According to Bankrate's evaluation for 2024, EverBank is identified as the best online bank.
Top Online Banks for 2024
While EverBank holds the top spot, several other institutions are recognized as leading online banks, offering competitive services and features to meet diverse financial needs. These banks often appeal to consumers looking for convenience, potentially higher interest rates on savings, and lower fees compared to traditional brick-and-mortar banks.
Here is a list of top online banks as rated by Bankrate for 2024:
| Bank Name | Rating Category |
|---|---|
| EverBank | Best Online Bank |
| Quontic | Top Online Bank |
| Ally | Top Online Bank |
| LendingClub | Top Online Bank |
| Discover | Top Online Bank |
| Bank5 Connect | Top Online Bank |
| SoFi | Top Online Bank |
| American Express | Top Online Bank |
Why Choose an Online Bank?
Online banks are known for their accessibility and efficiency, providing a full suite of banking services without the need for physical branches. Key advantages often include:
- Higher Interest Rates: Online banks typically offer more competitive annual percentage yields (APYs) on savings accounts and certificates of deposit (CDs) due to lower overhead costs.
- Lower Fees: Many online banks have minimal to no monthly maintenance fees, overdraft fees, or ATM fees (often reimbursing out-of-network ATM charges).
- Convenience: Access to accounts, bill pay, transfers, and customer service is available 24/7 through websites and mobile apps, making banking flexible for busy schedules.
- Advanced Digital Tools: Online platforms often feature robust budgeting tools, mobile check deposit, and easy integration with financial management software.
When selecting an online bank, it's beneficial to consider factors such as APYs on savings accounts, fee structures, ATM access, customer service availability, and the range of products offered, including checking accounts, savings accounts, and loan options.
