If you bank with a traditional brick-and-mortar bank, it might have been a while and thats not surprising.
Butsavings accountsand evenchecking accountscan earn you money if you choose the right bank or credit union.
Increasingly, youll find the best APYs (annual percentage yields) through online banks.
No Interest Til Almost 2027?
Capital One also has the industrys second-highest-rated app according to J.D.
Power, with users citing the apps speed, easy-to-use interface and self-service options that are simple to use.
In addition, Capital Ones accounts include zero monthly fees and offer easy bank account integration.
you’re free to also get your paycheck two days early.
In late 2021, Capital One joined the growing list of banks thatwill not charge overdraft fees.
Potential pitfalls:The APY for the checking account is not the strongest on this list.
Instead, you have to open multiple savings accounts with Capital One.
The debit card spending adds another 0.30% APY.
This account also offers unlimited domestic ATM fee reimbursements and promises no overdraft or non-sufficient funds fees.
you’re free to also get your paycheck up to two days early with direct deposit express.
The CashBack Checking account is also attractive, offering up to 1% cash back.
Potential pitfalls:Axos offersa lotof options.
Just determining the right account can be stressful.
For a full run down of fees and services, check out our completeAxos Bank review.
For a full run down of fees and services, check out our completeAlly Bank review.
Other perks are early paycheck access, automatic savings features, and a lack of monthly account fees.
Some people may not like having their savings and checking funds all in one place.
For a full rundown of fees and services, check out our completeSoFi review.
That means for every $100 you spend, you earn $1.
The account is also interest-bearing.
Balances over $2,500 earn 0.10%, while balances over $100,000 in checking earn 0.15% APY.
(Dont keep that much in checking.)
LendingClubs online checking comes with several perks, but ATM usage is one of the best.
Potential pitfalls:LendingClub requires a $100 minimum deposit for the savings account.
For a full run down of fees and services, check out our completeLendingClub review.
Currently, Alliants checking APY stands at 0.25%.
As of September 2021, Alliant has done away with overdraft and NSF fees.
it’s possible for you to also open a checking account for your teen through Alliant.
This is often a hallmark of other credit unions.
For a full run down of fees and services, check out our completeAlliant Credit Union review.
Youll earn an APY of 1.75% across the board with this account.
Even better: There are no fees to bank with nbkc.
That means that Synchrony offers a savings APY thats 475 times larger than Bank of Americas.
Its lack of fees (even for withdrawals past the maximum six per month) is another highlight.
If you want check-writing capabilities, you’re able to open a money market account.
For a full run down of fees and services, check out our completeSynchrony Bank review.
You might also have access to your paycheck up to two days early(3) with direct deposit.
The savings account has an APY of 2.00%.
Potential pitfalls:There is no in-person service, and reviewers regularly complain of slow customer service.
Chime is not a full suite bank (no loans, for example).
The credit card is a secured option (security deposit required, and no rewards).
For a full run down of fees and services, check out our completeChime Bank review.
you could also get home loans through CIT.
Potential pitfalls:CITs savings accounts suffer from their tough requirements.
The Platinum Savings account requires a $100 opening depositanda balance of $5,000 or more.
For a full rundown of fees and services, check out our completeCIT Bank review.
Discovers savings account stands at 4.30% APY.
Discover also offers a money market account and CDs, as well as retirement accounts.
Potential pitfalls:You cannot get an auto or home loan through Discover Banks products and services.
For a full run down of fees and services, check out our completeDiscover Bank review.
There are no hidden fees with Found, no minimum balances and unlimited transactions.
Just verify your personal funds go in a high-yield account because the money in Found doesnt earn any interest.
Youll also be subject to ATMs fees, depending on where you go to make deposits and withdrawals.
Its mobile app is highly rated.
Low-risk investors may also like Barclays assortment of high-interest CDs.
For a full run down of fees and services, check out our completeBarclays Bank review.
It earns an impressive 0.45% APY.
Thats nearly as much as the 0.48% APY for the savings account.
Admittedly low, but still much larger than Americas large banks, which offer 0.01% APY.
Potential pitfalls:The savings APY is much lower than other online banks on our list.
APY is the interest (including compound interest) that youll earn on your money in a year.
Traditional banks offer interest rates as low as 0.01% for both checking and savings accounts.
(Thenational averagefor savings accounts is just 0.46%.)
But online bank accounts have many benefits outside of high interest rates.
Some also offer checkbooks, no matter how archaic they may seem.
Here are some frequently asked questions about online bankingwith answers.
This year, we have ranked Capital One as the number one online bank in the US.
Yes, online banks are safe to use.
As with all websites, only input financial information if you see the HTTPS and a lock symbol.
Dont use the same password for any other accounts, and consider utilizing a password manager.
Multi-factor authentication, as well as biometric screenings, are a great way to protect your account as well.
Secure banking hinges upon strong apps, multi-factor authentication and biometric screening.
Chime disclosure: Chime is a financial technology company, not a bank.
Banking services provided by The Bancorp Bank, N.A.
or Stride Bank, N.A., Members FDIC.
APY: The Annual Percentage Yield (APY) is variable and may change at any time.
The disclosed APY is accurate as of May 22, 2023.
No minimum balance required.
Your limit will be displayed to you within the Chime mobile app.
You will receive notice of any changes to your limit.
Your limit may change at any time, at Chimes discretion.
SpotMe wont cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions.
See Terms and Conditions.
- SoFi Checking and Savings (member FDIC):
1.
Cash bonus will be based on the total amount of Direct Deposit.
Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26.
See full bonus and annual percentage yield (APY) terms atsofi.com/banking#1.
There is no minimum Direct Deposit amount required to qualify for the stated interest rate.
Only SoFi Plus members are eligible for other SoFi Plus benefits.
Interest rates are variable and subject to change at any time.
These rates are current as of 1/24/25.
There is no minimum balance requirement.
Additional information can be found athttp://www.sofi.com/legal/banking-rate-sheet.
See the SoFi Plus Terms and Conditions athttps://www.sofi.com/terms-of-use/#plus.
Fee Policy
Our account fee policy is subject to change at any time.
Deposits may be insured up to $3M through participation in the program.
See full terms atSoFi.com/banking/fdic/sidpterms.
See list of participating banks atSoFi.com/banking/fdic/participatingbanks.
SoFis ATM policies are subject to change at our discretion at any time.
Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
