Why we like this online bank: Axos (formerly known as Bank of Internet) is one of our favorite online banks. For starters, it gives consumers plenty of options when it comes to checking:

The Rewards Checking account has one of the highest APYs on our list for checking at 1.25%, but earning that requires that you:

You have to achieve the direct deposit requirement (0.40% APY) to be able to qualify for the other criteria. The debit card spending adds another 0.30% APY. The rest of the interest rate comes from having an Axos Invest Managed Portfolios Account (0.20%), an Axos Self Directed Trading Account (0.20%) and a loan payment through Axos (0.15%).This account also offers unlimited domestic ATM fee reimbursements and promises no overdraft or non-sufficient funds fees.

The Essential Checking account is all about no fees: unlimited domestic ATM fee reimbursements, no monthly maintenance fees and no overdraft or non-sufficient fund fees. You can also get your paycheck up to two days early with direct deposit express.In addition, Axos offers specific checking features for teengers and senior citizens. 

The Axos online high-yield savings account is also impressive, with a 0.61% APY.

Potential pitfalls: Axos offers a lot of options. Just determining the right account can be stressful. And once you choose a checking account, you’ve got to keep track of quite a bit to either earn the full APY. The $250 minimum balance for opening the high-yield savings account is also steep.

For a full run down of fees and services, check out our complete Axos Bank review.

Why we like this online bank: Capital One 360 tops our list of the best online banks. While it doesn’t have the highest APYs for either its online checking or savings (0.10% for checking and 1.75% for savings), the online bank makes up for it with the industry’s highest-rated app according to J.D. Power, with users citing the app’s speed, easy-to-use interface and self-service options that are simple to use.

In addition, Capital One’s accounts include zero monthly fees and offer easy bank account integration. With the checking account, you have access to more than 70,000 fee-free ATMs, and unlike some online banks, Capital One does have physical branches — and Capital One Cafés, where you can enjoy Peet’s Coffee, take advantage of a shared work space, get one-on-one money coaching, attend workshops and even host events for nonprofits. You can also get your paycheck two days early.

In late 2021, Capital One joined the growing list of banks that will not charge overdraft fees.

Potential pitfalls: The APY for the savings account is not the strongest on this list. It’s also not possible to categorize your savings into sub-accounts within the app, which makes tracking toward multiple goals challenging. Instead, you have to open multiple savings accounts with Capital One.

For a full run down of fees and services, check out our complete Capital One review.

Why we like this online bank: Ally offers both online checking and savings accounts, as well as a money market account. 

APYs are competitive, with a 1.85% APY for savings and up to 0.25% APY for checking. You can also apply for loans through Ally, and ATM access is never a problem. That’s because Ally gets you access to more than 43,000 Allpoint ATMs nationwide and reimburses up to $10 in ATM fees each month.

Other hallmarks of Ally’s online banking include its lack of monthly fees (a true free checking account) and minimum balance requirements, and its top-rated mobile app with mobile check deposit.

Potential pitfalls: If you travel outside the country frequently, don’t use your Ally Bank debit card — it carries a 1% foreign transaction fee. Travel credit cards are a better option when traveling abroad. 

In addition, the 0.25% APY for checking might draw you in, but know that you need at least $15,000 in the account, or else you’ll earn just 0.10%. However, if you have $15K to spare, you’d be better off storing that in a high-yield savings account or money market account.

For a full run down of fees and services, check out our complete Ally Bank review.

Why we like this online bank: SoFi gets a lot right, with an attractive APY on what is technically an all-in-one checking and savings account. You can also earn up to 15% cash back when shopping locally. Other perks are the early paycheck access, automatic savings features and lack of monthly account fees.

Potential Pitfalls: While other banks move to fee-free overdrafts, SoFi only offers no-fee overdraft coverage for up to $50. Some people may not like having their savings and checking funds all in one place.

For a full run down of fees and services, check out our complete SoFi review.

Why we like this online bank: LendingClub Banking (formerly Radius Bank) offers a unique free checking account that offers 1.00% cash back on everyday purchases. That means for every $100 you spend, you earn $1. The account is also interest-bearing, but only if you’ve got over $100,000 in checking. (Don’t do that.)

LendingClub Bank’s online checking comes with several perks, but ATM usage is one of the best. When you bank with LendingClub, you can visit any ATM at any time; LendingClub will reimburse you for all ATM fees. 

Other advantages include payment up to two days earlier than your direct deposit, an innovative mobile app with location-based restrictions and spending caps, alerts when you or someone else uses your card and the ability to turn off lost or missing debit cards.

Right now, the LendingClub savings account offers a 2.07% APY for all balances, but rates have been tiered in the past (and could be again).

Potential pitfalls: LendingClub requires a $100 minimum deposit for the checking account. 

Something that’s likely to be more frustrating is the steep set of requirements for earning cash back, including direct deposits totaling at least $2,500 each month. Not everyone qualifies for the rewards portion of the account, meaning you may miss out on the cash back.

For a full run down of fees and services, check out our complete LendingClub review.

Why we like this online credit union: ATM access is almost always guaranteed when you bank with Alliant, as it has more than 80,000 ATMs in its network and offers $20 in monthly ATM reimbursement for out-of-network usage. Alliant also operates one of the highest-rated apps for both checking and savings accounts and has physical locations in the Chicago area.

