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Last updatedDecember 2022

Best Online Banking Accounts December 2022

Stay on top of your finances

Find a high-yield online bank account to easily manage your money. Compare the best online accounts with no fees or minimums, exclusive deals and 24/7 access.
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18,736 visitors

chose an account with BestMoney this week

BestMoney Total Score

Our product scores consist of a combination of the following 2 components:

People

Click Trend

BestMoney measures user engagement based on the number of clicks each listed brand received in the past 7 days. The number of clicks to each brand will be measured against other brands listed in the same query. Therefore, the higher the share of clicks a brand receives in any specific query, the higher the Click Trend Score. BestMoney accepts advertising compensation from companies, which impacts their (and/or their products’) position, and in some cases, may also affect their Click Trend Score.

Products & Features

BestMoney’s editorial team researches and reviews financial products based on factors such as: range of products and services offered, ease-of-use, online accessibility, customer service, special awards, and more. Each brand is then given a score based on the offerings in each parameter. The specific parameters which we use to evaluate the score of each product can be found on its review page, which is updated every 3 months. If the editorial team cannot locate information relevant to a brand's Products & Services Score, it will not be included in its calculation.

Editorial Reviews

Capital One

Capital One

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American Express National Bank

American Express National Bank

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Upgrade - Premier Savings

Upgrade - Premier Savings

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HSBC Premier

HSBC Premier

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Read all reviews

Our Top Choice

Should You Switch To An Online Bank Account?

It's no surprise that 80% of Americans would rather bank digitally than visit brick-and-mortar banks. Online banking is simple, fast, convenient, and can be done anywhere, anytime. Not only do you have several banking options at your fingertips, but online banks provide all, if not more, convenient resources than traditional banks. If you are new to the idea of taking your checking and savings account fully virtual, this guide will answer all of your questions and put your mind at ease. 

Which Account Is Right For You?


Savings AccountChecking AccountMoney Market Account (MMA)
Earns interest✓ (varies by bank)
FDIC-insured
ATM access✓ (varies by bank)
Debit card & check writing access✓ (with federal limits)
Higher yield potential
Our Top Choice: undefined  Logo Logo

Top 5 Benefits of Online Banking

  1. Lower Fees: Online banks are able to offer little to no fees because generally, they don’t have to worry about maintaining hundreds of brick and mortar branches. Chime*, an award-winning financial app and debit card, offer overdraft protection up to $200 without fees on top of zero monthly, transaction, and foreign fees. *Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC. 
  2. Better Interest Rates: Online banks typically have higher APY rates on its savings accounts, as well as select interest-earning checking accounts. According to Investopedia, “The most generous of them offer as much as 1% to 2% more than you'll earn on accounts at a traditional bank.”This is a significant difference once you do the math. If you kept $10,000 in a traditional with a 0.01% APY, you would earn $1 on your savings during the year. Alternatively, keep that money saved in an online bank account that earns 2.70% APY, like at CIT Bank, you will earn $50. 
  3. Accessibility: Just because your online bank is technically in the cloud, it doesn’t mean you are going to have a harder time managing your money. In fact, most online banks are connected to ATM networks, so you can withdraw money from your account almost anywhere. Varo has no-fee ATM withdraws from over 55,000 Allpoint® ATMs, which are conveniently placed in stores like Walgreens, CVS, Target, and more. 
  4. Better Online Experience: While most traditional banks have online bill pay and mobile apps, online banks still dominate the fintech space. You can expect better online customer service and more online options. You can even contact your bank representative late at night or on the weekend. 
  5. Many Banking Products Offered: Some online banks stick with a variety of checking, savings, and money market accounts. Other banks like Capital One offer a suite of banking products to keep all your finances in one easy-to-manage spot. Capital One offers savings, checking, credit cards, and auto loans.

