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The Best Online Banks of 2022

There's no physical branch to visit, but these digital banks offer competitive interest rates and low fees.

Online banks require you to conduct all of your financial business on the internet -- there are no physical branches to visit. Though that lack of real-world access might be a deal-breaker for some, these banks typically charge the lowest fees and offer the most competitive yields on savings accounts and certificates of deposit. And they provide a modern, intuitive banking experience online or on a mobile app. 

CNET's list of the best online banks includes some of the most popular banks and credit unions nationwide. Our editorial team provides an unbiased analysis of top banks and credit unions. The banks included in this list are online-only banks that do not have physical branches but are insured by the FDIC or NCUA for up to $250,000 per individual.

Best online banks of 2022

  • Alliant Credit Union
  • Ally
  • Bask Bank
  • Bread Savings
  • BrioDirect
  • Discover Bank
  • LendingClub
  • Marcus by Goldman Sachs
  • SoFi
  • Synchrony
Alliant Credit Union

Products offered: Checking accounts, savings accounts, certificates

Monthly fees: None

Pros

  • Competitive APYs on savings and checking accounts
  • No monthly maintenance or overdraft fees
  • Low minimum deposit requirements to open accounts
  • Up to $20 in ATM rebates per month
  • Fee-free network of 80,000 ATMs

Cons

  • No support for peer-to-peer payment tools

Membership is open to current or former employees of Alliant's U.S. partner businesses. No monthly fees are assessed on accounts when you opt in to receive e-statements. Alliant Credit Union offers a variety of CD terms from 12 to 60 months.

Ally

Products offered: Checking account, savings account, money market account, CDs

Monthly fees: None

Pros

  • Competitive APYs on deposit accounts
  • No monthly maintenance or overdraft fee
  • Fee-free network of 43,000 Allpoint ATMs
  • No minimum deposit requirements
  • 24/7 customer support

Cons

  • No cash deposits accepted

Ally offers a robust set of deposit products, loans and other financial services. The bank also offers bump-up CDs (which automatically adjust to a higher APY when available) and no-penalty CDs. There are no fees charged for any accounts and 24/7 customer support is available via phone, chat or email.

Bask Bank

Products offered: Savings accounts, CDs

Monthly fees: None

Pros

  • High APY on savings and CDs
  • Low minimum deposit requirements for savings account
  • Low fees
  • Variety of CD terms available

Cons

  • No checking account
  • High minimum deposit requirement for CDs
  • Limited number of products available 

Bask Bank offers competitive APYs on savings accounts and CDs. There are no minimum balances required to open or maintain a savings account. With a $25,000 deposit, you can earn American Airline miles. CD terms range from six months to one year.

Bread Financial

Products offered: Savings account, CDs

Monthly fees: None

Pros

  • High APY on savings and CDs
  • Low deposit required to open savings account
  • Low fees
  • Variety of CD terms available

Cons

  • No checking account
  • High minimum deposits to open a CD
  • Limited number of products available

As the online banking arm of Bread Financial, Bread Savings offers competitive rates on savings and CDs and accounts with minimal fees. 

BrioDirect

Products offered: Savings account, money market account, CDs

Monthly fees: None

Pros

  • Competitive APYs on savings accounts
  • Low deposits required to open savings accounts and CDs
  • No account fees

Cons

  • Longer terms required to earn highest CD APY
  • No checks for money market accounts
  • Checking accounts not available

BrioDirect is the online arm of Webster Bank. It offers savings accounts, CDs -- with terms ranging from 30 days to 5 years -- and money market accounts. The checking accounts are "under maintenance" for an indefinite period and not available at this time.

Discover

Products offered: Checking account, savings account, money market account, CDs

Monthly fees: None

Pros

  • Competitive APYs on savings accounts
  • No monthly maintenance or overdraft fees
  • No minimum deposit requirements to open accounts
  • Fee-free network of 60,000 ATMs
  • Direct deposits accessible two days early
  • Cash-back rewards on checking

Cons

  • High minimum deposit to open a CD
  • No cash deposits accepted

Discover Bank offers deposit accounts, credit cards, personal loans and student loans. It eliminated fees on deposit accounts in June 2019. The Discover Cashback Debit account is a completely free checking account that pays 1% cash back on debit card purchases up to $3,000 per month. 

