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Online banks have changed the way people save and spend money. They have no big buildings to pay for. That means they pass the savings on to you. You get higher rates and fewer fees.
In this guide, we looked at dozens of online banks. We picked the best seven for 2026. We compared rates, features, and apps.
Rates and figures as of May 2026.
Best Online Banks 2026 at a Glance
| Bank | Savings APY | Monthly Fee | Best For |
|---|---|---|---|
| Ally Bank | 4.20% | $0 | Everyday savers |
| SoFi | 4.50% | $0 | All-in-one banking |
| Chime | 2.00% | $0 | Fee-free banking |
| Marcus by Goldman Sachs | 4.40% | $0 | High-yield savings |
| Discover Bank | 4.25% | $0 | Cash back on checking |
| Varo | Up to 5.00% | $0 | Young adults |
| Current | 4.00% | $0 | Teens and young adults |
1. Ally Bank
Ally is one of the best-known online banks. It has no monthly fees. Its savings rate is strong. The app is easy to use. You can open multiple savings buckets for different goals.
Pros: No fees. Solid APY. Great customer service. Good app.
Cons: No cash deposits. No physical branches.
Best for: People who want a simple, reliable online bank.
2. SoFi Bank
SoFi offers one of the highest savings rates available. You need direct deposit to get the top rate. SoFi also offers checking, investing, and loans. It is a true all-in-one financial app.
Pros: High APY with direct deposit. No fees. Investing tools included. Early paycheck with direct deposit.
Cons: Top rate requires direct deposit setup.
Best for: People who want banking and investing in one place.
3. Chime
Chime keeps things simple. No monthly fees. No minimum balance. They offer SpotMe, which covers small overdrafts at no charge. Credit builder tools are also included.
Pros: No fees at all. SpotMe overdraft protection. Credit builder card available.
Cons: Lower savings rate. No joint accounts.
Best for: People who want zero fees and overdraft protection.
4. Marcus by Goldman Sachs
Marcus is the online bank from Goldman Sachs. It is built for saving. There is no checking account. But the savings rate is one of the highest you can find.
Pros: Very high APY. No fees. FDIC insured. Trusted brand.
Cons: No checking account. No mobile check deposit in all states.
Best for: People who just want a top savings rate.
5. Discover Bank
Discover has both savings and checking. The checking account pays 1% cash back on debit card purchases. That is rare. Savings rates are competitive too.
Pros: Cash back checking. Good savings APY. No fees. Nationwide ATM network.
Cons: No physical branches. Some features lag behind competitors.
Best for: People who want cash back on everyday spending.
6. Varo Bank
Varo can pay up to 5.00% APY. But you have to meet monthly requirements to earn the top rate. You need direct deposit and a positive balance at month end. Varo is also one of the first fintechs to get a national bank charter.
Pros: Very high potential APY. FDIC insured. No fees.
Cons: Top rate requires conditions be met. Requirements may be hard for some.
Best for: People who can meet the direct deposit requirement.
7. Current
Current is built for younger users. It offers fee-free banking with a debit card. There are savings pods to help you set money aside. The app is clean and modern.
Pros: No fees. Savings pods. Teen accounts available. Fast transfers.
Cons: Savings rate is lower than top competitors.
Best for: Teens, young adults, and families wanting teen accounts.
How to Pick the Best Online Bank
Ask yourself these questions:
- Do I want the highest savings rate, or do I also need checking?
- Will I have direct deposit? (Some top rates require it.)
- Do I need cash back on purchases?
- Do I want investing tools built in?
If you just want to grow your savings, look at the best high-yield savings accounts of 2026. For locking in a rate, check the best CD rates in 2026. To keep your spending on track, try one of the best budgeting apps of 2026.
Frequently Asked Questions
What is the best online bank in 2026?
SoFi and Ally are top picks for 2026. SoFi offers the highest savings rates and an all-in-one platform. Ally is great for simplicity and no fees.
Are online banks safe?
Yes. Most online banks are FDIC insured. That means your money is protected up to $250,000 per depositor if the bank fails.
Do online banks have ATMs?
Most online banks give you access to a large ATM network, usually 55,000 or more locations. Some also reimburse out-of-network ATM fees.
What is a high APY for a savings account in 2026?
In May 2026, a good savings APY is 4.00% or higher. The top online banks offer between 4.20% and 5.00% APY.
Can I deposit cash at an online bank?
Most online banks do not accept cash deposits directly. Some partner with retail locations like Walgreens or CVS for cash deposits.