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Published: Nov 15, 2022 8 min read
Illustration of a woman saving money inside a digital dialog box, a pixelated dollar at the side represents digital banking
Rangely García for Money

Online banking has become a crucial part of many consumers’ financial plans. These banks typically charge fewer and lower fees than their brick-and-mortar counterparts and pay out higher interest rates on both savings and checking accounts. They also have the advantage of being open 24 hours a day, seven days a week, allowing account holders the flexibility of banking whenever it’s convenient.

Money looked at some of the most popular online banks to bring you a list of those offering the best rates and that provide the features that can help you achieve your money management goals.

Here are our picks for the best online banks of 2022-2023:

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Best overall: Ally Bank

Ally is our choice for best online bank overall, thanks to its high yields, variety of products and automated savings tools. Its Online Savings Account pays one of the highest interest rates of all the online banks we considered without requiring a minimum account balance. You can earn a solid interest rate on its Interest Rate Checking Account, too.

Ally also offers its customers access to 24/7 customer service and a full complement of tools and boosters. These include recurring balance transfers, identifying money that can be safely transferred from your checking account (even if it’s not an Ally account) and automatically moving it to savings, and moving the excess money from purchases to your savings account.

Ally Bank highlights

  • 2.50% APY on savings account
  • $0 Monthly service fee
  • No opening or minimum monthly balance requirement
  • Automated savings tools and boosters
  • Can open up to 10 accounts with different savings goals
  • Savings account doesn't have an ATM or debit card
  • Can't make cash deposits

Best for high-yield money market: Vio Bank

Vio is our top choice because of the high yield paid on its Cornerstone Money Market Savings Account — the highest yield of any of the online money market accounts we considered. It's a great option if you want to just park your money and watch it grow until it's needed. Plus, you can open the account with just $100, making it easily accessible. Vio’s user-friendly online and mobile management tools make it easy to keep track of your money.

Vio Bank highlights

  • 3.52% APY
  • $0 Monthly maintenance fee
  • Low opening balance of $100
  • Easy to open and manage
  • No check writing or ATM/debit card
  • Withdrawals limited to six per month

Best checking/savings combo: SoFi

We chose SoFi’s Checking & Savings Account as our top choice for a checking/savings combo because of its high yield, low fees and minimal opening balance. You’ll start earning a solid 2.50% interest rate on your checking account and 3% on your savings account when you sign up for direct deposit. With a low opening balance requirement and few fees, this combo account can help you maximize your savings.

SoFi highlights

  • 2.50% APY on checking, 3% on savings
  • $0 opening balance
  • Can earn a bonus reward of between $50 to $250, depend on account balance
  • Fee-free access to over 55,000 Allpoint ATMs
  • Very few fees
  • Need to sign up for direct deposit to earn higher interest rate
  • Does not reimburse out-of-network ATM fees
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Best for relationship rewards: Axos Bank

We chose Axos’ Rewards Checking Account because it allows you to earn a high interest rate of 0.40% by signing up for direct deposit. Adding other accounts, such as investment and trading accounts, can increase the APY to 1.25%. The account can be opened with as little as $50 and has very few fees. Two-step identification and biometric ID can help keep your account secure.

Axos Bank Highlights

  • Up to 1.25% APY
  • $0 monthly service fee
  • Unlimited reimbursement of domestic ATM fees
  • Peer-to-peer payments without using a third-party app
  • Requirements to earn the highest APY can be steep
  • No free checks with the account

Best for innovation: Quontic

Quontic is once again our choice for the most innovative online bank because of its unique products and services. If you open a Bitcoin Rewards Checking account, you can earn up to 1.5% in Bitcoin on eligible point-of-sale purchases. Quontic’s Pay Ring is a wearable device that functions as a debit card — just tap the ring to a card reader to pay — that is included with Quontic’s checking accounts.

Quontic highlights

  • Up to 1.10% APY on checking accounts and 3% on savings accounts
  • $0 monthly service fee
  • Access to over 90,000 ATMs nationwide
  • Earns Bitcoin
  • $500 opening balance on Bitcoin Rewards Checking is higher than that of many competitors
  • No physical checks
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Best for high-yield checking: American Express

American Express earns our nod for the best high-yield checking for its Amex Rewards Checking account. Customers can earn 0.60% interest, which is the highest rate you’ll find without having to sign up for additional services or open multiple accounts. You can also earn a point for every $2 spent on eligible purchases, which can then be redeemed for purchases or deposited back into the account. You can access the account through 37,000+ MoneyPass ATMs.

American Express highlights

  • 0.60% APY
  • $0 monthly maintenance fee$0 opening balance
  • Very few fees
  • Earns points
  • Account only available to customers with a consumer credit card
  • Does not reimburse out-of-network ATM fees

Best for high-yield savings: Bread Financial

Bread Financial’s High-Yield Savings account is our top pick for paying the highest interest rate of all the online banks we considered. If you’re looking for a no-frills account where you can deposit money and not have to worry about, this account is a good option. It pays an eye-popping 3.00% interest, has few fees to eat into your earnings and can be opened with a minimum balance of $100.

Bread Financial highlights

  • 3.00% APY
  • $0 monthly maintenance fee
  • Very few fees
  • $100 opening balance requirement
  • No ATM or debit card
  • Withdrawals need to be made by transferring money to an external account

Best interest rates: CIT Bank

CIT Bank is our top pick for the online bank with the best interest rates thanks to its trio of savings accounts that pay high yields with minimal requirements. The Savings Connect and Money Market accounts pay a yield of 3.25% and 1.55% with no requirements to earn interest, while the Savings Builder account is a tiered account that can earn up to 1% APY. All accounts have a low opening balance of $100, the ability to pay bills online and access to third-party payment apps like Zelle and PayPal.

CIT Bank highlights

  • Between 1% and 3.25% APY
  • $0 monthly maintenance fee on the accounts
  • Very few fees on accounts
  • Low opening balance requirements
  • No ATM or debit card access
  • Savings Builder requires a $25,000 balance or $100 monthly direct deposit to keep earning 1%
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Best for customer service: Discover

Discover has been consistently rated among the best banks in the country for customer service and this year is no exception. It ranks at the top of JD Power’s 2022 U.S. Direct Banking Satisfaction Study. In addition to customer care, Discover also offers a variety of banking products, including a savings account that offers a high interest rate of 2.75%. You won’t pay a lot in fees, either. Discover doesn’t charge for monthly account maintenance, overdrafts or insufficient funds.

Discover highlights

  • 2.75% APY on Online Savings Account
  • $0 monthly service fee
  • Very few fees
  • $0 opening balance
  • No ATM or debit card access

Best for low fees: Marcus by Goldman Sachs

Marcus doesn’t charge any fees related to its Online Savings Account, making it our top pick for online bank with low fees. You won't have to worry about bank charges eating into your savings, and you’ll also get a high interest rate of 2.50% and unlimited no-fee withdrawals. Wire transfers and ACH transactions are also free.

Marcus by Goldman Sachs highlights

  • 2.50% APY
  • $0 opening balance
  • No fees related to account
  • Free unlimited withdrawals
  • No ATM or debit card associated with account
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How we chose the Best Banks of 2022-2023

To determine our list of Best Banks for 2022-2023, Money staff evaluated 50 of the largest retail banks and credit unions, ranked by assets, and 15 of the most popular online banks. We then compared opening balance requirements, interest paid, fees and features to determine our top picks. You can read our full methodology here.

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