Our Top Online Banking Options as of Dec 8th 2022

BankAPY24/7 SupportExplore
 Logo2.00% - 5%
NoVisit Site
  HSBC0.15%
YesHSBC Premier HSBC Premier Visit Site
  Logo 2.00%
YesVisit Site

*Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC. 

All the Answers to Your Online Banking Questions 

Q: What Are the Downsides of Having Online Banks?

A: The biggest drawback of online banking is the liquidity of your money. Yes, you can easily use an ATM to pull out a few hundred dollars, but if you need to access $700 or more same-day, that can be an issue. One way to get around this is to choose an online bank with traditional bank locations too. Chase is the best of both worlds since there is a good chance you have a Chase bank near you. 

Q: What’s the Difference Between Net Banking and Mobile Banking?

A: Mobile banking is a convenient add-on for most banks. Depending on your bank, mobile banking might be limited, but most apps should allow for check deposit, account monitoring and quick bill pay. Net banking, or online banking, can refer to using your bank’s website on a personal computer rather than banking through an app. It can also refer to online-only banking where you perform all of your banking functions and purchase products via the web. 

Q: Are Online Banks Safe?

A: Yes! Online banks, like traditional banks, are FDIC-insured up to $250,000. However, all banks and even credit cards with online access can be vulnerable to fraudulent conduct if a hacker gets to your account. 

The easiest way to protect your account is to avoid clicking on links in any emails you receive about your bank. Scammers are notorious for sending emails that look like they came from your bank and usually make you want to click a link quickly. If you are unsure if an email is real, check the sender’s email address, not just the name. Then close the email and open up a new window and access your online bank account

Q: How Can I Secure My Online Bank Account?

A: Choosing a unique and strong password is an excellent start to keeping your online bank account secure. If possible, enable Two-Factor Authentication. It takes longer to sign in, but offers another layer of security. Another essential step to keeping your bank account secure is to never log in to your bank account through someone else’s computer or through public Wi-Fi. If you need to check your bank account while at a local coffee shop, do it with your phone either through phone data or the app. 

Services and Features You’ll Enjoy with Online Banking

Online banks offer a fleet of services to help you stay on top of your money management and achieve your financial goals. Here are features you can expect no matter which online bank you choose:

  • Wire transfers - Send money to any account at any time
  • Digital check deposit - Instantly scan and deposit a check with your smartphone
  • Bank-to-bank transfer - If you use more than one banking account, you can easily transfer funds between the accounts
  • Bill payment - Pay bills one-time or set an automatic payment so you never receive a late fee
  • Digital/downloadable account statements - Quickly integrate your statements into budgeting software or send them to your accountant or mortgage broker 
  • Mobile banking - An easy-to-use banking app to manage your money on the go
  • Identity theft insurance - An extra layer of protection for you and your family 
  • Personal loans, student loans, home loans, and more lending options - Online banking can also provide solutions to get ahead in life


Now is the time to reap the benefits of online banking. Even if you just use an online bank for a savings account, you will quickly see the perks of higher APY and have many money market accounts to select. 

Explore Leading Online Banking Choices

1. Varo Bank

Logo

Varo Bank is a hybrid online/mobile bank. It offers significant advantages over online and brick-and-mortar bakes, namely due to no minimum opening balance and no account maintenance fees. Their mobile app boasts a variety of features including mobile check deposit.

Pros

Cons

  • Full-feature mobile app
  • No monthly account maintenance fees
  • Limited account options
  • No loans or credit cards

Visit Site

2. HSBC

HSBC 

HSBC is a large, international financial institution with more than 200 branches across the country. HSBC also offers a lot of value in the online banking world - primarily through HSBC Direct, which includes checking, savings, and CDs. 

Pros

Cons

  • 24/7 customer service
  • Perks for repeat customers
  • Low rates compared to competitors
  • Monthly fees, waivable

HSBC Premier HSBC Premier Visit Site

3. Chime

 Logo

Chime* is an award-winning financial app and debit card. With Chime, you can choose a checking and savings account and rest easy when reaching your financial goals while knowing your money is FDIC-insured.

*Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.

ProsCons
  • Get your paycheck up to 2 days early with direct deposit^ 
  • 60,000+ fee-free ATMs⁻ 
  • No joint accounts
  • No branch locations

Chime® Chime® Visit Site

HSBC Premier Disclosure

Get up to $600 with a 3% Cash Bonus Checking Offer when you open a new HSBC Premier checking account and complete the following qualifying activities. Open your new HSBC Premier checking account online by January 7, 2021; and Set up Qualifying Direct Deposits into your new HSBC Premier checking account; and then Enjoy 3% Cash Bonus, up to $600, on Qualifying Direct Deposits up to $100 per month, during the first 6 calendar months after account opening. You will automatically receive the 3% Cash Bonus in your new HSBC Premier checking account approximately eight weeks after completing that month’s qualifying activities. Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC. ​

Chime Disclaimer

Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank or Stride Bank, N.A.; Members FDIC. Chime Checking Account is required to be eligible for a Savings Account. ˜ Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM. Cash deposit or other third party fees may apply. *Eligibility requirements apply. Overdraft only applies to debit card purchases and cash withdrawals. Limits start at $20 and may be increased up to $200 by Chime. See chime.com/spotme. ^Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date. ⁺The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is accurate as of October, 25th, 2022. No minimum balance required. Must have $0.01 in savings to earn interest. ¹ Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account into your savings account. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more into your savings account. ² FDIC deposit insurance limit to $250,000 per depositor, per insured bank, per ownership category. For Stride Savings Account depositors, funds are eligible for FDIC insurance when it arrives at the bank. Please visit www.chime.com/savings-apy-and-program-banks/ for more details on FDIC insurance. ³ Sometimes instant transfers can be delayed. The recipient must use a valid debit card to claim funds. See your issuing bank’s Deposit Account Agreement for full Pay Friends Transfers details. ⁴ The average national savings account interest rate of 0.17% is determined by FDIC as of September 19, 2022 based on a simple average of rates paid (uses annual percentage yield) by all insured depository institutions and branches for which data are available. Visit National Rates and Rate Caps to learn more. ⁵ Chime will be offering members a chance to get their federal tax refund up to 5 days early when they file directly with the IRS and direct deposit with Chime. Getting your federal tax refund early is simple, just sign up for a Chime Checking Account, file your return with the IRS, and set up your tax refund to direct deposit into your Chime Checking Account. After setting up direct deposit, members will also be eligible to get regular paychecks up to 2 days early^.

Varo Disclosure

1 Annual Percentage Yields (APY) are accurate as of December 1, 2022. Rates may change at any time without prior notice, before or after the account is opened. You can earn 5.00% on your first $5,000 if you meet these requirements: Make sure that you Varo account balances are above or equal to $0 at the close of the month. Receive total direct deposits of $1,000 or more each qualifying period. Additional balances over $5,000 will earn 3.00% APY. The requirements must be met within the Qualifying Period which begins on the first calendar day of the month and ends at the close of business (4:25 pm MST/ 3:25 pm MDT) on the last business day of the month. Meet the requirements in the current month to qualify to earn 5.00% APY for the following month. Qualifying direct deposits are electronic deposits of your paycheck, pension or government benefits (such as Social Security or unemployment) from your employer or government agency. Tax refunds and government stimulus payments, Person-to-Person payments (such as Venmo) and funds deposited using a Varo routing number are not considered a direct deposit. Be aware that interest is paid in whole cents only.

PenFed Disclosure

The Annual Percentage Yield (APY) PenFed offers on all its products are variable rate accounts and subject to change. The rates stated are current as of June 2021 unless otherwise noted are subject to change. The fees on your PenFed account can reduce earnings. This credit union is federally insured by the National Credit Union Administration (NCUA). Premium Online Savings account holders must agree to electronic delivery of account opening disclosures and monthly statements.