15 Best Online Banks of 2025

13 min read

Gone are the days when you have to leave your home and drive to a local branch to deposit a check or pay a bill. Thanks to digital banking, you can perform just about any banking task from anywhere with an internet connection, and avoid the hassle that’s typically associated with traditional banking.

There is no shortage of online banks on the market. While this is a plus, it can also make it very difficult to find a digital bank that checks off all your boxes.

To make the process easier, we’ve compiled this list of the best digital banks for 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.

1. Current

Current is a financial technology or fintech company with no hidden fees or monthly fees on its standard account and teen account.

is a fintech company that offers a low-friction banking experience with no hidden fees, no monthly fees, and no minimum balance requirements on its standard or teen accounts.

There are no money transfer or overdraft fees, and you can withdraw cash at over 40,000 Allpoint ATMs nationwide.

With the 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 by using your debit card at participating retailers, which can be redeemed for cash or items in the Current Shop.

Cash deposits are quick and easy, too—just head to one of over 60,000 supported retail locations, including Walmart and CVS.

Learn more: Current Review

2. Chime

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 60,000 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 saving 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.

Learn more: Chime Review

3. Stash

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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.

4. SoFi

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.

Learn more: SoFi Review

5. GO2bank

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.

Learn more: GO2bank Review

6. Upgrade

Upgrade is a leading fintech company that partners with Cross River Bank to offer innovative banking solutions without the typical fees associated with traditional banks.

The Upgrade Rewards Checking Plus account features no monthly maintenance fees, overdraft fees, or transfer fees, and it requires no minimum balance to maintain the account.

One of the key benefits of Upgrade is its competitive 4.02% APY on savings, and all accounts are FDIC-insured up to $250,000. In addition, you can earn up to 2% cash back on everyday debit card purchases, helping you save while you spend.

Customers also benefit from early direct deposit, which gives you access to your paycheck up to two days earlier than usual.

With its user-friendly mobile app, available on both iOS and Android platforms, Upgrade makes it easy to manage your finances anytime, anywhere.

Learn more: Upgrade Review

7. Ally

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.

Learn more: Ally Bank Review

8. Discover Bank

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.

Learn more: Discover Bank Review

9. Bluevine

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.

10. Barclays

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.

11. Synchrony Bank

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.

12. Vio Bank

Vio Bank is the online division of MidFirst Bank, offering high-yield savings and CDs with competitive rates and low minimums.

The High Yield Online Savings account requires just $100 to open and earns a strong APY across all balances.

Vio also offers CDs with terms from six months to 10 years, with a $500 minimum deposit and no monthly fees.

The mobile app is simple but functional, offering features like mobile check deposit, account alerts, and digital statements.

While Vio Bank doesn’t offer a wide range of products, its high APYs and minimal requirements make it a solid choice for savers.

13. Bread Savings

Formerly Comenity Direct, 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.

14. Varo Bank

Varo Bank is an online bank with its one bank charter. With Varo, you can opt for a fee-free checking account that comes with a Visa debit card.

Even though it doesn’t pay interest, it does allow you to receive direct deposits up to two days early. Varo also offers a savings account with competitive interest rates.

In fact, these are some of the highest APYs we’ve seen in the digital banking industry. The only drawback is that you must open a Varo checking account to take advantage of its savings account.

If you’re looking for a basic, no-frills online checking account and online savings account, high interest rates, or an account that doesn’t charge monthly fees, a Varo bank account should be on your radar.

Learn more: Varo Bank Review

15. iGObanking

The online division of New York-based Flushing Bank, iGObanking provides several banking products to accommodate various needs.

You can open the iGOchecking with only $1 and don’t have to worry about monthly maintenance fees or minimum balance requirements.

Since it’s a part of the Allpoint ATM network, you can make fee-free withdrawals at more than 40,000 ATMs nationwide.

There’s also the iGOsavings which doesn’t require an opening balance and yields flat APY on all balances. Other iGObanking you might want to explore include the iGOmoneymarket, iGOcd, and iGOira.

You can also take advantage of P2P Payments, which makes it easy to transfer funds from your account to third-party recipients.

woman on smartphone

What is a digital bank?

