Top 10 Online Banks in USA | Largest Online Banks in the US

Online Banking in the USA is not so new to us. We all use online banks not just because we don’t want to visit the bank’s branch; instead, we want to save a handful of amount and receive better interest rates than traditional banks. Online banks are like banks on the go that offer 24/7 customer service. Apart from that, the services offered to customers by online banks are much better. If you don’t have one,  get your online bank account right now to strap down the opportunities. Choose from the below list of the best ten online banks in the USA.

Top Online Banks in the USA for A Comprehensive Comparison

1. CIT Bank

CIT Bank is a part of First Citizens Banks, which has a successful history of 125 years. This shows the stability and continuation towards progress; hence, it's at the top of the list of Online banks. It provides a Savings Connect account and also offers better interest rates. 

What does it offer?

Type of Account Savings Account

• Min. Balance for APY $5,000
• APY- 5.05%
• Minimum Balance to avoid fees $0.00
• Monthly fee $0.00
• Check writing No 

2. American Express

It is an online bank that provides savings and checking accounts and offers reasonable interest rates. It also offers more than average interest rates on CDs. With American Express, you can also earn rewards on purchases you make. However, the offer comes with a condition that the card must be used for at least three months. 

What does it offer?

Type of Account Savings Account

• Min. Balance for APY $1
• APY- 4.30
• Minimum Balance to avoid fees $0.00
• Monthly fee $0.00
• Check writing No 

3. Forbright Bank:

Forbright Bank is an online bank that provides various personal banking options. It also includes credit cards and other loans and offers a year CD with the best interest rates. The only drawback to opening other deposit accounts like saving and checking is that you will need to visit a branch. 

What does it offer?

Type of Account Savings Account

• Min. Balance for APY $1000
• APY- 5.75%
• Minimum Balance to avoid fees $25
• Monthly fee $0.00
• Check writing Yes 

4. BMO Alto

BMO Alto is for a savings account with no minimum opening deposit and no fees. However, the only drawback is there needs to be ATM access, debit card or even mobile check deposit. All BMO Alto saving accounts are FDIC insured. BMO is listed in the fourth position as it offers the best APY.

What does it offer?

Type of Account Savings Account

• Min. Balance for APY $0.00
• APY- 5.10%
• Minimum Balance to avoid fees $0.00
• Monthly fee $0.00
• Check writing No

5. Ever Bank:

Ever Bank, apart from banking services, also offers investing services. It offers 24/7 digital account access. It is known for its “yield pledge” promise because it ensures that you earn a certain amount at a competitive rate. It offers banking, investing, commercial financing, and certificates of deposit rates. 

What does it offer?

Type of Account Savings Account

• Min. Balance for APY $0.00
• APY- 5.15%
• Minimum Balance to avoid fees $0.00
• Monthly fee $0.00
• Check writing No

6. Lending Club

It is an online financial service company that connects borrowers with investors. It is the first peer-to-peer lender registered with the security as an exchange commission.

What does it offer?

Type of Account Savings Account

• Min. Balance for APY $0.00
• APY- 4.50%
• Minimum Balance to avoid fees $0.00
• Monthly fee $0.00
• Check writing No

7. Bask Bank

Bask Bank is an online bank that offers savings accounts and certificates of deposit. It offers two different types of savings accounts: a Bask Bank interest savings account and a Bask Bank mileage savings account. CDs have a low $1000 minimum deposit requirement.

What does it offer?

Type of Account Savings Account

• Min. Balance for APY $0.00
• APY- 5.10%
• Minimum Balance to avoid fees $0.00
• Monthly fee $0.00
• Check writing No

8. Barclays

Barclay offers various services like retail banking, credit cards, corporate and investment banking, wealth management, and investment management. It provides a competitive yield on saving accounts.

What does it offer?

Type of Account Savings Account

• Min. Balance for APY $0.00
• APY- 5.00%
• Minimum Balance to avoid fees $0.00
• Monthly fee $0.00
• Check writing Yes

9. Jenius Bank

Jenius Bank is a digital Bank that attracts customers between the ages of 25 and 44. The main target is those who have complex financial needs. It has no fees or additional minimum requirements to open an online account.

What does it offer?

Type of Account Savings Account

• Min. Balance for APY $0.00
• APY- 4.75%
• Minimum Balance to avoid fees $0.00
• Monthly fee $0.00
• Check writing No

10. Discover Bank

Discover Bank is an online institution that offers various financial services and banking products like deposit accounts, credit card personal loans and student loans. Its savings account offers competitive rates. The only con of Discover Bank is it requires a minimum deposit of $2500 for CDs. Due to its minimum deposit requirement and comparatively low APY, Discover Bank is ranked tenth.

What does it offer?

Type of Account Savings Account

• Min. Balance for APY $0.00
• APY- 4.35%
• Minimum Balance to avoid fees $0.00
• Monthly fee $0.00
• Check writing No

Final words 

Online banks are the most convenient banking option that offers higher interest rates as they don't have to spend more money on physical assets. They also have lower or even no account maintenance fees. They are convenient as you can transit anytime, anywhere. There are numerous online banks, but only a few offer the best services.

Suggested Articles:

1. Are Online banks safe to use?

2. How does commercial banks work

3. How to write a check