Online banking has become increasingly popular in recent years and with the rise of digital banking, there are now more options than ever before. The best online banks in 2023 are those that offer a seamless user experience, competitive interest rates, and robust security features.
These banks have proven to be reliable and trustworthy, making them a top choice for consumers looking to manage their finances online. In this post, we will be discussing the best online banks in the world, based on their features, customer service, and overall user experience.
Top 11 Online Banks in 2023
Here is the list of most-preferred online banks this year:
| Rank | Name of the Bank | Headquarters |
| 1 | Axos Bank | San Diego, CA, United States |
| 2 | Discover Bank | New Castle, Delaware, United States |
| 3 | Quontic Bank | Astoria, New York City, US |
| 4 | Ally Bank | Sandy, Utah, United States |
| 5 | iGObanking | Uniondale, New York, United States |
| 6 | NBKC Bank | Kansas City, United States |
| 7 | TIAA Bank | Jacksonville, Florida, US |
| 8 | Vio Bank | Oklahoma City, US |
| 9 | Capital One 360 | Virginia, United States |
| 10 | Salem Five Direct | Salem, Massachusetts, United States |
| 11 | Synchrony Bank | Stamford, Connecticut, United States |
List of 11 Best Online Banks in 2023
Axos Bank
Axos Bank is a digital bank that provides a range of financial services to its customers. It is known for its competitive interest rates and low fees, making it a popular choice for those looking for a reliable online banking experience.
| Types of Account | Savings Account, Checking Account, MMAs, and CDs |
| APY | 0.61% for savings, up to 3.30% for checking |
| Fees | No monthly, Overdraft, or ATM fees |
| ATM Network | 91000+ ATMs |
Discover Bank
Discover Bank is an American online bank that offers a wide range of financial products and services. It is known for its cash-back rewards program on its credit cards and competitive interest rates on savings and checking accounts. It also offers mobile banking, 24/7 customer service, and a user-friendly online platform.
| Types of Account | Checking Account, Savings Account, Money Market, Certificate of Deposit, IRA Certificate of Deposit, IRA Savings Account |
| APY | 3.75% for savings |
| Fees | No monthly fees, Overdrafts, or ATM fees |
| ATM Network | 60000+ ATMs |
Quontic Bank
Quontic Bank is an amazing online bank. It has over 90,000 surcharge-free ATMs throughout the United States so that you can access your money whenever and wherever you need it. It also offers a low minimum deposit and competitive APYs.
You can grow your savings without breaking the bank. If you’re looking for something even more innovative, Quontic Bank also offers a Bitcoin Rewards Checking account where you can earn Bitcoin rewards just by using your debit card.
| Types of Account | Savings, Checking, MMAs, CDs |
| APY | 4.05% for a savings account. |
| Fees | No monthly, Overdraft, or ATM fees |
| ATM Network | 90000+ ATMs |
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Ally Bank
Ally Bank is the perfect choice for anyone looking for a full-service online bank that offers convenience, flexibility, and exceptional customer service. With an extensive ATM network and the ability to reimburse up to $10 per statement cycle for fees charged at out-of-network ATMs, you can access your money anytime. Plus, its easy-to-use online and mobile banking platforms make managing your accounts a breeze.
| Types of Account | Savings Accounts, Checking Accounts, Money Market Accounts and CDs |
| APY | 3.75% of Savings Account |
| Fees | No monthly, Overdraft, or ATM fees |
| ATM Network | 43000+ ATMs |
iGObanking
iGObanking is an online bank that offers a competitive interest rate of 85% of the Index. To earn interest, a minimum balance of $25,000 is required. The bank also offers automatic rate increases when the Index rises.
One of the key benefits of iGObanking is that it is FDIC-insured up to the maximum allowable limit. This means that customers’ deposits are protected in the event of a bank failure.
| Types of Account | Savings Accounts, Checking Accounts, Money Market Accounts and CDs |
| APY | 4.34 (Minimum Balance of Earn Interest is $25000) |
| Fees | No monthly or ATM, $35 overdraft |
| ATM Network | 55,000+ ATMs nationwide |
NBKC Bank
NBKC Bank is an online bank that boasts an extensive ATM network. It reimburses up to $12 per month for out-of-network ATM fees, which can save customers money in the long run. One of the benefits of banking with NBKC Bank is the convenience of their online platform. Customers can easily manage their accounts, transfer funds, and pay bills from the comfort of their homes.
