Best Online Banks
The best online banks for savings, CDs and everyday banking, picked by what you need, with live rates and the FDIC insured bank behind each one.
How we make money: Some links on this page may earn us a commission. That never affects our scores or the order of our picks, which follow our published methodology. Advertiser disclosure
The best online bank depends on what you need: Pibank Savings pays the highest savings rate we track with no monthly rules (4.40% APY), Barclays and Bread Savings lead on CDs, and SoFi and Axos are the strongest all in one banks for checking and savings. Every bank on this list is FDIC insured, and we checked each rate on the bank’s own site between Oct 13 and Oct 17, 2026.
Online banks skip the branch network, and most pass the savings on as higher rates and fewer fees. They are not all built for the same job, though. Some are best for parking savings, some for CDs and some for replacing your everyday checking account. Here are our picks by need.
Best online banks at a glance
| Bank | Best for | Top rate (APY) | Insured bank, FDIC certificate |
|---|---|---|---|
| Peak Bank | Savings rate with no rules | 4.27% savings | Idaho First Bank, 58095 |
| Always.bank | Savings with no minimum | 4.10% savings | 22nd State Banking Company, 16910 |
| Happen Bank | Regular savers who want an ATM card | 4.20% savings with $250+ in monthly deposits | Happen Bank, N.A., 32551 |
| Barclays | CDs with no minimum | 4.75% on 2 and 5 year CDs | Barclays Bank Delaware, 57203 |
| Bread Savings | Top CD rates for larger deposits | 4.85% on an 18 month CD | Comenity Capital Bank, 57570 |
| Marcus | Flat CD rates with a rate guarantee | 4.40% on 1 to 6 year CDs | Goldman Sachs Bank USA, 33124 |
| SoFi | Direct deposit and a bonus | 3.30% savings with direct deposit | SoFi Bank, N.A., 26881 |
| Axos Bank | All in one banking with ATM access | 4.21% savings with monthly rules | Axos Bank, 35546 |
| E*TRADE | Investors | 3.75% savings | Morgan Stanley Private Bank, 34221 |
| American Express | 24/7 phone support | 3.20% savings | American Express National Bank, 27471 |
| Capital One | An online bank with branches | 3.20% savings | Capital One, N.A., 4297 |
APYs are live from our rate checks; each bank’s review shows the date the bank gives for its rate. Rates are variable and CD rates change for new deposits. FDIC certificates confirmed active in FDIC BankFind on Oct 17, 2026. For comparison, the FDIC national average savings rate is 0.38% (as of Oct 19, 2026).
Our picks, in detail
Peak Bank: best savings rate with no rules
Peak Bank’s Envision savings pays 4.27% APY with no direct deposit or balance rules, and you can open it with $100. Peak is a division of Idaho First Bank. The trade offs: there is no debit card, money moves by transfer, and opening deposits are held for five business days. Read our Peak Bank review.
Always.bank: best savings with no minimum
Always.bank pays 4.10% APY on any balance, with no minimum and no fees. It is the digital division of 22nd State Banking Company in Mobile, Alabama, a bank that dates back to 1917. Money moves by transfer to a linked bank account. Read our Always.bank review.
Happen Bank: best for regular savers who want an ATM card
Happen Bank’s LevelUp Savings pays 4.20% APY in months you add $250 or more, from any source, and 3.00% otherwise. It is one of the few high yield savings accounts with a free ATM card, with fee free MoneyPass and SUM ATMs and ATM fee rebates. Happen is the former LendingClub Bank. Read our Happen Bank review.
Barclays: best for CDs with no minimum
Barclays pays 4.75% APY on its 2 and 5 year CDs and 4.50% on 12 months (as of Oct 7, 2026), with no minimum deposit and penalties of 90 days of interest on terms up to 24 months. You must fund a CD within 14 days of opening. Read our Barclays CD review.
