Best Online Banks

Online banking has taken the banking industry by storm, and the old days of making frequent visits to a brick-and-mortar bank are quickly disappearing. For banking customers, it means more than the convenience of fewer errands and includes higher interest rates and lower fees as well. As more competition enters the banking sector, overdraft, maintenance, and service fees are on the decline. Banking customers also benefit from online money management tools that help them budget and put the money saved in fees to work for them. Here are five of the best online banks and some of their primary benefits.

Chime

Chime, an innovator in the online banking space, provides an easy-to-use app its customers rate as one of the more convenient mobile banking interfaces. In an era where smartphones are becoming digital wallets, Chime won't be left behind. The app provides text messages for deposits, withdrawals, as well as debit card spending. In addition to a free debit card, the bank also provides customers with a spending account and optional savings account. Beyond the interface far more modern than traditional banks, this online banking option also takes a modern view of fees, meaning, it doesn't have any fees. Customers enjoy freedom from all kinds of fees, such as overdraft, service, foreign transaction, transfer, and ATM fees if they use one of the thirty thousand fee-free MoneyPass ATMs. There are also no minimum balances required, so you don't have to be well-heeled to avoid pesky fees. This bank also provides automatic savings options to help customers make use of the fee savings. As an added convenience, customers can have their paychecks deposited directly to their accounts up to two days early.

Continue reading to reveal details on another powerful and modern online bank.

Ally

Savers love Ally's online savings account, as its intuitive interface makes it easy to fund and manage accounts from a computer or mobile phone. The bank pays an above average interest rate, currently 1.45 percent, and compounds it daily, which makes it a high-octane savings account. The Federal Deposit Insurance Corporation (FDIC) insures this account, and the bank provides high-balance customers with a way to maximize this benefit by spreading savings over multiple accounts. For customers interested in creating a legacy, the online savings account can be set up as part of a trust. Customers may also choose to deposit their checks through the eCheck system, which requires them to take a photograph of the check with a smartphone. Transferring money is also a straightforward process, and can be completed from a home computer, mobile device, or by voice using Amazon Alexa. Customers can also send or request money using Zell, which requires an email address, similar to PayPal. ACH transfers are also available without a fee, and the bank's checking accounts also offer easy bill pay options. To help customers save on ATM fees, customers can use any Allpoint ATM for free and are eligible for up to ten dollars in ATM fee reimbursements per statement cycle.

Continue reading to learn about the online bank named so simply its goal is in the name.

Simple

As the name implies, Simple wants to make its customer's lives easier and starts by clearing away the clutter. Customers can handle all of their banking online free of banking fees and use a sophisticated mobile app built by a company focused on easy online banking. With this provider, there are no overdraft fees or service fees to worry about, as well as no minimum account balances. Customers can avoid ATM fees by using AllPoint ATMs, though there is no reimbursement for using non-AllPoint ATMs. Customers also simplify their lives by using the budgeting tools provided with their accounts, which offer comprehensive income and expense ledgers with online bill pay. Based on their budgets, customers can create safe-to-spend amounts to avoid overspending. They can also enter savings goals and contributions into the app. The appropriate portions are then automatically placed in savings until the goals are reached. With all of this available in one intuitive app, Simple really does live up to its name.

Continue reading for another bank offering a convenient online experience for customers.

Radius Bank

Radius Bank provides its customers with a convenient online experience, making it easy for them to check balances, transfer money, and view check images. For those individuals who enjoy the convenience of paying a friend from their mobile phone, tablet, or computer, the Radius Bank Pay-A-Friend feature makes it easy at no extra cost. The Radius app provides all of these features on customers' smartphones in addition to the Radius mobile app's check depositing feature. Online customers benefit from the ability to link their external accounts to their Radius profile, thus providing a holistic view of their financial situation. Customers can then use Radius's budgeting and financial planning tools to efficiently and accurately manage their money. After creating a budget, Radius customers can use additional tools to set financial strategies, such as the debt management tool, spending tracker, and trends tracker.

For households serious about growing their net worth, Radius online banking provides a tool that tracks total assets and liabilities for every month. Customers use this tool to analyze their overall financial picture and see what contributes to growth or contraction. Radius offers free checking options and savings accounts with interest rates between 0.5 and 1.29 percent. A checking and savings account hybrid pays up to .89 percent, though a minimum balance of 2,500 dollars is required to qualify for the highest rate. Some accounts have fees for falling below the minimum balance.

Continue reading to learn about the USA's internet bank next.

Bank of the Internet USA

The Bank of the Internet USA gives its customers plenty of options. In minutes, they can complete online applications and fund checking, savings, individual retirement accounts (IRA), and CD accounts. Interest-bearing checking accounts aren't just for the wealthy at the Bank of the Internet USA. Checking account users with monthly direct deposits of one thousand dollars or more and at least fifteen transactions per month earn a 1.25 percent annual percentage yield (APY). There are also no monthly service fees or fees for falling below a minimum balance. The bank also provides unlimited domestic ATM reimbursement, so interest payments won't be counterbalanced by fees.

This bank offers several other checking account options, such as the cash-back checking account, which big shoppers love. This unique concept pays one percent cash-back on all Bank of the Internet debit card purchases. The bank offers many checking, savings, and CD options tailored for different demographics, such as people over fifty-five and young people opening their first accounts.There's something for everyone with this online bank!