---
title: Best Online Banks for 2027
description: Best online banks for 2027 charge lower fees, generally pay out higher interest rates and are open 24 hours a day, seven days a week.
authors:
  - name: Kat Tretina
    role: Contributor
    url: https://money.com/author/kat-tretina/
    education: B.A in English and Communications from Elizabethtown College, M.A. in Communications from West Chester University
    at_money_since: 2025
    articles: 19
    covers:
      - Banking
      - Insurance
      - Loans
    former_staff: true
editors:
  - name: Jordan Chussler
    role: Editor, Investing and Banking
    url: https://money.com/author/jordan-chussler/
    bio: Jordan is an investment editor who specializes in topics ranging from traditional equities, retirement savings and income investing to alternative assets and commodities, specifically focusing on gold and other precious metals. He combines his personal interests and professional experience in finance and education to help readers increase their financial literacy and make better investment choices. Jordan is a Certified Personal Finance Counselor.
    education: Lynn University
    certifications: Certified Personal Finance Counselor
    at_money_since: 2023
    articles: 132
    covers:
      - Banking
      - Credit
      - Credit Cards
      - Economy and Politics
      - Housing
      - Identity Theft
      - Insurance
      - Investing
      - Loans
      - Mortgages
      - Personal Finance
      - Professional Services
      - Retirement
    also_seen_in:
      - Weiss Ratings
      - 24/7 Wall Street
      - Better Investing
      - Yahoo Finance
      - Nasdaq
      - Investing.com
      - Marketbeat
      - MSN Money
    social:
      - https://www.linkedin.com/in/jordan-chussler-b3597811/
updaters:
  - name: Aly J. Yale
    role: Contributing Reporter
    url: https://money.com/author/aly-j-yale/
    bio: Aly J. Yale is a freelance finance journalist with deep experience covering mortgages, real estate and the housing market, as well as investing, lending and retirement topics. She has paid off her student loans, bought two houses, and traveled to seven different countries with her two young sons all through smart money management. For Money, she has researched and written many best of rankings in the housing and mortgage space, including reverse mortgages, VA loans and home equity. Her work in The Wall Street Journal, U.S. News & World Report, Experian, Fortune, Business Insider, CBS and Money.com.
    education: Texas Christian University
    at_money_since: 2020
    articles: 101
    covers:
      - Banking
      - Business
      - Career Advice
      - Credit
      - Housing
      - Identity Theft
      - Insurance
      - Loans
      - Mortgages
      - Personal Finance
      - Professional Services
      - Retirement
    also_seen_in:
      - The Wall Street Journal
      - Business Insider
      - Yahoo Finance
      - US News & World Report
      - CBS
    social:
      - https://twitter.com/AlyJwriter
      - https://www.linkedin.com/in/alyjyale/
published: '2026-10-14T14:18:55.000Z'
modified: '2026-10-14T14:18:55.000Z'
section: Banking
tags:
  - best banks
word_count: 1240
canonical: https://money.com/best-online-banks/
type: Article
source: structured-blocks
---

> **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/).

![Best Online Banks for 2027](https://img.money.com/2024/10/Best-Banks-2024-Online.png?w=1012&h=569&crop=1)

## Our Partners

![View Rates](https://s3.consumersadvocate.org/prd/image/image/19227/medium_5c3a0d96-3da5-45d8-8e99-d58f043e9433.png)

Our Partner

[View Rates](https://money.com/go/52179cad00a8?ap_referrer=%2Fbest-online-banks%2F&bidid=4221729105&pmeta=p129-c561-u26928&ptid=683122663&ptoken=adbde8c363afa5b90ca162bb1eed09a7&ua=Mozilla%2F5.0+AppleWebKit%2F537.36+%28KHTML%2C+like+Gecko%3B+compatible%3B+ClaudeBot%2F1.0%3B+%2Bclaudebot%40anthropic.com%29&zip=43215&apxa1=best-banks-for-digital-investing)

**Up to 3.30% APY² with eligible direct deposit or $5,000 or more in qualifying deposits during the 31-day evaluation period.**

