The 10 best online banks and credit unions for April 2023

For many consumers, the experience of walking into a bank or credit union branch, opening an account, and having face-to-face time with a teller will never get old. For others, opening up their browser and opening a checking or savings account from the comfort of their home is more their speed.

These days, most of your banking can be done online, from opening an account, to making deposits, transferring funds between accounts, paying bills, investing, and more. With so many banks catering to the online customer, finding the right account can be overwhelming.

To help make your decision a little easier, the Fortune RecommendsTM editorial team ranked more than 30 different online banks and credit unions that offered checking and savings accounts. We weighed account annual percentage yields (APYs) for interest-earning accounts, monthly service fees, overdraft fees, mobile application ratings, free ATM access, account offerings and services, and customer service options. (Read our full methodology here.)

Here's our rundown of the top 10 online banks and credit unions, including the key figures you should know before you open an account. (Note: Minimum deposit requirements, fees, and other numbers in our list are up to date as of April 18, 2023, and are subject to change.)

About: SoFi is an online bank headquartered in San Francisco that offers checking, savings, investing products, and more. SoFi has three physical locations in the U.S., but customers have access to a network of over 55,000 ATMs nationwide. Customers can pay bills, find ATMs, send money, make mobile deposits, and more via SoFi's website and mobile app.

Customers can request assistance 24/7 by reaching out to SoFi via phone, chat, email, and even sending general questions to the Twitter account at @SoFiSupport.

Good for those who want to earn a high APY on their checking and savings account balance. SoFi earned the top spot on our list for its stellar APYs on its checking and savings accounts. Additionally, the bank does not charge any monthly service fees; it has no minimum balance requirements, and a vast fee-free ATM network. SoFi also offers a number of other financial services including private student loans, mortgage loans, auto loans, investment services, insurance, and more.

About: Quontic Bank is a digital bank that first started as a community bank in New York City in 2009. It is an FDIC-insured bank offering online and mobile banking platforms and a fee-free ATM network made up of 90,000 ATMs across the country. It offers a number of checking accounts, savings accounts, and mortgage products.

Customers can contact a customer service representative via live chat, email, and telephone Monday through Friday between 9:00 a.m. and 6:00 p.m. ET.

Good for those who hate overdraft fees. Quontic Bank made our list for its competitive APYs, low fees, and massive ATM network. A major selling point: Quontic doesn't charge overdraft fees. For the online banker who isn't diligent about checking their account balance, this could be a lifesaver. What's more, Quontic offers multiple customer support options and mortgage products in addition to its checking and savings accounts.

About: Connexus Credit Union serves over 441,000 members across all 50 states and offers high-yield checking accounts and deposit products, as well as personal, home, and auto loans. The credit union also offers money market accounts, individual retirement accounts (IRA), consumer credit cards, and more. Connexus members have fee-free access to more than 67,000 ATMs in the CO-OPSM and MoneyPass® ATM networks. Membership eligibility is dependent on being involved with a qualifying association; living in an eligible county or community; or being married to, living with, or related to an existing member.

Customer service representatives are available to assist account holders via live chat or telephone on weekdays between 7:00 a.m. and 7:00 p.m. CT, and Saturdays from 8:00 a.m. to 1:00 p.m. CT. Representatives can also be reached via email.

Good for those who prefer a credit union and want to do all of their banking under one roof. Connexus Credit Union made our list for a few different reasons. Its checking and savings account APYs were not the highest on our list, but were still competitive compared to national averages. Its mobile app rating scored a 4.6 by our calculations, and the bank charges a modest overdraft fee of just $4, which is significantly lower than many of the banks and credit unions on our list. This credit union also offers a long list of products and services, including checking and savings accounts, money market accounts, credit cards, retirement accounts, investment services, and even financial wellness resources.

