An online bank has no branches to run, and the best ones pass some of that saving on as higher savings rates and no monthly fees. They are real banks with the same federal deposit insurance as a branch bank. What you give up is mostly cash handling and in-person service.
This guide compares the online banks and bank-like providers we checked on their own sites on October 13, 2026: what they pay, what they charge, how you get cash, and who each is best for.
What changed for 2026
- Savings rates are lower than a year ago. As of October 13, 2026, Ally pays 3.10% (we listed 3.40%), Marcus 3.50% (3.90%), and Capital One 360 Performance Savings 3.10% (3.80%). The Fed’s target range has been 3.75%–4.00% since a quarter-point increase on September 16, 2026, still below the 4.00%–4.25% of a year earlier.
- The top standing rate we found on October 13, 2026 was 3.90% (Bask Bank) with no conditions, and 4.20% with monthly deposits (Happen Bank). The higher standing rates in our 2025 guide are gone; rates near 5% appeared only as short promotions for new customers who meet deposit rules (Axos ONE).
- Discover is now part of Capital One. Discover’s savings and checking pages now redirect to Capital One’s 360 accounts, and Capital One says existing Discover savings and checking accounts are becoming 360 Performance Savings and 360 Checking accounts, so we dropped Discover as a separate pick.
- LendingClub’s bank is now Happen Bank (Happen Bank, N.A., Member FDIC), and its LevelUp Savings was the highest ongoing rate we found on October 13, 2026, if you meet its monthly deposit condition.
- TAB Bank is no longer our checking pick. We could not confirm its current checking rate on its own site, so we dropped it.
- Ally’s ATM refund is capped at $10 per statement cycle. We previously described it as unlimited.
- The FDIC’s national average rates (September 21, 2026): savings 0.37%, interest checking 0.07%.
Quick answer: the best online banks (October 13, 2026)
- Ally Bank: best overall. 3.10% savings, 0.10%–0.25% checking, 75,000+ no-fee ATMs and 24/7 support.
- Marcus by Goldman Sachs: best for savings from a big name. 3.50% with no fees and no minimum. Savings and CDs only.
- SoFi: best for checking and savings in one place. 3.30% savings with direct deposit, 0.50% checking, no account fees.
- Bask Bank: best standing savings rate. 3.90% with no conditions.
- Capital One 360: best with branches. 3.10% savings, 0.10% checking, 70,000+ fee-free ATMs, plus branches and Cafés. Discover’s bank accounts are moving here.
Rates checked October 13, 2026, on each bank’s own site. All are variable and can change at any time.
How we chose
We started with online banks and bank-like apps that serve most US residents and charge no monthly maintenance fee on the accounts we list. We read rates, fees and ATM details on each provider’s own pages and show the date they give. We weighed rates, fees, cash access, app and support options, and how many accounts the bank offers. We do not rank on the sign-up bonus alone. If we could not confirm a number on an official page, we left it out. Wealthfront is included because many readers ask about it, but it is not a bank and we flag that.
Online banks compared (October 13, 2026)
| Bank | Savings APY | Checking | Cash and ATMs | Best for |
|---|---|---|---|---|
| Ally Bank | 3.10% | Spending Account: 0.10% under $15,000, 0.25% above | 75,000+ no-fee ATMs; up to $10 a cycle in other ATMs’ fees refunded; add cash free at Walmart | Best overall |
| Marcus by Goldman Sachs | 3.50% | None listed. Savings and CDs only | See bank; same-day transfers of $100,000 or less to and from other banks | Large savings balances, CDs (12-month CD 4.40%) |
| SoFi | 3.30% with eligible direct deposit | 0.50% | 55,000+ fee-free Allpoint ATMs | One app for checking and savings |
| Bask Bank | 3.90% | Interest checking offered; current rate not confirmed | 55,000+ surcharge-free Allpoint ATMs with the checking debit card | Highest standing savings rate |
| Capital One 360 (includes Discover) | 3.10% | 0.10%, no overdraft fees | 70,000+ fee-free Capital One, MoneyPass and Allpoint ATMs; branches and Cafés; add cash in store | People who want some in-person access |
| Axos Bank | Summit Savings 3.75% (4.01% for six statement cycles on new accounts opened in October 2026) | Axos ONE: 0.51% promotional rate if you meet the monthly deposit and balance rules (0.00% otherwise) | See bank | Rate-chasers who will use direct deposit |
| Barclays | 3.20% (as of October 7, 2026) | None listed | See bank | A simple savings account |
| American Express | 3.10% | Rewards Checking: 1.00%, open to some Amex Card Members and existing Amex savings or CD customers | 70,000+ fee-free Allpoint and MoneyPass ATMs | Amex cardholders |
| Synchrony Bank | 3.55% | None listed | Optional ATM card; refunds other banks’ domestic ATM fees up to $5 per statement cycle | Savings plus CDs |
| Charles Schwab Bank | See bank | Investor Checking: no monthly fee, unlimited ATM fee rebates worldwide | Worldwide ATM fee rebates | Investors with a Schwab account |
What is an online bank?
