Best Online Banks for 2026

Online banks are increasingly popular due to their high annual percentage yields (APYs) and low fees. Thanks to their lower overhead costs, they can pass on the savings to customers, making them a great option for those looking for savings accounts or certificates of deposit (CDs) with higher APYs and free checking options.

Rates, deposit requirements, customer service options and fees can vary significantly by institution. So Money researched leading banks and credit unions and identified the ones offering top-tier online services. Here are the Best Online Banks for 2026:

• Axos – Best Overall
• Quantic – Best for Money Market Accounts
• Redneck Bank – Best for High-Yield Checking
• SoFi – Best High-Yield Savings
• Acorns – Best for Innovation
• Citibank – Best for Customer Service
• Ally – Best for Overall Rates
• American Express – Best for Low Fees
• Discover – Best for Rewards

*Rates, APYs and special offers are subject to change. All information provided was accurate as of Oct. 14, 2025.

While Axos operates three branches, it is primarily an online bank with an expansive network of 91,000 ATMs. The bank receives a TrustPilot rating of 4.1 stars out of a possible 5. While Axos doesn't offer money market accounts, its savings, checking, CDs and senior accounts offer competitive APYs and no fees. Specifically, the bank's Reward Checking accounts currently provide customers with 3.30% APY, while its Summit Savings accounts provide 4.00% APY.

Axos also offers reimbursement for out-of-network ATMs. However, the bank's CD rates are fall below average, currently offering just 0.20% regardless of the term. Axos customers enjoy an array of security features, including automatic log-out, 128-bit SSL encryption and anti-virus and malware protection to help protect sensitive information and data.

Quantic is Money's pick for the best online money market account. The bank currently offers a 4.25% APY while providing customers with debit cards and check-writing privileges. While its money market accounts require a $100 minimum opening deposit, there are no monthly fees, no overdraft fees and its rates are not introductory.

There are daily and monthly external transfer limits of $2,000 and $10,000, respectively, and customers are limited to six withdrawals per month. Interest is paid monthly at the end of the statement cycle. Quantic has 90,000 fee-free ATM locations, but the bank has limited product offerings (e.g., no business accounts, credit cards or personal and auto loans).

For the second year in a row, Redneck Bank is Money's pick for Best for High-Yield Checking. Checking accounts rarely pay interest, and when they do, rates tend to be low — the national average APY is around 0.07%. But Redneck Bank offers a powerful alternative with a quirky name; you can earn a substantially higher rate with its rewards checking accounts (currently offering an APY of 4.10%), and the bank doesn't charge monthly fees. It offers the highest APY available for its checking account, and you can open a checking account with as little as $500 (no minimum balance or monthly fees required after that).

Redneck Bank will also refund up to $25 in ATM fees per month, making it easier to access your cash at an ATM. There are some caveats to be aware of, though. Its highest APY only applies to balances up to $15,000; amounts over that amount will earn a much lower rate of interest. Additionally, Redneck Bank doesn't offer savings accounts or CDs, so you'll likely need another bank for your other financial needs.

SoFi offers powerful bank accounts without charging monthly fees or ATM fees. And if you meet direct deposit requirements, SoFi won't charge overdraft fees either. Through SoFi, you can open a combination checking account and savings account; they cannot be opened separately. Both accounts earn higher-than-average APYs (up to 4.50% APY for its high-yield savings account), and you can even qualify for a new customer bonus based on your deposit amounts.

There are some drawbacks to be mindful of. SoFi doesn't offer CDs or money market accounts, so you'll need to look elsewhere for those products. And in order to earn the up to $300 SoFi new customer banking bonus, you'll need to receive at least $5,000 in direct deposits within 25 days. For many, that requirement may be difficult to meet.