Also known as an online bank, a digital bank is one that operates mostly or entirely online. Unlike traditional financial institutions with brick-and-mortar locations, digital banks let you handle all of your financial services virtually.

Whether your goal is to transfer funds from your savings account to your checking, check your account balance, or anything in between, there’s a good chance you can accomplish it through digital banking. Compared to a traditional bank, an online bank has less overhead expenses and can therefore pass the savings on to you through minimal to no fees.

Pros & Cons of Online Banks

Just like all financial solutions, digital banks come with benefits and drawbacks that you should consider before you ditch your accounts at a traditional bank.

Pros

  • Fewer fees: Online banks typically don’t have to maintain physical branches. This enables them to offer banking products with low or even no fees. Many online banks advertise no monthly fees, no overdraft fees, and no ATM fees, for example. Their lower fee structure can save you a significant amount of cash over time.
  • Higher rates: If you open an online savings account and do your banking online, you can expect higher annual percentage yields or APYs than you’d get at a traditional bank. You may also enjoy higher rates on checking account balance and other types of accounts, like money market accounts and certificates of deposits (CDs).
  • Easy access: Chances are you lead a busy life and don’t have to schedule an appointment with a teller and drive to a local bank. The good news is you can access your online bank account at any time. It’s available for you round-the-clock.
  • Extras: Many online banks offer extra conveniences you may find useful. Some examples include mobile apps, early payday deposit, budgeting tools, automated savings features, and easy fund transfers.

Cons

  • No physical locations: If in-person support is important to you, you might consider the lack of branches a downside. While most digital banks offer customer service via online chat, phone, and social media, face-to-face meetings are uncommon.
  • Can be difficult to deposit cash: To deposit cash in a traditional bank account, you can drive to a nearby branch and hand it over to a teller. With a digital bank, however, cash deposits are a greater challenge. Some online banks make depositing cash impossible, while other banks let you do so through an ATM or third-party service, such as Green Dot.
  • Fewer options: Some online banks offer a limited selection of products. For example, you might find checking accounts and savings accounts but no certificates of deposit (CDs), loans, insurance, and brokerage accounts. This can be an issue if you prefer a one-stop-shop experience.
  • Technical glitches: The reality is that technology doesn’t always work flawlessly. While technical problems are rare with digital banks, they do exist. For this reason, it’s wise to open a backup account at a traditional bank and always keep some emergency cash on hand.

Are online banks safe?

If you’re new to the world of online banking, you might wonder if digital banks are safe. In short, any online bank that’s insured by the Federal Deposit Insurance Corporation or FDIC is safe. FDIC insurance means that if your bank fails or shuts down for any reason, the FDIC will give you the money in your accounts.

In most cases, you’ll get up to  $250,000 for an individual account and $500,000 for a joint account. To determine if a digital bank is insured by the FDIC, check their website or look for them on the FDIC website.

If you choose a credit union with digital banking services, you can receive the same type of protection from the National Credit Union Administration or NCUA. It’s a good idea to choose from online banks FDIC insured.

Bottom Line

If you’d like to manage your banking needs online, a digital bank can be a solid choice. While you won’t be able to visit a branch for in-person service, you can lock in competitive interest rates and enjoy the convenience of banking from anywhere at any time.

Additionally, you may be able to avoid some or all of the fees most brick-and-mortar banks charge. Before you decide on an online bank, be sure to explore all your options and weigh the pros and cons of each.

Frequently Asked Questions

What are the best online banks?

When searching for the best online banks, you need to consider what features are important to you. Are you looking for ATMs that are easily accessible from your home or work? Are you seeking a high-interest savings account with the best APY? Or maybe you’d like to get your paycheck two days earlier.

You can find online banks that provide all of these features on our list above.

What does digital banking mean?

Digital banking is when you handle all your financial services digitally. You depend on online tools to make deposits, monitor your deposit accounts, and more.

What is the most popular digital bank?

Ally Bank is known as the oldest and most popular bank in the U.S. It offers a wide array of checking accounts, saving accounts, money market accounts, CDs, and more.

How do I choose a digital bank?

Our list of the best online banks is a great place to start. Consider your goals and preferences to determine the right online banking solution for your situation.

Anna Baluch
Meet the author

Anna is a freelance personal finance writer from Cleveland, OH. She enjoys helping people make smart financial decisions.