-   Limited Time Offer - +0.90% Boost on Savings APY to up to 4.20% for up to 6 months on new accounts. Terms apply.8 
-   $0 min. balance to earn APY
-   Open Checking & Savings Accounts with 1 Sign Up
-   Up to 2-Day-Early Paycheck3
-   Access additional FDIC insurance up to $3M on deposits4
-   No Account Fees5 & No-fee Overdraft Coverage6

\*Terms Apply

**\[AFFILIATE LINK: Open SoFi Account Today\]**

* * *

![View Rates](https://s3.consumersadvocate.org/prd/image/image/40232/medium_cfa5e5b0-4ccd-4dc6-814f-910bb4151eb3.webp)

Our Partner

[View Rates](https://money.com/go/a4a765f7aaf9?ap_referrer=%2Fbest-online-banks%2F&bidid=4221729106&pmeta=p129-c561-u26928&ptid=683122663&ptoken=4b5b2b3dc266bf2b6b338a3faa667b27&ua=Mozilla%2F5.0+AppleWebKit%2F537.36+%28KHTML%2C+like+Gecko%3B+compatible%3B+ClaudeBot%2F1.0%3B+%2Bclaudebot%40anthropic.com%29&zip=43215&apxa1=best-banks-for-digital-investing)

**Earn 4.25% APY\* for 6 months with $5k min. balance when you open a Platinum Savings Account**

-   $5,000 min. balance to earn top APY
-   $100 minimum deposit to open an account
-   No account opening or monthly service fees
-   Member FDIC

\*Boosted rate for 6 months; 3.75% APY after. \*Enter promo code BOOST50 for APY bonus. Rate as of 9/29/2026.

**\[AFFILIATE LINK: View CIT Bank Offer\]**

* * *

![View Rates](https://s3.consumersadvocate.org/prd/image/image/40546/medium_c4df0da9-32d5-4f39-9172-e02e18571a8d.webp)

Our Partner

[View Rates](https://money.com/go/ba72e9b7c509?ap_referrer=%2Fbest-online-banks%2F&bidid=4221729107&pmeta=p129-c561-u26928&ptid=683122663&ptoken=dae7dd46d36137f750f16f4dea10f60b&ua=Mozilla%2F5.0+AppleWebKit%2F537.36+%28KHTML%2C+like+Gecko%3B+compatible%3B+ClaudeBot%2F1.0%3B+%2Bclaudebot%40anthropic.com%29&zip=43215&apxa1=best-banks-for-digital-investing)

**Earn Up to 4.35% APY (inclusive of 0.35% APY Boost)\*\***

-   $500 minimum opening deposit
-   Keep more of your money with no fees
-   Trusted device security with quick face or fingerprint login
-   Member FDIC, Santander Bank, N.A.

Rates as of 10/14/2026

\*\*New Customers only. Terms Apply. Santander Bank, N.A. Member FDIC. The APY Boost will apply for (6) months from the date the account is opened.

**\[AFFILIATE LINK: View Openbank Offer\]**

## Key Takeaways

- Ally is Money's pick for the best online bank overall. Ally is recognized for its high APYs across all deposit accounts, no monthly maintenance fees, strong JD Power customer satisfaction scores and cash deposit access via Walmart Money Centers.
- Online banks excel in specialized categories. Redneck Bank offers above-average checking APYs, EverBank is notable for its high-yield savings accounts, Bank5Connect is recognized for its unlimited money market withdrawals and Vio Bank offers extensive CD terms.
- Money's analysis of online banks prioritizes high yields and low-to-no costs. The 2027 rankings evaluated digital institutions based on asset size, low fee structures and APYs significantly above national FDIC averages.

Online and digital-only banks can often offer lower fees and higher annual percentage yields (APYs) than their traditional bank counterparts. They have lower overhead expenses than brick-and-mortar banks due to the lack of branches, and they typically pass on these savings to customers, meaning you can keep more of your hard-earned money.

