10 Best Online Banks of November 2023

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The top online banks provide a good balance of high APYs, low fees, and reasonable minimum requirements.

We have analyzed the offerings from countless online banks that are available nationwide to identify some of the best choices out there.

Below, you can find detailed information about why we selected each institution, the advantages and disadvantages they offer, and access to individual bank reviews.

Best Online Banks of November 2023

Here are the best online banks that you can open an account with today:

American Express National Bank: Best Overall


American Express® High Yield Savings Account (Member FDIC) offers 4.30% APY (as of October 10, 2023), no fees, multiple CDs, and 24/7 customer service.


Extensive, Convenient, 24/7 Support


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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.

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Alliant Credit Union: Best Credit Union


Alliant Credit Union offers an ideal mix of high yields on savings products, diverse account types, 80,000 in-network ATMs, few fees, and robust mobile banking.

High-Rate Savings

3.10% APY¹


Convenient, Fee-Free, Accessible, ATMs,

Specialized accounts

Kids Savings, Teen Checking, Mobile app


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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.)

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CIT Bank: Best for High Yields


High yields, no fees. Savings Connect 4.65% APY, Platinum Savings up to 5.05% APY, Savings Builder up to 1.00% APY. No ATM fees, $30 reimbursement.

Savings Connect

4.65% APY

Platinum Savings

Up to 5.05% APY

Savings Builder

1.00% APY


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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%

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Albert: Best for Customer Support


Albert is a financial app for spending, saving and investing. It stands out for expert-level customer service and support while offering value-adds like up to 20% cash back and competitive interest on eligible balances.


Financial app for spending, saving & investing


Albert Cash, Albert Savings, Albert Investing


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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.

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Discover® Bank: Best for Borrowers


Discover Bank offers diverse deposit accounts, credit products, and customer-friendly features online.

Diverse Deposit Accounts

Wide range of deposit accounts

Comprehensive Credit Products

Comprehensive secured, unsecured credit products

Customer-Friendly Features

Convenient features and customer support


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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.

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GO2bank: Best for Debit Card Rewards


GO2Bank is a low-friction online bank that charges no monthly fee with direct deposit and pays up to 7% cash back on eGift card purchases.


Low-friction online bank with mobile-friendly account

Cash Back

Earn up to 7% cash back on eligible gift card purchases in the app


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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.

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Douugh: Best for Automated Budgeting


Douugh is an AI-powered app for automated income allocation, budgeting, and savings, with additional banking features.

AI Enabled

AI automates income and savings


Dashboard simplifies financial management


Offers comprehensive banking features


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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.

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Copper Banking: Best for Teens and Young People


Copper offers teen-friendly banking with parental controls, automatic saving, and financial education.

Teen-Friendly Banking

Personalized banking for teens

Parental Controls

Parental monitoring and fund transfers

Financial Education

Comprehensive financial education resources


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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.

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Quontic: Best for Savers


Quontic Bank offers diverse, fee-free, high-yield banking options and innovative features nationwide.

High-Yield Accounts

High-yield checking and savings

Innovative Features

Wearable Quontic Pay Ring feature

Inclusive Lending

Diverse, inclusive home loan options


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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.

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Lili: Best for Freelancers and Self-Employed People


Lili offers a free, feature-rich checking solution designed for freelancers and side hustlers.

Freelancer-Focused Banking

Free checking for freelancers, solopreneurs

Automated Tax and Expense Tools

Automated tax, expense management tools

Additional Perks

Additional perks, no minimum balance


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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

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Methodology: How We Select the Best Online Banks

We use several key factors to evaluate online banks and surface the very best ones for our readers. Each relates in some way to the overall user experience, and you’ll see many represented in our “Best For” categories above.

Available Account Types

The best online banks offer a range of different deposit account types: free checking, savings, CD, and money market accounts, among many others.

Truly comprehensive online banks go even further, with less-common account offerings like savings IRAs, jumbo CDs, and more. More accounts doesn’t necessarily mean a better banking experience, but it’s helpful if you’re looking for a one-stop financial shop.

Interest Rates

Online banks tend to have higher yields — interest rates paid to the account holder — as well as lower interest rates on certain types of loans, if offered.

You shouldn’t count on that though. It’s important to shop around and choose an online bank that consistently offers significantly better rates. Not all do.

Account Minimums

The best online banks have low or no minimum balances and low or no minimum opening deposit requirements on checking, savings, and money market accounts. 

CDs generally do have minimum deposit requirements, even at the best online banks, but there’s lots of variation. Look for deposits at or below the $1,000 mark, if possible.

Monthly Maintenance Fees

Free is always better than not free, right?

