In the fast-paced digital era, online banking has become increasingly popular. It offers customers the convenience of managing their finances from anywhere, at any time. Online banking is not only convenient, but it’s also secure, and it offers numerous features that traditional banking methods don’t.
In this article, we will highlight the 5 best online banks of 2023, based on factors such as fees, interest rates, mobile app functionality, customer service, and security.
Ally Bank
Ally Bank is an online-only bank that offers a wide range of banking services, including checking accounts, savings accounts, money market accounts, and certificates of deposit. It has a competitive interest rate on savings accounts, and it charges no monthly maintenance fees on its checking accounts. Ally Bank also offers a user-friendly mobile app that allows customers to deposit checks, pay bills, transfer funds, and monitor their accounts. The bank has received numerous awards for its customer service, and it also provides 24/7 support through phone and chat.
Chime Bank
Chime Bank is a mobile-first bank that offers fee-free checking and savings accounts. It has no overdraft fees, minimum balance requirements, or monthly maintenance fees. Chime Bank also provides customers with access to over 38,000 fee-free ATMs across the United States. It has a feature-rich mobile app that allows customers to set up direct deposit, pay bills, and transfer funds. Chime Bank also offers a “SpotMe” feature that allows customers to overdraft up to $200 without any fees.
Discover Bank
Discover Bank is a full-service online bank that offers a wide range of financial products, including checking accounts, savings accounts, money market accounts, and certificates of deposit. It has no monthly maintenance fees on its checking and savings accounts, and it also offers competitive interest rates on its deposit products. Discover Bank provides customers with access to over 60,000 fee-free ATMs across the United States. Its mobile app is highly rated and offers features such as mobile check deposit and account alerts.
Capital One 360
Capital One 360 is an online bank that offers a wide range of banking services, including checking accounts, savings accounts, money market accounts, and certificates of deposit. It has no monthly maintenance fees on its checking and savings accounts, and it also offers competitive interest rates on its deposit products. Capital One 360 provides customers with access to over 39,000 fee-free ATMs across the United States. Its mobile app is highly rated and offers features such as mobile check deposit and bill pay.
Simple Bank
Simple Bank is an online-only bank that offers a simple and straightforward approach to banking. It offers fee-free checking accounts with no minimum balance requirements and a competitive interest rate on its savings accounts. Simple Bank also provides customers with access to over 40,000 fee-free ATMs across the United States. Its mobile app is highly rated and offers features such as mobile check deposit, bill pay, and budgeting tools.
To give you a better understanding of how these online banks compare, we’ve put together the following chart:
Bank | Fees | APY | Mobile App Rating |
---|---|---|---|
Ally Bank | Low | High | 4.8/5 |
Chime | None | High | 4.7/5 |
Discover Bank | Low | High | 4.5/5 |
Capital One | Low | High | 4.6/5 |
Simple | None | Low | 4.3/5 |
Also read: BEST CASH BACK CREDIT CARDS 2023
Conclusion
Online banking has become an essential part of our daily lives, and it’s important to choose a bank that suits our individual needs. The five banks highlighted in this article are the best online banks of 2023, based on their competitive fees, interest rates, mobile app functionality, customer service, and security. Whether you’re looking for a simple approach to banking, fee-free accounts, or a wide range of financial products, these online banks have got you covered.