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.