List of Online Banks With Savings and Interest Checking Accounts
Online banks are financial institutions that do not offer a major branch or ATM network.
Instead, customers of these types of banks would typically have to manage their accounts entirely through the web, which is why online banks may also be referred to as "direct banks" or "Internet banks."
Compared to traditional banks that have branches and ATMs, online banks tend to provide significantly higher interest rates on deposit accounts and charge lower or fewer fees because they don't have to pay the costs of maintaining a physical presence (e.g., real estate, employee salaries, utilities, insurance, etc.).
The lower operating expenses means that online banks can offer better financial products and services.
Like most banks in the United States, online banks are also insured by the FDIC. Up to $250,000 is insured per account type per depositor at any FDIC-insured institution.
Since an online bank may be a division of a traditional bank, the combined deposits are counted towards this deposit insurance limits.
Common Features of Online Savings and Interest Checking Accounts
Depending on the online bank, the range of accounts and services can vary greatly -- from savings accounts to loans to investments (similar to what you'd expect from a traditional bank).
The most common products from online banks are high-yield savings accounts and interest checking accounts that often come with competitive deposit rates and no monthly fees.
Online savings accounts may also come with additional features such as waived excess transaction fees and optional ATM cards to emergency access to cash.
Interest checking accounts may also offer debit card rewards, ATM fee refunds, mobile payments, and more.
See the list of high yield savings accounts and interest checking accounts that available from online banks:
Capital One 360
Capital One 360 offers strong interest rates on a consistent basis while also maintaining no monthly or transaction fees on its popular deposit accounts.
Charles Schwab Bank
As an online banking division of one of the world's biggest brokerage firms, Schwab Bank provides deposit accounts that don't have any monthly fees or service fees, in addition to unlimited ATM fee refunds.
Ally Bank is one of the biggest online banks in the U.S. with a history of competitive interest rates, consumer-friendly fee policies, and excellent customer service.
Discover Bank offers solid interest rates with no hidden fees on top of a massive network of 60,000 surcharge-free ATMs nationwide.
USAA places great emphasis on serving military personnel and families by offering financial products and services with low fees and special benefits.
TIAA Bank delivers stellar interest rates as part of its Yield Pledge promises to be within the top 5% of competing accounts.
Bank of Internet
With Bank of Internet USA, you find a wide variety of deposit accounts that will offer strong interest rates, rewards, or both.
First Internet Bank
First Internet Bank's comprehensive list of financial products and services includes savings and checking accounts that provide ATM fee refunds.
Bank5 Connect focuses on deposit accounts with strong interest rates, easy-to-understand fees, and ATM fee refunds.