You can open checking accounts, savings accounts, money market accounts and certificates of deposit (CD) with an online bank and maximize your money. To help you find the right bank, we evaluated leading online financial institutions and identified the top online banks of 2027 based on their account options, rates, fees and customer support:

-   **[Ally](#ally):** Best Overall
-   **[Redneck Bank](#redneck):** Best Online Checking Account
-   **[EverBank](#everbank):** Best Online Savings Account
-   **[Bank5connect](#bank5):** Best Online Money Market Account
-   **[Vio Bank](#vio):** Best Online CDs
-   **[SoFi](#sofi):** Best for Customer Satisfaction
-   **[Happen Bank](#happen):** Best for Rewards
-   **[American Express](#amex):** Best for Digital Tools
-   **[Citi](#citi):** Best for Bonus Offers

*\*Rates, APYs and special offers are subject to change. All information provided was accurate as of Oct. 9, 2026.*

## Open a High-Yield Savings Account today and start earning interest

### Take advantage of an FDIC insured, High-Yield Savings Account from SoFi®. Click on your state and find out more.

[SEE OFFER](https://money.com/pr/b6d40efa5682?ap_referrer=%2Fbest-online-banks%2F&apxa1=best-banks-for-digital-investing)

## Best Overall: Ally

![](https://s3.consumersadvocate.org/prd/image/image/7436/large_ad73ce2a-f481-474c-8467-e5f498ff9498.png)

[View Rates](https://money.com/pr/je65c31e88be?ap_referrer=%2Fbest-online-banks%2F&url=&apxa1=best-banks-for-digital-investing)

As an online bank, [Ally](https://money.com/pr/rd6ec80e9e3e?data-trk-company=ally-bank-savings-accounts-review&data-trk-imp=true&data-trk-pcu-type=direct_link&data-trk-pcu-uuid=rd6ec80e9e3e&encoded_id=&apxa1=best-banks-for-digital-investing) bank boasts significantly higher-than-average APYs on all of its deposit accounts, and its rates were among the highest of all the banks evaluated by Money. Plus, Ally's accounts don't have monthly fees, and JD Power ranked Ally among the top banks for customer service in its U.S. Direct Banking Satisfaction Study.

Ally offers checking accounts, savings accounts, money market accounts and CDs. The bank has a broad ATM network, and Ally will reimburse checking account customers with up to $10 in ATM fees per statement period for out-of-network ATM fees.

One common limitation of online banks is difficulty in making cash deposits. With Ally, you can deposit cash into your accounts by visiting a Walmart Money Center or Walmart customer service desk, which is a useful benefit if you have a cash-based job and handle physical bills often.

**Pros**
- Extensive ATM network
- Higher-than-average APYs on deposit accounts
- No-fee account options

**Cons**
- Limited ability to make cash deposits
- Restrictions on number of savings account withdrawals
- No physical branches

## Best Online Checking Account: Redneck Bank

![](https://s3.consumersadvocate.org/prd/image/image/25659/large_52f8268d-9362-406f-9ec6-0c76b5772141.webp)

[View Rates](https://money.com/pr/mf709ca19423?ap_referrer=%2Fbest-online-banks%2F&url=&apxa1=best-banks-for-digital-investing)

For the third year in a row, [Redneck Bank](https://money.com/pr/gd3a5dd702f2?data-trk-company=redneck-bank-savings-accounts-review&data-trk-imp=true&data-trk-pcu-type=direct_link&data-trk-pcu-uuid=gd3a5dd702f2&encoded_id=&apxa1=best-banks-for-digital-investing) is Money's choice for the best online bank for checking accounts. Typically, APYs on checking accounts are low**; n**ationally, the average APY on interest-bearing checking accounts is just 0.07%. So Redneck Bank stands out with its high-yield checking rates.

Customers can earn up to 3.85% on balances up to $15,000, as long as they complete at least 10 debit card point of sale transactions each month and receive monthly statements electronically. Balances over $15,000 still earn a higher-than-average APY of 0.5%.

There is a $500 account minimum to open an account, but there is no minimum balance required to keep the account open, nor are there monthly account fees. Plus, Redneck Bank will refund up to $25 of foreign ATM fees each monthly statement cycle.

