9 Best Online Banks of 2022

If you don’t qualify for Alliant membership based on Alliant’s general requirements, you can do so by becoming a member of the charity Foster Care to Success; Alliant will pay the $5 membership fee on your behalf.

Additional details from Varo: "Annual Percentage Yield (APY) is accurate as of November 22, 2021. All Varo Savings Accounts earn 0.50% APY beginning on that date. APY is variable and is subject to change. No minimum balance required to open an account. Balance in Savings must be at least $0.01 to earn interest. To earn 5.00% APY, the Varo Savings Account must meet these requirements: Account Holder must 1) Receive total qualifying direct deposits of $1,000 or more to a Varo Bank Account or Varo Savings Account in the same qualifying period. 2) Maintain a daily balance in the Varo Savings Account that does not exceed $5,000. 3) Keep your Bank Account and Savings Account balances above or equal to $0.00 the entire calendar month. If these conditions are not met, you will earn 0.50% APY on the Savings Account balance for that period. The Qualifying Period is defined as the first day of the calendar month through the last business day of the calendar month."

One is part of the Allpoint network, so customers have access to more than 55,000 fee-free ATMs for making withdrawals. One does not currently allow cash deposits. Customers can fund their One account via direct deposit, through an electronic transfer from an outside bank account, or by using a peer-to-peer payment service such as Venmo or Cash App.

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

Discover also offers more than 60,000 fee-free ATMs and doesn't charge monthly fees on its checking or savings accounts. Plus, while the largest U.S. banks charge an average overdraft fee of $35, Discover doesn't charge an overdraft fee. Discover’s mobile banking apps also earn high ratings from customers.

SoFi Checking and Savings offers a combination of checking and savings features under one umbrella account. Customers can receive a strong 1.80% APY — which is variable and subject to change — on all account balances if they set up direct deposit, and customers can break down their account into subaccounts called Vaults. SoFi offers an automatic savings program called Roundups, which allows customers to round up their debit card purchases to the nearest dollar and save the difference. SoFi customers have access to the more than 55,000 ATMs in the Allpoint network. All ATM fees are reimbursed worldwide, subject to change. There is a foreign exchange fee of 1% charged by Visa that is not waived.

Marcus' same-day transfer limit is high, at up to $100,000. Marcus’ mobile app is highly rated in both Apple’s App Store and the Google Play store, though there is no mobile check deposit.

Bread Savings adds: "All Bread Savings APYs are accurate as of 08/01/22. 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."

Synchrony doesn’t offer a checking account, but it offers a competitive savings account and certificates of deposit. Synchrony’s high-yield online savings account comes with a 1.65% APY, which is much higher than the APY offered by most brick-and-mortar banks. Customer service is available via Twitter, live chat and phone. Synchrony’s mobile app accepts check deposits, and the app gets high ratings in Apple’s App Store and the Google Play store.