Online banks consistently offer better rates and lower fees than traditional banks by operating without physical branches. This guide compares the best online banking options for 2025 across savings, checking, and overall experience.
Best Overall: Ally Bank
Ally Bank provides the most complete online banking experience:
- Checking: Interest-earning, no fees, no minimums
- Savings: Consistently top-tier rates
- CDs: Multiple options including no-penalty
- ATMs: 43,000+ Allpoint free, plus $10 monthly rebate
- Investing: Ally Invest integration
Ally's 24/7 customer service and comprehensive product lineup make it the best choice for those wanting one bank for everything.
Best for Travelers: Charles Schwab
Schwab Investor Checking offers unmatched travel benefits:
- Unlimited worldwide ATM fee rebates
- No foreign transaction fees
- Free brokerage account included
- No fees or minimums
The unlimited ATM rebate alone makes Schwab essential for frequent travelers.
Best High-Yield Savings: Marcus by Goldman Sachs
Marcus focuses purely on savings excellence:
- Consistently competitive rates
- No fees or minimums
- Goldman Sachs backing
- Simple, clean interface
Marcus lacks checking, so pair it with Schwab or another checking account for complete banking.
Best Checking with Cash Back: Discover
Discover Cashback Debit uniquely rewards debit spending:
- 1% cash back on up to $3,000 monthly purchases
- No overdraft fees
- 60,000+ fee-free ATMs
- Integration with Discover credit cards
Best Branch Hybrid: Capital One 360
Capital One 360 bridges online and physical banking:
- Fee-free checking and savings
- Competitive savings rates
- Capital One Café locations for in-person help
- Strong credit card integration
Best for Budgeting: Current or Chime
Newer fintech banks excel at spending management:
- Round-up savings automation
- Early direct deposit access
- Spending insights and categories
- No overdraft fees
These work well for younger customers or those focused on building savings habits.
Key Features to Compare
| Bank | Savings APY | Checking | ATM Access |
|---|---|---|---|
| Ally | Competitive | Interest-earning | 43,000+ free |
| Marcus | Top-tier | None | None |
| Schwab | Low | No fees | Unlimited rebates |
| Capital One | Competitive | No fees | 70,000+ free |
| Discover | Competitive | 1% cash back | 60,000+ free |
Downsides of Online Banking
Consider these limitations:
- Cash deposits: Limited options without branches
- In-person help: Phone/chat support only
- Complex transactions: Wire transfers may be harder
- Cash access: Dependent on ATM networks
Many customers combine online banking with a local credit union account for cash deposits.
How to Choose
Select based on your priorities:
- Highest savings rate: Marcus or Ally
- Best checking: Ally or Capital One
- Travel: Schwab
- Debit rewards: Discover
- Occasional branch access: Capital One
Most online banks can be opened in minutes with immediate account access.
