Best Online Banks for 2026
Earn up to 4.30% APY*
- Limited Time Offer - New accounts earn a 0.70% APY boost to 4.30% for up to 6 months with eligible direct deposit*
- $0 min. balance to earn APY
- Open Checking & Savings Accounts with 1 Sign Up
- Up to 2-Day-Early Paycheck3
- FDIC Insured up to $250k plus up to $3M in supplemental insurance4
- No Account Fees5 & No-fee Overdraft Coverage6
*Terms Apply
1. Up to $300 Bonus Tiered Disclosure
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
2. APY disclosures
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet
3. Fee Policy
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incomingwire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
4. Additional FDIC Insurance
SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
5. ATM Access
We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.
6. Early Access to Direct Deposit Funds
Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
7. Overdraft Coverage
Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.
8. 0.70% Savings APY Boost
Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Enroll in SoFi Plus between 9/18/25 and 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/sofi-plus SoFi Bank, N.A. Member FDIC.
Earn 4.00% APY* with Barclays' Tiered Savings Account
- $0 Min. Balance to Earn APY on Barclays' Tiered Savings
- No Monthly Maintenance Fees
- Easy Direct Deposits & Online Transfers
- Deposits are FDIC Insured
*Rate as of 11/19/2025
* Barclays Tiered Savings Annual Percentage Yields (APYs) are accurate as of 01/13/2025 and may change at any time without prior notice, before or after the account is opened. The APYs are determined by the Balance Tiers (Tiers) and the amount deposited. The same rate may apply to multiple Tiers and Tiers may change without notice. APY is calculated based on the Tier into which the end of day account balance falls. Fees could reduce the earnings on the account. No minimum balance to open, but for interest to post to your account you must maintain a minimum balance that would earn you at least $0.01. Please see the Compare Account Page for current Tier and APY information. The APY for the Barclays Tiered Savings account for balance tiers greater than $250,000 are currently 10X the national average of 0.46% APY, based on the national average of savings account rates published in the FDIC's National Rates and Rate Caps, accurate as of 09/16/2024.
Earn 3.75% APY* with Platinum Savings
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With a Balance of $5,000 or More*
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Earn 0.25% APY with a Balance of Less than $5k*
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$100 Minimum Deposit to Open Account
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No Account Opening or Monthly Service Fees
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CIT Bank Account is FDIC Insured
*Rate as of 9/23/25
*For complete list of account details and fees, see our Personal Account disclosures
*Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance.
*APYs — Annual Percentage Yields are accurate as of September 23, 2025: 0.25% APY on balances of $0.01 to $4,999.99; 3.85% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
*Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of September 15, 2025.
Earn 3.40% APY* with a Discover™ Savings Account
- Earn Over 5X the National Savings Average¹
- $0 Min. Balance to Earn APY
- $0 Monthly Fees & No Min. Opening Deposit
- No Overdraft Fees
- Deposits are FDIC-insured up to $250,000²
*Rates as of 9/30/2025
*The Annual Percentage Yield (APY) for the Online Savings Account as of 04/25/2025 is more than five times the national average APY for interest bearing savings accounts with a balance of $500 as reported by Curinos as of 04/25/2025. National average is based on information regarding the top 50 banks (by deposit size) and may not include information from variations in regional pricing at such banks or information from products that may not be widely available to their customers. Rates were obtained from Curinos, who relies on the data from the banks it tracks and such information cannot be guaranteed. APYs are subject to change at any time.
Enjoy hassle-free banking and earn 4.20% APY* with no more hidden fees.
- Enjoy free monthly maintenance
- Watch your savings grow with daily compounded interest.
- Deposit anytime, anywhere with unlimited mobile check deposits.
- Deposits are FDIC-insured up to $250,000
*Rate as of 10/10/2025
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.
Best Overall: Axos
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.
