Best Online Banks 2022: Overall Best and Other Best for Every Situation
Best Online Banks: If you’re like most Americans, the heart of your personal finances is your bank. Your checking account is where the money comes in and goes, and a savings account helps you to store money away for an emergency or large savings goal.
It’s not always easy to choose a deposit, and what’s best for you can be different from what’s best for someone else.
The banking needs of everyone are different. Some with a healthy balance may want to find an account that pays interest to them, others are looking for one that does not charge an overdraft through the nose. Which one?
We think you should be an important part of finding the best account in the way your bank handles you. So, we’ve done the hard work for you.
Best Banks of 2022
- Ally: Best Bank Overall
- Chase: Best Bank for Customer Service
- Wells Fargo: Best Bank for Teenagers
- Simple: Best Bank for College Students
- Capital One: Best Bank for Millennials
- USAA: Best Bank for Military Members
- Charles Schwab Bank: Best Bank for International Travelers
- Capital One Spark Business: Best Bank for Small Businesses
Ally: Best Bank Overall
Ally’s online account checking services are almost free of charge and loaded with useful features. It’s even fascinating.
Ally’s high-yield portfolio provides one of the industry’s best interest rates for savings.
Ally customers have access to online banking, mobile inspection deposits, up to $10/month rebates for other bank ATM fees, fast transfers through Zelle, and 24/7 human-access customer service.
The only downside: you can’t deposit cash like all online banks. If you receive cash or work on a regular basis in a job involving getting paid in tips, Ally may not be the best choice for you. Y
et Ally provides some persuasive accounts of great service to everyone else.
Chase: Best Bank for Customer Service
Chase Bank ranked second in last year’s national J.D. Power National Bank Satisfaction Study and is one of two banks that received a perfect rating in the JDPower.com Power Circle Ratings.
Unlike most of the banks on this list that has an online-only focus, Chase offers one of the biggest networks of branch locations in the United States with over 5,000 locations.
The biggest downside of Chase is that, like most large brick-and-mortar banks, it charges a lot of fees and offers pitifully low-interest rates on savings accounts.
Wells Fargo: Best Bank for Teenagers
Teens are in a position to learn important lessons that can influence their long-term financial well-being — and it starts with learning how to responsibly use a bank account.
Wells Fargo has certainly found itself in the midst of multiple scandals recently, but it still stands out as the best bank for teens thanks to its 6,000 branches and 13,000 ATMs.
That requires access to a bank branch, a big network of ATMs, and a good place to keep money from part-time jobs.
Simple: Best Bank for College Students
Students in college can quickly fall into the trap of poor financial decisions, whether it is racking up high credit card debt or student loans without a clear understanding of the consequences.
Simple is great for college students because its online and mobile banking apps incorporate budgeting. It does not charge any fees either.
(Really!) The only charge you will pay is to use an ATM outside the 40,000 ATMs on the Allpoint network and a small Visa fee when you use your debit card outside the United States.
For digital natives, the mobile-first banking experience is easy to navigate and very user-friendly. And the purpose-setting and safe-to-spend functionality should still be disturbed
Capital One: Best Bank for Millennials
Low fees, good interest rates, and a focus on a high-tech experience all make Capital One a top overall bank, and our number one pick for millennials.
If you hate fees and want a bank account that just works, Capital One is a good choice. And, like the 360 Checking account, 360 Savings offers among the best interest rates in the industry with no minimum balance or activity requirements.
USAA: Best Bank for Military Members
USAA also offers very good insurance, so if you do become a member for banking, don’t overlook options for home, auto, and other insurance you may need.
Because military members are likely to move often and have some unique needs and challenges, going to a military-specific bank may be a smart choice, particularly for anyone on active duty.
Accounts also include some of the latest online banking features including mobile deposits, mobile wallet support, and fast transfers with Zelle.
For banking, USAA offers a range of checking and savings accounts to meet your needs.
Charles Schwab Bank: Best Bank for International Travelers
Charles Schwab offers a full-featured online bank complete with checking and savings account options.
It is convenient for anyone with an existing Schwab relationship, but the checking account offers a big draw to anyone who loves to travel.
Schwab is a top-rated low-fee brokerage as well, and a linked brokerage account is required to open an Investor Checking account.
With the amazing customer service and a good selection of account options, you may want to consolidate all of your banking and investing under the Schwab umbrella.
Schwab Bank accounts charge no monthly fees and low fees for some irregular activity like sending a wire.
Charles Schwab charges no ATM fees and reimburses all other bank ATM fees from anywhere in the world.
Capital One Spark Business: Best Bank for Small Businesses
Spark Business offers to check and savings accounts for businesses with almost no fees for its online banking.
Business bank accounts tend to come with far more fees than personal accounts, but Capital One Spark Business changes that.
What to Consider When Choosing a Bank
Not every kind of bank will be great for your needs. Here are the things to consider if you are planning to open a bank account.
Megabanks
Bank of America, JPMorgan, and Wells Fargo have a strong regional presence with branches and ATMs as well as most major national banks.
Most offer state-of-the-art solutions for online banking.
And since high-profile brands are constantly being targeted by cybercriminals, megabanks have sophisticated security systems, including fingerprint log-in for mobile banking and voice and face authentication systems.
But when it comes to customer service, at a credit union or regional bank, you’re going to do better.
Credit Unions
Credit unions are among the highest-rated services we’ve ever assessed, with 96% of our members being highly satisfied vs. 80% for the three largest national banks.
Good customer service drives that satisfaction, not surprising when you consider that their members own and manage credit unions.
Leaders of the credit union typically have free checking, higher interest rates on savings certificates, and significantly lower credit card and auto loan rates.
One challenge may be that eligibility for membership is restricted, as credit unions are often connected to an employer or organization, such as a labor union or church.
But there is more partnership between community-based credit unions
Online Banks
Virtual banks are better when it comes to connecting with customers electronically. They provide a significantly higher yield on savings products too.
Many have arranged for free access to ATM networks, so you can easily withdraw funds. But getting someone to talk to you can be hard, and the services offered are often more limited than it is at traditional banks.
Smaller Regional and Community Banks
If you’re searching for a more personalized service, it’s more likely to be found here than in a big bank. For example, when customers call Frost Bank’s 24-hour call center, they get a human being, not a database.
According to the Independent Community Bankers of America, accessing funds can be an annoyance and costly when you’re away from home because most community banks have only around four or seven branches.