LendingClub

Products offered: Checking account, savings account, CDs

Monthly fees: None

Pros

  • High APY on savings and CDs
  • Low deposits required to open savings account, no minimum balance required
  • Low fees
  • Cash-back rewards on debit card-qualified purchases
  • Unlimited ATM fee rebates

Cons

  • APY paid on higher checking balances
  • High deposit required to open CDs

LendingClub offers a full suite of banking products and services. Unlimited ATM fee rebates give customers unfettered access to a vast network of ATMs. And low fees and competitive APYs make LendingClub's savings accounts and CDs particularly compelling.

Products offered: Savings account, CDs

Monthly fees: None

Pros

  • Competitive APYs on deposit accounts
  • No monthly maintenance fees
  • Low minimum deposit requirements
  • Automated 24/7 customer support

Cons

  • No cash deposits accepted
  • No checking accounts
  • No ATM network
  • Limited types of accounts

Launched in 2016, Marcus is the online-only banking arm of Goldman Sachs, which is one of the 10 largest banks in the US. The bank's savings accounts and CDs offer competitive yields and low fees. 

See our full review of Marcus by Goldman Sachs for more details.

SoFi

Products offered: Checking account, savings account

Monthly fees: None

Pros

  • Competitive APYs on checking and savings accounts
  • Low deposits required to open savings and CD account
  • No monthly maintenance or overdraft fees
  • Fee-free network of 55,000 Allpoint ATMs
  • Direct deposits accessible two days early

Cons

  • Fee charged for depositing cash

SoFi (Social Finance Inc.) was the brainchild of Stanford Business School graduates who created an alumni-funded lending source that initially focused on refinancing student loans. Since then, SoFi has expanded into a variety of loan categories and now offers online checking and savings accounts. Some applicants may qualify for a new account bonus. 

Synchrony Bank

Products offered: Savings account, money market account, CDs, IRA money market account, IRA CDs

Monthly fees: None

Pros

  • Competitive APYs on deposit accounts
  • No monthly maintenance or overdraft fees
  • Up to $5 out-of-network rebate per month
  • No minimum deposit requirements

Cons

  • No checking accounts

Synchrony takes advantage of its limited overhead to offer competitive rates on deposit accounts. In addition to a wide variety of financial products such as IRA CDs and IRA money market accounts, Synchrony offers niche types of CDs including the bump-up (which automatically adjusts to a higher APY when available) and no-penalty varieties.

Methodology

CNET reviewed online banks based on the latest APY information, fees charged and services offered from issuer websites. We evaluated online banks from among more than 50 banks, credit unions and financial companies. We selected the banks with the highest APY and were insured up to $250,000 from among the organizations we surveyed.

Banks surveyed include: Alliant Credit Union, Ally Bank, America First Credit Union, American Express National Bank, Axos Bank, Bank of America, Bank of the West, Bank5 Connect, Barclays, BMO Harris, Bread Savings, BrioDirect, Capital One, CFG Community Bank, Citizens Access, Colorado Federal Savings Bank, Connexus Credit Union, Consumers Credit Union, Credit One Bank, Discover Bank, First Internet Bank of Indiana, First Tech Federal Credit Union, FNBO Direct, GO2bank, Golden 1 Credit Union, HSBC Bank, Huntington Bank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, Merrick Bank, Nationwide (by Axos), Navy Federal Credit Union, NBKC, OneUnited Bank, Pentagon Federal Credit Union, PNC, Popular Direct, PurePoint Financial, Quontic Bank, Rising Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Synchrony Bank, TAB Bank, TD Bank, TIAA Bank, Truist Bank, U.S. Bank, UFB Direct, Union Bank, USAA Bank, Vio Bank, and Wells Fargo.

The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.