The 20 Best Online Banks of 2022
Online banks offer many of the same products and services as traditional brick-and-mortar institutions, but often have lower fees and higher interest rates due to their lower overhead costs. As the popularity of online banking has grown, so have the number of institutions providing this service, so it can be hard to know which bank may be the best for you and your needs. To help you decide, GOBankingRates has analyzed nearly three dozen online banks across factors including fees, interest rates, products offered and customer service.
GOBankingRates’ Top Picks: Best Regional Banks of 2022
And More: Best National Banks of 2022
Based on GOBankingRates’ analysis, these are the Best Online Banks of 2022.
Best Online Banks of 2022
These online banks offer no-fee accounts, competitive interest rates and a variety of financial products.
Ally Bank: Best Online Bank
Why it stands out: Ally Bank offers competitive rates on its products, and it also provides a slew of other products for your financial needs if you want to bank all in one place.
Pros:
Competitve rates on savings and CD
No monthly checking fee
Cons:
Can find higher rates at a few other online banks
What to look for: Ally Bank has a variety of products for your financial needs, and it offers solid rates on its savings account (0.50%) and one-year CD (0.55%). It also doesn’t have a monthly checking account fee so you keep more of your money.
Read our full review on this online bank.
Discover Bank
Why it stands out: With no monthly checking fee, Discover Bank provides customers with a lot, including CDs, credit cards and more.
Pros:
No monthly checking fee
Diverse product line available
Cons:
More competitive rates can be found elsewhere
What to look for: Discover Bank makes the list of top online banks thanks in part due to its diverse product line that includes checking and savings accounts, as well as credit cards and retirement accounts. This bank comes with no monthly fee and competitive rates. It’s savings account has an APY of 0.40%, while its one-year CD rate is 0.50%.
Read our full review on this online bank.
TIAA, FSB
Why it stands out: TIAA, FSB’s competitive rates and no monthly checking fee keep it competitive with other banks on this list and make it worth checking out.
Pros:
Competitve rates on savings and CD
No monthly checking fee
Cons:
Can find higher rates at a few other online banks
What to look for: This bank offers solid rates on its products: Its savings account has an APY of 0.50% and its one-year CD has an APY of 0.55%. There’s also no monthly checking account fee here. You’ll also have access to over 80,000 fee-free ATMs through TIAA.
Read our full review on this online bank.
Axos Bank
Why it stands out: With a very competitive APY on its savings account, Axos Bank could be a good place to put your money if you’re looking to grow it.
Pros:
No monthly checking fee
Strong APY on savings account
Cons:
Less competitive APY on 1-year CD
What to look for: Axos Bank offers a very strong APY on its savings account at 0.61%. It does have a 0.20% APY on its one-year CD, although better rates can be found elsewhere. Its checking account does not have a monthly fee. If you run a business, Axos also provides financial products for various business needs.
Read our full review on this online bank.
First Internet Bank
Why it stands out: Its 1-year CD comes with a strong APY compared to other online banks on this list. It also has no monthly checking fee so you don’t lose any of your money that way.
Pros:
No monthly checking account fee
Strong APY on 1-year CD
Cons:
Lower APY on savings account
What to look for: First Internet Bank has a stronger APY on its one-year CD at 0.60% compared to some of the other top online banks. The APY on its savings account is a bit lower at 0.25%. Its checking account does not have a monthly fee tied to it. It also offers a variety of products that include loans like for autos, houses and more.
Read our full review on this online bank.
Marcus by Goldman Sachs
Why it stands out: Marcus by Goldman Sachs offers pretty competitive rates on its savings and 1-year CD accounts.
Pros:
Competitive savings and 1-year CD rates
Diverse product line available
Cons:
No checking account
What to look for: Marcus by Goldman Sachs has competitive rates on its products. Its savings account has an APY of 0.50% and its one-year CD has an APY of 0.55%. While this online bank does have a diverse product line that includes investment products, it does not have a checking account like many of the other banks on this list.
