The best electronic banks in the United States

Thanks to electronic banks, a good return on a CD, a savings account or a money market account can be achieved. Without branches, most of these organizations benefit from low overheads by paying more benefits to customers.
Switching to electronic banking can be a good idea for consumers who hate paying bank fees and do not need access to a physical branch.
Compare Bankrate thousands of data points to determine the best electronic banks in the country. Use the menu to compare offers and think about whether it’s time to switch your savings or legacy accounts.

Top 10 Electronic Banks:

  • Ally Bank
  • Discover Bank
  • Salem Five Direct
  • Radius Bank
  • E-Trade Bank
  • Capital One 360
  • iGObanking
  • CIBC Bank USA
  • USAA
  • BankPurely

Best Electronic Banks: Ally Bank

While other online institutions are naked banks, Ally Bank has it all: high-yield savings accounts, competitive-priced CDs, a free interest-rate account, plus credit cards, mortgages, car loans, and multiple-choice investments. Customers can use more than 43,000 Allpoint ATMs for free and can earn up to $ 10 per statement cycle if funds are used for off-grid ATM fees.
Savings account holders across all domains currently receive 2 percent of APY and account winners can earn 0.10 percent of APY to maintain a daily balance of less than $ 15,000 and 0.60 percent on an APY basis to maintain a balance of $ 15,000 or higher. Online audit and savings accounts at other banks pay higher returns. But Ally customers can take advantage of the opportunity to avoid charges at almost every turn.

Discover Bank

Located in Greenwood, Delaware, Discover Bank offers a free online checking account with the opportunity to earn up to $ 3,000 in cash making it one of the best electronic banks. Customers can access more than 60,000 free ATMs across the country. There is also a forgiveness policy for the first fee that allows for the automatic abandonment of the first eligible fee charged to each examination account.
Discover Bank Savings Account pays a competitive interest rate available to anyone who opens and funds an account.
There is no monthly maintenance or minimum balance charge associated with the Discover Savings Account. However, deported savings and money market account holders can receive an excessive $ 15 withdrawal fee to withdraw funds from their accounts more than six times a month.

Salem Five Direct

Salem Five Direct is an online division of the Salem Five Senses Savings Bank, based in Salem, Massachusetts. It has a high-yield savings account with a competitive interest rate but requires a minimum deposit of $ 100. There is no minimum balance or monthly fee, and the return applies to all balances (unless you’re a millionaire).
When we conducted our survey, the bank’s savings rate was 2.05 percent APY. Weeks later, savers can now earn 2.30 percent year on year.
In addition to savings products, the bank offers online only a checking account with no monthly fees. Customers who find themselves using ATMs outside Allpoint, Plus or Accel networks will be compensated and will receive up to $ 15 per statement cycle.

Radius Bank

Radius Bank is located in Boston. Savings account returns are divided into levels so that higher-income earners (with deposits of $ 25,000 or more) get more interest. There are no regular fees associated with the account and customers can, if necessary, request a free ATM card.
Savings account holders who meet the minimum balance requirement for the highest return currently receive 2.05 percent of APY people with less than $ 25,000 to put in the bank earning 1.50 percent APY.
The Bank’s online customers never pay ATM fees due to an unlimited amount of ATM fee discounts. Many different verification accounts are available, including a bonus account that pays 1 percent in cash. The returns associated with their account checks are also rolling rates and account holders with a deposit of at least $ 100,000 have the opportunity to earn more interest.

E-Trade Bank

E-commerce is known as a hub for investors and traders, but personal accounts are also available which are secured by the Federal Deposit Insurance Corp. A Premium Savings Account requires an opening deposit of only $ 1, but a monthly fee of $ 10 is charged unless customers can keep at least $ 1,000, on average, in their accounts on a monthly basis or meet some other requirements.
Savers looking to earn more interest in e-commerce will be happy. Currently, the Premium Savings Account pays 2.10 percent APY to all account holders.

Capital One 360

Capital One is smaller than other large banks and its online division, Capital One 360, was formed through the acquisition of ING Direct, Capital One 360 ​​audit accounts pay little attention and are completely free to open and maintain. A 360 Money Market account pays a higher return than most banks offer. These accounts require a slightly higher deposit to earn the highest rate of 2 percent APY ($ 10,000), but both the money market and savings accounts are generally duty-free and allow users to set savings targets.
Customers who prefer a conventional savings account should know that the Capital One account pays only 1 percent of APY. Other online banks pay more than 20 times the national average.


iGObanking is an online division of Flushing Bank, a New York-based financial institution founded more than 80 years ago. It offers one of the highest money market account rates available nationwide (2.25 percent APY). This yield is only available to customers who can deposit a minimum of $ 25,000.
The bank’s savings account pays less interest than the money market account. Currently, the supply rate is 1.9 percent APY. On the bright side, there are no account-related fees and no minimum balance requirements to worry about.
Account-holders have access to over 43,000 ATMs at no extra charge across the country. But off-grid charges ($ 3) apply if you use an incorrect ATM. There is also an interest checking account (currently paying 0.25 percent of APY) and getting a free bill payment.


The Imperial Canadian Bank of Commerce is based in Toronto and is headquartered in Chicago. In addition to personal bank accounts, there are investment management services, commercial lending products, and small businesses.
CIBC Bank USA is an online bank with several different checking accounts. There is an opportunity to earn cash back on eligible debit card purchases using an ICANN verification account and there is a current account that pays some interest and recovers money lost on foreign ATM fees.
There are also two savings accounts and a money market account, including the Agility Savings Account which has a highly competitive return (currently 2.39 percent APY) but requires a minimum deposit of $ 1,000.


USAA based in San Antonio. Mainly acts as an online bank for military personnel and their families. A wide range of products is available, including two account checking options. The Bank’s bonus verification account offers cash on all debit card purchases, while a classic verification account is more than a standard account. No account charges a monthly service fee and both require a $ 25 deposit.
The first 10 withdrawals of ATMs for customers are free. After that, off-line withdrawals are $ 2 per piece. USAA savings accounts also come in two categories, with a low-cost option that requires a minimum deposit of only $ 25.
The bank’s savings rates are much lower than what customers can earn at other institutions. The USAA savings account, for example, pays 0.15 percent APY to customers deposit at least $ 10,000. The highest available ratio associated with USAA Performance First is 1.42 percent. But you’ll need a million dollars to store it to qualify. Most savers with a USAA account earn less than 1 percent on an annual basis.


BankPurely is another division of Flushing Bank in New York. The online bank is ideal for customers with environmental concerns.
The accounts are technically supported by the sister bank’s website, iGObanking, but are marked differently. High-yield savings accounts and money market accounts are available to savers with a minimum income of $ 25,000. Access is also free of charge, which gives customers access to over 55,000 ATMs at no extra charge and free bills.
Savers who meet the minimum balance can earn 1.90 percent APY through a SavePurely account. The bank’s money market account pays a much greater interest: 2.25 percent on an annual basis.


Bankrate collected savings and audit account data from 50 brick and mortar banks, 25 credit unions and 37 online financial institutions. In doing so, we examined more than 385 accounts and 7,500 data points and looked at each institution’s fees and deposit rates. We also considered factors such as how many branches the bank or credit union owns and how many states it operates.

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