Best Online Banks for 2026

Alliant offers a 3.10% APY on its high-yield savings account, much higher than the average rate of 0.40% offered on savings accounts at traditional banks. Alliant also offers a High-Rate Checking account with a 0.25% APY, and share certificates (the credit union equivalent of certificates of deposit) with above-average rates.

If you don’t qualify for Alliant membership based on Alliant’s general requirements, you can do so by becoming an Alliant Credit Union Foundation advocate; Alliant will pay the $5 membership fee on your behalf.

Varo offers checking and savings accounts, but it doesn’t offer certificates of deposit. Its savings account comes with a baseline 2.50% APY, but that rate becomes 5.00% for the first $5,000 if customers meet some monthly requirements: Receive $1,000 or more in direct deposits and maintain a positive checking and savings balance at the end of the month. Meeting the requirements in the current month qualifies customers to earn the higher interest rate the following month.

There are limits for cash deposits, and the only way a Varo customer can deposit cash is by going to a third-party retailer that participates in the Green Dot network, such as 7-Eleven, CVS or Walgreens. Fee-free deposits are available at most CVS retail locations, but retailers at other stores may charge to deposit cash.

To withdraw cash, customers can use an ATM in the Allpoint network for free; use of non-Allpoint ATMs carries a $3.50 fee from Varo in addition to any fees that the ATM owner may charge.

Synchrony doesn’t offer a checking account, but it offers competitive rates on its savings account, money market account and certificates of deposit. Synchrony’s high-yield online savings account comes with a 3.65% APY, which is much higher than the average offered by most brick-and-mortar banks.

Customer service is available via chat and phone. Synchrony’s mobile app accepts check deposits, and the app has good ratings in Apple’s App Store and Google Play store.

Bread Savings® has a free high-yield savings account that earns a 4.10% APY, and interest rates for its certificates of deposit are competitive as well. The savings account has a minimum opening deposit requirement of $100, and Bread Savings’ CDs require an opening deposit of $1,500.

Bread Savings disclosure: Bread says: "All Bread Savings APYs are accurate as of 12/04/2025. APYs are subject to change at any time without notice. Offers apply to personal accounts only. Fees may reduce earnings. For high-yield savings accounts, a minimum of $100 is required and must be deposited in a single transaction. For high-yield savings accounts, the rate may change after the account is opened. Rates are compared against competitor rates published by NerdWallet.com and the institutions themselves as of 12/04/2025. NerdWallet.com obtains the data from the various banks that it tracks and its accuracy cannot be guaranteed." Bread says: “To open a CD, a minimum of $1,500 is required and must be deposited in a single transaction. A penalty will be imposed for early withdrawals on CDs. At maturity, your CD will automatically renew and earn the base interest rate in effect at that time."

Bread says: "For terms shorter than 1 year, the penalty is 90 days simple interest. For terms 12 months to 3 years, the penalty is 180 days simple interest. For terms 4 years and up, the penalty is 365 days simple interest." Bread says: "FDIC insurance up to $250,000 per depositor for each ownership category."

Capital One offers an above average 3.40% APY on its savings account and strong rates on its certificates of deposit, along with 0.10% APY on all checking balances. All accounts are free, and customers have access to more than 70,000 free ATMs. Capital One’s mobile app also has high ratings for both Apple and Android.

Ally Bank’s savings account offers a 3.30% APY (annual percentage yield), and its checking account earns 0.10% APY for balances under $15,000 and 0.25% APY for balances of $15,000 or more. Its certificates of deposit have competitive rates as well. Ally doesn’t allow customers to deposit cash; accounts must be funded by transferring money from an external account, direct deposit, depositing a check via mobile or mail, or using a wire transfer.

Ally’s phone support is available 24/7, and its website has a chat feature for customers.

SoFi Checking and Savings offers a combination of checking and savings features under one umbrella account. The checking balance earns 0.50% APY — which is variable and subject to change. Customers can earn 3.60% APY (variable and subject to change) on their savings balance by doing one of the following:

1. Enroll in SoFi Plus and set up direct deposit in any amount.

2. Deposit a total of at least $5,000 every 31 days using accepted methods.

3. Pay a $10 SoFi Plus subscription fee every 30 days.

If these requirements are not met, the savings portion still earns 1.00% APY. There’s no minimum deposit requirement to open an account and there are no monthly fees.

SoFi is currently offering an APY boost to eligible members for up to six months. You can use NerdWallet's compound interest calculator to estimate how much money you could save if you become a member.

OnePay offers a combination account for spending and saving, and it has some pretty great features if you become a OnePay Cash+ customer. You can qualify by receiving at least $500 in direct deposits each month or by having a balance of at least $5,000 at the end of the previous month. OnePay Cash+ customers receive cash back on WalMart and gas purchases and earn 3.35% APY on money in the savings portion of their account.

If you’re unable to meet the requirements for OnePay Cash+, you may want to investigate your options at other institutions. Without this benefit, standard features (such as mobile check deposit) are unavailable.