9 Best Online Banks of 2022
NerdWallet's picks include banks, nonbank financial institutions and one credit union with strong overall ratings and mobile features.
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Online banks and banking service providers offer desktop and mobile banking services without physical branches. Because online institutions don’t have to pay for the cost of maintaining branches, they're often able to pass the savings on to their customers in the form of higher interest rates. Online banks require customers to be comfortable with technology, but they also tend to provide robust customer service options to help users resolve any issues.
NerdWallet’s picks include online banks, nonbank financial institutions and credit unions. Some of these financial institutions are not chartered banks, as noted in their descriptions.
Why trust NerdWallet: Our writers and editors follow strict editorial guidelines to make sure our coverage is fair and accurate, so you can choose the financial accounts that work best for you. Learn more about our criteria for evaluating banks and credit unions.
Online banks and banking service providers offer desktop and mobile banking services without physical branches. Because online institutions don’t have to pay for the cost of maintaining branches, they're often able to pass the savings on to their customers in the form of higher interest rates. Online banks require customers to be comfortable with technology, but they also tend to provide robust customer service options to help users resolve any issues.
NerdWallet’s picks include online banks, nonbank financial institutions and credit unions. Some of these financial institutions are not chartered banks, as noted in their descriptions.
Why trust NerdWallet: Our writers and editors follow strict editorial guidelines to make sure our coverage is fair and accurate, so you can choose the financial accounts that work best for you. Learn more about our criteria for evaluating banks and credit unions.
Best Online Banks
Bank/institution | NerdWallet rating | Learn more |
---|---|---|
![]() Alliant Credit Union Learn more at Alliant Credit Union, Federally insured by NCUA | Best for Online banks with checking and savings accounts | Learn more at Alliant Credit Union, Federally insured by NCUA |
![]() Varo Bank Learn more at Varo Bank, Member FDIC | Best for Online banks with checking and savings accounts | Learn more at Varo Bank, Member FDIC |
![]() One | Best for Online banks with checking and savings accounts | Read review |
![]() Ally Bank | Best for Online banks with checking and savings accounts | Read review |
![]() Discover Bank | Best for Online banks with checking and savings accounts | Read review |
![]() SoFi | Best for Online banks with checking and savings accounts | Read review |
![]() Marcus by Goldman Sachs | Best for Online banks with savings accounts only | Read review |
![]() Bread Savings | Best for Online banks with savings accounts only | Read review |
![]() Synchrony Bank Learn more at Synchrony Bank, Member FDIC | Best for Online banks with savings accounts only | Learn more at Synchrony Bank, Member FDIC |
Our pick for
Online banks with checking and savings accounts

at Alliant Credit Union, Federally insured by NCUA
Alliant Credit Union

at Alliant Credit Union, Federally insured by NCUA
Our pick for
Online banks with savings accounts only
Last updated on June 23, 2022
Methodology
We took a close look at over 80 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable and/or emerging players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
Financial institutions and providers surveyed are: Affirm, Alaska USA Federal Credit Union, Alliant Credit Union, Ally Bank, America First Credit Union, American Express National Bank, Axos Bank, Bank of America, Bank of the West, Bank5 Connect, Bank7, Barclays, BB&T (now Truist), BMO Harris, Boeing Employees Credit Union, Bread Savings, BrioDirect, Capital One, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens, Citizens Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Discover Bank, E-Trade, Fifth Third Bank, First Foundation, First Tech Federal Credit Union, FNBO Direct, GO2bank, Golden 1 Credit Union, HSBC Bank, Huntington Bank, Industrial Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, Monifi, Nationwide (by Axos), Navy Federal Credit Union, NBKC, One, OneUnited Bank, Pentagon Federal Credit Union, PNC, Popular Direct, PurePoint Financial, Quontic Bank, Redneck Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, Scarlet, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit Union, State Employees’ Credit Union of North Carolina, SoFi, Suncoast Credit Union, SunTrust Bank (now Truist), Synchrony Bank, TAB Bank, TD Bank, TIAA Bank, Truist Bank, U.S. Bank, UFB Direct, Union Bank, Upgrade, USAA Bank, Varo, Vio Bank, Wells Fargo and Zynlo Bank.
To recap our selections...
NerdWallet's Best Online Banks of 2022
- Alliant Credit Union: Best for Online banks with checking and savings accounts
- Varo Bank: Best for Online banks with checking and savings accounts
- One: Best for Online banks with checking and savings accounts
- Ally Bank: Best for Online banks with checking and savings accounts
- Discover Bank: Best for Online banks with checking and savings accounts
- SoFi: Best for Online banks with checking and savings accounts
- Marcus by Goldman Sachs: Best for Online banks with savings accounts only
- Bread Savings: Best for Online banks with savings accounts only
- Synchrony Bank: Best for Online banks with savings accounts only
Frequently asked questions
An online bank is a financial institution that operates without any physical branches. Such banks typically have strong mobile apps and customer service options, as well as higher interest rates than traditional brick-and-mortar banks.
It varies. If the bank is part of an ATM network, you can likely use an ATM to either deposit or withdraw cash; some online banks allow only online transfers in and out of the account. Online banks also usually allow mobile check deposits, direct deposit from employers and online transfers to and from external bank accounts.
Both traditional and online banks typically allow people to apply for accounts online these days. It can take just a few minutes and typically involves creating a username and password and entering some personal information. See NerdWallet’s guide to how to open an account online.
Online banks are typically safe. Most banks use data encryption, and some allow customers to opt in to two-factor authentication when logging in to their accounts. Customers should also take care to practice good security hygiene when it comes to banking online.
Chartered banks are FDIC insured — meaning if the bank goes out of business, then your money is federally protected, usually up to $250,000 — but some online financial institutions are not themselves chartered banks. In those cases, the financial institution typically partners with a chartered bank behind the scenes to provide FDIC insurance to customers.