13 Best Online Banks of September 2023

The American Express® High Yield Savings Account has a solid yield on all balances with $0 maintenance fees, a $0 minimum opening deposit, and a $0 minimum balance. The current savings yield is 4.25% Annual percentage Yield (APY). This rate is current as of August 18, 2023.

Want to tie up your money for a while at a higher interest rate? Choose from seven CD options ranging from six months to five years.

CD yields are very good across the board: 3.00% Annual Percentage Yield (APY) on the longest-term product (60 months or 5 years) and 4.75% on the 12-month CD.

When is an online bank not an online bank? When it’s an online credit union.

There’s no better branchless option than Alliant Credit Union. As a credit union, Alliant exists for its members rather than stockholders so they will always put you first.

Alliant has a comprehensive lineup of checking and savings accounts, like:

• High-Rate Savings, a high yield savings account for goal-oriented savers (currently 3.10% APY¹)
• High-Rate Checking, a checking account with competitive interest rates
• Certificates of Deposit, which help you earn more with set interest rates for a fixed period of time (currently yielding 5.00% APY)
• Kids Savings, a custodial account built for kids 12 and younger
• Teen Checking, a joint account for kids aged 13 to 17 — there when you’re ready to loosen the reins

Insured by NCUA

(¹For important additional disclosures, please refer to the corresponding footnote at the Sign Up link directly above.)

CIT Bank offers several different accounts with category-leading yields:

• Savings Connect has one of the best yields of any bank account, online or off: 4.65% APY.
• Platinum Savings has an outstanding yield when you maintain a balance of $5,000 or more (5.05% APY) and a so-so yield when you don’t (0.25% APY).
• Savings Builder yields up to 1.00% APY for accountholders who can meet minimum balance or deposit requirements.
• The CIT Bank Money Market account has a very good yield on all balances (currently 1.55% APY) with no monthly maintenance or service fees.
• Multiple CIT Bank CDs offer above-average yields, led by the 11-month CIT No Penalty CD at 4.90%

Wealthfront is a next-generation banking service that’s ideal for day-to-day money management. Its Cash Account features high-interest checking, no account fees, and a host of value-added features — and you can open an account with just $1.

But Wealthfront made its name in the investment business, and there’s where it continues to shine. Key features include:

• Build semi-customized, automatically rebalanced, globally diversified portfolios of low-cost index funds optimized with daily tax-loss harvesting
• Just $500 minimum to invest
• Pay an annualized management fee of 0.25% assets under management (AUM) on all balances
• Choose from individual and joint taxable accounts, IRAs, and 529 college savings plan accounts
• Portfolio line of credit that lets you tap up to 30% of your account value once you have $25,000 or more under management
• Consolidated view of all your accounts through Wealthfront’s free DIY financial planning tool

Money Crashers, LLC receives cash compensation from Wealthfront Advisers LLC (“Wealthfront Advisers”) for each new client that applies for a Wealthfront Automated Investing Account through our links. This creates an incentive that results in a material conflict of interest. Money Crashers, LLC is not a Wealthfront Advisers client, and this is a paid endorsement. More information is available via our links to Wealthfront Advisers.

Albert is a powerful financial app that makes spending, saving, and investing easy. It’s among the growing crop of financial solutions that offer early payday with eligible direct deposit, and its automated savings and investing features put it well ahead of the pack.

But where Albert really shines is on the customer service front. The platform has a dedicated team of in-house financial experts — called Geniuses — to help you make sense of your money. That puts it heads and shoulders above its crop of fellow digital money management apps.

GO2bank is a low-friction online bank with a mobile-friendly bank account (no monthly fee with eligible direct deposit) and impressive yields on savings (4.50% APY² on savings up to $5,000).

Eligible electronic gift card purchases in the app earn up to 7% cash back; Amazon eGift Card purchases in the app earn 3% cash back. Terms and conditions apply.

^* $15 fee may apply to each purchase transaction not repaid within 24 hours of authorization of the first transaction that overdrafts your account. Overdrafts paid at GO2bank’s discretion.

¹Active GO2bank account required to receive an eGift Card. eGift Card merchants subject to change.