About: Bank5 Connect is an online division of BankFive, a Massachusetts-based community that has been serving customers since 1855. The bank offers checking and savings accounts, and certificates of deposit (CDs). Bank5 Connect does not offer any branded ATMs; however, it does offer customers free access to thousands of ATMs across the country via the SUM Network.

For assistance, customers can reach a support specialist via telephone and live chat Monday through Wednesday from 7:30 a.m. to 5:00 p.m. ET, Thursday and Friday from 7:30 am to 7:00 p.m. ET, Saturday from 7:30 a.m. to 3:00 p.m. ET, and Sunday from 11:00 a.m. to 3:00 p.m. ET.

Good for those who want to keep it simple with one no-frills account. Bank5 Connect is a smaller online bank, but offers competitive APYs on the products it does carry. This bank also has a large fee-free ATM network and its mobile app scored a 4.6 rating based on our calculations, although customer service hours vary widely throughout the week, which can make it difficult to know when you might be able to get a representative on the phone.

About: American Express has a history that stretches back to 1850 and has since become globally recognized for their credit cards, rewards, personal, and business banking products. They also have a wide network of over 37,000 free ATMs.

Customer support specialists are available 24/7 over the phone or via live chat. The Amex app is available for download on the Apple App Store and Google Play and has a 4-star rating on both platforms.

Good for those who need personal and business banking products. American Express took the fifth spot on our list for its competitive APY on its savings account, high mobile app rating, and wide range of product offerings. Amex offers personal bank accounts, credit card products with robust rewards programs, and a suite of business products and solutions for consumers who need the best of both worlds.

About: Ally is an online-only bank that offers a wide range of financial products and services including checking and savings accounts, credit cards, auto loans, personal loans, robo-advisors, and more. Despite the lack of physical branches, Ally offers customers free access to a network of more than 43,000 ATMs.

For assistance with any of Ally's bank accounts, credit cards, investment products, or services, customers can reach a representative via live chat, email, or phone 24/7. For auto loan help, representatives are available Monday through Friday, 8 a.m. to 11 p.m. ET, and Saturday from 9 a.m. to 7 p.m. ET. For assistance with new home loans, representatives are available Monday through Friday, 8 a.m. to 10 p.m. ET, Saturday, 10 a.m. to 4 p.m. ET. For existing home loans, phone service hours are 8:30 a.m. to 8 p.m. ET, Monday through Friday and 8:30 a.m. to 1 p.m. ET on Saturday. For questions related to Ally's lending products, customers can call Monday through Friday, 8 a.m. to 10 p.m. ET and Saturday, from 8 a.m. to 9 p.m. ET.

Good for those who want all of the customer service options. Ally made our list for its customer service options. Account holders can reach a representative day or night via phone, chat, and email. For users who are on the fence about an online bank, the security of knowing a representative is always available might be a selling point for this online-only bank. Ally also offers a number of financial products and services, including checking and savings accounts, credit cards, investment accounts and services, auto loans, personal loans, and more.

About: Alliant Credit Union is a fully digital bank based in Chicago. A non profit financial institution, Alliant offers a suite of financial services and accounts with minimal to no fees. This includes no monthly service fees and no overdraft fees on its checking accounts and no fees on savings accounts for customers who select e-statements. Alliant customers also have fee-free access to 80,000 ATMs across the country.

Customer service representatives are available 24/7 by calling 1-800-328-1935. Customers can also send secure messages through the bank's online platform.

Good for those who want fee-free account options. Alliant Credit Union scored a spot on our list for its higher savings account APY, fee-free account options, and for having one of the highest mobile app ratings on our list. Not only does Alliant have a long list of deposit account options, but many of those accounts do not charge fees or have fees that can be waived by meeting certain requirements.

About: TIAA Bank is a subdivision of TIAA, or the Teachers Insurance and Annuity Association which is headquartered in New York. TIAA has 134 TIAA Offices in the United States, and customers have access to a network of over 80,000 fee-free ATMs. Its products include personal, business, and commercial banking products, as well as investment services. Customers can manage their accounts online or via the TIAA Bank mobile app which is available for download on the Apple App Store and Google Play.