Not necessarily. Some of the best online banks around charge modest monthly fees. In exchange, they offer a wealth of value-added features and services that can earn or save you money (and sometimes both at the same time).

That said, we do give preference to banks that don’t charge monthly fees at all. Because everyone could use a break.

Other Account Fees

The trusty monthly maintenance fee is just the most visible bank fee. Others include:

  • ATM fees (in-network and out-of-network)
  • Wire transfer fees
  • Excess transaction fees
  • Early withdrawal penalties
  • Minimum balance fees

Traditional banks are notorious for nickel-and-diming their customers. By contrast, most online banks do charge at least some fees, but they’re predictable and clearly disclosed on their websites and applications. 

For example, many online bank CDs come with early withdrawal penalties. These can be equivalent to as little as one month’s interest on shorter-term CDs but may range up to 24 months of interest on very long-term CDs.

All else being equal, we prefer online banks that charge few if any fees — and hidden fees are a dealbreaker.

Investment and Tax-Advantaged Options

Many online banks stick to core banking services, like checking and savings. But a growing number of online banks offer a wider array of options for people who’d like to be able to do all their banking in the same place.

We’re particularly fond of online banks that offer tax-advantaged account options, such as savings IRAs and CD IRAs. We also like online banks that have in-house investment platforms — whether they’re self-directed brokerages like Ally Invest or low-cost robo-advisors like Wealthfront.

Credit Options

All online banks have at least one deposit account product. That’s what makes them online banks.

A smaller but growing number make loans or issue lines of credit — including credit cards — as well. Common online bank credit products include:

  • Mortgage loans, including purchase loans and refinance loans
  • Home equity products, including home equity loans and lines of credit
  • Auto loans
  • Student loans and student loan refinancing products
  • Personal loans
  • Credit cards and other types of credit lines

We don’t hold it against online banks that don’t make loans — it’s a big step for many a lean bank. But we do look out for banks that have taken the leap.

Budgeting and Money Management Features

Budgeting is hard to do right. That’s why we’re big fans of online banks with built-in budgeting and money management tools.

The more automated these tools are, the better. In fact, some make our list of the top budgeting apps on the market. Truly “set it and forget it” money management saves the typical consumer hundreds if not thousands of dollars per year.

Online Banking FAQs

Still have questions about online banks and managing money online? We have answers.

How Much Does Online Banking Cost?

Online bank rates, yields, and fees are subject to change at banks’ sole discretion. For up-to-date information about specific accounts and bank policies, check their websites or call customer service.

That said, online banks are generally more affordable than traditional banks. They’re less likely to charge monthly maintenance fees on checking and savings accounts, and many have fewer hidden fees too.

What’s the Interest Rate on an Online Bank Account?

That also depends on the individual bank. But many online accounts feature higher yields relative to those of traditional banks. 

That’s because online banks have less overhead than traditional banks. They don’t need to pay to keep big, centrally located branches open or pay people to work at them. Their operations are more efficient, which allows them to pass the savings on to customers via higher rates and lower fees.

How Do You Enroll in Online Banking?

It depends on the bank and how its website or app is structured, but it’s usually straightforward. In fact, with an online-only bank, enrollment is usually automatic. You don’t have to complete a separate application or even click a button to activate your account.

However, you will need to create a unique username and password to get started. You may be asked to do this as part of the initial application process or once your account is approved. You’ll also need to link at least one external funding source to transfer money into your account.

Can You Get a Mortgage From an Online Bank?

Some online banks offer home loans (mortgages) and other credit products. These banks tend to be larger online banks with high name recognition, like Ally Bank and Capital One Bank. Look for a “Mortgages” or “Home Loans” tab on the homepage or in your account dashboard.

Be aware that some online banks outsource mortgage origination to other companies. In other words, if you apply for a mortgage through your bank, your loan officer might actually work for someone else. This isn’t necessarily a bad thing, but it could mean a different level or style of service than you’re used to.

And don’t expect your online bank to offer better mortgage rates than other lenders. The mortgage loan business is highly competitive, and direct lenders with even lower overhead may be able to undercut online banks.

How to Choose the Best Online Bank

The institutions on this list offer a great combination of FDIC-insured banking products, solid yields, open access, and helpful customer service.

Before choosing one, take a closer look at the features that set it apart from the competition: rewards checking, flexible withdrawal terms for CDs, particularly high account yields, a socially responsible corporate philosophy, and so on.

And remember that, unlike in the old days, your banking choices aren’t bound by geography or other restrictions. If you can’t settle on a single online bank, why not open accounts at multiple banks and compare your experiences?

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