Best Online Banks

Ally Bank is a pioneer in the online banking space, having formed in 2009. It continues to be a robust online bank with a wide range of financial products, including savings and checking accounts, investment vehicles and accounts, and loans.

What makes Ally Bank a user-friendly online bank is its transparency, as it’s upfront with the rates and fees on its products. You don’t need a minimum deposit to open an Ally Bank online savings account, and you won’t pay monthly maintenance or overdraft fees. You also won’t pay fees on cashier’s checks or expedited Automated Clearing House (ACH) transfers. Additionally, its credit cards come with no over-the-limit fees or returned payment fees. It is not completely fee-free, though; there are fees for expedited delivery ($15), outgoing domestic wire ($20) and account research ($25).

Since Ally Bank is completely online, you can’t deposit cash into your account or visit an in-person branch. You can still deposit checks via your mobile app and pull out cash at one of 43,000 free-to-use ATMs across the country. Plus, its 24/7 customer service line ensures you won’t feel neglected when it comes to account issues.

Ally Bank pushes savings with high interest rates and tools that make it easier to save. It offers Buckets, which is a feature that allows customers to set money aside for specific goals without needing to create a new bank account. The Surprise Savings feature analyzes your linked checking account for money that is safe to transfer so your savings account grows even when you are busy.

• Minimal fees
• 0.25% APY on checking account
• 24/7 customer support

• No cash deposits
• No physical branches

Many reviewers are happy with how much Ally Bank has to offer, from its wide range of products to its higher APYs. One customer from Washington said: “Great rates, competent and responsive customer service and easy access via ATM. They also have an investing side to help research and invest in stock.”

Most of the negative reviews on Ally Bank’s profile involve Ally’s auto loan financing. Many said it was hard to get in contact with the auto division’s customer service and that it was hard to get monthly payments to go through successfully with the app.

Originally, SoFi started as a student loan refinancer. Now, it is a full-service online bank that offers high-yield savings accounts, as well as a variety of other financial services such as loans, investing, insurance and small business financing. SoFi is FDIC-insured, and accounts are kept safe with two-factor authentication and rigorous third-party penetration testing done on the overall site.

SoFi’s online savings and checking accounts come with no fees, and you do not have a minimum account balance or a minimum deposit requirement. Customers will enjoy no overdraft fees either and are covered up to $50. Savings accounts earn as much as 3.75% APY while checking accounts earn as much as 2.50% APY.

If you choose to use SoFi as your personal loan lender, you will also see the company’s “no fee” motto there too. SoFi’s personal loans come with no origination fees, no prepayment penalties and no late fees.

Depositing or withdrawing funds is convenient, with over 55,000 fee-free ATMs across the nation. You can deposit cash into your account at any retail location that offers Green Dot services; a service fee may apply.

Customers can get up to a $250 bonus when they set up direct deposit. Plus, you will get your paycheck up to two days early.

• Up to $250 bonus for direct deposit
• 2.5% APY on checking account
• Early paycheck

• Up to $4.95 service fee to deposit cash
• No physical branches

Many reviewers chose SoFi for personal loans, saying the process was easy and quick. Additionally, they say customer service was friendly and prompt with answers to questions.

One New Jersey customer used SoFi for a $50,000 personal loan and received funds in less than three business days. “My FICO score was good but not excellent. I was even able to speak to a live human when I had a question. I did get a good rate compared to LendingClub or Prosper. The site itself is a pleasure to use.”

There are negative reviews from customers who had trouble getting loans or had issues with customer service.

Chime is a financial technology company that works with two FDIC-insured partner banks to provide banking services: The Bancorp Bank and Stride Bank.

The Chime checking account doesn’t require a minimum balance or charge monthly fees, overdraft fees or foreign transaction fees. The SpotMe feature allows you to avoid overdraft fees on up to $200. When you set up a direct deposit with Chime, you can get paid up to two days early.

Chime gives you access to over 60,000 fee-free ATMs. The Chime app will show you the closest in-network ATMs. You can also deposit up to $1,000 a day in cash without fees when you do so through a Walgreens or Duane Reade location.

The Chime savings account earns up to 2.00% APY, with no fees or account minimums. It offers two savings features when linked with the Chime checking; one is Round Ups, which rounds up your purchases to the nearest dollar and deposits the extra change in your savings account. You can use Save When I Get Paid to automatically deposit 10% of your direct deposit paycheck into your savings account.

• No account minimums or fees
• 60,000 in-network ATMs
• Fee-free cash deposits at Walgreens

• $2.50 out-of-network ATM fee
• Not a bank

Customers chose to use Chime because of its no-fee overdraft feature and easy-to-use app. One Idaho customer said after using Chime for 14 months: “All of my deposits, transfers, withdrawals have gone absolutely smooth. The SpotMe feature is amazing if you ever get into a bind. Soon after I added on the Credit Builder card and immediately saw an increase in my credit score.”

Some customers have had issues with customer service and have gotten locked out of their accounts. Others have had problems with the security of their account and have reported being hacked and stolen from.

Bank of America is an established name in the banking industry, with 3,900 retail financial centers across the U.S. It is our choice for best hybrid bank because it offers the latest online banking technology while still having all of the perks of a traditional brick-and-mortar bank.

Bank of America offers three checking account types, with account fees ranging from $4.95 to $25 per month. The bank waives these fees if you meet certain conditions, like maintaining a minimum daily balance of $1,500 for the Advantage Plus account. Minimum deposits to open a checking account range from $25 to $100.

Unlike the other banks on our list, Bank of America does not offer high APY for savings accounts. The standard APY is 0.01% (up to 0.04% if you are a Preferred Rewards member). Advantage Savings has a required opening deposit of $100 and an $8 monthly fee unless you maintain a minimum daily balance of at least $500 or meet certain other conditions.

With online banking through Bank of America, you have access to a digital wallet and 24/7 virtual customer service through its virtual financial assistant, called Erica. Erica, available only in the Bank of America app, can show you balances across all your accounts, notify you of credit score changes, notify you when a merchant posts a refund to your account, alert you of duplicate charges and connect you to live chat with a Bank of America specialist.

• SafeBalance checking account for students with no monthly fee
• In-person services at branches

• Account fees
• Minimum deposits
• Low APY

Many have praised Bank of America for having friendly in-person customer service, as well as an app that is easy to use. Several customers have used Bank of America for many years and feel that they can trust the company. An Oklahoma customer of 10 years said: “They have always notified me when there was any abnormal charges on any of my accounts. They have also immediately refunded any money that was taken out of my account.”

The top complaint about Bank of America is the long wait times. Customers said they had to endure long wait times on the phone while trying to connect to customer service. There were also a few reviewers who had long wait times at the physical branches.