An online bank runs mainly or entirely through a website and a mobile app. You deposit checks by photo, move money by transfer, and reach support by phone or chat. Ally has no branches. Capital One is a hybrid, with branches and Cafés. SoFi is an app-based bank, and Wealthfront places your cash with partner banks.
An online bank is not a lesser kind of bank. Deposits at an FDIC-insured online bank have the same standard coverage as a branch bank: $250,000 per depositor, per insured bank, per ownership category.
Online banks vs traditional banks
Interest rates
The FDIC’s national average is 0.37% on savings and 0.07% on interest checking, as of September 21, 2026. The online savings accounts above pay from 3.10% to 3.90% without conditions. On $10,000, that is the difference between about $37 a year and about $310 to $390.
Fees
Every account we list has no monthly maintenance fee. Wells Fargo Everyday Checking and Chase Total Checking both charge $15 a month unless you meet a waiver, such as $500 in qualifying electronic deposits or a $1,500 daily balance. Online banks charge for other things, such as wires and some transfers, so read the fee schedule.
ATMs and cash
Online banks rely on ATM networks. Ally lists 75,000+ no-fee ATMs and Capital One lists 70,000+ fee-free ATMs. You can add cash to an Ally account for free at Walmart, and Capital One has an add-cash-in-store option. Check the cash limits and the fees before you depend on either.
Customer service
Ally says you can reach a person 24/7, and Marcus lists a contact center open 24 hours a day. Hours vary at other banks. Check phone hours and the chat option before you open an account.
What you give up
- Cash deposits are harder. Use a retail add-cash option, an ATM that takes deposits, or keep a small account at a bank with branches.
- In-person help is limited. Capital One is the exception on this list.
- Some products are missing. Marcus lists savings and CDs but no checking account. Some online banks do not offer loans or business accounts.
The best online banks in detail
Ally Bank: best overall
Ally pays 3.10% on its savings account across all balance tiers, with no monthly fee and no minimum to open, and offers Buckets for organizing savings. The Spending Account pays 0.10% under $15,000 and 0.25% at $15,000 or more, with no monthly maintenance fees, overdraft fees or minimum balance. It gives you 75,000+ no-fee ATMs and refunds up to $10 per statement cycle for fees at other ATMs. Its rate is not the highest, and you cannot deposit cash at an ATM, but it pairs 24/7 access to a person with checking and savings in one place.
Marcus by Goldman Sachs: best for savings from a big name
Marcus pays 3.50% on its Online Savings Account, with no fees and no minimum deposit, and lists a 12-month CD at 4.40% APY. It offers savings and CDs only, so you will need checking elsewhere. Its page lists same-day transfers of $100,000 or less to and from other banks.
SoFi: best for checking and savings in one app
SoFi opens a checking and a savings account together. Checking pays 0.50% APY and savings pays 3.30% with eligible direct deposit, with no account fees. New members who open their first account between September 3 and December 31, 2026, and then set up eligible direct deposit or make $5,000 in qualifying deposits within 60 days, can add a 0.90% boost to savings for up to six months. Separately, direct deposits totaling $1,000 to $4,999.99 within 25 days can earn a $50 bonus, or $400 for $5,000 or more. SoFi’s debit card works fee-free at 55,000+ Allpoint ATMs. SoFi says deposits can be insured up to $3 million through program banks.
Bask Bank: best standing savings rate
Bask pays 3.90% on its Interest Savings account with no monthly fee or minimum balance. It also offers an interest checking account with access to 55,000+ surcharge-free Allpoint ATMs, but the rate on its checking page is dated October 2025, so we do not quote it. Bask Bank is a division of Texas Capital Bank, Member FDIC.
Capital One 360: best with branches, now including Discover
Capital One 360 Performance Savings pays 3.10% on all balances with no fees, and 360 Checking pays 0.10% with no monthly fee, no minimum and no overdraft fees. It lists 70,000+ fee-free ATMs and branches and Cafés for in-person help. Capital One’s Discover pages say “Discover is part of Capital One,” and existing Discover savings and checking accounts are being converted to 360 accounts.
