fee-free ATMs nationwide.
Early Pay lets you receive your paycheck up to two days early, and savings balances up to $5,000 earn a competitive 4.50% APY. GO2bank also offers a secured credit card to help build or improve your credit score.
Additional features include mobile wallet compatibility with Apple Pay, Google Pay, and Samsung Pay, plus the ability to lock or unlock your debit card directly in the app.
Upgrade is a fintech company that partners with Cross River Bank to provide a modern, low-cost banking experience.
Its Rewards Checking Plus account has no monthly maintenance fees, overdraft fees, or transfer fees, and there’s no minimum balance requirement.
A standout feature is the ability to earn up to 2% cash back on everyday debit card purchases, something few online banks offer.
Savings balances earn a competitive 3.42% APY, and all accounts are FDIC insured up to $250,000. Customers also benefit from early direct deposit, which lets you access your paycheck up to two days sooner than traditional banks.
Upgrade’s mobile app, available for both iOS and Android, is designed for ease of use with tools for tracking spending, managing deposits, and monitoring rewards.
Combined with its strong rates, cashback program, and fee-free structure, Upgrade is a solid choice for anyone looking to get more value out of everyday banking.
Ally Bank is a full-service online bank offering checking, high-yield savings, CDs, and money market accounts.
There are no monthly maintenance fees or minimum balance requirements.
In addition to everyday banking, Ally provides auto loans, mortgages, and investment services, including robo-advising and personalized wealth management.
Customers get free access to over 43,000 Allpoint ATMs nationwide. If you use an out-of-network ATM and get charged a fee, Ally will reimburse you up to $10 per month.
Most people know Discover for its credit cards, but it also offers a checking account with cash back rewards and no monthly fees.
You’ll earn 1% cash back on up to $3,000 in debit card purchases each month, making it one of the few online checking accounts that rewards everyday spending.
Discover also offers a high-yield savings account, money market account, and CDs with terms ranging from three months to 10 years—all with no minimum deposit requirements.
You’ll get access to over 60,000 fee-free ATMs, and the Discover mobile app is highly rated for its ease of use and functionality.
It’s available on both the Apple App Store and Google Play. Customer service is available 24/7, including holidays, for help whenever you need it.
For digital business banking, Bluevine is a strong option.
It offers a single business checking account with an impressive APY, as long as you meet monthly activity requirements.
To qualify for interest, you’ll need to either spend a set amount with your Bluevine Business Debit Mastercard or receive enough in customer payments via ACH, wire, mobile deposit, or payment processors.
Bluevine also offers a business line of credit up to $250,000. You can withdraw what you need, when you need it, and you’ll only pay interest on the amount you borrow—not the full credit limit.
It’s a flexible solution for managing cash flow and covering business expenses.
Barclays is a financial service company that serves U.S. customers with a few online deposit products.
With a Barclays online savings account, you can expect a high annual percentage yield.
Additionally, there’s no minimum deposit requirement, and you don’t have to pay monthly service fees.
Barclays also offers CDs with terms ranging from three months to five years and co-branded credit cards with cash back and other rewards.
At this time, the digital bank does not provide online checking accounts. You can download the mobile app to manage your financial accounts and credit cards round-the-clock.
Synchrony Bank is an established online bank offering a high-yield savings account with no minimum balance requirement.
You can also open a money market account with check-writing privileges or choose from CDs with terms ranging from three months to five years—none of which require a minimum deposit.
While Synchrony doesn’t offer checking accounts, it does provide individual retirement accounts (IRAs) for long-term investing.
The bank also features a perks program that rewards loyalty. Customers earn benefits based on their deposit amount and how long they’ve held an account, including travel and lifestyle discounts across all reward tiers.
Bread Savings is an online-only bank with a high-yield savings account and certificates of deposit with terms ranging from one to five years.
At this time, there are no checking accounts or ATM networks. Bread’s credit card offerings, however, include the Bed Bath & Beyond® Mastercard® Credit Card, David’s Bridal Credit Card, and the IKEA® Projekt Credit Card.
If you prefer a card that isn’t co-branded, you can opt for the Bread Cashback™ American Express® Card, which offers unlimited 2% cash back on all purchases.
For great interest rates and a straightforward banking experience, Bread Savings can be a good choice.
Varo Bank is one of the first fintechs to receive a national bank charter, giving it the ability to offer full-service digital banking under its own name.
Customers can open a fee-free checking account with a Visa debit card and no minimum balance requirements.
