Top Online Banks in 2022 and 2023

The use of online banking has become integral to the budgets of many people today. In addition to offering higher interest rates on savings and checking accounts, these banks also tend to have lower fees. In addition, customers can bank at any time of day or night, as these establishments are open around the clock.

To help you better manage your finances, Money has compiled a list of the best online banks that offer competitive interest rates and convenient tools.

Here are the top three online banks that we recommend using in 2022 and 2023:

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Ally Bank, the best of the best

Ally is the best online bank because of its competitive interest rates, wide selection of services, and convenient automated savings options. Without requiring a minimum balance, its Online Savings Account offers one of the highest interest rates we found among the online banks we researched. It also offers a checking account with a good interest rate for its customers.

Ally also provides its customers with a full suite of tools and boosters, as well as round-the-clock support. These include automatic transfers of purchase overages and balances, automatic transfers of money from your checking account (even if it's not an Ally account) to savings, and recurring balance transfers.

Features of Ally Bank

  • Money in the bank yields 2.50 percent
  • No Charge Every Month
  • There is no minimum to open an account or maintain a monthly balance
  • Software that helps you save money automatically
  • Up to ten separate savings accounts allowed.
  • No access to your funds via ATM or debit card
  • Put a halt to deposits of cash

Vio Bank dominates the high-yield money market.

We recommend Vio because its Cornerstone Money Market Savings Account offers the highest yield among the online money market accounts we researched. It's a good choice if you don't intend to touch the funds until you absolutely need them. In addition, the minimum deposit to open the account is only $100, making it very convenient. Keeping track of your finances is a breeze with the help of Vio's convenient online and mobile management tools.

Features of Vio Bank

  • 3.52% APY
  • No Ongoing Fees Every Month
  • A meager $100 in the bank to start!
  • Quick and simple to use
  • You can't use a debit card or write a check
  • There is a monthly cap of six withdrawals.

SoFi is the best option for a combined checking and savings account.

Due to its high yield, low fees, and low required opening balance, SoFi's Checking & Savings Account was our top pick for a checking/savings combination. You can expect to see a rise to the 2 When you sign up for direct deposit, you'll get a 50% interest rate on your checking account and a 3% interest rate on your savings account. This combination account can help you save more money because it requires less money to open and has fewer fees.

The Best of SoFi

  • APY of 2.50% on checking accounts, 3% on savings
  • Initially empty coffers
  • Earn a bonus of $50-$250, depending on your account balance.
  • Over 55,000 Allpoint ATMs are yours to use without charge.
  • Minimal costs
  • To receive the higher interest rate, direct deposit enrollment is required.
  • Excludes reimbursement of non-network ATM fees

Axos Bank offers the best relationship rewards.

We went with Axos because of their high interest rate (0.0%) on their Rewards Checking Account. 40% if you switch to direct deposit. The APY can go up to 1% if you open a few more accounts, like trading and investment ones. 25% The account has low maintenance costs and a low minimum opening deposit of $50. Safeguarding your account is possible with two-factor authentication and biometrics.

Features of the Axos Bank

  • Up to 1 25% APY
  • No subscription costs ever
  • All domestic ATM fees are covered, no limits
  • Instantaneous, app-free peer-to-peer money transfers
  • The requirements to obtain the highest APY may be demanding.
  • The account doesn't come with any checks for free.

Quontic is the most cutting edge.

As the most original online bank, Quontic has impressed us time and time again with its cutting-edge offerings. You can get a reward of up to 1 BTC just for opening a Bitcoin Rewards Checking Account. Bitcoin discounts of 5% applied to qualifying in-store purchases All Quontic checking account holders receive a Pay Ring, a wearable device that can be used as a debit card by simply tapping it on a card reader.

Some Emphasis on Quontics

  • Up to 1 Checking accounts earn 10% APY and savings accounts earn 3% APY.
  • No recurring costs
  • Over 90,000 ATMs available across the U.S.
  • Profits in Bitcoin
  • Bitcoin Rewards Checking's $500 minimum opening deposit is higher than those of most rivals.
  • No invasive body searches
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American Express is the best option for high-interest checking accounts.

We recommend American Express's Amex Rewards Checking account as the best high-yield option. Clients are eligible for 0 This interest rate of 60% is the highest you can get without signing up for any additional services or creating any additional accounts. You can earn points for making eligible purchases at the rate of one point for every two dollars spent. The account is accessible at any one of the 37,000 MoneyPass ATMs worldwide.

Promotions by American Express

  • 0.60% APY
  • No Initial Deposit or Monthly Fee
  • Minimal costs
  • Collects points
  • Customers without a consumer credit card are not eligible for this account.
  • Excludes reimbursement of non-network ATM fees

Bread Financial is the premier high-yield savings option.

When compared to other online banks, the High-Yield Savings Account from Bread Financial offered the highest interest rate. This account is ideal if you want a simple place to stash your cash without worrying about any frills. It offers a staggering 3 The account earns 0% interest, requires only $100 to open, and has minimal fees that won't eat into your profits.

The Bread of Money's Worth

  • 3.00% APY
  • There is no ongoing maintenance cost
  • Minimal cost
  • Minimum required deposit of $100.
  • Avoiding the need for a bank
  • Withdrawals must be made via wire transfer to an outside account.

CIT Bank has the highest interest rates.

With three different savings accounts that all offer competitive interest rates and few minimum balance requirements, CIT Bank is our top pick for the best online bank. The interest rate on Money Market and Savings Connect accounts is 3%. 25% and 1 55 percent with no minimum balance and up to one percent APY in the Savings Builder account. There is a $100 minimum to open an account, and customers can use bill pay and services like Zelle and PayPal.

Features of CIT Bank

  • From 3% to 1% 25% APY
  • The accounts have no regular maintenance fees.
  • Account fees are minimal.
  • Minimum opening balances that are low
  • Lack of access to bank machines
  • If you want to keep earning 1% on your savings in Savings Builder, you'll need to keep at least $25,000 in the account or make a

Discover has the best customer service.

In recent years, Discover has maintained its status as one of the top U.S. banks in terms of customer satisfaction. According to J.D. Power and Associates' 2022 U.S. S Customer Happiness with Online Banking Discover provides excellent customer service, and a wide range of banking options, including a savings account with a competitive interest rate of 2%. 75% The associated costs to you are minimal. Overdrafts, insufficient balances, and monthly fees are all things that Discover does not charge for.

Learn the Best Parts

  • APY of 2.75% on a digital savings account
  • There is no recurring charge
  • Minimal costs
  • Opening Balance of Zero
  • A lack of access to bank machines

Marcus by Goldman Sachs is the best option for low fees.

Marcus is our top pick for a low-cost online bank because there are no fees associated with its Online Savings Account. Bank fees won't eat away at your savings, and the interest rate is quite high (2.0%). 50% and free withdrawals for life Free and instant ACH and wire transfers are also available.

Features of Goldman Sachs's Marcus

  • 2.50% APY
  • Initially empty coffers
  • There are no account-related fees.
  • Withdraw as often as you like without any fees
  • There is no debit or ATM card linked to this account.
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The Methods We Used to Select the Top Financial Institutions for the Years 2022 and 2023

Staff at Money looked at the top 50 retail banks and credit unions by assets as well as the top 15 online banks to come up with our list of the Best Banks for 2022-2023. After that, we chose our favorites based on how they fared in terms of required opening deposits, interest rates, ongoing fees, and special features. Our entire method is detailed in the linked document.

Gains Monetary:

Revert to Top Financial Institutions for 2022 and 2023

Finest National Institutions of 2022-203

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