Axos Bank: for rate-chasers who will use direct deposit
Axos Summit Savings pays 3.75% with no minimum initial deposit, and 4.01% for the first six statement cycles on accounts opened October 1–31, 2026 with code SUM26. As of October 13, 2026, the Axos ONE bundle can pay new customers up to 5.00% on savings (on the first $49,999.99) for six statement cycles, but its checking account needs either monthly qualifying direct deposits of at least $1,500 and a $1,500 average daily balance, or $5,000 in monthly qualifying deposits and a $5,000 average balance. Without those, the Axos ONE savings base rate is up to 1.00%.
Barclays, American Express and Synchrony: simple savings
Barclays Online Savings pays 3.20% with no minimum and no monthly fee (rate as of October 7, 2026). American Express High Yield Savings pays 3.10% with no minimums or monthly fees. Synchrony pays 3.55% with no minimum deposit, and it offers CDs and an optional ATM card. These work as a second savings account or a place to park a lump sum.
Schwab and Wealthfront: for investors
Schwab Bank Investor Checking has no monthly service fees, no foreign transaction fees and unlimited ATM fee rebates worldwide, and requires a Schwab One brokerage account. Wealthfront’s Cash Account has a 3.55% base APY as of October 1, 2026, up to 4.45%, and says cash can be insured up to $8 million through program banks. Wealthfront is not a bank; its APY is paid through program banks.
How to choose an online bank
- What do you need it to do? Savings only: Bask, Marcus or Synchrony. Checking and savings together: Ally, SoFi or Capital One.
- Do you deal in cash? Look at Ally’s Walmart option, Capital One’s branches, or keep a small branch-bank account.
- Will you set up direct deposit? If yes, SoFi and Axos pay more. If no, pick on the standing rate.
- How much will you hold? Over $250,000 at one bank, check the extra-coverage programs or use more than one bank.
- Do you care about the app and support hours? Test before you move money. Use the app store ratings and the support page.
How to switch to an online bank
- Open and fund the new account. Start with a small transfer.
- Keep your old account open. Do not close it yet.
- Move direct deposit and wait for the first paycheck to arrive.
- Move automatic payments one at a time: rent, utilities, phone, insurance and subscriptions.
- Close the old account after two paychecks and a full billing cycle without surprises, or keep it with a small balance for cash.
Safety and red flags
Check that the bank is FDIC-insured, and that an app or fintech names the bank that holds your money. Turn on two-step sign-in, use a unique password and enable login alerts. Do not bank on public Wi-Fi.
- No FDIC insurance, or no named partner bank.
- A rate that only applies to the first few months or to a small slice of your balance, without saying so.
- Support that is hard to reach before you are a customer.
- A fee schedule with many small charges.
Frequently asked questions
Are online banks safe?
Yes, when they are FDIC-insured. Coverage is $250,000 per depositor, per insured bank, per ownership category, the same as at a branch bank. Check that the provider shows FDIC membership. Fintech apps that are not banks, such as Wealthfront, hold your money at partner banks, so read how that coverage works.
Which online bank pays the most on savings?
Of the banks we checked on October 13, 2026, Happen Bank’s LevelUp Savings pays 4.20% when you deposit at least $250 per statement cycle (3.00% otherwise), and Bask pays 3.90% with no conditions. Some banks, such as Axos, offer higher promotional rates to new customers for a limited time.
Can I deposit cash at an online bank?
Not at a branch. Options include Ally’s free add-cash feature at Walmart, Capital One’s add-cash-in-store option and its branches, and depositing at an ATM that accepts cash. Check the limits and fees for your bank.
Is it better to use one online bank or several?
One is simpler. Several can make sense if you want a higher savings rate than your checking bank pays, for example on your emergency fund, or more than $250,000 of coverage. Do not open more than you can keep track of.
Do online banks charge monthly fees?
Not on the accounts we list. Other charges, such as wire fees, can still apply, so read the fee schedule.
What happens to my Discover account?
Discover is now part of Capital One. Capital One says a Discover savings account becomes a 360 Performance Savings account at the same variable rate, and a Discover checking account becomes a 360 Checking account, which does not offer Cashback Debit rewards. Your account number stays the same but the routing number changes, and accounts move at different times. Capital One sends notice by email or letter before your account moves, so watch for it.
The bottom line
For most people, Ally is the easiest first online bank, and you can add a higher-paying savings account at Bask or Marcus. SoFi is the pick if you want one app for checking and savings, and Capital One is the pick if you want to keep a branch nearby. Rates are variable and can change at any time, so check the number on the bank’s site before you apply.
For more on each account type, see our picks for high-yield savings and checking accounts. To compare savings rates side by side, use our savings rate tracker. Rates in this guide were last checked October 13, 2026.
This guide is for general information only and is not financial advice. Confirm rates and terms on the bank’s site before you open an account.
