Online banks offer many of the same products and services as traditional banks, but with lower fees and higher interest rates.
Ally BankPros:– Competitive rates on savings and CD– IRA savings options– No monthly checking fee– No overdraft feesCons:– Can find higher rates at a few other online banks
Discover BankPros:– No monthly checking fee– Cash-back rewards– Diverse product line availableCons:– More competitive rates can be found elsewhere
TIAA, FSBPros:– Competitive rates on savings and CD– Bump-up CD available– No monthly checking feeCons:– Can find higher rates at a few other online banks– High opening deposits
Axos BankPros:– No monthly checking fee– Strong APY on savings and rewards checking accounts– No lender fees on mortgage loansCons:– Less competitive APY on 1-year CD
First Internet BankPros:– No monthly checking account fee– Strong APY on 1-year CD– Access to relationship bankersCons:– Lower APY on savings account
Marcus by Goldman SachsPros:– Trusted brand in finance– Competitive savings and 1-year CD rates– Diverse product line availableCons:– No checking account
Synchrony BankPros:– Competitive savings and CD rates– No minimum balance requirements for money market account and CDsCons:– No checking account