**Pros**
- Among the highest APYs for checking accounts and money market accounts
- No monthly fee on checking accounts
- ATM fee reimbursement

**Cons**
- No CDs or savings accounts
- $500 minimum deposit
- Limited to six free withdrawals from money market accounts per statement cycle

## Best Online Savings Account: EverBank

![](https://s3.consumersadvocate.org/prd/image/image/40472/large_d38812d7-81b3-4a6f-b058-75c0cc0ad2dc.webp)

[View Rates](https://money.com/pr/m4a9a9386220?ap_referrer=%2Fbest-online-banks%2F&url=&apxa1=best-banks-for-digital-investing)

[EverBank's](https://money.com/pr/s29a677d8864?data-trk-company=everbank-savings-accounts&data-trk-imp=true&data-trk-pcu-type=direct_link&data-trk-pcu-uuid=s29a677d8864&encoded_id=&apxa1=best-banks-for-digital-investing) Performance Savings account is a high-yield savings account with no minimum balance requirement and no monthly maintenance fees. Even though it doesn't have a monthly fee, EverBank still manages to offer one of the highest APYs on savings accounts today. Customers can earn up to 4.2% APY on all balances.

You can also open checking accounts, money market accounts, and CDs through EverBank. Although the bank is primarily online, it does manage a few branch locations in California, Florida and New York.

EverBank has a highly rated mobile app for both Android and iOS devices that customers can use to deposit checks, transfer funds and pay bills.

**Pros**
- No minimum balance requirement
- No monthly service fees
- Among the highest APYs for savings accounts

**Cons**
- Some accounts aren't available nationwide
- Mixed Trustpilot reviews
- Some checking account perks require a $5,000 balance

## Best Online Money Market Account: Bank5Connect

![](https://s3.consumersadvocate.org/prd/image/image/40325/large_4a5c1d39-bd10-47d5-9992-76a0feac09e9.webp)

[View Rates](https://money.com/pr/za338243454e?ap_referrer=%2Fbest-online-banks%2F&url=&apxa1=best-banks-for-digital-investing)

[Bank5Connect](https://money.com/pr/h9182e0a3129?data-trk-company=bank5-connect-savings-account&data-trk-imp=true&data-trk-pcu-type=direct_link&data-trk-pcu-uuid=h9182e0a3129&encoded_id=&apxa1=best-banks-for-digital-investing) is the online division of BankFive, a Massachusetts-based community bank. The financial institution offers high-yield savings accounts and money market accounts with no monthly maintenance fees.

BankConnect's money market interest rates are among the highest in the banks and credit unions analyzed by Money. Unlike many banks, BankConnect doesn't set limits on money market account withdrawals. Your first order of checks is free, your account will come with a Visa debit card and you can even earn cash back on eligible purchases.

**Pros**
- No withdrawal limits on money market accounts
- Among the highest APYs on money market accounts
- Highly rated mobile banking app
- No monthly fees

**Cons**
- $100 account minimum to earn interest
- Limited CD terms

## Best Online CDs: Vio Bank

![](https://s3.consumersadvocate.org/prd/image/image/15675/large_2683de91-f56e-4d0c-b576-183687801742.png)

[View Rates](https://money.com/pr/r03846c94cd8?ap_referrer=%2Fbest-online-banks%2F&url=&apxa1=best-banks-for-digital-investing)

Typically, online banks or digital banks have limited CD terms, with customers only having options of terms that are five years or less, with numerous choices for shorter-term CDs (under one year). [Vio Bank](https://money.com/pr/j9b42a2c05f3?data-trk-company=vio-savings-accounts&data-trk-imp=true&data-trk-pcu-type=direct_link&data-trk-pcu-uuid=j9b42a2c05f3&encoded_id=&apxa1=best-banks-for-digital-investing) differentiates itself with its CD options, allowing customers to choose from terms between four months and 10 years.

The APYs available for Vio Bank CDs are among the highest of any bank or credit union Money evaluated. Additionally, Vio Bank has a lower-than-usual minimum deposit requirement of just $500.

