Here are the best online banks of January 2021

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The best online banks of January 2021

InstitutionSavings APYStandout featureNext steps
0.50% APYSavings toolsLearn More
Axos Rewards Checking
0.61% APYATM fee refundsLearn More
Capital One 360
0.40% APYCustomer satisfactionLearn More
0.50% APYEarly direct depositLearn More
Discover Online Savings Account
0.50% APYVariety of productsLearn More
0.50% APYBudgeting toolsLearn More
Varo Bank Savings Account
0.81% to 2.80% APYHigh APYLearn 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 InsiderBankrateForbesNerdwalletThe Balance
Capital One  

Learn more about the best online banks of 2021

Ally High Yield Savings Account

Ally Ally High Yield Savings AccountAxos Axos Bank Rewards CheckingCapital One Capital One 360 Performance Savings™Chime Chime Spending AccountDiscover Discover Cashback Debit AccountSimple Simple Online Checking AccountVaro Varo Savings AccountAmerican Express American Express® High Yield Savings AccountChase Chase Savings℠CIT CIT Bank Savings Builder High Yield Savings AccountHSBC HSBC Premier Checking Account ($600)
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