Indeed, the present unfortunate circumstances showed us many more new ways of doing things. Now the office works are shifted into work from home, and a financial institution like banks primarily focused on remaining online. However, since 1999, the Internet Bank of Indiana has already shown the path for others. Hence, today we bring you the top seven best online banks. We made extensive research and an online survey to offer you the exact data you will need to know.

What is an Online Bank?

As the name suggests, any bank that only exists in the internet’s cyberspace is called an online bank. The bank may have a central physical headquarter yet; no branches or minimum branches will be noted for that bank. The first online bank is Sumitomo Bank, which starts operating In January 1997. Some online banks are- Varo Bank, Ally Bank, Charles Schwab, Capital One Financial Corp, etc.

The Top Seven Online Banks:

1. Axos Bank

With a better smartphone app, its APYs are high, and other fees are low. You can get an annual percentage of Up to 1.25% from their checking account. They are offering Checking, Savings, MMA, CDs services.

The bank will not charge any monthly fee or an overdraft fee. Although, you need to pay a nominal fee for the ATM! In return, you can access over 91,000 ATMs throughout America. Also, the client gets unlimited national ATM fee recompenses for out-of-network ATM usage. They have a 24×7 customer service line for any client issue to settle.

2. Charles Schwab Bank

The Charles Schwab Bank’s checking account has no minimum balance requirement and no monthly fee. The savings account is the same, but the interest rate is a little low. They are offering unlimited ATM rebates, and they also have a better chain of home ATMs.

The Schwab debit card is a good option for traveling a lot because they have no foreign transaction charges. According to ‘ J.D, this bank also has 24×7 customer care executives to solve the client’s issues. Power 2020 U.S. Direct Banking Satisfaction Study,’ the Charles Schwab Bank is holding the top position.

3. Discover Bank

The discover bank has low startup fees for its customers. Checking account holders can earn 1% cashback on up to $3,000 in debit card purchases per month. The savings account provides a reasonable interest rate as well as other free services such as no maintenance fees, no stop payment orders fees, no insufficient funds fees, and no fees for using out-of-network ATMs.

Consumers can withdraw from an extended ATM chain. With their top-notch mobile banking app, they are going upward.

 4. NBKC bank

They offer a special kind of account called Everything Account. It is the combination of a savings account and an interest-bearing checking account. They provide a full-service list where a user can handle bills, spend, and save from a single account. They also offer a money market account.

NBKC bank has low fees, and out-of-network ATM fees are reimbursed at a rate of about $12 per month. Your accounts can also be accessed via the bank’s mobile app. Customer service is excellent and is available by phone, live chat, and email.

5. Capital One

This online bank’s savings account is better for students. It offers a high interest rate for students and others. Their checking accounts and other products are also valued for money. No minimum deposit money is needed to open an account. The accounts also have no monthly fees.

The checking accounts are available for children as low as 8-years old and can have a debit card. Surely, to open an account for a minor, the authorization of a guardian is required. They have a good network of ATMs and a 24×7 customer care phone line. Alternatively, you can use the email or chat option to resolve your query.

6. AllyBank

This online bank offers compatible competitive rates on its accounts with low fees and no minimum balance requirements. Furthermore, no monthly maintenance fees are needed too.

A 24/7 customer service is available for you. Alternatively, you can knock them via live chat from the app and by using emails. They have an extended home network of ATMs. With full-service banking, ATM reimburses $10 per cycle. This bank is also gaining popularity.

7.Quontic Bank

This is a Full-service bank3 with a cash-back checking account of up to 1.50% cash-back on debit card transactions. They also offer a money market account, one CD, two checking accounts, and two savings accounts.

This digital bank has 24×7 online banking and additional robust features. You can reach customer support via chat, phone, or email. However, they are not active 24×7. Also, they have a high overdraft fee (approximately $35). The smartphone app is good and has better ratings.

Final words

There are more online banks that exist in cyberspace. Some worth mentioning are- First Foundation Bank, iGObanking, Chime, Paramount Bank, Salem Five Direct, etc.! It’s your choice, which one you should pick. Always read the term and conditions before signup and have confidence in them for real.



  1. Charles Schwab Bank’s: Retrieved from the website.
  2. Full-service bank: Retrieved from the website.