Read our full review on this online bank.
Synchrony Bank
Why it stands out: Synchrony Bank comes with strong rates for its savings and 1-year CD accounts, if saving and growing money is at the top of your financial needs list.
Pros:
Competitive savings and 1-year CD rates
Cons:
No checking account
What to look for: This online bank offers competitive rates on its products. Its savings account has an APY of 0.50% and its one-year CD has an APY of 0.55%. While Synchrony Bank does offer other products like credit cards, it does not have a checking account available.
Read our full review on this online bank.
Quontic Bank
Why it stands out: Quontic Bank offers good rates on its savings and 1-year CD accounts, along with no fee for its checking account.
Pros:
No checking account fee
Competitive savings and 1-year CD rates
Cons:
Some online banks do offer stronger rates
What to look for: Quontic Bank offers very strong rates on its savings account at 0.55% as well as on its one-year CD at 0.60%. Those rates are stronger than many of the other top online banks. It also does not have a monthly fee for its checking account. You can also use this bank for a mortgage loan.
Read our full review on this online bank.
Sallie Mae Bank
Why it stands out: Sallie Mae Bank offers the highest savings account APY on this list. It also offers a good range of products for your other banking needs.
Pros:
Very strong savings account APY
Diverse product line available
Cons:
No checking account
What to look for: The rates are very competitive at Sallie Mae Bank. Its savings account offers an APY of 0.70%, making it higher than the other banks ahead of it on this list. Its one-year CD APY is 0.60%. However, Sallie Mae Bank does not offer a checking account despite having a pretty diverse line of products.
Read our full review on this online bank.
Comenity Bank
Why it stands out: With a diverse product line, Comenity Bank also offers competitive rates on some of those products to keep it competitive with the other online banks.
Pros:
Pretty competitive rates
Diverse product line available
Cons:
No checking account
What to look for: Comenity Bank does not offer a checking account, although it does have a solid line of products for your financial needs. Its rates are competitive for its savings account (0.55%) and its one-year CD (0.65%).
Read our full review on this online bank.
TAB Bank
Why it stands out: TAB Bank has a diverse product line and a checking account that doesn’t include a monthly fee.
Pros:
No monthly checking fee
Diverse product line available
Cons:
Better rates can be found elsewhere
What to look for: TAB Bank does have fairly strong rates on its savings account (0.50%) and one-year CD (0.50%), although better rates can be found at other online banks. It doesn’t have a monthly fee for its checking account. It also has a diverse product line for both your personal and business needs.
Read our full review on this online bank.
LendingClub Bank
Why it stands out: LendingClub Bank offers a diverse product line to fit many customer needs, which includes banking options for both personal and business needs.
Pros:
No monthly checking fee
Diverse product line available
Cons:
Less competitive savings and 1-year CD rates
What to look for: LendingClub Bank has a solid line of products that you can use for both personal and business needs. Its checking account doesn’t come with a monthly fee like many of the other banks on this list. However, its rates are not as competitive. Its savings account APY is 0.33% and its one-year CD APY is just 0.10%.
Read our full review on this online bank.
CIT Bank
Why it stands out: CIT Bank offers customers a well-diversified line of products along with a fairly good APY on its savings account.
Pros:
Good APY on savings account
Diverse product line available
Cons:
No checking account
Less competitive APY on 1-year CD
What to look for: CIT Bank offers a diverse line of products for almost all your banking needs — it does not offer a checking account. The APY on its one-year CD is lower than some of the other online banks at 0.30%, however, its APY on its savings account is more competitive at 0.42%.
Read our full review on this online bank.
American Express National Bank
Why it stands out: American Express National Bank offers a diverse line of products including credit cards and various other loans.
Pros:
Diverse product line available
Cons:
No checking account
Less competitive APY for 1-year CD
What to look for: American Express National Bank offers plenty of products like credit cards and more, all with the familiar American Express name attached. However, it does not offer a checking account. The rates on its products are decent, although not the strongest. Its savings account has an APY of 0.40% and its one-year CD has an APY of 0.20%.