²GO2bank, Member FDIC. Interest paid quarterly on the average daily balance of savings during the quarter up to a $5,000 balance and if the account is in good standing. 4.50% Annual Percentage Yield (APY) as of July 2023. APY may change before or after you open an account. The average national savings account interest rate of 0.05% is determined by the FDIC as of 12/14/20. Visit https://www.fdic.gov/regulations/resources/rates/ to learn more. Fees on your primary deposit account may reduce earnings on your savings account.

³Direct deposit early availability depends on the timing of the payor’s payment instructions and fraud prevention restrictions may apply. As such, the availability or timing of early direct deposit may vary from pay period to pay period. The name and Social Security number on file with your employer or benefits provider must match your GO2bank account exactly or GO2bank will decline your deposit.

Rewards Checking via Upgrade has a slew of user benefits, but its defining feature couldn’t be simpler: no account fees, ever.

That’s right. As a user, you pay no account fees — no annual fees, overdraft fees, or ATM fees charged by Rewards Checking by Upgrade⁵.

There’s more, of course, including a generous cash-back program and an excellent yield on eligible balances when you open a savings account with Upgrade.

¹ Active Accounts with a monthly direct deposit of $1000 are eligible for additional benefits on Rewards Checking Plus such as additional cash back rewards, ATM fee reimbursement, and more.

² Rewards Checking Plus customers who set up monthly direct deposits of $1,000 or more earn 2% cash back on common everyday expenses at convenience stores, drugstores, restaurants and bars – including deliveries – and gas stations, as well as recurring payments on utilities and monthly subscriptions including phone, cable, TV and other streaming services, and 1% cash back on all other debit card purchases. 2% cash back is limited to $500 in rewards per calendar year; after $500, customers earn 1% cash back on all eligible debit card purchases for the remainder of the year. Rewards Checking Plus accounts with less than $1,000 in monthly direct deposits 60 days after account opening will earn 1% cash back on common everyday expenses and 0.50% cash back on all other eligible debit card purchases. Some limitations apply. Please refer to the applicable Upgrade VISA® Debit Card Agreement and Disclosures for more
information.

³ The 1.5% Annual Percentage Yield (APY) for the Performance Savings account is effective as of 6/1/2023. The APY for the Performance Savings account is variable and may change at any time. Active Accounts qualify for 4.81% APY with monthly $1000 direct deposit. The APY for Active Accounts is effective as of 6/1/2023, is variable, and may change at any time. Please refer to the applicable Cross River Bank Performance Savings Deposit Account Agreement and Truth in Savings Disclosure. To earn APY, you must open and fund a Performance Savings account. Rewards Checking Plus accounts do not earn APY

⁴ Early direct deposit requires set up of recurring electronic direct deposit from your employer, payroll, or benefits provider and is limited to direct deposits under $5000. Early access to direct deposit funds depends on the timing in which we receive notice of impending direct deposit, which is generally up to two days before the scheduled deposit date.

⁵ There are no overdraft fees or annual fees associated with Rewards Checking Plus accounts. Rewards Checking Plus charges no ATM fees, but third-party institutions may charge you a fee if you use their ATM/network or if you use your Upgrade VISA® Debit Card internationally. For Active Accounts, Upgrade will rebate ATM fees charged by another institution for debit card withdrawals in the United States, up to five times per calendar month. To be eligible to receive third-party ATM fee rebates in any calendar month for eligible ATM withdrawals made during that month on a Rewards Checking Plus account, the account must be an Active Account in the prior calendar month. See the Active Account page for more information. As a courtesy to new customers, Upgrade will provide third-party ATM fee rebates for 60 days after account opening regardless of account user status. Some limitations apply. Please refer to the applicable Cross River Bank Checking Deposit Account Agreement and Upgrade VISA® Debit Card Agreement and Disclosures for more information.

Douugh is a money management app that makes it easy to stay on top of your day-to-day financial obligations while saving for a rainy day — and happier days too.

A single mobile-friendly dashboard makes it all possible.

How? That’s down to Salary Sweeper, an AI-enabled feature that automatically allocates income to two protected “jars”:

• Your Bill Jar, complete with a virtual card of its own
• Your Savings Jar, which is actually a customizable array of single-purpose savings buckets

The rest is yours to spend as you please using a debit card accepted by millions of merchants worldwide. Best of all, you never have to give manual budgeting a second thought.

