What is an online Bank

Online banking, also known as internet banking or web banking, is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution's website

Best Online Banks 2020

When choosing an online bank. If you want interest earnings. it’s easy to open an interest checking account, high-yield savings account, money market account, or CDs with no minimum required. The rates might not be the highest online, but they’re consistently competitive. You just have to do your own research .

Best Overall. Ally Bank is a leader in online banking. With multiple deposit accounts available, along with attractive interest rates, Ally is one of the top choices in the field. Not only does it have personal banking solutions covered; it also offers a wide array of services, including auto loans, home loans, and investment options.

Runner Up, Best Overall. U.S. Discover Financial Services is an American financial services company that owns and operates Discover Bank, which offers checking and savings accounts, personal loans, home equity loans, student loans and credit cards. It also owns and operates the Discover and Pulse networks, and owns Diners Club International.

Best for Frequent Travelers. The Charles Schwab Corporation is an American multinational financial services company founded and based in San Francisco, California. Headquartered in the SOMA District, San Francisco, Charles Schwab is the 14th largest banking institution in the United States with over US$3.3 trillion in client assets

Best for Students. Alliant Credit Union is a member-owned financial cooperative headquartered in Chicago, Illinois. Alliant provides exclusive benefits to employees, retirees, and members of qualifying organizations and their family members; any member of the Foster Care to Success; and individuals who live or work in a qualifying community and their family members. Founded in 1935, Alliant is the eighth largest credit union by asset size in the United States with $9.7 billion USD in assets, and serves over 385,000 members worldwide 

Best for High Rate on Saving. BrioDirect is the online brand of Sterling National Bank. Founded in 1888, Sterling is rated one of “America’s 100 Best Banks” by Forbes and an FDIC insured institution. … Accounts that are opened via briodirectbanking.com and marketed by BrioDirect are Sterling National Bank accounts. 

Best for Interest Checking. National Bank of Kansas City has concentrated on Internet-based mortgages since it was launched in 1999, in the dawn of electronic mortgage banking. The privately owned bank was renamed NBKC Bank in 2015.

Best for Mobile App. Capital One is an average choice for brick-and-mortar banking, but the best value at this bank is found in its Capital One 360 online accounts. Capital One’s higher interest rates and fewer account fees makes it a strong candidate for your online banking, even compared to competitors who focus exclusively in that area

Best for Managing a Budget. Simple is an American neobank based in Portland, Oregon. The company provides FDIC-insured checking accounts to US and Permanent Citizens through a partnership with BBVA USA and is part of the STAR network for surcharge-free access to around 55,000 ATMs.