[ad_1] Today, nearly all banks offer online banking. For many, the feature isn’t particularly well-developed. But in the past decade banks specializing in online banking have become more popular with each year. The banks that are specializing in online, even providing their services on an online-only basis, are leading the pack into the future. Since there’s a real chance banks will eventually eliminate physical branches, it’s best to become comfortable with the all-online format now. We’ve reviewed multiple banks in coming up with our list of the best online banks in the country. But the bank we feel comes out on top is Ally Bank. It’s an all-online bank – with no brick-and-mortar branch locations anywhere – but it offers full-service banking. That includes checking, savings, CDs, and auto loans. And if you want to invest where you bank, you can do it through Ally Invest. The most important factor in choosing the best online bank is to find the one with the best features and services for you. For example, if you’re young, you may need to look for a bank that has no minimum initial deposit requirement, and charges no monthly fees. If you’re better established, you may be more interested in a bank that pays above-average interest on checking and savings. If you travel, an online bank with a large no-fee ATM network can save you a lot of money. The Most Important Factors When Choosing an Online Bank Working with an all-online bank is something of a learning experience if you’ve never done it before. For starters, you won’t have a local branch to go into with transactions and questions. It involves a large amount of self-directed activity, which is why you’ll need to work with an online bank that provides the tools and benefits that will allow you to bank independently. In coming up with this list, we used the following criteria to determine the best online banks in the country: Number and type of accounts offered: This should include checking at a minimum, but also high-interest savings and even CDs. Secondary services: These can include related products, like auto loans, credit cards, business banking, investments, and financial management. Each of the banks listed below specialize in at least one of these categories. ATM network: ATM access is important with any bank, but it’s especially important with online banks, precisely because they have no local branches. Minimum initial deposit requirements: Any bank is more consumer-friendly when it has either a low minimum initial deposit requirement, or better yet, none at all. Low fees: Because they don’t have a network of bank branches to maintain, online banks typically charge lower fees than banks with branches. If you’re going to give up the branch advantage, you should be compensated in the form of lower banking fees. High interest: Same situation here. Absent the branch network, online banks generally pay much higher interest rates than traditional brick-and-mortar banks. Many online banks pay interest on deposit accounts that 20 times or more what traditional banks pay. In compiling our list of the best online banks in the country, we specifically looked for banks that meet the above criteria. Our Picks for The Best Online Banks It can be difficult to declare one bank as the overall best online bank in the country. But there are many excellent online banks that specialize in very specific niches. We’ve included five of what we believe to be the best online banks in the country, and below is a list of what we believe each is best for: Best all around Learn More Best for consumers who don’t qualify for traditional bank accounts Learn More Best for younger consumers and business banking Learn More Best for personal finance management Learn More Best for online banking with physical bank branches Learn More Ally Bank Review Ally Bank has grown to become one of the most popular online banks there is. What makes it almost unique among online banks is that it offers virtually full-service banking. Ally Bank offers checking and savings accounts, as well as certificates of deposit. And as the successor company to General Motors Acceptance Corporation, Ally Bank provides some of the most innovative auto financing programs in the industry, including leasing of used vehicles. It’s no wonder the Bank appears on both our Best Online Savings Accounts and Best Online Checking Accounts lists! And if that’s not enough, you can also hold your investments where you bank. Ally Invest is part of the Ally Family, and provides commission-free trades on stocks, options, and exchange traded funds. But they also provide a robo-advisor option, if you prefer low-cost professional investment management of your portfolio. Why it made the list Ally Interest Checking offers fee-free banking, with some of the highest interest rates being paid on checking accounts. The account is currently paying 0.50% APY on all balances You’ll have access to more than 43,000 fee-free in-network ATM machines. Up to $10 reimbursed on out-of-network ATM fees per statement cycle. No minimum opening deposit required. Ally Bank Online Savings Account currently pays 1.10% APY on all account balances. Ally Bank CDs earn among the highest interest rates in the industry, with rates up to 1.15% APY. Commission-free trading with Ally Invest. What holds it back Though it’s not unusual for online banks, there’s no ability to deposit cash into your account. You’ll be charged a fee of $10 for every outgoing transfer from your savings account after the first six. Get Started with Ally Bank See our full Ally Bank Review Chime Review Chime is an online, mobile only bank. It’s specifically designed for those who cannot get a traditional bank account due to either poor credit history or a negative banking experience in the past. For example, if you’ve ever closed out a checking account with a negative balance – and not paid off that balance – the bank will report the overage to what is known as ChexSystems. It’s something