TIAA representatives are available via email and by telephone, Monday through Friday from 8:00 a.m. to 5:00 p.m. ET.

Good for those who want to earn a high APY on their savings account. TIAA's savings account APY was tied with one other bank for the highest APY on our list. For consumers who are looking for a bank that offers free ATM access, a developed mobile app, and competitive APYs to grow their balances, TIAA may be a viable option. This bank didn't offer as many products as some of the other banks we reviewed, but its fee-free accounts could make up for the short list of account options.

About: Rising Bank is an online division of Midwest BankCentre, a St. Louis-based community bank. Rising Bank offers a number of financial products and services, including a checking and high-yield savings account, CDs, insurance products, lending products, and more.

For customer support, a Rising Bank representative can be reached via telephone Monday through Friday between 8:30 a.m. and 5:00 p.m. CST. Customers can also send a secure message on the Rising Bank website 24/7 and request assistance via email.

Good for those who have the funds for higher minimum deposits. Rising bank offers a few basic account options including checking and savings accounts, CDs with terms ranging from 6-months to 3-years. Rising bank also has an average mobile app rating of 4.6 The one major drawback about this bank is that it requires a $1,000 minimum deposit to open an account and overdrafts will cost you $25 per purchase.

About: Capital One is one of the largest banks in the country, headquartered in Virginia with a strong online presence, as well as some physical branches across the country. Customers have access to a network of more than 70,000 ATMs nationwide.

Capital One offers chat and phone support from 8:00 a.m. to 8:00 p.m. ET, seven days a week. Customers can also send secure messages within the mobile app.

Good for those who want a strong mobile app. Capital One took the final spot on our list for its high mobile app rating and higher than average savings account APY. Capital One's app gives users the power to manage their Capital One credit cards and deposit accounts, receive purchase notifications, pay bills, send money from their accounts, check their VantageScore, and more. In addition to its highly rated mobile app, Capital One offers a number of financial products and services including checking accounts, credit cards, auto financing, business cards and banking solutions, commercial banking products, and more.

Online banks have various pros and cons that you should be mindful of before deciding to bank with a digital-first institution.

Be sure to change your password regularly to keep your account secure and less susceptible to being hacked. You can also opt to use multi-factor authentication on your phone or laptop, which adds another layer of security each time you’re logging into your account by asking for a text, email, or phone-call verification code.

Fees vary from bank to bank, but generally online-only banks tend to charge lower fees than banks with brick-and-mortar locations because these institutions don't have to pay the same overhead costs that banks with physical locations do.

Your money is just as safe in an online bank or credit union as it is in a brick-and-mortar institution. What's important to make note of is a bank's deposit insurance. Be sure to verify that your financial institution is fully backed by the FDIC or NCUA.

The Fortune RecommendsTM team compared more than 30 online banks and credit unions to help you find the best institution to help you meet your needs. Our top picks are available to customers across the U.S. no matter where you’re located, subject to the terms of account, product, and service. Some of our picks have brick-and-mortar locations; however, all of our picks offer online banking for customers nationwide.

To come up with our final list, we we ranked the best online banks on the following categories and weighted each category as set forth in the percentages below:

We think that the best online banks offer a wide range of product offerings, free ATM access, low or zero monthly service fees and minimum balance requirements, and interest earnings on your balance, among other perks. The requirements, fees, and account perks offered by these online banks may be available for limited time periods, and APYs are subject to fluctuation, which could impact how much interest you earn. All the banks and credit unions on this list are insured by the FDIC and NCUA respectively.

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EDITORIAL DISCLOSURE: The advice, opinions, or rankings contained in this article are solely those of the Fortune Recommends™ editorial team. This content has not been reviewed or endorsed by any of our affiliate partners or other third parties.