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If you want to save money on fees or earn higher interest rates from your financial institution, online banks oft
The good news is that online
Recommended Online Bank Accounts
CIT Bank Savings Connect Account
- Our Rating 4.5/5 How our ratings work Read the review
- APY4.60%
Annual Percentage Yield is accurate as of May 9, 2023. Interest rates for the Savings Connect account are variable and subject to change at any time without notice.
- Minimum
Deposit Required$100 - Intro Bonus N/A
CIT Bank's Savings Connect account is one of our top picks for high-yield savings accounts. Featuring a competitive flat APY on all balances, it can go head-to-head with most of the top savings accounts available. What's more, you don't have to do anything special to earn this high interest rate; many similar accounts (including some offered by CIT) only offer their highest interest rates to customers who complete certain requirements.
Overview
With extremely competitive interest rates and a host of convenient features, the CIT Bank Savings Connect account can go head-to-head with nearly any other savings account in the U.S.
Pros
- Competitive APY
- No monthly service fee
- Free electronic bank transfers to checking accounts (even if it isn't a CIT checking account)
Cons
- No fee-free ATM network
- Minimum opening deposit required
Axos Rewards Checking Account
- Our Rating 5/5 How our ratings work Read the review
- APYUp to 3.30%
Earn up to 3.30% APY for completing qualifying activities.
- Minimum
Deposit Required$50 -
Intro Bonus
$100Expires June 30, 2023
Use the promo code RC100 when you apply for a Rewards Checking account by 6/30/2023. Then have qualifying direct deposit(s) to earn a $100 welcome bonus!
Axos Bank Rewards Checking gives customers the chance to earn up to a 3.30% APY on their deposits with no monthly fees. These are all terrific features for a checking account, but Axos is digital-only, so if you deal with cash regularly it’s probably not the best fit for you.
Overview
While it takes a bit of work to unlock the maximum interest rate, Axos Rewards Checking customers can potentially earn an impressive 3.30% APY. This account also does not include any monthly fees.
Pros
- Strong APY compared to similar accounts
- No monthly maintenance fee or monthly minimum balance
- No overdraft or non-sufficient fund fees
- Unlimited domestic ATM fee reimbursements
Cons
- Minimum deposit required for account opening
- Several qualifying activities required to earn maximum interest
- No physical branch locations
What Is an Online Bank?
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You can generally acc

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Multi-Factor Authentication
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Benefits of Online Banks
Depending on your banking needs and preferences, onl
Lower Fees
Online banks don’t have the s
Higher APYs
Another common perk of online banks is that their accounts frequen
Convenience
Many online banks have highly rated mo
How to Choose an Online Bank
Unless you’re someone who needs to m
Know Your Priorities
Everyone should look for a financial institution with co

SoFi Checking and Savings Account Bonus: $250 Bonus With Up to 4.20% APY
Customer Service
You’ll complete many of your online banking transactions via a mobile app or your computer. But there are times when you may need to speak to a live person. So, it’s wise to c
Take the time to do your research before you choose an online bank. It may require a little work on the front end, but you’ll be happier with your choice in the long run if you feel confident that you selected one of the best online banks available for your financial needs.
