Online banks offer many of the same products and services as traditional banks, but with lower fees and higher interest rates.

Ally Bank Pros: – Competitive rates on savings and CD – IRA savings options – No monthly checking fee – No overdraft fees Cons: – Can find higher rates at a few other online banks

Discover Bank Pros: – No monthly checking fee – Cash-back rewards – Diverse product line available Cons: – More competitive rates can be found elsewhere

TIAA, FSB Pros: – Competitive rates on savings and CD – Bump-up CD available – No monthly checking fee Cons: – Can find higher rates at a few other online banks – High opening deposits

Axos Bank Pros: – No monthly checking fee – Strong APY on savings and rewards checking accounts – No lender fees on mortgage loans Cons: – Less competitive APY on 1-year CD

First Internet Bank Pros: – No monthly checking account fee – Strong APY on 1-year CD – Access to relationship bankers Cons: – Lower APY on savings account

Marcus by Goldman Sachs Pros: – Trusted brand in finance – Competitive savings and 1-year CD rates – Diverse product line available Cons: – No checking account

Synchrony Bank Pros: – Competitive savings and CD rates – No minimum balance requirements for money market account and CDs Cons: – No checking account