Bread Savings: top CD rates for larger deposits
Bread pays 4.85% APY on its 18 month CD, the highest CD rate we track at our latest check, and 4.05% APY on its high yield savings account (as of Oct 17, 2026). CDs need $1,500 and carry some of the steepest penalties we track, up to 365 days of interest on 4 and 5 year terms. Read our Bread Savings CD review and is Bread Savings legit?
Marcus: flat CD rates with a rate guarantee
Marcus by Goldman Sachs pays 4.40% APY on every CD term from 12 months to 6 years with a $500 minimum. If Marcus raises the rate on your term within 10 days of opening, you get the higher rate. Read our Marcus CD review.
SoFi: best for direct deposit and a bonus
SoFi combines checking and savings in one app with no account fees and 55,000+ fee free Allpoint ATMs. Savings pays 3.30% APY with eligible direct deposit or $5,000 in deposits every 31 days, and 0.80% without. New direct deposit customers can earn $50 or $400. Read our SoFi review.
Axos Bank: best all in one banking with ATM access
Axos ONE bundles checking and savings with 95,000+ fee free ATMs. Savings pays 4.21% APY when you meet monthly direct deposit and balance rules in Axos ONE Checking, and new customers who open by Oct 31, 2026 can earn up to 5.00% for six months. Read our Axos ONE review.
E*TRADE: best for investors
E*TRADE Premium Savings pays 3.75% APY with no fees, moves money instantly to an E*TRADE brokerage account, and offers up to $500,000 of FDIC coverage for individual accounts through partner banks. New accounts opened by Jan 10, 2027 earn 4.25% for six months, plus a bonus of up to $800 on new money. Read our E*TRADE review.
American Express: best for 24/7 support
American Express High Yield Savings pays 3.20% APY with no minimum, no fees and phone support around the clock. There is no ATM or debit card; you move money by transfer. Read our American Express savings review.
Capital One: best online bank with branches
Capital One 360 Performance Savings pays 3.20% APY with no minimum or fees, and Capital One also has branches, Capital One Cafes and a checking account with 70,000+ fee free ATMs. It is the pick if you want online rates with a place to walk in. Read our Capital One 360 Performance Savings review.
Are online banks safe?
Yes, when the bank is FDIC insured. Online banks are covered the same way as branch banks: up to $250,000 per depositor, per bank, per ownership category. Several banks on this list are divisions of a parent bank, and money held under the brand and the parent shares one limit. Confirm any bank in the FDIC’s BankFind database. See the best FDIC insured savings accounts and are high yield savings accounts safe?
Online bank vs. traditional bank
Online banks usually pay much more on savings and charge fewer fees. Traditional banks offer branches, in person help and easier cash deposits. Many people keep checking at a local bank and savings at an online bank to get both. See online banks vs. traditional banks.
How we picked these banks
We start with the accounts on our rate tables, which we check against each bank’s own site at least weekly, and pick the bank that does each job best: rate, rules, minimums, fees, access and support. A bank’s commission never changes its place. Full rankings are on our best high yield savings accounts and best CD rates pages and follow our published scorecard.
See the average rate online banks pay this week in the BankingPicks Savings Rate Index.
Frequently asked questions
What is the best online bank right now?
It depends on what you need. For savings with no rules, Pibank Savings pays the highest rate we track, 4.40% APY. For CDs, Barclays has no minimum and Bread Savings pays the top rate. For all in one banking, look at SoFi or Axos.
Are online banks safe?
Yes, if they are FDIC insured. Every bank on this list is, up to $250,000 per depositor, per bank, per ownership category.
Do online banks have ATMs?
Some do. Happen Bank, SoFi, Axos and Capital One offer debit or ATM cards with fee free ATM networks. Peak Bank, Always.bank, American Express and E*TRADE savings do not include an ATM card.
Why do online banks pay higher rates?
Without a large branch network, online banks spend less on buildings and staff, and many compete for deposits with higher rates.
Can I deposit cash at an online bank?
It is harder. Most online banks have no branches, so cash deposits often need a partner retail location or a deposit into another bank first.
Compare today’s top savings rates
Happen Bank LevelUp SavingsAPY as of Oct 23, 20264.20%with $250 or more in deposits each monthReview →
