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Selecting the right bank can be an overwhelming decision, especially considering the vast number of options available. In the United States alone, there are nearly 4,800 federally insured banks, each offering a diverse array of account types and banking services. The ideal banks are those that align closely with your financial needs and preferences. They provide a range of accounts suitable for different financial goals, whether it’s everyday checking, savings, or investment accounts.
Editorial Lead
Editor’s note: At WorkingCapital, our revenue is partly generated through commissions earned from affiliate links. It’s important to clarify that these commissions have no impact on the views or evaluations made by our editorial team.
Our editorial integrity is paramount. We offer unbiased evaluations and insights, unaffected by advertisers. Our method is based on a data-driven approach, guaranteeing uniform and equitable evaluation of all financial entities and products. To gain insight into our editorial principles and the particular criteria employed in our reviews, please consult our Evaluation Method.
BEST ONLINE BANK FOR HYBRID BANKING
On Capital One's Website
On Capital One's Website
Savings, Checking, CDs
No monthly or ATM, $35 overdraft
70,000+ ATMs nationwide
BEST ONLINE BANK FOR PARKING CASH
On Vio's Website
On Vio's Website
Savings, MMAs, CDs
No monthly, overdraft or ATM
No ATM network
BEST ONLINE BANK FOR GUARANTEED COMPETITIVE RATES
On EverBank's Website
On EverBank's Website
Checking, MMAs, CDs
No monthly, overdraft or ATM
80,000+ ATMs nationwide
BEST ONLINE BANK FOR HIGH BALANCES
On Salem Five Direct's Website
On Salem Five Direct's Website
Savings, Checking, CDs
No monthly or ATM, $35 overdraft
55,000+ ATMs nationwide
BEST ONLINE BANK FOR SHORT-TERM GOALS
On iGObanking's Website
On iGObanking's Website
Savings, Checking, MMAs, CDs
No monthly or ATM, $35 overdraft
55,000+ ATMs nationwide
BEST ONLINE BANK FOR COMBINED CHECKING AND SAVINGS
On nbkc's Website
On nbkc's Website
Savings, Checking, MMAs, CDs
No monthly, overdraft or ATM
37,000+ ATMs nationwide
BEST ONLINE BANK FOR SAVINGS TOOLS
On Ally's Website
On Ally's Website
Savings, Checking, MMAs, CDs
No monthly, overdraft or ATM
43,000+ ATMs nationwide
BEST ONLINE BANK FOR ATM ACCESS
On Axos's Website
On Axos's Website
Savings, Checking, MMAs, CDs
No monthly, overdraft or ATM
91,000+ ATMs nationwide
BEST ONLINE BANK FOR AVOIDING FEES
On Discover's Website
On Discover's Website
Savings, Checking, MMAs, CDs
No monthly, overdraft or ATM
60,000+ ATMs nationwide
BEST ONLINE BANK FOR LOW FEES AND HIGH APY
On Quontic's Website
On Quontic's Website
Savings, Checking, MMAs, CDs
No monthly, overdraft or ATM
90,000+ ATMs nationwide
| Company | Best For | Products | Fees | ATM Network |
|---|---|---|---|---|
Capital One 360 |
Best online bank for hybrid banking | Savings, Checking, CDs | No monthly or ATM, $35 overdraft | 70,000+ ATMs nationwide |
Vio Bank |
Best online bank for parking cash | Savings, MMAs, CDs | No monthly, overdraft or ATM | No ATM network |
EverBank |
Best online bank for guaranteed competitive rates | Checking, MMAs, CDs | No monthly, overdraft or ATM | 80,000+ ATMs nationwide |
Salem Five Direct |
Best online bank for high balances | Savings, Checking, CDs | No monthly or ATM, $35 overdraft | 55,000+ ATMs nationwide |
iGObanking |
Best online bank for short-term goals | Savings, Checking, MMAs, CDs | No monthly or ATM, $35 overdraft | 55,000+ ATMs nationwide |
nbkc bank |
Best online bank for combined checking and savings | Savings, Checking, MMAs, CDs | No monthly, overdraft or ATM | 37,000+ ATMs nationwide |
Ally Bank |
Best online bank for savings tools | Savings, Checking, MMAs, CDs | No monthly, overdraft or ATM | 43,000+ ATMs nationwide |
Axos Bank |
Best online bank for atm access | Savings, Checking, MMAs, CDs | No monthly, overdraft or ATM | 91,000+ ATMs nationwide |
Discover Bank |
Best online bank for avoiding fees | Savings, Checking, MMAs, CDs | No monthly, overdraft or ATM | 60,000+ ATMs nationwide |
Quontic Bank |
Best online bank for low fees and high apy | Savings, Checking, MMAs, CDs | No monthly, overdraft or ATM | 90,000+ ATMs nationwide |
When deciding on the ideal bank, it’s crucial to weigh several important factors:
1. Fee Structure
Banks often charge fees for transactions or account maintenance. However, some banks allow you to avoid these fees by maintaining a minimum balance or making regular deposits. Consider this: fees can diminish your savings if you don’t meet waiver conditions. Alternatively, you might prefer a “no-fee” bank, which limits charges to rare services like wire transfers or overdue payments.
2. Variety of Accounts and Financial Services
Most comprehensive banks offer a range of services, including credit cards, loans, and investment options. On the other hand, some banks specialize in just a few services. Therefore, it’s essential to choose a bank that matches your specific needs.
3. Interest Rates Comparison
Most comprehensive banks offer a range of services, including credit cards, loans, and investment options. On the other hand, some banks specialize in just a few services. Therefore, it’s essential to choose a bank that matches your specific needs.
4. Minimum Balance Requirements
Be mindful of banks that require a minimum deposit or balance to avoid fees. It’s important to ensure that these minimums are manageable for you before making a decision.
5. Quality of Customer Service
Customer support quality varies widely. Some banks excel in personal interactions, while others offer various digital support options, like phone, messaging, email, live chat, and digital assistants. Choose a bank that offers support in a way that suits you best.
6. Accessibility and Convenience
Easy access to your funds is key. Look for banks that provide multiple access points, such as ATMs, mobile and online banking, bill payment services, and other convenient tools.
