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The Best Online Banks According to Reddit Users

By Hafsa Binte Omar

In today’s digital age, online banking has become the go-to option for many people. Not only is it more convenient than going to a physical bank, but it also offers a lot of added features and benefits. For instance, you can access your account anytime and anywhere, transfer funds quickly and easily, set up automatic bill payments, and much more.

The Best Online Banks According to Reddit Users

With so many online banks available these days, it can be challenging to choose one that fits your needs. That’s why we turned to Reddit to see what users had to say about the best online banks out there. We’ve compiled a list of the top five online banks based on their recommendations.

1. Ally Bank

Ally Bank is often regarded as one of the best online banks in the market by Reddit users. It is known for its excellent interest rates on savings accounts and CDs (Certificate of Deposit), which beat most traditional banks. Additionally, there are no monthly maintenance fees or minimum balance requirements.

Ally Bank also offers a range of other products such as checking accounts, money market accounts, mortgages, auto financing, and investment services.

One user on Reddit mentioned that they appreciate Ally Bank’s customer service team’s quick response time and helpfulness when dealing with any issues or concerns.

2. Capital One 360

Another popular choice among Reddit users is Capital One 360. This bank offers competitive interest rates for both savings and checking accounts, along with ATM fee reimbursements if you use an out-of-network ATM.

Capital One 360 is also FDIC-insured up to $250,000 per account holder. It means that your money in this bank will be protected in case of any financial instability or bankruptcy.

According to one Redditor who uses Capital One 360 as their primary checking account provider,"Their mobile app interface is user-friendly and easy to navigate."

3. Charles Schwab Bank

Charles Schwab Bank is known for its exceptional customer service and low fees. One of the key benefits of this bank is that they have no foreign transaction fees and offer unlimited ATM fee reimbursements worldwide, making it a great option for frequent travelers.

Another great feature of Charles Schwab Bank is the ease of setting up direct deposit, which can be done right from your mobile device. Plus, their checking account comes with a free brokerage account, making it easy to start investing in stocks and other financial products.

One Reddit user shared their experience with Charles Schwab Bank, saying,"I love their customer service. They are always available to answer any questions or concerns I may have."

4. Discover Bank

Discover Bank is another online banking option that Reddit users recommend. It offers competitive interest rates on savings accounts and CDs, along with cashback rewards on debit card purchases.

Additionally, Discover Bank has no monthly maintenance fees or minimum balance requirements on most accounts. You can also earn a signup bonus if you open an account and meet specific criteria.

One Reddit user had positive feedback about their experience with Discover Bank: "Their mobile app is excellent – you can easily check your balance, transfer funds, pay bills instantly."

5. Chime

Last but not least on our list is Chime‚Äďa mobile-first bank that offers fee-free spending accounts and early access to direct deposits. It also alerts you when you make any transactions like when you withdraw money from an ATM or make an online purchase.

Another significant advantage of Chime is the ability to round up every transaction to the nearest dollar and then automatically save the difference into your savings account. This feature makes saving money seamless and almost effortless.

On Reddit, one user commented,"Chime’s mobile platform is top-notch." Another user stated that they appreciate how Chime allows them to track expenses better than traditional banks since each transaction shows up almost immediately.


In conclusion, there are many online banking options available for you to choose from. Based on Reddit users’ feedback, Ally Bank, Capital One 360, Charles Schwab Bank, Discover Bank, and Chime are some of the best online banks out there. They offer a variety of products and services at competitive rates with no hidden fees or minimum balance requirements.

Whether you’re looking for an online bank to manage your finances on-the-go or save money with high-interest rates, these banks can help you achieve your financial goals. Each one has its unique features and benefits that cater to different needs.

Ultimately, the choice of which bank to use comes down to personal preference and financial situation. Consider each option carefully before making a decision and always read the terms and conditions thoroughly before signing up for any services.


Why are online banks becoming increasingly popular?

Online banks are becoming more popular because they offer convenience and lower fees compared to traditional brick-and-mortar banks. Plus, they often have higher interest rates on savings accounts.

What factors did Reddit users consider when determining the best online banks?

Some factors that Reddit users considered when determining the best online banks include fees, interest rates, customer service, ease of use, and mobile app functionality.

Which online bank was consistently ranked as a top choice by Reddit users?

According to Reddit users, Ally Bank was consistently ranked as one of the top choices for best online banks due to its high-interest rates, low fees, and excellent customer service.

Are there any downsides to using an online bank?

One downside to using an online bank is that you may not have access to in-person assistance or services like safe deposit boxes. Additionally, some people may prefer the physical presence of a traditional bank.

Can you really trust an online bank with your money?

Yes! Online banks are held to the same federal regulations and standards as traditional brick-and-mortar banks. Additionally, many online banks are FDIC-insured up to $250,000 so your money is protected in case of a financial institution failure.

How do I deposit cash into my account at an online bank?

Depositing cash into an account at an online bank can be tricky since there aren’t any physical branches. However, some options include using a third-party service like Green Dot or depositing cash into a friend’s account and then transferring it over via Venmo or another payment app.

Can I take out loans from an online bank?

Yes! Many online banks now offer personal loans with competitive interest rates and flexible repayment terms. Just be sure to compare rates from multiple lenders before selecting one.

How can I be sure that my online bank account is secure?

Online banks typically use multiple levels of security including encryption and two-factor authentication to protect your account information. Additionally, make sure to use a strong and unique password and avoid using public Wi-Fi when accessing your account.

Are there any online banks that cater specifically to small business accounts?

Yes! Two popular options for small business accounts are Azlo and Novo due to their low fees, easy-to-use mobile apps, and integrations with popular accounting software like QuickBooks.

Can I still get a physical checkbook if I have an account with an online bank?

Yes! Many online banks offer the ability to request physical checks which can be useful for situations where electronic payments aren’t accepted.


Hafsa Binte Omar

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