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Digital Bank Account Comparison: 5 Online Banks Worth Knowing

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Not financial advice

This content is for general education only and doesn't consider your personal situation. It isn't a recommendation to buy, sell, or hold any investment. Talk to a licensed, qualified professional before making financial decisions.

Quick answer

All five accounts here charge no monthly fee. The real differences sit in savings APY, ATM access, and how fast you get paid, not in avoiding fees, which is table stakes now.

Fee-free checking and savings used to be a differentiator. Now it's the baseline. The real differences between online banks sit in savings rates, ATM access, and small conveniences like early direct deposit.

Comparison of digital bank accounts by monthly fee and perks
ProviderMonthly feePerksVisit site
Ally Bank$0Savings APY notably above the national average (check ally.com for today's rate). $10/statement-cycle ATM fee reimbursement. Large fee-free ATM network.Visit site
Chime$0High-yield savings 0.75%-3.75% APY (tiered by Chime Plus/Prime status). Early direct deposit up to 2 days early. No foreign transaction fee on debit card.Visit site
SoFi Bank$0Up to 3.80% APY on savings with qualifying direct deposit. Allpoint fee-free ATM network (55,000+ ATMs).Visit site
Capital One 360$0360 Performance Savings: 3.00% APY, no fees or minimums. 70,000+ fee-free ATMs. No foreign transaction fee on checking debit card.Visit site
Varo Bank$0Savings 1.00% APY baseline, up to 3.75% APY on the first $5,000 with qualifying direct deposits. Early direct deposit up to 2 days early.Visit site

A note on who's not on this list

Discover Bank stopped accepting new applications for savings, checking, CD, and money market accounts in late January 2026, following Capital One's acquisition of Discover Financial Services. New customers get redirected straight to a Capital One 360 product. Discover's credit cards remain open to new applicants (see our rewards card comparison), but its bank accounts sit off this list since new applications are no longer accepted.

How to read this table

  • APY figures move with the Fed. A savings rate that looks great today often shifts within months. Check the provider's current rate before opening an account for the yield alone.
  • Tiered rates need a closer look. Chime, SoFi, and Varo each publish a headline top rate that requires a qualifying direct deposit or subscription tier. Read the fine print on what "qualifying" means before you assume you'll get the top number.
  • ATM access matters more than it seems. A no-fee account with a small ATM network often costs more in out-of-network fees than a competitor's slightly lower savings rate.

Nothing here recommends opening an account with a specific provider. None of these links are affiliate links.

Updated: 2026-07-27

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