SoFi is a category leader in the education loan refinancing business, with incredibly low rates, flexible terms, and an array of reasonable repayment options.

And since you’re also in the market for a new online bank, you’ll enjoy these great SoFi Checking and Savings perks and features:

• No minimum opening deposit or balance requirement
• Rate discounts on SoFi loans
• Free peer-to-peer (P2P) transfers
• Customized financial planning
• Member-exclusive offers from SoFi partners
• A referral program that pays up to $310 per successful referral
• Up to 4.50% APY on eligible balances
• Low-cost online investing

*SoFi members with direct deposit or who deposit $5,000 or more every 30 days can earn up to 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 4.50% APY for savings. Members without direct deposit will earn up to 1.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 8/2/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

Copper is a banking solution for teens age 13 and older — and their parents too.

It’s built around the Copper Card, a personalized debit card that leverages Apple Pay technology to facilitate seamless online and in-person transactions.

The Copper App allows parents to monitor spending and instantly send money in seconds. For teens, its Automatic Saving feature encourages saving — a lifelong financial habit — by automatically setting aside a portion of each paycheck or inflow.

Plus, Copper has a wealth of financial literacy content for parents and kids alike — it’s one of the best financial education tools around.

Lili offers a totally free checking solution with a slew of value-added features designed to simplify your financial life.

Its core product is built with freelancers in mind, but it’s appropriate for a range of use cases, from solopreneurs to folks who supplement 9-to-5 income with side hustle revenue.

With powerful, automated tax savings and expense categorization tools, Lili eliminates the need to juggle separate bank accounts for business and personal needs — it’s just one deposit account for your entire financial life.

For $9 per month, Lili Pro adds even more valuable features:

• A premium Visa Business Debit Card that delivers cash-back rewards
• BalanceUp, a fee-free overdraft solution that covers up to $200 in would-be overdrafts
• Advanced expense tracking that helps business owners maximize their tax deductions
• A savings account that pays interest

Quontic Bank got its start as a New York City community bank that catered to thrifty types.

Today, Quontic’s branch-based banking options represent just a small fraction of its offerings. With a nationwide digital footprint, Quontic delivers category-leading checking and savings yields for consumers and small-business owners from all walks of life — all with no monthly service fees:

• Cash Rewards Checking: Earn unlimited 1.5% cash back on qualifying debit card transactions after meeting the $100 minimum opening deposit.
• Bitcoin Rewards Checking: Earn 1.5% Bitcoin on qualifying debit card transactions. The minimum opening deposit is $500. This account may not be available in all states.
• High Interest Checking: Make 10 or more qualifying debit card point-of-sale transactions of $10 or more per statement cycle to earn interest at competitive rates based on account balance. The minimum opening deposit is $100.
• High Yield Savings: Earn interest at category-leading rates (currently 4.50%) after meeting the $100 minimum opening deposit.
• Money Market: Earn solid yields (currently 5.00%) after meeting the $100 minimum.
• CDs: Quontic CDs have terms ranging from six months to three years and competitive yields that generally increase in proportion to term. The minimum opening deposit is $500. Early withdrawal penalties may apply.

Discover Bank is a full-service online bank with a wide range of deposit accounts. It’s a great (almost) one-stop shop for your digital financial needs.

Discover Bank’s real differentiator is its comprehensive lineup of secured and unsecured credit products. That includes unsecured personal loans, which many online banks don’t bother with due to perceived risk.

You’ll find home loans, home equity products, student loans, credit cards, and personal lines of credit here too.

Discover Bank’s deposit account options include:

• Cashback Debit: This checking account has no yield, but you can earn 1% cash back on up to $3,000 in qualifying debit card spending each month. There’s no monthly maintenance fee.
• Online Savings Account: This account has a very strong yield on all balances — currently 4.30% APY as of June 7, 2023. There’s no maintenance fee or minimum to open.
• Money Market Account: With a minimum opening deposit and balance requirement of $2,500, this account has competitive yields on all balances. Its two balance tiers cleave at $100,000, but yields on higher balances barely exceed those on lower balances. Enjoy a free, optional debit card, and no maintenance fee. There’s also no minimum balance fee, despite the minimum balance requirement.
• Traditional CDs: CD terms range from three months to 10 years. Yields range widely, peaking on longer-term CDs. You need $2,500 to open any CD.