Top Online Banks of 2025: Enjoy Hassle-Free, Fee-Free Banking!

Are you fed up with the long lines, pesky fees, and the hassle of maintaining minimum balances? It’s time to embrace the future of banking with an online checking account!

These days, almost every bank touts online banking options, but did you know there are banks that operate exclusively online—without any brick-and-mortar branches? That’s right! These digital-only banks offer everything from checking and savings accounts to CDs and even some mortgage products, all while cutting out the costs associated with physical locations.

By eliminating overhead, online banks are able to pass on the savings to you, providing lower fees and attractive benefits like enhanced protection against bank fraud. Plus, you can expect much higher annual percentage yields (APY) compared to traditional banks. Sounds like a win-win!

We’ve done the homework for you and compiled a list of the best online banks—those that deliver high value, zero fees, and user-friendly products that make managing your finances a breeze.

Top 3 Picks For Online Banks

Here are our top three picks for online banking. If you’re not already using one of these banks, we highly recommend taking a closer look for all your checking, savings, and banking needs!

Specialty Banking Products

If you’re on the hunt for specific banking products, we’ve got curated lists highlighting the top banks in those areas. While our featured banks excel in overall banking services, you might need something tailored, like a savings account, CD, or mortgage.

Check out our top picks in each category!

Why Choose Online Banks Over Traditional Banks?

Many online banks offer zero fees, and many even reimburse fees from other banks. Always ensure your chosen bank is FDIC insured, typically covering up to $250,000, like traditional banks. The convenience of banking from anywhere is an overwhelming favorite for consumers.

Most online banks provide the same offerings as traditional banks, including checking, savings, top-rated CDs, and money market accounts.

Advantages Of Online Banks

Online banking brings distinct advantages. Let’s break down a few:

Disadvantages Of Online Banks

While switching to online banking has its perks, it may also come with a few minor hurdles. Here are some disadvantages:

Finding The Highest Yield

If your primary goal is to find the highest-yielding products, be sure to explore our list of high-yield savings accounts for the best rates.

Beyond our top three, we’ve compiled a breakdown of more standout online banks. Make sure to evaluate each based on your individual needs. Here are a few more favorites:

Ally Bank

Ally is a renowned online bank that boasts no ATM fees. They offer an impressive 3.80% APY on savings accounts, with a $10 reimbursement for ATM fees. Regarding checking, you can earn 0.10% APY on balances below $15,000 and 0.60% APY on amounts above!

Check out our full Ally Bank review here.

American Express Bank

American Express Bank’s online savings accounts and CDs are accessible without monthly fees or minimums. Link up to three of your existing accounts without needing to switch banks completely. Explore our full American Express Savings Bank review.

Aspiration

Aspiration is a forward-thinking cash management account that offers solid APY, cash back rewards, and more—no hidden fees and unlimited fee-free ATM transactions through a network of 55,000 ATMs!

For a complete look, check out our full Aspiration review.

Axos Bank

Axos Bank’s Rewards Checking account is truly free! With no minimums, no overdraft fees, and unlimited ATM reimbursements, it’s a dream come true for those who love hassle-free banking.

For more details, read our full Axos Bank review.

Bank 5 Connect

Bank 5 Connect offers a unique rewards program where debit card users earn points for every $2 spent. Enjoy free check writing and ATM reimbursements, all with a high interest rate of 0.76%, low minimum deposits, and no monthly fees!

Barclays

Barclays connects U.S. clients to online savings accounts and CDs with no minimum balances or maintenance fees. Read our full Barclays Bank review.

Capital One 360

Capital One 360, formerly ING Direct, offers a plethora of online accounts with no minimum balance requirements or monthly fees, including checking, savings, CDs, and even brokerage accounts!

Check out our complete Capital One 360 review.

Chase

While Chase isn’t strictly an online bank, they offer a robust online banking system as one of America’s largest banks. Access their services online or through their highly-rated app.