- High APYs for savings and checking
- Offers senior accounts
- No fees for checking or savings
- Well below-average APY for CDs
- $1,000 minimum requirement for CDs
- No money market accounts
Best For Money Market Accounts: Quontic
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).
- High money market APY
- No monthly fees or overdraft fees
- Debit card and check-writing privileges
- $100 minimum opening deposit requirement
- Limit of six withdrawals per month
- No business accounts, credit cards or personal and auto loans
Best for High-Yield Checking: Redneck Bank
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.
- Highest APY for checking accounts
- No monthly fee
- Up to $25 in ATM fee refunds per month
- No savings accounts or CDs
- Higher APY only applies to first $15,000
- Added fee for paper statements
Best High-Yield Savings: SoFi
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 3.60% 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.
- No monthly fees or ATM fees
- No overdraft fees if conditions are met
- Interest-bearing checking account
- No CDs or money market accounts
- Large deposits required for bonus
Best for Innovation: Acorns
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.
- Higher-than-average APYs on savings and checking accounts
- Round-up investment feature
- Investment rewards for shopping
- No CDs or money market accounts
- Requires a monthly fee
Best for Customer Service: Citibank
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.
- Top score in J.D. Power’s 2024 U.S. Retail Banking Advice Satisfaction Study
- 24/7 phone support and online chat availability
- Above average APYs for CDs
- Monthly fees for savings and checking
- No money market accounts
Best for Overall Rates: Ally
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.
- No monthly fees, overdraft fees or minimum balances for most accounts
- Higher-than-average APY for CDs (with no-penalty opt-out options), savings and money market accounts
- $10 in out-of-network ATM fee reimbursement per statement cycle
- No cash deposits
- Savings limited to 10 transactions per statement cycle (but no excessive transaction fee if customers exceed 10)
Best for Innovation: Acorns
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.
- No monthly fees or in-network ATM fees
- No overdraft fees
- No minimum balance requirements for savings, checking or CDs
- No money market accounts
- Limited CD terms
- Significant early withdrawal penalty for CDs
Best for Rewards: Discover®️
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.
- Attractive cash back rewards
- High APYs
- No monthly fees
- Accepts cash deposits
- $1,000 minimum requirement for CDs
- Limited withdrawals with savings and money market accounts
- High outgoing wire transfer fee
It's never too late to start saving — compare rates & start earning interest!
Up to 2-day-early paycheck
Earn up to 4.30% APY*
- Limited Time Offer - New accounts earn a 0.70% APY boost to 4.30% for up to 6 months with eligible direct deposit*
- $0 min. balance to earn APY
- Open Checking & Savings Accounts with 1 Sign Up
- Up to 2-Day-Early Paycheck3
- FDIC Insured up to $250k plus up to $3M in supplemental insurance4
- No Account Fees5 & No-fee Overdraft Coverage6
*Terms Apply
No monthly maintenance fees
- $0 Min. Balance to Earn APY on Barclays' Tiered Savings
- No Monthly Maintenance Fees
- Easy Direct Deposits & Online Transfers
- Deposits are FDIC Insured
*Rate as of 11/19/2025
No minimum opening deposit
- Earn Over 5X the National Savings Average¹
- $0 Min. Balance to Earn APY
- $0 Monthly Fees & No Min. Opening Deposit
- No Overdraft Fees
- Deposits are FDIC-insured up to $250,000²
*Rates as of 9/30/2025
Open an account in 5 minutes
- With a Balance of $5,000 or More*
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Earn 0.25% APY with a Balance of Less than $5k*
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$100 Minimum Deposit to Open Account
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No Account Opening or Monthly Service Fees
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CIT Bank Account is FDIC Insured
No hidden fees
Enjoy hassle-free banking and earn 4.20% APY* with no more hidden fees.
- Enjoy free monthly maintenance
- Watch your savings grow with daily compounded interest.
- Deposit anytime, anywhere with unlimited mobile check deposits.
- Deposits are FDIC-insured up to $250,000
*Rate as of 10/10/2025
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.