- Online banks routinely pay 3% to 4%+ APY on savings, versus the 0.38% national average at traditional banks.
- Most online banks charge no monthly fees and no minimum balance requirements, since they skip the overhead of physical branches.
- A few banks on this list, like Marcus and American Express, offer high-yield savings only, no checking account.
- FDIC insurance applies the same way at an online bank as it does at a traditional one, up to $250,000 per depositor.
The national average savings account pays just 0.38% APY (FDIC, National Rates and Rate Caps data for August 2026). The online banks on this list pay 8 to 10 times that, sometimes more, for the same FDIC protection you’d get at a traditional branch bank.
We compared 9 of the best online banks for 2026 across savings rates, checking features, fees, and how easy each one is to actually use day to day.
How We Picked These Online Banks
We compared online banks across the market and narrowed the list to 9 using these criteria:
- No or low monthly fees. Every bank on this list charges $0 for its core checking and savings accounts.
- Competitive APY. We prioritized banks paying meaningfully more than the 0.38% national average, most well above 3%.
- FDIC insurance. Every bank here is FDIC-insured, either directly or through a partner bank, up to the standard $250,000 per depositor.
- Currently open to new applicants. We verified every bank on this list is still accepting new customers as of this writing. Discover Bank didn’t make the cut for exactly that reason.
- A real mobile and online experience. We favored banks with strong apps, since that’s the entire point of banking somewhere without branches.
- A mix of account types. Some banks on this list are savings-only, some bundle checking and savings, so this list works whether you want one account or a full relationship.
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Ally Bank
Ally is the online bank most people think of first, and it’s earned that reputation. There’s no monthly fee, no minimum balance, and no branches to worry about, since Ally built its entire experience around the online-only model from the start.
The standout feature is savings buckets: you can split one savings account into up to 30 labeled buckets (emergency fund, vacation, car repair) without opening separate accounts.
Ally also offers automated tools like round-ups and recurring transfers, which the bank says help customers grow their balance faster.
- Monthly fee: $0
- APY: 3.10% (savings), 4.00% (High-Yield CD)
- Minimum balance: $0
- ATM fee reimbursement: Available
- Best for: Organizing savings goals without juggling multiple accounts
Pros and Cons
SoFi
SoFi bundles checking and savings into one account, and the APY scales up in tiers depending on what you do. Set up direct deposit or deposit $5,000+ every 31 days and the rate jumps from a base 0.80% to 3.30%. New members get a temporary boost on top of that, up to 4.20% for the first 6 months.
New customers can also earn up to $400 depending on their direct deposit size. Access to more than 55,000 fee-free Allpoint ATMs rounds it out.
- Monthly fee: $0
- APY: 0.80% base, up to 3.30% with qualifying direct deposit, up to 4.20% for new members (6 months)
- Minimum balance: $0
- Welcome offer: Up to $400 with qualifying direct deposit
- Best for: The highest achievable savings account APY on this list, if you qualify for the top tiers
Pros and Cons
Capital One
Capital One 360 is the closest thing to a traditional bank on this list, minus the fees. It’s the only option here with physical locations (Capital One Cafes) if you ever want in-person help. It also has one of the largest fee-free ATM networks on this list, over 70,000 machines across Capital One, Allpoint, and MoneyPass.
The 360 Performance Savings account pays a solid rate, though checking earns barely anything, so plan to keep most of your balance in savings. You can also earn 4.30% APY on an 11-month Capital One CD.
- Monthly fee: $0
- APY: 3.10% (360 Performance Savings), 0.10% (360 Checking)
- Minimum balance: $0
- ATM network: 70,000+ fee-free ATMs
- Best for: The most branch-like experience of any bank on this list
Pros and Cons
Marcus by Goldman Sachs
Marcus is savings and CDs only, no checking account at all, but the rate is one of the strongest on this list without any hoops to jump through. No direct deposit requirement, no balance tiers, just a flat rate on every dollar from day one. Backed by Goldman Sachs, with same-day transfers available up to $100,000.
- Monthly fee: $0
- APY: 3.50% (savings, flat rate, no requirements), up to 4.50% on Marcus CDs.
- Minimum balance: $0
- Checking account: Not offered
- Best for: The simplest high rate with zero requirements to earn it
Pros and Cons
American Express High Yield Savings
Amex’s savings account works the same way as Marcus: no fees, no minimum, no hoops. The rate sits slightly below some competitors on this list, but the tradeoff is a brand people already trust, backed by the same company behind their credit cards. Amex also has a separate Rewards Checking account for everyday spending, though the savings account itself doesn’t come with a debit card or checks.
- Monthly fee: $0
- APY: 3.10% (savings)
- Minimum balance: $0
- Checking account: Available separately (American Express Rewards Checking)
- Best for: A trusted, familiar brand with no fees or minimums
Pros and Cons
Axos Bank
Axos ONE pairs the highest APY on this list with an actual checking account, not just savings. Hit either of 2 direct deposit thresholds, $1,500 or $5,000 in monthly qualifying deposits, matched by an equal average daily balance. Do that, and you’ll earn 4.21% on savings up to $249,999.99, plus 0.51% on checking. If you don’t meet the requirements, the rate drops to a lower base tier.
- Monthly fee: $0
- APY: Up to 4.21% (savings, $0-$249,999.99, with qualifying activity), 3.50% (savings, $250,000+), up to 0.51% (checking, with qualifying activity)
- Minimum balance: $0
- Requirements for top rate: $1,500 or $5,000 in monthly direct deposits, matched by average daily balance
- Best for: The highest combined APY on this list, if you meet the direct deposit requirement
Pros and Cons
CIT Bank
CIT Bank Platinum Savings has one of the more generous tiered rate structures on this list. Hit $5,000 in your account, and you earn 3.75% APY on the full balance, not just the amount above $5,000. Fall below that threshold, and the rate drops sharply to 0.25%.