**Pros**
- Low minimum deposit for CDs
- Multiple CD terms
- Among the highest APYs on CDs

**Cons**
- Does not offer checking accounts
- Mixed reviews for its mobile app
- Added fees for paper statements

## Best for Customer Satisfaction: SoFi

![](https://s3.consumersadvocate.org/prd/image/image/19227/large_5c3a0d96-3da5-45d8-8e99-d58f043e9433.png)

[View Rates](https://money.com/pr/s19e9ade0319?ap_referrer=%2Fbest-online-banks%2F&url=&apxa1=best-banks-for-digital-investing)

[SoFi](https://money.com/pr/o3a4f32fe650?data-trk-company=sofi-savings-review&data-trk-imp=true&data-trk-pcu-type=direct_link&data-trk-pcu-uuid=o3a4f32fe650&encoded_id=&apxa1=best-banks-for-digital-investing) is one of the most highly rated companies for customer satisfaction. JD Power ranked the financial institution as among the top banks for both checking and savings accounts in its U.S. Direct Banking Satisfaction Study. SoFi also scores an excellent 4.3 stars out of 5 on Trustpilot.

SoFi checking and savings accounts are combination accounts without monthly fees or overdraft fees, and they boast higher-than-average APYs. The checking account offers a 0.5% APY, while the savings account offers a 4.2% APY.

**Pros**
- Highly rated in the JD Power U.S. Direct Banking Satisfaction Study
- Excellent Trustpilot reviews
- High APYs on checking and savings accounts

**Cons**
- No money market accounts or CDs
- Only accounts are combination checking and savings accounts
- Limited cash deposit options

## Best for Rewards: Happen Bank

![](https://s3.consumersadvocate.org/prd/image/image/40479/large_a86e37c9-5645-4ab1-b1e2-9e9150d67fc5.webp)

[See Offer](https://money.com/pr/i0b7c86a7191?ap_referrer=%2Fbest-online-banks%2F&url=&apxa1=best-banks-for-digital-investing)

[Happen Bank](https://money.com/pr/mf90c12884c4?data-trk-company=lendingclub-savings-account-review&data-trk-imp=true&data-trk-pcu-type=direct_link&data-trk-pcu-uuid=mf90c12884c4&encoded_id=&apxa1=best-banks-for-digital-investing), formerly known as LendingClub, offers checking accounts, savings accounts and CDs. Its checking account is one of the few Money reviewed that offers rewards. You can earn 2% cash back on on-time personal loan payments and unlimited 1% cash back on debit card purchases at gas stations, grocery stores and pharmacies.

Happen Bank doesn't have monthly fees on its checking or savings accounts. Its checking account is interest-bearing, offering 1% APY on balances of $2,500 or more.

**Pros**
- Rewards checking account available
- Higher-than-usual APYs on checking and savings accounts
- Low CD minimum deposit requirement

**Cons**
- Must maintain a balance of $2,500 or more to earn interest on checking
- Must have a balance of $250 or more to earn highest APY in savings
- Limited CD terms

## Best for Digital Tools: American Express

![](https://s3.consumersadvocate.org/prd/image/image/16629/large_efd878c7-1e69-45a7-ba86-08d9fe2c804e.png)

[View Rates](https://money.com/pr/c6ba6f6c5670?ap_referrer=%2Fbest-online-banks%2F&url=&apxa1=best-banks-for-digital-investing)

Besides higher-than-usual APYs, [American Express National Bank](https://money.com/pr/z231eb2454c0?data-trk-company=american-express-personal-savings-accounts-review&data-trk-imp=true&data-trk-pcu-type=direct_link&data-trk-pcu-uuid=z231eb2454c0&encoded_id=&apxa1=best-banks-for-digital-investing) is a banking leader based on its digital tools and mobile app. Its mobile app has excellent customer reviews from Android and iOS users, and you can use the app to view your accounts, transfer money and send and receive money via Zelle.

