With the rise of online banking, people are now looking for digital banks that provide ease of access, low fees, and high interest rates. Online digital banks are gaining popularity due to their ability to operate without physical branches, which means lower costs and more convenience for customers. Here is a list of the best online digital banks that can help you manage your finances effectively:
1. Ally Bank
Ally Bank is one of the best online digital banks that offer a high annual percentage yield (APY) on your savings account. They have no monthly maintenance fees and you can access your account through their mobile app and online banking. Ally Bank also offers a variety of services, including checking accounts, CDs, and credit cards.
2. Chime Bank
Chime Bank is a digital bank that offers a fee-free checking account with no minimum balance requirements. They also offer a savings account with a high APY and round-up savings feature. Chime Bank allows you to access your account through their mobile app and online banking, and they offer overdraft protection and early direct deposits.
3. Capital One 360
Capital One 360 is an online bank that offers a variety of services, including checking accounts, savings accounts, CDs, and credit cards. They have no monthly maintenance fees and offer a competitive APY on their savings accounts. Capital One 360 also has a mobile app and online banking platform for easy access to your account.
4. SoFi Money
SoFi Money is a digital bank that offers a high-yield checking account with no monthly fees or ATM fees worldwide. SoFi Money also provides a mobile app for easy banking and offers a variety of services, including auto loans, personal loans, and investment accounts. SoFi Money also provides a community for customers to connect with each other and share financial advice.
5. Simple
Simple is a digital bank that offers a fee-free checking account with no minimum balance requirements. They also offer a high-yield savings account with a competitive APY. Simple also provides a mobile app for easy banking and budgeting tools to help you manage your finances. Simple also offers a shared account feature that allows you to share your account with a partner or family member.
6. Discover Bank
Discover Bank is an online bank that offers a variety of services, including checking accounts, savings accounts, CDs, and credit cards. They offer a competitive APY on their savings accounts and have no monthly maintenance fees. Discover Bank also provides a mobile app and online banking platform for easy access to your account.
7. Varo Bank
Varo Bank is a digital bank that offers a fee-free checking account with no minimum balance requirements. They also offer a high-yield savings account with a competitive APY. Varo Bank also provides a mobile app for easy banking and budgeting tools to help you manage your finances. Varo Bank also offers overdraft protection and early direct deposits.
8. Axos Bank
Axos Bank is an online bank that offers a variety of services, including checking accounts, savings accounts, CDs, and credit cards. They offer a competitive APY on their savings accounts and have no monthly maintenance fees. Axos Bank also provides a mobile app and online banking platform for easy access to your account.
9. Marcus by Goldman Sachs
Marcus by Goldman Sachs is an online bank that offers a high-yield savings account with a competitive APY. They have no monthly maintenance fees and offer a mobile app for easy banking. Marcus by Goldman Sachs also offers personal loans and CDs for customers.
10. Betterment
Betterment is a digital bank that offers a checking account and savings account with a competitive APY. They have no monthly maintenance fees and offer a mobile app for easy banking. Betterment also offers investment accounts and financial planning tools to help you manage your finances effectively.
Conclusion
Choosing the best online digital bank can be overwhelming, but with this list, you can find the one that suits your needs. These digital banks offer ease of access, low fees, and high interest rates, making them ideal for anyone who wants to manage their finances effectively. Choose the one that best suits your needs and start banking with ease.