10 Best Online Banks of November 2023

The American Express® High Yield Savings Account has a solid yield on all balances with $0 maintenance fees, a $0 minimum opening deposit, and a $0 minimum balance. The current savings yield is 4.30% Annual percentage Yield (APY). This rate is current as of October 10, 2023.

Want to tie up your money for a while at a higher interest rate? Choose from seven CD options ranging from six months to five years.

CD yields are very good across the board: 3.00% Annual Percentage Yield (APY) on the longest-term product (60 months or 5 years) and 4.25% on the 12-month CD.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any savings product issuer.

When is an online bank not an online bank? When it’s an online credit union.

There’s no better branchless option than Alliant Credit Union. As a credit union, Alliant exists for its members rather than stockholders so they will always put you first.

Alliant has a comprehensive lineup of checking and savings accounts, like:

• High-Rate Savings, a high yield savings account for goal-oriented savers (currently 3.10% APY¹)
• High-Rate Checking, a checking account with competitive interest rates
• Certificates of Deposit, which help you earn more with set interest rates for a fixed period of time (currently yielding 5.15% APY)
• Kids Savings, a custodial account built for kids 12 and younger
• Teen Checking, a joint account for kids aged 13 to 17 — there when you’re ready to loosen the reins

Insured by NCUA

(¹For important additional disclosures, please refer to the corresponding footnote at the Sign Up link directly above.)

CIT Bank offers several different accounts with category-leading yields:

• Savings Connect has one of the best yields of any bank account, online or off: 4.65% APY.
• Platinum Savings has an outstanding yield when you maintain a balance of $5,000 or more (5.05% APY) and a so-so yield when you don’t (0.25% APY).
• Savings Builder yields up to 1.00% APY for accountholders who can meet minimum balance or deposit requirements.
• The CIT Bank Money Market account has a very good yield on all balances (currently 1.55% APY) with no monthly maintenance or service fees.
• Multiple CIT Bank CDs offer above-average yields, led by the 11-month CIT No Penalty CD at 4.90%

Albert is a powerful financial app that makes spending, saving, and investing easy. It’s among the growing crop of financial solutions that offer early payday with eligible direct deposit, and its automated savings and investing features put it well ahead of the pack.

But where Albert really shines is on the customer service front. The platform has a dedicated team of in-house financial experts — called Geniuses — to help you make sense of your money. That puts it heads and shoulders above its crop of fellow digital money management apps.

Discover Bank is a full-service online bank with a wide range of deposit accounts. It’s a great (almost) one-stop shop for your digital financial needs.

Discover Bank’s real differentiator is its comprehensive lineup of secured and unsecured credit products. That includes unsecured personal loans, which many online banks don’t bother with due to perceived risk.

You’ll find home loans, home equity products, student loans, credit cards, and personal lines of credit here too.

Discover Bank’s deposit account options include:

• Cashback Debit: This checking account has no yield, but you can earn 1% cash back on up to $3,000 in qualifying debit card spending each month*. There’s no monthly maintenance fee.
• Online Savings Account: This account has a very strong yield on all balances — currently 4.35% APY as of October 27, 2023. There’s no maintenance fee or minimum to open.
• Money Market Account: With a minimum opening deposit and balance requirement of $2,500, this account has competitive yields on all balances. Its two balance tiers cleave at $100,000, but yields on higher balances barely exceed those on lower balances. Enjoy a free, optional debit card, and no maintenance fee. There’s also no minimum balance fee, despite the minimum balance requirement.
• Traditional CDs: CD terms range from three months to 10 years. Yields range widely based on term length. You need $2,500 to open any CD.

*See website for details.

GO2bank is a low-friction online bank with a mobile-friendly bank account (no monthly fee with eligible direct deposit) and impressive yields on savings (4.50% APY² on savings up to $5,000).

Eligible electronic gift card purchases in the app earn up to 7% cash back; Amazon eGift Card purchases in the app earn 3% cash back. Terms and conditions apply.