Acorns is another repeat winner this year, ranking as Money's top pick for Best for Innovation. For those looking for a one-stop option for both banking and investing, Acorns offers innovative and unique options. For a flat membership fee, you can get access to checking and savings accounts with higher-than-average APYs, and you can take advantage of benefits like round-up deposits to an investment account and shopping rewards. When you become an Acorns member, you can open a checking account and savings account along with your investment account.

As you use your bank accounts, you can activate the "Round-Up" feature — a micro-savings strategy Acorns uses to round up debit card or banking transactions to the next full dollar amount and deposit the difference in cost to your investment account. Once your investment account has accrued $5 in spare change, Acorns will invest the money in the stock market on your behalf. Acorns also has a paycheck split option, which allows you to automatically invest a portion of your paycheck as it comes in.

However, Acorns doesn't offer CDs or money market accounts, and it does require a monthly membership fee.

Citi ranked highest in customer satisfaction for retail banking advice in J.D. Power's 2024 U.S. Retail Banking Advice Satisfaction Study, and the bank receives high marks for its 24/7 phone support and online chat availability. In last year's J.D. Power study, Citi posted the highest score at 631 with a study average of 611 (only two other banks — Chase and Bank of America — finished above the average mark).

On the downside, Citi charges a $4.50 monthly fee for its savings accounts and a $15 monthly fee for its regular checking. However, the bank's CDs currently provide up to 4.00% APY, which is among the best available. Citi operates branches in 13 states, but it is available to customers online in all 50 states and boasts a network of 60,000 ATMs.

Ally takes the top spot among online banks for best overall rates. With a network of 75,000 ATMs, the bank provides savings, checking and money market accounts as well as CDs. Its checking and savings accounts do not have monthly fees, and Ally does not charge overdraft fees. Its savings and money market accounts are particularly alluring, with both currently offering an APY of 3.50%.

Ally's CDs do require a minimum opening balance of $1,000. However, they currently offer up to 3.90% APY along with a no-penalty option. One disadvantage to banking with Ally is that customers cannot deposit cash.

American Express is more than charge cards or credit cards; it's also an excellent banking option. It offers substantially higher-than-average APYs on deposit accounts, and it even has an interest-bearing checking account. Through American Express, you can open a checking account, savings account or CD. Importantly, these accounts have no monthly fees or minimum balance requirements, and you can even earn Amex Membership Rewards points with your checking account when you use your debit card.

Unfortunately, American Express doesn't offer money market accounts, and it has limited CD term options. Although Amex does offer CDs with high APYs, be aware that it has high early withdrawal penalties; depending on your CD's term, the penalty can be as much as 540 days worth of interest.

Besides its credit cards, Discover is also well known for its banking products (i.e., savings accounts, checking accounts, money market accounts and CDs) and its rewards. It offers deposit accounts with much higher-than-usual APYs with no monthly fees and has some unusual perks like giving customers rewards for debit card purchases. The bank's Discover Cashback Debit Card rewards customers with 1% cash back on debit card purchases up to $3,000 per month. Rewards can be redeemed at checkout or applied to your account.

Unlike many online banks that only accept electronic transfers or deposits, Discover is one of the few that allows customers to make cash deposits, making it a good option for those who regularly receive tips or work in cash-based businesses. Although Discover has low fees and no minimum deposit requirement for its CDs, it limits how many withdrawals you can make per month from a savings or money market account, and it charges a $30 outgoing wire transfer fee — a higher fee than many other institutions charge.

How we chose the Best Banks of 2026

To determine our list of Best Banks for 2026, Money staff evaluated hundreds of the largest retail banks, credit unions, regional and state banks, ranked by assets, and 20 of the most popular online banks. We then compared opening balance requirements, interest paid, fees, and features to determine our top picks.

We researched the top 25 digital and online financial institutions to identify the best online banks and credit unions of 2025–2026 and then compared the institutions' account options, deposit minimums, APYs, fees and customer service. Priority was given to banks and credit unions without monthly fees and higher-than-average APYs, and we also emphasized the tools available through mobile apps and online portals.

You can read our full methodology here.

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