Currently, Alliant’s checking APY stands at 0.25%. The account has no monthly service fee or minimum balance requirements and comes with a free Visa contactless debit card. As of September 2021, Alliant has done away with overdraft and NSF fees. You can also open a checking account for your teen through Alliant.

The high-yield savings account is even more impressive with a 1.80% APY if you maintain a $100 minimum balance. 

Potential pitfalls: Alliant is a credit union, not a bank. Credit unions can be more challenging to join, and Alliant is no different. Alliant currently does not participate in shared branching, a system that allows you to conduct your banking business at other credit unions in the same network throughout the country. This is often a hallmark of other credit unions.

For a full run down of fees and services, check out our complete Alliant Credit Union review.

More Information on nbkc 

Why we like this online bank: nbkc (the National Bank of Kansas City) keeps things simple by combining checking and savings into one single account, called the Everything Account. You’ll earn an APY of 0.50% across the board with this account.

Even better: There are no fees to bank with nbkc. We’re not just talking monthly maintenance fees; you also don’t have to worry about minimum balance fees, foreign transaction fees or even overdraft fees.

This bank also offers an extensive ATM network (37,000 and counting) with $12 in monthly reimbursements when you use an out-of-network ATM. The mobile app is easy to use, includes Savings Goals for organizing your money, and offers a Pay Bills feature.

Potential pitfalls: Its savings APY (0.50%) is not the most competitive of the accounts listed here. Actual member locations are limited to Kansas City, Missouri, and the bank could use more ATMs in its network. 

Why we like this online bank: Synchrony has a healthy 2.05% APY for the savings account, which also includes a convenience card for ATM access. 

That means that Synchrony offers a savings APY that’s more than 200 times larger than Bank of America’s. Its lack of fees (even for withdrawals past the maximum six per month) is another highlight. 

Right now, Synchrony is offering very competitive CD rates, up to 3.50% APY for 60 months.

While Synchrony doesn’t offer a checking account (more on that below), you can get check-writing capabilities with the money market account, which currently offers 1.50% APY.

Also noteworthy: Synchrony has joined the ranks of other top banks by creating an app, called Synchrony Bank (not to be confused with MySynchrony, which is the bank’s retail portal).

Potential pitfalls: Synchrony doesn’t offer a checking account, meaning you’ll need to rely on an external account or direct deposit to fund your account. 

If you want check-writing capabilities, you can open a money market account. Synchrony also lacks home and auto loans among its products and services, but you can open various credit cards.

For a full run down of fees and services, check out our complete Synchrony Bank review.

Why we like this mobile bank: Chime is great for first-time savers and spenders. Chime has no monthly service fees, no overdraft fees (you can overdraw up to $200 on debit cards without incurring a fee using the SpotMe feature), no minimum balance requirements, no foreign-transaction fees and access to more than 60,000 fee-free ATMs nationwide. 

More importantly, it can be set up to automatically transfer 10% of any direct deposit ($500 or more) into the linked savings account and/or to automatically round up to the nearest dollar on all purchases, depositing the extra change into the savings account. You might also have access to your paycheck up to two days early with direct deposit.

If you’re looking to save, you will want to open a Chime Savings Account (only possible if you have a Chime Checking Account). The savings account has an APY of 1.50%.

Potential pitfalls: Chime is a newer option and could face growing pains. There is no in-person service, and reviewers regularly complain of slow customer service. 

Chime is not a full suite bank (no loans, for example).

For a full run down of fees and services, check out our complete Chime Bank review.

Why we like this online bank: CIT Bank provides competitive interest rates on its various deposit accounts, including 2.10% on the Savings Connect account and 0.85% on the Savings Builder account. 

The eChecking account, a newer addition to the portfolio, is attractive, with a 0.10% APY on balances under $25,000 and 0.25% on balances at or above $25,000 — but it rarely makes sense to keep so much in checking. The account does pay out $30 a month in ATM reimbursements, and CIT’s mobile app has great reviews on the App Store and Google Play. You can also get home loans through CIT.

Potential pitfalls: CIT’s savings accounts suffer from their lack of ATM access and a minimum balance requirement ($100). 

For a full run down of fees and services, check out our complete CIT Bank review.

Why we like this online bank: Discover Bank features both savings and checking accounts. Discover’s checking account is a rewards account, meaning you earn cash back for debit card purchases instead of interest on the money in the bank account. Right now, you can earn 1% cash back on up to $3,000 in debit card purchases each month, for up to $30 a month and $360 a year. You’ll also have access to more than 60,000 fee-free ATMs, and you won’t have to worry about monthly maintenance fees.

Discover’s savings account stands at 1.70% APY.  Discover also offers a money market account and CDs, as well as retirement accounts.

Potential pitfalls: You cannot get an auto or home loan through Discover Bank’s products and services. Cash back on checking accounts is helpful, but big spenders will earn more when using a credit card without a monthly limit on cash back.

For a full run down of fees and services, check out our complete Discover Bank review.

Why we like this online bank: Barclays offers a competitive 1.50% APY on its online savings account. While not super attractive, it is still far above the 0.01% you will earn at Chase. Its mobile app is highly rated.

Low-risk investors may also like Barclay’s assortment of high-interest CDs. Right now, you can get a 60-month CD at a 3.25% APY.

Potential pitfalls: You cannot open a checking account with Barclays, complicating access to funds.

For a full run down of fees and services, check out our complete Barclays Bank review.