Direct deposits arrive up to two days early. Varo’s savings account also pays some of the highest APYs in online banking—up to 5.00% APY if you meet monthly activity requirements, with a solid base rate otherwise.
For anyone looking for a simple checking option paired with a high-yield savings account, Varo stands out as one of the most competitive choices in 2025.
iGObanking is the online division of New York–based Flushing Bank, offering a range of accounts designed for everyday banking and saving.
The iGOchecking account can be opened with just $1 and has no monthly maintenance fees or minimum balance requirements.
As part of the Allpoint network, you’ll have access to over 40,000 fee-free ATMs nationwide.
The iGOsavings account requires no opening balance and pays a flat APY on all balances. iGObanking also offers money market accounts, CDs, and IRAs for customers seeking additional options.
Peer-to-peer (P2P) payments are included as well, making it simple to transfer money to friends, family, or other recipients.
What is a digital bank?
A digital bank—often called an online bank—operates primarily through the internet rather than physical branches. All your banking tasks, from checking balances to paying bills, can be handled through a website or mobile app.
Because online banks don’t carry the expense of maintaining branches, they can pass those savings along to customers. That usually means lower fees, higher interest rates, and extra features that make managing money more convenient.
Pros & Cons of Online Banks
Like any financial service, online banks have strengths and weaknesses. Here are the main points to weigh before moving your money entirely online.
Pros
Lower fees: Without the cost of physical branches, online banks can pass the savings on to customers. Many accounts have no monthly fees, no overdraft fees, and free access to large ATM networks.
Higher rates: Online savings accounts often pay far more than traditional banks. Many also offer competitive rates on checking, money market accounts, and certificates of deposit (CDs).
24/7 access: You can log in anytime to pay bills, transfer money, or check balances without visiting a branch. Everything is handled through mobile apps or online dashboards.
Extra features: Many digital banks go beyond the basics with perks like early direct deposit, automated savings tools, cashback rewards, budgeting features, and debit-card credit building.
Cons
No in-person service: If you value face-to-face interactions, the lack of branches can be a drawback. Most online banks rely on phone, chat, or email support instead.
Cash deposits can be tricky: Some banks don’t accept cash at all. Others require you to deposit through specific ATMs or partner retailers, which may charge small fees.
Limited product lineup: Not all online banks offer loans, investment accounts, or insurance. If you want everything under one roof, a traditional bank may be more convenient.
Technology issues: Outages and app glitches are rare but possible. It’s smart to keep a small backup account at a local bank and some emergency cash on hand.
Are online banks safe?
Yes—online banks are safe as long as they’re insured by the Federal Deposit Insurance Corporation (FDIC). FDIC insurance protects your deposits if the bank fails, covering up to $250,000 per depositor for individual accounts and $500,000 for joint accounts.
To confirm whether a digital bank is FDIC insured, check the bank’s website or search the FDIC’s database directly.
If you open an account at a credit union instead, your money can be insured through the National Credit Union Administration (NCUA), which provides the same level of protection. Beyond insurance, most online banks also use encryption, biometric logins, and real-time fraud monitoring to keep accounts secure.
Bottom Line
Online banks offer convenience, higher savings rates, and lower fees than most traditional banks. You won’t get face-to-face service at a branch, but you will gain 24/7 account access, strong mobile tools, and often faster access to your money.
If you’re comfortable managing your finances digitally, an online bank can be an excellent choice. Just make sure to compare APYs, fees, and features before deciding which one best fits your needs.
Frequently Asked Questions
Do online banks offer mobile check deposit?
Yes. Most online banks let you deposit checks by snapping a photo through their mobile app. Deposit limits can vary by bank, so it’s worth checking the rules for your account.
Can I get a loan or credit card from an online bank?
Some online banks stick to checking and savings accounts, while others also offer personal loans, credit cards, and even mortgages. Banks like SoFi, Ally, and Discover provide a wider range of products.
How do I deposit cash into an online bank account?
Since digital banks don’t have branches, cash deposits are usually handled through partner retailers, ATMs in a network, or third-party services like Green Dot. Some banks don’t allow cash deposits at all.
Do online banks have customer service?
Yes. While you won’t be able to walk into a branch, most online banks offer support by phone, live chat, or email. Some also provide extended or 24/7 service hours.
Can I open an account at more than one online bank?
Absolutely. Many people use multiple online banks to take advantage of high savings rates, rewards, or special features. Just be sure to keep track of your accounts so you don’t miss payments or balances.
