Here are the best online banks of January 2021
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The best online banks of January 2021
| Institution | Savings APY | Standout feature | Next steps |
 Ally | 0.50% APY | Savings tools | Learn More |
| Axos Rewards Checking | 0.61% APY | ATM fee refunds | Learn More |
| Capital One 360 | 0.40% APY | Customer satisfaction | Learn More |
| Chime | 0.50% APY | Early direct deposit | Learn More |
| Discover Online Savings Account | 0.50% APY | Variety of products | Learn More |
| Simple | 0.50% APY | Budgeting tools | Learn More |
| Varo Bank Savings Account | 0.81% to 2.80% APY | High APY | Learn More |
Many of us grew up making the journey to a brick-and-mortar bank to hand a paper check to a teller — but this isn't necessarily the norm anymore. Thanks to online banks, you can now bank without leaving your home.
Online banks offer more than just convenience. Because they don't have to pay for physical branch locations, online banks typically pay higher interest rates and charge fewer fees.
Below, you'll find our best online bank picks right now. We know "best" means something different for everyone, so we've listed each bank's strengths, as well as its limitations.
Our expert panel for this guide
We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best online banks for your needs. You can read their insights at the bottom of this post.
We're focusing on what will make an online bank most useful, including customer service, fees, rates, and more.
How our list compares to other publications
Research is an important part of choosing an online bank, and Business Insider isn't the only website looking for the best online banks. To help you make a decision, we've compared our top picks with lists from other publications.
Keep in mind that each publication has different methodologies for identifying the "best" online banks. We included a checkmark under each publication name if it recommended an app in its roundup.
| Personal Finance Insider | Bankrate | Forbes | Nerdwallet | The Balance | |
| Ally | ✓ | ✓ | ✓ | ✓ | ✓ |
| Axos | ✓ | ✓ | |||
| Capital One | ✓ | ✓ | ✓ | ||
| Chime | ✓ | ✓ | |||
| Discover | ✓ | ✓ | ✓ | ✓ | |
| Simple | ✓ | ✓ | ✓ | ||
| Varo | ✓ | ✓ | ✓ |
Learn more about the best online banks of 2021
Ally High Yield Savings Account
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