📋 This guide is for educational purposes only and does not constitute financial advice. For personalized recommendations, consult a licensed financial advisor.

Online banks have gained popularity for their convenience, competitive interest rates, and lower fees. In 2026, consumers have more options than ever for managing their money digitally. Below, we’ve reviewed the top five online banks for checking and savings accounts, focusing on their standout features, fees, and interest rates.

1. Ally Bank: Best Overall for Checking and Savings

Ally Bank consistently ranks as a top choice for online banking. Its checking accounts have no monthly maintenance fees, and savings accounts offer an APY of up to 4.00%. You can access over 43,000 fee-free ATMs nationwide and even receive reimbursement for up to $10 in out-of-network ATM fees monthly.

Key features include:

  • Interest on checking accounts: Earn 0.25% APY on balances over $15,000.
  • Savings tools: "Buckets" feature lets you divide savings into different categories for goals.
  • Customer service: Available 24/7 via phone, chat, and email.

If you're looking for mobile tools to manage your finances alongside your banking, check out our guide on the best banking apps for mobile.

2. Marcus by Goldman Sachs: Best for High Savings APY

Marcus offers a standout 4.30% APY on savings accounts in 2026. There are no fees or minimum balance requirements, making it an excellent choice for those focused on growing their savings. While Marcus doesn't offer checking accounts, its high-yield savings features are hard to beat.

Key highlights:

  • APY: 4.30% (among the highest available).
  • No monthly fees: Keep your full savings intact.
  • Easy transfers: Link external bank accounts for smooth deposits and withdrawals.

For a deeper dive into managing finances digitally, our article on the best budgeting apps offers helpful insights.

3. SoFi: Best for Combined Features

SoFi stands out for its all-in-one solution. Its checking and savings accounts are combined, offering convenience and strong financial benefits. With an APY of up to 4.20% and no account fees, SoFi is ideal for those who want to simplify their banking.

Features to note:

  • ATM access: Free withdrawals at over 55,000 Allpoint ATMs.
  • Bonus for direct deposit: Earn up to $250 when you set up direct deposit.
  • Mobile functionality: solid app for budgeting, investments, and loans.

SoFi also offers investment services, making it a great companion to our beginner's guide to investing.

4. Chime: Best for Fee-Free Banking

Chime is a favorite for those seeking fee-free banking. With no monthly fees and access to over 60,000 ATMs, Chime’s checking account is ideal for everyday banking. Its savings account offers a competitive APY of 2.00%, and automated savings features make it easy to reach your financial goals.

Key benefits:

  • No fees: No overdraft fees, monthly fees, or minimum balance requirements.
  • SpotMe: Overdraft protection of up to $200 with qualifying direct deposits.
  • Automatic savings: Round-up feature transfers spare change into savings.

For freelancers especially, Chime's budgeting features pair well with the tools highlighted in our article on the best budgeting apps for freelancers.

5. Discover Bank: Best for Cashback on Debit Card Usage

Discover Bank offers a unique rewards program for its checking account: earn 1% cashback on debit card purchases up to $3,000 per month. Its online savings account has an APY of 3.90%, making it an attractive option for saving while earning rewards on daily spending.

Key points:

  • Cashback: 1% on debit card purchases, capped at $30 per month.
  • APY: 3.90% on savings accounts.
  • No fees: No minimum balance requirements or monthly fees.

If managing debt alongside savings is a priority, our guide to avoiding debt traps offers practical advice.

Comparison Table: Top Features by Bank

| Bank | APY (Savings) | Monthly Fees | ATM Access | Unique Feature | |--------------------|---------------|--------------|-------------------|-------------------------------------| | Ally Bank | 4.00% | None | 43,000+ ATMs | Buckets savings tool | | Marcus by Goldman Sachs | 4.30% | None | No ATM access | Highest APY for savings | | SoFi | 4.20% | None | 55,000+ ATMs | Combined checking and savings | | Chime | 2.00% | None | 60,000+ ATMs | Fee-free banking with SpotMe | | Discover Bank | 3.90% | None | 60,000+ ATMs | 1% cashback on debit card purchases|

FAQ

What is the best online-only bank for savings accounts?

Marcus by Goldman Sachs is often the top choice for savings accounts due to its industry-leading 4.30% APY. However, your decision should consider additional features like ATM access or mobile tools.

Are online banks safe for checking and savings accounts?

Yes, most online banks are FDIC-insured, meaning your deposits are protected up to $250,000 per account. Major names like Ally, SoFi, and Discover meet stringent security standards.

Can I open an online bank account with bad credit?

In most cases, yes. Online banks like Chime don't typically perform credit checks for standard checking or savings accounts. However, some accounts may have specific requirements, so check individual bank terms.

Does Ally Bank reimburse ATM fees?

Yes, Ally Bank reimburses up to $10 per cycle for out-of-network ATM fees. It also provides access to over 43,000 fee-free ATMs across the U.S.

How quickly can I open an account at an online bank?

Opening an account typically takes 10-15 minutes. You'll need to provide personal information, such as your Social Security number, address, and a valid ID.

Sources

Last reviewed: 2026-06-29 by Editorial Team