1. Home
  2. Blog
  3. Money Matters
  4. Top Online Banks of 2018
Woman looking at her laptop while drinking coffee

Are you tired of heading to your local bank branch to take care of your banking needs? It may be time to consider an online banking option. Many online banks offer convenience, an extensive array of digital banking products, quality customer service and competitive interest rates. They ease the pain of banking and simplify everyday transaction.

There are plenty of online banking options, but how do you know which one is right for your banking needs? Not to worry, because we’ve done the research for you!

Best Online Banks and Banking Services

Many online banks have a variety of benefits, features and fees. Before you move forward with opening an account, be sure to compare all viable options. Here are a few of the best online banks for your financial needs.

Bank of Internet USA

Bank of Internet USA offers a variety of account options to make banking more convenient. What really makes this bank stand out from the rest is its checking account’s combinations of rewards and interest.

With the Rewards Checking account, you can earn up to 1.25% annual percentage yield (APY) and unlimited domestic ATM reimbursements. However, in order to receive the 1.25% APY, you must complete three conditions, including receiving direct deposits of over $1,000 a month, completing 10 transactions of more than $3 every month using your Bank of Internet USA debit card and completing five transactions of more than $15 each month.

Another option to earn interest on your Bank of Internet USA account is to open a Smart Money Market account. You can earn up to 1.05% and watch your savings grow.

There is no monthly service or maintenance fee for savings and checking accounts. This helps consumers focus more on growing their money than the additional costs of banking online.


TIAA Bank, previously known as EverBank, offers a Yield Pledge® account, which promises to deliver an interest rate in the top 5% of competitive accounts. Currently, they offer 1.20% APY on their Basic Checking account for the first year your account is open. After the first year, APYs are tiered by the balance you maintain in the account.

In order to open the account, you will need to deposit $5,000. You can also receive ATM credits of up to $15 a month for maintaining a $5,000 balance.

For TIAA Bank’s Basic Savings account, you can receive a 0.61% APY. You only need a deposit of $25 to open the account. This account will not accrue monthly fees as long as a minimum balance is maintained.

Discover Bank

Discover Bank’s Cashback Debit provides 1% cash back on all qualifying transactions up to $3,000 each month. For Discover’s Online Savings account they offer 1.80% APY with no minimum deposit requirement. Each account has no monthly maintenance fee.

One of their key differentiators is Discover’s personalized customer service. Their goal is to go above and beyond for each customer they serve.

Capital One 360

Capital One 360 is currently paying up to 1.85% APY on its 360 Money Market accounts. There is a minimum balance requirement of $10,000. They also provide a 360 Savings account with a 1.0% APY and no minimum balance requirement.

Capital One’s 360 Checking accounts have no minimum balance requirements and no monthly maintenance fees, and they provide access to 39,000 ATMs.

Best High-Interest Savings and Money Market Accounts

You work hard to save your money, and you should be rewarded for all of your work. That’s why when researching online banks, you should select a bank that not only suits your banking needs but also gives you the best return for your money. Here are a few of the best online high-interest savings and money market accounts.

CIT Bank

CIT Bank’s Money Market Account also offers a 1.85% APY with a minimum deposit of $100. As for their savings accounts, they offer 1.55% APY with a minimum deposit of $100.

Currently, they don’t provide a checking account option.

Most Convenient Online Banks

One of the major perks of working with an online bank is the convenience. The majority of online banks make banking seamless and stress-free for their customers. However, there are a few banks that we think outshine the rest when it comes to convenience.


Ally’s online savings account delivers a 1.85% APY, which they claim is 20 times higher than the national average. On their Interest Checking Account, they promise 0.10% APY on balances less than $15,000 and 0.60% APY on balances over $15,000. Ally will also reimburse ATM fees of up to $10 a month. There are no monthly maintenance fees for either account.

What makes this online bank extremely convenient is its integration with Zelle®, which is an app that allows you to send and receive money with your friends and family seamlessly.


Aspiration also has high-yield checking accounts that offer up to a 1.00% APY. There is a minimum deposit requirement of $10 in order to open an account. You must have a minimum revolving balance of $2,500 or more in order to receive the 1.00% APY.

What really sets Aspiration apart from other online banks is they give their customers free access to every ATM around the world.


MemoryBank offers a 1.60% APY on up to $250,000 for checking accounts. You can earn up to 1.85% APY with their Money Market account. There are no minimum balance requirements.

MemoryBank also provides MemoryAlert notifications to give you peace of mind with your accounts. They let you know when there’s any activity in the account. They also give you free access to 92,000 surcharge-free ATMs.

The Bottom Line

Every consumer has different banking needs. Identify your needs and select the best bank to help you achieve your goals.

What’s your experience with online banking? Share your tips in the comments below.

Leave a Reply

Your email address will not be published. Required fields are marked *