Best Online Banks 2026: Fees, Features & Availability

What to expect from an online bank

An online bank has few or no branches, and in exchange usually offers checking without monthly fees and savings rates well above the FDIC’s national savings rate of 0.38% (national rates published August 17, 2026). The trade-offs are cash handling, since depositing cash can be awkward, and support that happens by phone, chat or app.

This guide compares online bank accounts available to US residents on fees, savings rates, ATM access and deposit insurance, using each bank’s published terms read on September 17, 2026 (rates carry their own date). We have not opened these accounts ourselves. It also explains where fintech apps like Wise fit, since they are not banks.

Comparison table

	SoFi Checking and Savings	Ally Bank	Capital One 360	Schwab Bank Investor Checking
Monthly fee	$0	$0	$0	$0
Overdraft fee	$0	$0	$0	$0
Savings APY	3.10% with eligible direct deposit or $5,000 in deposits every 31 days, 0.80% otherwise (as of 5/28/2026)	3.00% on all tiers	Variable; see Capital One	Checking only
ATMs	No SoFi fee at 55,000+ Allpoint ATMs	Up to $10 per statement cycle reimbursed at other ATMs	70,000+ fee-free ATMs	Unlimited ATM fee rebates worldwide
Foreign transactions	$0 SoFi fee on international purchases	Up to 1%	No fee	No fee
Cash deposits	At retail partners (up to $4.95 per deposit)	Not accepted by mail or at ATMs	Deposit-taking ATMs and locations	See Schwab
Deposit insurance	Up to $250,000; up to $3M by opting in to SoFi’s Insured Deposit Program	FDIC, up to the legal limit	FDIC, up to the legal limit	FDIC, up to $250,000

SoFi: checking and savings in one account

SoFi opens checking and savings together. Its fee sheet (effective May 18, 2026) lists no monthly maintenance, minimum balance, overdraft or inactivity fee. Savings earn 3.10% APY with eligible direct deposit or $5,000 in qualifying deposits every 31 days, or 0.80% APY otherwise; checking earns 0.50% APY (rates as of May 28, 2026, variable). Members with eligible direct deposit of $1,000 or more get no-fee overdraft coverage up to $50 and can be paid up to two days early.

SoFi’s fee sheet lists $0 for domestic and international card purchases, but it charges for some services: $30 per outgoing domestic wire and 0.75% (minimum $1, maximum $30) for outgoing instant transfers. Deposits are insured up to $250,000 per member, and members can opt in to the SoFi Insured Deposit Program for up to $3M of FDIC coverage through partner banks. SoFi also offers investing, loans and credit cards in the same app.

Pros

• No account fees and a high savings rate with direct deposit
• Optional extended FDIC coverage up to $3M
• Banking, investing and borrowing in one app

Cons

• Savings rate drops to 0.80% APY without the deposit condition
• No standalone checking or savings account
• No physical branches

See SoFi

Ally Bank: savings tools and no overdraft fees

Ally’s Savings Account showed 3.00% APY on all balance tiers, with no monthly maintenance fee or minimum balance and savings “buckets” to organize goals; it allows 10 withdrawals per statement cycle. Ally’s Spending Account charges $0 for overdraft items and offers CoverDraft, which covers up to $100 (or $250 with qualifying direct deposits) at no charge once you are eligible. Ally reimburses up to $10 per statement cycle in fees charged at other ATMs, lists “up to 1%” for international transactions, and doesn’t accept cash deposits by mail or at ATMs.

Capital One 360: large ATM network and branches

Capital One 360 Checking has no monthly fees, no minimum balance, no overdraft fees and no foreign transaction fees, and gives access to 70,000+ fee-free Capital One, MoneyPass and Allpoint ATMs. Capital One also has branches and Capital One Cafés. Its 360 Performance Savings account has no fees or minimums. One point for large balances: Capital One notes that Capital One and Discover Bank deposit accounts opened on or after May 18, 2025 are counted together for FDIC insurance.

Schwab Bank Investor Checking: for travelers and investors

Schwab Bank Investor Checking has no monthly service fees, no overdraft fees and no foreign transaction fees, and rebates ATM fees on cash withdrawals worldwide. It is only available as an account linked to a Schwab One brokerage account, which has no minimum balance requirement.

Where Wise and Revolut fit

Wise and Revolut are not banks. They work best alongside a bank account:

• Wise holds balances in many currencies, gives you account details to receive money in 22 currencies, and charges a conversion fee from 0.23% with no subscription. It is useful if you are paid from abroad or send money internationally.
• Revolut offers a US app with a prepaid card issued by Lead Bank, savings accounts provided by Cross River Bank, and plans from $0 to $16.99 a month.

See Wise

How to choose

1. You can set up direct deposit: SoFi pays its top savings rate on your whole balance.
2. You want no deposit condition on savings: compare Ally and Capital One’s current rates.
3. You withdraw cash often or travel: Capital One 360 for its ATM network, Schwab for worldwide ATM fee rebates.
4. You receive or send money internationally: add Wise alongside your bank.

FAQ

Are online banks safe?

Deposits at an FDIC-insured bank are insured up to $250,000 per depositor, per bank, per ownership category, whether the bank has branches or not. Check the bank’s name in the FDIC’s BankFind tool.

Can I deposit cash at an online bank?

It depends. SoFi accepts cash deposits through retail partners (with a fee of up to $4.95), Capital One has deposit-taking ATMs and locations, and Ally does not accept cash by mail or at ATMs.

Is Wise a bank?

No. Wise safeguards customer money rather than lending it out, and offers pass-through FDIC insurance through a program bank to US customers who opt in to its interest feature.

Conclusion

For most US readers, SoFi is the strongest all-round online bank if you can meet its direct deposit condition: no account fees, 3.10% APY on savings (as of 5/28/2026) and optional extended FDIC coverage. Ally and Capital One 360 need no deposit condition, and Schwab suits travelers and investors. Add Wise if you deal in other currencies.