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Top Online Banks in The World

With the widespread use of the Internet in all areas such as health, commerce, electronic payment and other areas. For a while, the term “online banks” has appeared. In this article, we will discuss together the most famous in the world.

Top Online Banks in the World

Bank of Internet USA

Called Axos bank is an American federally chartered direct bank headquartered in San Diego, California. It is the main consumer brand of Axos Financial. It is the oldest Internet-only bank in the United States. It founded in 2000. It does away with many fees and has the rare offering of rewards checking. The bank has some limits in customer support channels.

Pros:

  • No fees for checking or savings accounts.
  • Unlimited domestic ATM reimbursements (for most accounts).
  • Can earn up to 1.25% APY with a Rewards Checking Account.

Cons:

  • No branches.
  • For an internet-only bank, the website can be clunky.
  • Customer service is limited.
  • CD rates are middle-of-the-road.

Bank of Internet USA

TIAA Bank

It was called EverBank, it is an American diversified financial services company providing banking, mortgages, and investing services. It operates through standard banking offices and through its Direct Banking division. It is the leading provider of financial services in the academic, research, medical, cultural and governmental fields.

Pros:

  • Highly competitive APYs on savings, checking, CD, and money market accounts.
  • Nationwide offices for home mortgage loans.
  • 24/7 customer support.
  • Competitive rewards/cashback credit card.

Cons:

  • No physical banking locations.
  • No auto or personal loan options.
  • Must have at least $5,000 to deposit to get the best rates.
  • Best rates on checking and money market accounts only last for your one-year intro term.

TIAA Bank

Discover Bank

It is the sixth largest credit card issuer in the U.S. behind JPMorgan Chase, Citigroup, Bank of America, Capital One and American Express, and ahead of Wells Fargo and U.S.Bank.

Pros:

  • Cash back rewards for using your debit card.
  • Set up online bill payment directly from the money market account.
  • No minimums or monthly fees on savings and checking accounts.

Cons:

  • No “liquid” CDs, although standard rates are competitive.
  • No way for most customers to deposit cash.
  • $2,500 minimum deposit for CDs and money market accounts.

Discover Bank

Capital One 360

It mainly checks is primarily an online account, with deposits available through bank transfers and mobile apps. If you’re close to a Capital One-branded ATM, however, you can make a check or cash deposit there.

Capital One 360

CIT Bank

It is an online banking solution that offers some of the highest-paying interest rates on both savings accounts and CDs. Plus, there are no account maintenance fees for CIT Bank’s banking products. CIT Bank does not offer to check accounts.

Pros:

  • Savings account interest rates are some of the highest you’ll find.
  • No fees associated with starting or maintaining an account.
  • The account can be opened with as little as $100.

Cons:

  • No branch locations.
  • No checking accounts.
  • Customer support could be better.

 

CIT Bank

Ally

It is a bank holding company provides financial services including car finance, online banking via a direct bank, corporate lending, vehicle insurance, mortgages, credit cards, and brokerage firm services for investing online. 

Pros:

  • Relatively high rates (APY) on savings accounts and CDs.
  • No minimum opening balance requirements or monthly fees.
  • Access to over 43,000 All point ATMs in the U.S.

Cons:

  • No way to deposit cash directly into your Ally Bank account.
  • No brick-and-mortar locations.
  • Withdrawals from online banks take 2-3 days.

Ally Bank

Aspiration

It is an online bank that makes accounts which can offer exceptional value.it is an online-only bank offering interest-bearing checking accounts as well as investment products. The bank’s focus on doing well, while doing well is reflected in its commitment to giving back to charities around the world.

Pros:

  • Zero ATM fees at every ATM in the world.
  • Competitive annual percentage yield (APY).
  • Low-minimum opening deposits.
  • The company contributes to charities around poverty, clean water, education, environment, health, human rights.
  • Pay what you think is fair for extra banking services, even if that’s zero dollars.

Cons:

  • No savings, money market or CD accounts.
  • No physical branches.
  • Limited investment options.
  • No online bill pay, and person to person payments are not electronic.

Aspiration