CIT also has a separate eChecking account for everyday spending. CIT is now part of First Citizens Bank following a 2022 acquisition, though its consumer retail products remain active and separately branded.
- Monthly fee: $0
- APY: 3.75% (balances $5,000+), 0.25% (balances under $5,000)
- Minimum to open: $100
- Checking account: Available separately (eChecking)
- Best for: A strong rate for anyone who can keep at least $5,000 in savings
Pros and Cons
Synchrony Bank
Synchrony is a savings-only bank (plus CDs, money markets, and IRAs), with a simple rate that doesn’t require a minimum deposit or balance to earn. The standout feature is ATM fee reimbursement: up to $5 per statement cycle standard, or unlimited for customers who reach Diamond status in Synchrony’s Perks Rewards program.
- Monthly fee: $0
- APY: 3.30% (savings), up to 4.30% (CDs)
- Minimum balance: $0
- ATM fee reimbursement: Up to $5/cycle standard, unlimited for Diamond Perks status
- Checking account: Not offered
- Best for: ATM fee reimbursement without needing a companion checking account
Pros and Cons
NBKC Bank
NBKC’s Everything Account is exactly what it sounds like: one account that combines checking and high-yield savings features, rather than splitting money across 2 products. The APY is lower than the dedicated savings accounts on this list, but it applies to money you’re actively spending from, not just money sitting untouched.
NBKC also reimburses up to $12 a month in out-of-network ATM fees and offers early direct deposit.
- Monthly fee: $0
- APY: 1.75% (on the full balance, checking and savings combined)
- Minimum balance: $0.01
- ATM fee reimbursement: Up to $12/month
- Best for: One account that earns interest on money you actually spend from
Pros and Cons
9 Best Online Banks Compared
| Bank | Savings APY | Checking? | Monthly Fee |
|---|---|---|---|
| Ally Bank | 3.10% | Yes | $0 |
| SoFi | Up to 4.20% | Yes | $0 |
| Capital One 360 | 3.10% | Yes (0.10% APY) | $0 |
| Marcus by Goldman Sachs | 3.50% | No | $0 |
| American Express | 3.10% | Yes (separate account) | $0 |
| Axos Bank | Up to 4.21% | Yes (up to 0.51% APY) | $0 |
| CIT Bank | 3.75% ($5,000+) | Yes (separate account) | $0 |
| Synchrony Bank | 3.30% | No | $0 |
| NBKC Bank | 1.75% (combined) | Yes | $0 |
How to Choose Between Them
Start with whether you want one account or a full banking relationship. Marcus and Synchrony are savings-only, built for parking money and earning a strong rate, nothing else. If you want checking and savings together, most of the other 8 banks on this list handle both.
If your priority is the highest possible rate and you can meet a direct deposit requirement, Axos Bank’s 4.21% and CIT Bank’s 3.75% (at $5,000+) beat everything else on this list. SoFi can climb even higher, up to 4.50%, but only for SoFi Plus subscribers paying a monthly fee, or temporarily for new members during a promotional window.
If you’d rather not track balance tiers or deposit requirements, Marcus and American Express both pay a flat rate from dollar one, with no hoops to jump through. Ally falls into the same category, with the added benefit of savings buckets, which are useful if you’re saving toward multiple goals at once.
If you want a single account for everyday spending that still earns real interest, NBKC’s Everything Account is the only one on this list built specifically for that. Capital One 360 is the pick if in-person access matters to you, since it’s the only bank on this list with physical branches.
The Bottom Line
Every bank on this list beats the 0.38% national average by a wide margin, and every one of them charges $0 to do it. The real decision isn’t which bank pays the most. It’s which one matches how you actually bank: one account or several, a rate that requires direct deposit or one that doesn’t, a branch nearby or none at all.
Pick the one that fits, open the account, and set up direct deposit if the rate depends on it. The difference between 0.38% and 3.5%+ on even a modest savings balance adds up fast, and it costs nothing to capture it.
Frequently Asked Questions
Are online banks safe?
Yes. Every bank on this list is FDIC-insured up to $250,000 per depositor, the same protection you’d get at a traditional branch bank. The money is just as safe; it’s the branch that’s missing, not the insurance.
What’s the best online bank overall?
It depends on what you need. Ally is the most well-rounded pick for checking and savings together. Axos Bank and CIT Bank pay the highest rates if you meet their requirements. Marcus and American Express are the simplest if you want a flat rate with no hoops.
Why do online banks pay higher interest rates than traditional banks?
Online banks skip the cost of physical branches, and they pass some of that savings on to customers as higher APY. The national average sits at 0.38%, while every bank on this list pays several times that.
Can I deposit cash at an online bank?
It depends on the bank. Capital One accepts cash at its physical Cafes and select partner ATMs. Most of the other banks on this list don’t support cash deposits at all, so if you deal in cash often, factor that in.
Do online banks have ATM fees?
Most banks on this list either provide a large fee-free ATM network or reimburse out-of-network fees, though the details vary. NBKC reimburses up to $12 a month, Synchrony up to $5 per cycle, and Capital One 360 offers access to over 70,000 fee-free machines directly.
Is it hard to switch to an online bank?
No. Most online banks let you open an account online in 10 minutes, and switching over direct deposit and automatic payments usually takes a couple of weeks. Keep your old account open until the new one is fully active to avoid any gap in coverage.
