Here is a list of the best online banks in the U.S. ranked by APY as of July 2019. Online banks generally offer higher interest rates and lower fees than traditional savings institutions, but direct banks don’t have own ATMs, which could mean extra charges for withdrawing cash. The Banks are FDIC-insured and serve customers across the country.
|Rank||Company||Product (Account Type)||APY *||Monthly Fees||Min deposit|
|1||FitnessBank (1)||Fitness Savings Account||3.00%||$10||$100|
|2||Vio Bank (2)||High Yield Online Savings||2.52%||$0||$100|
|3||Salem Five Direct (3)||eOne Savings||2.51%||$0||$1K|
|4||WebBank (4)||Online Savings||2.48%||$0||$1K|
|5||Comenity Direct (5)||High Yield Savings Account||2.45%||$0||$100|
|6||UFB Direct (6)||UFB High Yield Savings||2.45%||$0||$10K|
|7||Rising Bank||High Yield Savings Account||2.40%||$0||$1K|
|8||MySavingsDirect (7)||MySavings Account||2.40%||$0||$0|
|9||CIBC USA||CIBC Agility Savings||2.39%||$0||$1K|
|10||Popular Direct (8)||Popular Direct Plus Savings||2.36%||$4||$5K|
|11||HSBC Direct||HSBC Direct Savings||2.30%||$0||$1|
|12||CIT Bank||Savings Builder||2.30%||$0||$25K|
|13||SFGI Direct (9)||SFGI Direct Savings Account||2.27%||$0||$1|
|14||Citizens Access||Online Savings Account||2.20%||$0||$5K|
|15||Marcus by Goldman Sachs||Online Savings Account||2.15%||$0||$0|
|16||Bank7 **||High Rate Online Savings||2.15%||$15||$100|
|17||Synchrony Bank (10)||High Yield Savings (HYS)||2.15%||$0||$0|
|18||PurePoint Financial||Online Savings||2.15%||$0||$10K|
|19||State Farm Bank||Money Market Savings||2.15%||$10||$1K|
|20||American Express National Bank||American Express Personal Savings||2.10%||$0||$0|
|21||Ally Bank||Online Savings Account||2.10%||$0||$0|
|22||Barclays Bank||Online Savings Account||2.10%||$0||$0|
|23||FNBO Direct||Online Savings||2.10%||$0||$1|
|24||E*TRADE Bank||Premium Savings Account||2.10%||$10||$1|
|25||Discover Bank||Online Savings||2.05%||$0||$0|
|26||Bank5 Connect||High-Interest Savings Account||2.05%||$0||$100|
|27||First Internet Bank ***||Money Market Savings||2.02%||$5||$100|
|28||Colorado Federal Savings Bank||High Yield Savings||2.00%||n/a||$1|
|29||Sallie Mae Bank||High Yield Savings||2.00%||$0||$0|
|30||Live Oak Bank||High Yield Online Savings||2.00%||$0||$0|
|31||Capital One||360 Money Market Account||2.00%||$0||$10K|
|34||ableBanking||Personal Money Market||1.85%||n/a||$250|
|35||SmartyPig ****||SmartyPig Savings||1.80%||$0||$0|
|36||Amboy Direct||Personal eSavings Account||1.51%||n/a||$3K|
|37||Nationwide by Axos Bank||Regular Savings||1.30%||$3||$300|
|38||TIAA Bank *****||Basic Savings||1.10%||$5||$25|
|39||Capital One||360 Savings Account||1.00%||$0||$0|
|40||Capital One||360 IRA Savings account||1.00%||$0||$0|
|41||Capital One||Kids Savings Account||1.00%||$0||$0|
|42||First Internet Bank||Free Savings||0.75%||$0||$25|
|43||EmigrantDirect.com||American Dream Savings Account||0.50%||$0||$1|
|44||Incredible Bank||Incredible Savings Account||0.50%||$0||$10K|
|45||OneUnited Bank ******||UNITY E-Gold Savings||0.40%||$5||$1K|
|46||Charles Schwab Bank *******||High Yield Investor Savings||0.40%||$0||$0|
|47||USAA Bank||USAA Performance First Savings||0.25%||$0||$25k - $50k|
(1) FitnessBank is an online division of Affinity Bank, an Atlanta-based business bank. No ATM/debit cards available at this time.
(2) Vio Bank, located in Oklahoma City, OK, is an online subsiduary of MidFirst Bank, one of the biggest privately owned banks in the U.S.
(3) Salem Five Direct operates as a subsidiary of Salem Five Cents Savings Bank, a mutual bank headquartered in Salem, Massachusetts.
(4) WebBank Inc, headquartered in Salt Lake City, Utah, is a state-chartered industrial bank and subsidiary of WebFinancial Holding Corporation.
(5) Comenity Direct is a division of Comenity Capital Bank. Free ACH transfers, 6 free withdrawals per monthly statement cycle.
(6) UFB Direct is a subsidiary of Axos Bank, one of the most reputable online banks with headquarters in San Diego, California.
(7) MySavingsDirect, based in New York City, NY, is an online division of Emigrant Bank.
(8) Popular Direct is a division of Banco Popular North America, a member of intrenational company Popular, Inc (San Juan, Puerto Rico).
(9) Synchrony Bank (formerly GE Capital Retail Bank), based in Draper, Utah, is a major issuer of store credit cards linked to well-known brands including eBay, PayPal and Amazon.
(10) SFGI Direct, based in Moorefield, West Virginia, operates as a subsidiary of Summit Community Bank.
The deposits of online banks are insured up to $250,000 per depositor.
* Annual Percentage Yields (APY) and Interest rates are effective as of 7/25/2019 and are subject to change without notice.
** $15 minimum balance charge per month if daily balance falls below $100. Fees may reduce earnings.
*** Average daily balance to avoid fee is $4K. Six transactions allowed per month. ATM surcharge rebate is up to $10 per month.
**** SmartyPig accounts are offered via Sallie Mae Bank, Member FDIC.
***** If the account's average daily balance is below 25 dollars, a $5 fee applies.
****** OneUnited is the first Black online bank in the United States. With branches in Boston, Massachusetts; Miami, Florida and Los Angeles, California, it is the largest Black owned bank in the nation according to their site.
******* With this account you get a Schwab Bank Visa Platinum Debit Card (or Visa check card) and unlimited fee rebates from any ATM worldwide.