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Best Banks of February 2024

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.

William Stern
William Stern

Editor, Working Capital Staff

November 21, 2023

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 Banks

BEST ONLINE BANK FOR HYBRID BANKING

Capital One 360

Learn More

On Capital One's Website

Learn More

On Capital One's Website

Products

Savings, Checking, CDs

Fees

No monthly or ATM, $35 overdraft

ATM Network

70,000+ ATMs nationwide

Why We Picked It
Pros & Cons
Details

BEST ONLINE BANK FOR PARKING CASH

Vio Bank

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On Vio's Website

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On Vio's Website

Products

Savings, MMAs, CDs

Fees

No monthly, overdraft or ATM

ATM Network

No ATM network

Why We Picked It
Pros & Cons
Details

BEST ONLINE BANK FOR GUARANTEED COMPETITIVE RATES

EverBank

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On EverBank's Website

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On EverBank's Website

Products

Checking, MMAs, CDs

Fees

No monthly, overdraft or ATM

ATM Network

80,000+ ATMs nationwide

Why We Picked It
Pros & Cons
Details

BEST ONLINE BANK FOR HIGH BALANCES

Salem Five Direct

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On Salem Five Direct's Website

Learn More

On Salem Five Direct's Website

Products

Savings, Checking, CDs

Fees

No monthly or ATM, $35 overdraft

ATM Network

55,000+ ATMs nationwide

Why We Picked It
Pros & Cons
Details

BEST ONLINE BANK FOR SHORT-TERM GOALS

iGObanking

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On iGObanking's Website

Learn More

On iGObanking's Website

Products

Savings, Checking, MMAs, CDs

Fees

No monthly or ATM, $35 overdraft

ATM Network

55,000+ ATMs nationwide

Why We Picked It
Pros & Cons
Details

BEST ONLINE BANK FOR COMBINED CHECKING AND SAVINGS

nbkc bank

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On nbkc's Website

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On nbkc's Website

Products

Savings, Checking, MMAs, CDs

Fees

No monthly, overdraft or ATM

ATM Network

37,000+ ATMs nationwide

Why We Picked It
Pros & Cons
Details

BEST ONLINE BANK FOR SAVINGS TOOLS

Ally Bank

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On Ally's Website

Learn More

On Ally's Website

Products

Savings, Checking, MMAs, CDs

Fees

No monthly, overdraft or ATM

ATM Network

43,000+ ATMs nationwide

Why We Picked It
Pros & Cons
Details

BEST ONLINE BANK FOR ATM ACCESS

Axos Bank

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On Axos's Website

Learn More

On Axos's Website

Products

Savings, Checking, MMAs, CDs

Fees

No monthly, overdraft or ATM

ATM Network

91,000+ ATMs nationwide

Why We Picked It
Pros & Cons
Details

BEST ONLINE BANK FOR AVOIDING FEES

Discover Bank

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On Discover's Website

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On Discover's Website

Products

Savings, Checking, MMAs, CDs

Fees

No monthly, overdraft or ATM

ATM Network

60,000+ ATMs nationwide

Why We Picked It
Pros & Cons
Details

BEST ONLINE BANK FOR LOW FEES AND HIGH APY

Quontic Bank

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On Quontic's Website

Learn More

On Quontic's Website

Products

Savings, Checking, MMAs, CDs

Fees

No monthly, overdraft or ATM

ATM Network

90,000+ ATMs nationwide

Why We Picked It
Pros & Cons
Details
CompanyBest ForProductsFeesATM Network
Capital One 360

Capital One 360

Best online bank for hybrid bankingSavings, Checking, CDsNo monthly or ATM, $35 overdraft70,000+ ATMs nationwide
Vio Bank

Vio Bank

Best online bank for parking cashSavings, MMAs, CDsNo monthly, overdraft or ATMNo ATM network
EverBank

EverBank

Best online bank for guaranteed competitive ratesChecking, MMAs, CDsNo monthly, overdraft or ATM80,000+ ATMs nationwide
Salem Five Direct

Salem Five Direct

Best online bank for high balancesSavings, Checking, CDsNo monthly or ATM, $35 overdraft55,000+ ATMs nationwide
iGObanking

iGObanking

Best online bank for short-term goalsSavings, Checking, MMAs, CDsNo monthly or ATM, $35 overdraft55,000+ ATMs nationwide
nbkc bank

nbkc bank

Best online bank for combined checking and savingsSavings, Checking, MMAs, CDsNo monthly, overdraft or ATM37,000+ ATMs nationwide
Ally Bank

Ally Bank

Best online bank for savings toolsSavings, Checking, MMAs, CDsNo monthly, overdraft or ATM43,000+ ATMs nationwide
Axos Bank

Axos Bank

Best online bank for atm accessSavings, Checking, MMAs, CDsNo monthly, overdraft or ATM91,000+ ATMs nationwide
Discover Bank

Discover Bank

Best online bank for avoiding feesSavings, Checking, MMAs, CDsNo monthly, overdraft or ATM60,000+ ATMs nationwide
Quontic Bank

Quontic Bank

Best online bank for low fees and high apySavings, Checking, MMAs, CDsNo monthly, overdraft or ATM90,000+ ATMs nationwide
Selecting the Right Bank: Key Considerations

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.