Here are the best online banks right now:
Capital One 360
0% – 1.25%
0.10% – 0.50%
24/7 phone support
Mobile app rating
iOS: 4.2 Android: 4.1
iOS: 4.7 Android: 4.7
iOS: 4.8 Android: 4.3
iOS: 4.7 Android: 4.6
iOS: 4.8 Android: 4.6
ATM fee reimbursement
Varies by checking account
Up to $10/month
Up to $20/month
Many of us grew up making the journey to a brick-and-mortar bank to hand a paper check to a teller — but this isn’t necessarily the norm anymore. Thanks to online banks, you can now bank without leaving your home.
Online banks offer more than just convenience. Because they don’t have to pay for physical branch locations, online banks typically pay higher interest rates and charge fewer fees.
A good online bank should make it easy to navigate its website and mobile app. It should also provide high-quality customer service with live agents, since you don’t have the ability to visit a branch and speak with someone face-to-face. Above all else, an online bank should be FDIC insured, just like a brick-and-mortar bank.
Below, you’ll find our best online bank picks right now. We know “best” means something different for everyone, so we’ve listed each bank’s strengths, as well as its limitations.
Keep reading to learn more about our top picks:
Why it stands out: Axos offers five different checking accounts, all geared toward specific needs:
Essential Checking (get paid two days early)
Rewards Checking (earn a high APY)
CashBack Checking (earn up to 1% cash back on purchases)
Golden Checking (age 55+)
First Checking (ages 13-17)
You can also open a savings account with a competitive rate, and both checking and savings accounts come with a debit card. Axos doesn’t charge monthly maintenance fees.
Customer service is definitely one of Axos’ strongest features — speak with a live representative 24/7 on the phone, online, or through the app.
What to look out for: Initial deposit. You’ll need at least $250 to open a high-yield savings account.
There are also several requirements to earn the full 1.25% APY with an Axos Rewards Checking account. You’ll earn 0.4166% for $1,000 in monthly direct deposits, another 0.4166% for using your debit card 10 times per month, and another 0.4116% for using the card a total of 15 times in a month.
Capital One 360
Why it stands out: Capital One 360 Checking ranks as our top checking account overall. It doesn’t charge any overdraft, foreign transaction, or monthly service fees, and Capital One ranks No. 4 on J.D. Power’s US National Banking Satisfaction Study.
Capital One’s mobile app has received positive reviews. You can do things you might not be able to do with competing banking apps, such as lock your debit card and receive a free credit report.
Capital One 360 doesn’t require initial deposits for any of its accounts. Although Capital One 360 is Capital One’s online operation, you have the benefit of …read more
Source:: Business Insider