Online banking: The best in 2024

Top 5 online banks for different purposes

Online banking is commonly associated with the last few decades, but in fact it originated back in the late 20th century. The first of these was the Bank of Scotland's electronic service - it appeared back in 1985. Soon the first website also appeared: it was created by Stanford Credit Union.

Online banks are known for their low fees and favorable rates, and today they are also many times more convenient to use. If you're looking for one, be sure to consider these 5 banks.

1. Discover Bank

This online bank offers a pretty wide range of services. Among them are checking accounts, savings accounts, certificates of deposit (CDs), and retirement accounts. The checking account doesn't charge interest, but there is a 1% cashback - it's valid on debit card purchases up to $3,000. The bank doesn't require a minimum balance and doesn't charge a monthly fee. In addition, there is a direct deposit feature: you can get your paycheck a couple days earlier.

2. Quontic Bank

A digital bank founded in 2009. Offers a pretty wide range of services. Of the most notable, a mortgage loan. Plus, it offers high-interest checking (1.10% APY) and CD accounts (maximum rate of 5.30% APY for a year). The choice of services is large, and the bank has a wide ATM network, favorable rates and low fees. All this makes Quontic a good bank for a wide range of clients.

3. Current

Current is a rather interesting technological platform with a non-standard approach to banking. You won't get a traditional checking account here, instead the bank offers a special Spend credit card. This is a great choice for those who want to build a clean credit history. Direct deposit is available here too, so you can get your paycheck a little earlier. Plus, the bank doesn't charge a fee for ATM withdrawals. The savings account offers 4.00% APY on monthly direct deposits of $200 or more. Current also offers an investment product that allows you to trade cryptocurrency with no fees.

4. SoFi

SoFi is another fairly young company. It was founded in 2011, but it has already managed to become a major player in digital finance. The distinctive feature of this bank is a wide range of loans: there are student, personal and mortgage loans here. In addition, the bank provides a number of traditional services: banking, investment, credit cards and insurance products. SoFi Checking & Savings Account combines a high-yield checking account (0.50% APY) and a savings account (4.60% APY) with no fees.

5. Bread Financial

Bread Financial offers simple and personalized payment, lending, and savings solutions. The bank itself has positioned itself as a technologically advanced banking platform. Some of their popular products include credit cards, personal loans, a high-yield savings account (5.15% APR) and CD accounts from 1 to 5 years (4.75% to 5.60% APR). The specialty of this bank is that it has no physical branches. You can only avail it online. Nevertheless, the bank bribes its customers with its simplicity and ease of use.


Discover Bank's versatile offerings, Quontic Bank's competitive rates, Current's innovative approach, SoFi's comprehensive financial solutions and Bread Financial's technological simplicity make it possible for any customer to match an online bank to their needs. These online banks combine convenience with innovation and are the best in their field, so you definitely won't miss out if you choose one of them.


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