| Types of Account | Savings, Checking, MMAs, and CDs |
| APY | 1.50% APY on all balances |
| Fees | No monthly, overdraft or ATM Fees |
| ATM Network | 37,000+ ATMs |
TIAA Bank
TIAA Bank is one of the best online banks on the market today. With a minimum balance requirement of just $5000, it’s accessible to a wide range of customers. But that’s not all that sets TIAA Bank apart. Their mobile app is highly rated, making it easy to manage your finances on the go.
| Types of Account | Checking, MMAs, CDs |
| APY | 3.85% on savings account |
| Fees | No monthly, overdraft or ATM Fees |
| ATM Network | 80,000+ ATMs nationwide |
Vio Bank
Vio Bank is an online bank that offers a great interest rate and requires a low minimum deposit. While it doesn’t offer a checking account, ATM network or branches, it provides a user-friendly online banking experience. With Vio Bank, Customers can easily access their accounts, view their balances and make transfers from their computer or mobile device.
| Types of Account | Savings, MMAs, CDs |
| APY | 4.85% on all balances |
| Fees | No monthly, overdraft or ATM Fees |
| ATM Network | No ATM Network |
Capital One 360
Capital One 360 is an online bank that offers a range of financial services to its customers. With over 70,000 ATMs nationwide, it provides easy access to cash withdrawals and deposits. The bank also offers a Kids Savings Account and Money Teen Checking which are designed to help young people learn about managing money.
One of the downsides of Capital One 360 is its $35 overdraft fee, which can be costly for customers who accidentally spend more than they have in their accounts.
| Types of Account | Checking, Savings, CDs, Money Teen Checking |
| APY | 3.75% of performance savings |
| Fees | No monthly or ATM fees but there is a $35 overdraft fee |
| ATM Network | 70,000+ |
Salem Five Direct
Salem Five Direct Online Bank is a reputable bank available online. With over 160 years of banking experience, the bank has established itself as a trusted provider of financial services. In 2022, Forbes recognized Salem Five Direct Online Bank as one of the best-in-state banks, further solidifying its position as a top-performing bank.
The bank offers a range of financial products with competitive interest rates allowing customers to earn more on their deposits.
| Types of Account | Savings, Checking, MMAs |
| APY | Up to 4.61% |
| Fees | No monthly or ATM fees but there is a $35 overdraft fee |
| ATM Network | 55000+ |
Synchrony Bank
Synchrony Bank is a great option for those looking for an online bank with a good interest rate and no minimum balance requirement. In addition to the high-yield savings account, Synchrony Bank also offers a variety of other banking products, including CDs, money market accounts, and credit cards. All of these products come with competitive interest rates and no hidden fees, making Synchrony Bank a great choice for those who want to maximize their savings and avoid unnecessary charges.
| Types of Account | Savings, Checking, MMAs |
| APY | Up to 4.15% in High Yield Savings (HYS) |
| Fees | No monthly, overdraft or ATM Fees |
Factors to Consider while Choosing an Online Bank
Choosing an online bank can be a confusing task with a large number of options available. However, there are several factors to consider that can make the decision-making process easier.
- Fees Associated with the Bank – Some banks may charge monthly maintenance fees or transaction fees, while others may offer free banking services. It is important to compare the fees of different banks and choose one that offers the best value for money.
- Banking Security – It is important to ensure that the bank uses encryption technology to protect personal and financial information. Additionally, the bank should have a strong fraud detection system in place to prevent unauthorized access to accounts.
- Customer Service – The bank should have a responsive and helpful customer service team that can assist with any issues or concerns. It is also important to check the availability of customer service, as some banks may only offer limited support.
Frequently Asked Questions
An online bank is a financial institution that operates over the Internet. It allows customers to manage their accounts, transfer funds, and pay bills online.
Online banks typically offer lower fees and higher interest rates on savings accounts compared to traditional banks. They also offer convenience, as customers can manage their accounts from anywhere with an internet connection.
Yes, most online banks offer ATM access to withdraw cash for free or at a low cost. Some also offer reimbursement for ATM fees incurred at other banks.
Yes, online banks are generally safe and secure, as long as you choose a reputable bank and take necessary precautions to protect your personal information. Look for banks that use advanced security measures such as two-factor authentication and encryption to protect your data.
