In today’s digital age, online banking has become increasingly popular due to its convenience, accessibility, and lower fees compared to traditional brick-and-mortar banks. Many online banks offer no-fee services, high interest rates, and a range of benefits to their customers. If you’re looking for the best online banks with no fees and high benefits, this guide will walk you through the top options to help you make an informed decision.
Why Choose Online Banks?
Online banks provide a variety of advantages, including:
- Lower Fees: Without the overhead costs of physical branches, online banks can pass savings onto customers in the form of low or no fees.
- Convenience: 24/7 access to accounts and services through mobile apps and websites.
- Higher Interest Rates: Online banks often offer higher interest rates on savings accounts and CDs because they have fewer operational costs.
- Quick and Easy Transactions: Transfers, payments, and check deposits can be done easily online or via apps.
Top Online Banks with No Fees and High Benefits
1. Ally Bank
Best For: High-yield savings, checking accounts, and low fees
Ally Bank is one of the leading online banks offering no monthly maintenance fees and a wide range of financial products. It offers:
- No monthly maintenance fees on checking and savings accounts
- Competitive interest rates on savings accounts and CDs
- Free standard checks and debit card usage
- 24/7 customer support via phone, chat, and email
Ally’s Interest Checking account offers a competitive APY (Annual Percentage Yield), and the Online Savings Account provides an impressive rate with no minimum balance required.
2. Capital One 360
Best For: Comprehensive banking services with no fees
Capital One 360 is another top contender with no monthly maintenance fees and offers a variety of accounts:
- 360 Performance Savings with no fees and a competitive APY
- 360 Checking with no monthly fees, no minimum balance, and access to over 39,000 ATMs nationwide
- Free overdraft transfers from linked accounts
Capital One 360 also has a sleek mobile app, making it easy to manage accounts, deposit checks, and transfer funds.
3. Chime
Best For: No hidden fees and easy-to-use mobile banking
Chime is a neobank (an online-only bank) that is known for its transparency and commitment to no fees:
- No monthly fees or hidden charges
- Fee-free ATM access at over 24,000 locations through the Allpoint network
- Automatic savings through round-ups on debit card purchases
- Early direct deposit—get paid up to two days early
Chime doesn’t offer interest-bearing accounts yet, but it’s perfect for those who want simple, fee-free banking with easy access to their funds.
4. Discover Bank
Best For: High-yield savings accounts with no fees
Discover Bank is best known for its high-yield savings account and no-fee services. It offers:
- No monthly maintenance fees on checking and savings accounts
- Free online bill pay and mobile check deposit
- Highly competitive interest rates on savings accounts, CDs, and money market accounts
- Access to 60,000+ ATMs within the Allpoint and MoneyPass networks
Discover’s Discover Cashback Debit card offers 1% cashback on purchases, which can be a huge benefit if you’re looking to earn rewards.
5. SoFi
Best For: High interest rates on savings and financial products
SoFi is a fintech company that provides online banking services with no fees and lots of benefits. Features include:
- SoFi Money: A no-fee, cash management account with high-yield savings and ATM fee reimbursement
- No overdraft fees and free account transfers between SoFi accounts
- Cash back on purchases made with the SoFi debit card
- Personal loans, mortgages, and investment options through SoFi’s platform
With SoFi, you can manage everything from your bank account to investments and personal loans, making it an excellent choice for those looking for a one-stop-shop for their finances.
6. Varo Bank
Best For: Mobile-first banking with no fees
Varo is another digital bank with a focus on simplicity and no hidden fees:
- No monthly maintenance fees on checking and savings accounts
- Competitive interest rates on savings and high-yield savings accounts
- Early direct deposit—access your paycheck up to two days early
- Fee-free ATM access at over 24,000 ATMs
Varo also offers personal loans, making it a good option for those who want access to a variety of banking services in one app.
7. Marcus by Goldman Sachs
Best For: High-yield savings accounts and CDs
Marcus offers simple online banking with excellent interest rates and no fees:
- No fees for savings and money market accounts
- High-interest rates on savings accounts and CDs
- No minimum deposit requirement for savings accounts
- 24/7 customer service
Marcus by Goldman Sachs is ideal for those who are looking to grow their savings with a bank that offers competitive rates and no maintenance fees.
8. Simple Bank (now part of BBVA USA)
Best For: A budgeting-friendly bank with no fees
Simple Bank, now part of BBVA USA, offers a digital banking experience with a strong focus on budgeting:
- No monthly fees or maintenance charges
- Automatic savings tools that help you set aside money for specific goals
- Budgeting and expense tracking built right into the app
- Fee-free ATM access through BBVA’s network
Also Read: Understanding Credit Scores: How Banks Evaluate Your Financial HealthÂ
Simple is a great option for those who need help managing their finances and want to keep track of spending, saving, and budgeting all in one place.