Read our full review on this online bank.
iGObanking.com
Why it stands out: Beyond a decent APY on its 1-year CD, iGObanking.com also offers a diverse line of products including investment services.
Pros:
No monthly checking account fee
Diverse product line available
Cons:
Less competitive APY on savings account
What to look for: iGObanking.com has a competitive rate on its one-year CD compared to others on this list: It comes in at 0.55% APY. Its savings account rate isn’t as strong at 0.25%. This online bank does offer a checking account with no monthly fee as well as many other products you might need for your financial matters.
Read our full review on this online bank.
Amboy Direct
Why it stands out: With a fairly decent amount of financial services, Amboy Direct also offers good rates on different products to keep its options competitive.
Pros:
Good rates on its savings and 1-year CD accounts
Cons:
No checking account
What to look for: Amboy Directs rates are somewhat competitive with others on this list. Its one-year CD has a pretty strong rate of 0.50% APY, while its savings account APY is 0.40%. There is no checking account offered at Amboy Direct, which could be a problem for people who want their banking in one place.
Read our full review on this online bank.
USAA Federal Savings Bank
Why it stands out: USAA Federal Savings Bank’s checking account comes with no monthly fee if you’re looking for some basic banking benefits.
Pros:
No monthly checking fee
Diverse range of products
Cons:
Low rates on savings and 1-year CD accounts
What to look for: USAA Federal Savings Bank has some of the least competitive rates on this list. Its one-year CD offers an APY of 0.03% and its savings account has an APY of 0.01%. However, its checking account doesn’t have a monthly fee. USAA also offers a strong range of products that includes retirement accounts and other investing options.
Read our full review on this online bank.
Barclays Bank Delaware
Why it stands out: Barclays Bank Delaware offers a fairly good APY on its savings account for those who want to save and grow their money.
Pros:
Fairly good APY on savings account
Diverse line of products available
Cons:
No checking account
Less competitive APY on 1-year CD
What to look for: Barclays Bank Delaware has a fairly strong APY on its savings account at 0.40%. Its one-year CD APY isn’t the strongest, but it is above some of the others at 0.25%. However, there is no checking account available here.
Read our full review on this online bank.
IncredibleBank
Why it stands out: IncredibleBank offers no monthly fee on its checking account.
Pros:
No monthly checking fee
Cons:
Low rates on savings and 1-year CD accounts
What to look for: IncredibleBank doesn’t change a monthly checking account fee, keeping it competitive with other checking accounts on this list. However, its rates are not as competitive. Its savings account has an APY of 0.02% and its one-year CD has an APY of 0.15%. It does offer various products for both personal and business banking.
Read our full review on this online bank.
Monifi
Why it stands out: Monifi offers one of the more competitive APYs on its savings account.
Pros:
No monthly checking fee
Strong APY on its savings account
Cons:
No 1-year CD account
What to look for: Monifi offers a strong rate on its savings account at 0.60% APY. This online bank also doesn’t have a checking account fee. However, Monifi doesn’t offer as many products as some of these other online banks. For example, its the only one that doesn’t have a one-year CD.
Read our full review on this online bank.
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Methodology: To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) checking account annual fee; (3) savings account APY rate; (4) 12-month CD APY rate; (5) customer service products offered (24/7 customer service and live chat with a human); (6) Bauer rating (out of 5 stars); (7) products/services offered (auto loans, mortgage loans, credit cards, investment services, and insurance); and (8) the average mobile app rating between the Android and Apple stores. All factors were then scored and combined, with the lowest score being best. Factor (1) was weighted 1.5 times, factor (2) was weighted 0.5 times, and factors (3), (4), and (7) were weighted 2 times. For all savings and checking account data, only the basic accounts/products offered at each institution were analyzed. All data is up to date as of Nov. 8, 2021. Rates and fees are subject to change.
This article originally appeared on GOBankingRates.com: The 20 Best Online Banks of 2022
