The best online banks will offer you high APYs, low fees and minimal requirements. These institutions do not have many branches and are located only in a few locations. These institutions offer seamless online and mobile banking and customer service that’s attentive and accessible. When you’re looking for a bank relationship, consider the most important characteristics that you and your family have in banking.
How do you choose an online bank
Online banking isn’t as expensive as brick-and-mortar banks. Customers can benefit from lower fees and higher rates by using online banks.
Other factors to consider when choosing an online bank.
- Fees. These fees can quickly drain your bank accounts.
- APYs. Compare rates to find the best rate.
- Minimum requirements. An account can be opened with a minimum deposit or balance requirement.
- Products. You can choose which online bank offers the products you need.
- ATM network. Check the bank’s website to ensure ATMs are accessible in your area.
- Online banks do not usually provide branch access. Online banks don’t usually offer branch access.
- Digital banking: User reviews can be found on both Google Play and the App Store.
- Safety. Make sure your bank is insured by Federal Deposit Insurance Corporation The insurance covers up to $250,000 per account owner type for each depositor.
Forbes Advisor reviewed 60 online banks in order to compile the list. The list included both large and small online banks, as well as neobanks. Customer experience, minimum requirements and digital experience.
This refers to the weight that each category receives.
- Products at 20%
- APY: 20%
- Fees: 20%
- ATM network: 10%
- Customer experience: 10%
- Digital experience 10%
- Minimums: 10%
Online banks with the highest APYs, lowest fees and best products rose to the top of the list. To appear on this list, a bank must have national availability.