Check out our Chase review.

Charles Schwab

Charles Schwab caters to travelers and high-balance account holders, offering a High Yield Investor Checking Account with no ATM fees, no foreign transaction fees, and a 0.15% APY.

See our full review here.

Consumers Credit Union

This credit union is open to all and offers free checking with up to 4.5% APY under specific conditions. A $5 membership fee is all it takes to join! Conditions apply for the best rates, with opportunities for unlimited ATM reimbursements.

Current

Current is a modern banking solution, favored by influencers. With no monthly fees and a 4.00% APY on balances up to $6,000, it’s a great choice for your everyday banking.

Explore our full Current bank review here.

Discover® Bank

Recognized as one of the pioneers in online banking, Discover Bank isn’t just about credit cards! They offer a range of products, including savings, money market accounts, CDs, and IRAs, all while boasting highly competitive APYs.

For more details, check our full Discover Bank review.

Fidelity Cash Management Account

Fidelity’s Cash Management Account operates similarly to a brokerage account, offering a 0.07% APY with no monthly or overdraft fees! Access to ATMs in the U.S. is also hassle-free with reimbursement options.

Read our complete Fidelity review here.

FNBO Direct

FNBO Direct showcases a competitive APY on its online savings account with a minimum deposit of $500. Their interest-bearing checking account currently offers 0.65% APY.

Check out our complete FNBO Direct review here.

GO2bank

GO2bank offers a comprehensive suite of banking products with zero monthly fees for accounts with eligible direct deposits. With features like cashback on gift card purchases, it’s a strong contender!

Discover more in our GO2bank review here.

Marcus by Goldman Sachs

Marcus specializes in high-yield savings accounts and CDs, continually expanding their offerings. While they might lack some features, their generous online transfer limits are a strong draw.

Check out our Marcus by Goldman Sachs review here.

LendingClub Bank

LendingClub Bank offers a Hybrid Checking account, combining the best of checking and savings. With low minimums required to earn interest and a stellar mobile platform, this bank is leading the charge!

Discover our full LendingClub Bank review here.

MemoryBank

MemoryBank offers an enticing APY of up to 1.5% for the first year on balances up to $250,000 if certain conditions are met. It’s a great option for those seeking liquid returns!

Synchrony Bank

Renowned for its competitive interest rates, Synchrony offers an APY of 4.10%, no minimum deposit, and zero fees. They also reward loyalty with travel perks and discounts.

For more, check out our comprehensive Synchrony Bank review here.

TIAA Bank

TIAA Bank guarantees that their rates are always amongst the top 5%. Currently, they offer a competitive 0.70% APY, plus introductory offers for balances up to $250,000.

Read our full TIAA Bank review here.

Upgrade

Known for personal loans, Upgrade has launched a competitive online checking account with no monthly fees and up to 2% cash back. They also offer a high-yield savings option!

Explore our full review here.

USAA Federal Savings Bank

USAA is a unique institution that caters exclusively to current and former military members and their families. Their offerings include free checking and decent savings yields, plus fantastic perks like free checks and ATM fee refunds.

Check out our full USAA Bank review here.

Varo

Varo is a standout online bank that ticks all the right boxes: no monthly fees, up to 5% APY on your money, and early direct deposit capabilities that get your paycheck to you up to 2 days early!

Read our full Varo review here.

The Bottom Line: It Comes Down To Your Priorities

It’s clear that online banks typically offer higher APYs than traditional banks. If a high APY is your primary goal, consider options like Bank 5, the Bank of the Internet, Consumer Credit Union, and TIAA Bank. For accounts that come with rewarding perks, Synchrony stands out.

Be sure to compare these online banks with the best credit unions available.

Ultimately, your decision should hinge on how much you plan to deposit and how you intend to use your account.

Have you opened an online checking or savings account? What do you love most about it? Share your thoughts in the comments below!