^* $15 fee may apply to each purchase transaction not repaid within 24 hours of authorization of the first transaction that overdrafts your account. Overdrafts paid at GO2bank’s discretion.

¹Active GO2bank account required to receive an eGift Card. eGift Card merchants subject to change.

²GO2bank, Member FDIC. Interest paid quarterly on the average daily balance of savings during the quarter up to a $5,000 balance and if the account is in good standing. 4.50% Annual Percentage Yield (APY) as of July 2023. APY may change before or after you open an account. The average national savings account interest rate of 0.05% is determined by the FDIC as of 12/14/20. Visit https://www.fdic.gov/regulations/resources/rates/ to learn more. Fees on your primary deposit account may reduce earnings on your savings account.

³Direct deposit early availability depends on the timing of the payor’s payment instructions and fraud prevention restrictions may apply. As such, the availability or timing of early direct deposit may vary from pay period to pay period. The name and Social Security number on file with your employer or benefits provider must match your GO2bank account exactly or GO2bank will decline your deposit.

Douugh is a money management app that makes it easy to stay on top of your day-to-day financial obligations while saving for a rainy day — and happier days too.

A single mobile-friendly dashboard makes it all possible.

How? That’s down to Salary Sweeper, an AI-enabled feature that automatically allocates income to two protected “jars”:

• Your Bill Jar, complete with a virtual card of its own
• Your Savings Jar, which is actually a customizable array of single-purpose savings buckets

The rest is yours to spend as you please using a debit card accepted by millions of merchants worldwide. Best of all, you never have to give manual budgeting a second thought.

Copper is a banking solution for teens age 13 and older — and their parents too.

It’s built around the Copper Card, a personalized debit card that leverages Apple Pay technology to facilitate seamless online and in-person transactions.

The Copper App allows parents to monitor spending and instantly send money in seconds. For teens, its Automatic Saving feature encourages saving — a lifelong financial habit — by automatically setting aside a portion of each paycheck or inflow.

Plus, Copper has a wealth of financial literacy content for parents and kids alike — it’s one of the best financial education tools around.

Quontic Bank got its start as a New York City community bank that catered to thrifty types.

Today, Quontic’s branch-based banking options represent just a small fraction of its offerings. With a nationwide digital footprint, Quontic delivers category-leading checking and savings yields for consumers and small-business owners from all walks of life — all with no monthly service fees:

• Cash Rewards Checking: Earn unlimited 1.5% cash back on qualifying debit card transactions after meeting the $100 minimum opening deposit.
• Bitcoin Rewards Checking: Earn 1.5% Bitcoin on qualifying debit card transactions. The minimum opening deposit is $500. This account may not be available in all states.
• High Interest Checking: Make 10 or more qualifying debit card point-of-sale transactions of $10 or more per statement cycle to earn interest at competitive rates based on account balance. The minimum opening deposit is $100.
• High Yield Savings: Earn interest at category-leading rates (currently 4.50%) after meeting the $100 minimum opening deposit.
• Money Market: Earn solid yields (currently 5.00%) after meeting the $100 minimum.
• CDs: Quontic CDs have terms ranging from six months to three years and competitive yields that generally increase in proportion to term. The minimum opening deposit is $500. Early withdrawal penalties may apply.

Lili offers a totally free checking solution with a slew of value-added features designed to simplify your financial life.

Its core product is built with freelancers in mind, but it’s appropriate for a range of use cases, from solopreneurs to folks who supplement 9-to-5 income with side hustle revenue.

With powerful, automated tax savings and expense categorization tools, Lili eliminates the need to juggle separate bank accounts for business and personal needs — it’s just one deposit account for your entire financial life.

For $9 per month, Lili Pro adds even more valuable features:

• A premium Visa Business Debit Card that delivers cash-back rewards
• BalanceUp, a fee-free overdraft solution that covers up to $200 in would-be overdrafts
• Advanced expense tracking that helps business owners maximize their tax deductions
• A savings account that pays interest