12 Best Online Banks of 2025
NerdWallet's picks include banks, nonbank financial institutions and one credit union with strong overall ratings and mobile features.
Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
Strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions.
More than 100 financial institutions surveyed by our team of experts.
More than 50 data points considered for each bank, credit union and banking technology firm (or neobank). For this specific page, more than 28 data points were considered per institution.
Online banks and banking service providers offer desktop and mobile banking services without physical branches. Online institutions don’t have to pay for the cost of maintaining branches, so 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.
Nerdy Tip
If your federally insured bank fails, Federal Deposit Insurance Corp. insurance keeps your money safe up to $250,000 per depositor, per institution and per ownership category.
Best Online Banks
| Bank/institution | NerdWallet rating | Learn more |
|---|---|---|
4.9/5 | LEARN MORELEARN MORE at Alliant Credit Union, Federally insured by NCUA | |
4.8/5 | LEARN MORELEARN MORE at Varo Bank, Member FDIC | |
5.0/5 | ||
4.6/5 | ||
4.7/5 | ||
5.0/5 | ||
4.6/5 | ||
4.8/5 | ||
4.9/5 | ||
4.8/5 | ||
4.9/5 | ||
4.9/5 |
Our pick for
Online banks with checking and savings accounts
Our Nerds say:
"Online banks do their best to give customers access to all the standard banking products and features they’re used to from brick-and-mortar banks. Many have convenient remote customer service through phone and online chat services, and for those that don’t have their own ATM networks, customers can typically access a broad, free ATM network like Allpoint or get ATM fee reimbursements.
"With some online banks, certain services might be difficult or impossible to do. For example, depositing cash might not be as straightforward as with a traditional bank. If you want to keep the convenience of in-person customer service but want the high rates of an online bank, you could always mix and match accounts at different institutions so that you cover all of your banking needs.”
Last updated on December 10, 2024
Methodology
We took a close look at over 100 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, All America Bank, Alliant Credit Union, Ally Bank, Amalgamated Bank, America First Credit Union, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank5 Connect, Barclays, Bask Bank, Bethpage Federal Credit Union, BMO, BMO Alto, Boeing Employees Credit Union, Bread Savings, BrioDirect, Capital One, Carver Federal Savings Bank, CFG Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens, Citizens Bank, City First Bank, Climate First Bank, Commerce Bank, Community First Credit Union of Florida, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Customers Bank, Delta Community Credit Union, Discover® Bank, E*TRADE, EverBank (formerly TIAA Bank), Fifth Third Bank, First Foundation, First Internet Bank, First National Bank, First Tech Federal Credit Union, Flagstar Bank, FNBO Direct, Flagstar Bank, Forbright BankGlobal Credit Union, GO2bank, Golden 1 Credit Union, Greenwood, Hope Credit Union, Huntington Bank, Industrial Bank, Ivy Bank, Jenius Bank, KeyBank, Lake Michigan Credit Union, Laurel Road Bank, LendingClub Bank, Liberty Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, My Banking Direct, NASA Federal Credit Union, Navy Federal Credit Union, NBKC, Newtek Bank, One, OneUnited Bank, Pentagon Federal Credit Union, PNC, Poppy Bank, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Suncoast Credit Union, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Varo, Vio Bank, Wells Fargo, Western Alliance Bank and Zynlo Bank.
NerdWallet's Best Online Banks of 2025
- Alliant Credit Union: Best for Online banks with checking and savings accounts
- Varo Bank: Best for Online banks with checking and savings accounts
- Discover® Bank: Best for Online banks with checking and savings accounts
- Capital One: Best for Online banks with checking and savings accounts
- Laurel Road: Best for Online banks with checking and savings accounts
- Ally Bank: Best for Online banks with checking and savings accounts
- American Express National Bank: Best for Online banks with checking and savings accounts
- Goldman Sachs Bank USA: Best for Online banks with savings accounts only
- UFB Direct: Best for Online banks with savings accounts only
- Bread Savings: Best for Online banks with savings accounts only
- Jenius Bank: Best for Online banks with savings accounts only
- Synchrony Bank: Best for Online banks with savings accounts only
Frequently asked questions
- What is an online bank?
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.
- How do I deposit and withdraw money with my online bank account?
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.
- How do I open a bank account online?
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.
- Are online banks safe?
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.
- Are online banks FDIC insured?
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. But note that for neobanks, FDIC insurance kicks in if the partner bank fails, not if the neobank fails.