As an American Express banking customer, you also get free access to SpendSmart, American Express's budgeting platform. Customers can use it to view their transactions, link other consumer credit cards and checking accounts, track their spending and set budgets to manage their money more effectively.

**Pros**
- Free SpendSmart budgeting tools
- Stellar mobile app reviews
- Easy Zelle transfers

**Cons**
- No money market accounts
- Limited CD terms
- Must have an existing Amex credit or bank account to open a new checking account

## Best for Bonus Offers: Citibank

![](https://s3.consumersadvocate.org/prd/image/image/31814/large_ce2cb704-c173-4601-879b-b973a58e4aa5.webp)

[View Rates](https://money.com/pr/p0db2475aa11?ap_referrer=%2Fbest-online-banks%2F&url=&apxa1=best-banks-for-digital-investing)

Like many banks, [Citi](https://money.com/pr/r30962eb44b8?data-trk-company=citi-savings-account&data-trk-imp=true&data-trk-pcu-type=direct_link&data-trk-pcu-uuid=r30962eb44b8&encoded_id=&apxa1=best-banks-for-digital-investing) offers signup bonuses for new customers who open bank accounts. But Citi's offers are especially valuable and easier to earn than most other banks' bonuses.

Currently, customers can earn up to $325 by opening a new Citibank Regular Checking account by Oct. 26. To earn the bonus, you must enroll in direct deposit and complete at least two enhanced direct deposits, including from payroll, pension, Social Security or other government benefits) totaling $3,000 or more.

**Pros**
- Valuable welcome offer for new checking accounts
- No-penalty and step-up CDs available
- Higher-than-usual APY on savings accounts

**Cons**
- Monthly maintenance fees for checking and savings accounts
- Limited CD terms
- No money market accounts

## Compare Savings Accounts rates today

### Up to 2-day-early paycheck

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Our Partner

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### Open an account in 5 minutes

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Our Partner

[Sign Up](https://money.com/go/ca1c55ca6b9c?ap_referrer=%2Fbest-online-banks%2F&bidid=4221729120&pmeta=p129-c561-u25621&ptid=683122667&ptoken=72a48a319563e22a6ae44ac10ce13f49&ua=Mozilla%2F5.0+AppleWebKit%2F537.36+%28KHTML%2C+like+Gecko%3B+compatible%3B+ClaudeBot%2F1.0%3B+%2Bclaudebot%40anthropic.com%29&zip=43215&apxa1=best-banks-for-digital-investing)

### $500 minimum opening deposit

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## FAQs

### What makes an online bank different from a traditional bank?

Online banks operate without physical branch networks. Because they don't incur the overhead costs of maintaining brick-and-mortar locations, online banks typically pass those savings on to customers in the form of higher APYs for products like CDs, savings and checking accounts, while also featuring low-to-no fees and balance requirements.

### Are my deposits safe at an online bank?

Yes, as long as the online institution is a member of the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA). Both FDIC and NCUA coverage protect up to $250,000 per depositor per account.

### Can I deposit or withdraw cash with an online bank?

Yes, most online banks let you deposit and withdraw cash. This is done through partner ATM networks, mobile banking apps and electronic transfers like Zelle.

## How we chose the best online banks for 2027

To select the top online banks of 2027, Money evaluated dozens of leading digital banks based on their consolidated assets and compared their account options, interest rates, fees, ATM access, customer service ratings and online tools. We also prioritized online banks that offered higher levels of coverage beyond the typical FDIC insurance limit of $250,000.

We considered factors like bank rankings in the JD Power U.S. Direct Banking Satisfaction and Digital Banking studies, as well as customer reviews on Trustpilot. We placed particular emphasis on banks that offered higher-than-average APYs on deposit accounts with low fees. As a baseline, we compared bank rates to the national averages as reported by the FDIC:

-   **Savings:** 0.38%
-   **Interest-bearing checking:** 0.07%
-   **Money market account:** 0.63%
-   **12-month CD:** 1.71%

AI was not used in the sourcing of Best Banks data, the analysis of that data or the content subsequently produced by Money's editorial team. You can [read our full methodology here](https://money.com/best-banks/methodology/).

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