Today, a bank account is a necessity. Without one, tasks like paying bills, saving money, and accessing your paycheck are less convenient and more expensive. In the past, you would have had to open a new bank account at a brick and mortar location — which limited you to what was available in your immediate area.

But thanks to the proliferation of online banking, consumers have more choices than ever and can open an online bank account that offers greater benefits. If you’re on the search for a top online bank account, you’ve come to the right place!

The Best Online Bank Accounts

Ready to make the leap from a traditional bank account to an online bank account? Check out a few of the best options available.

CIT Bank Savings Builder Account

By funding this account with just $100, you could reap the many benefits of a CIT Bank Savings Builder online account. The bank offers a generous interest rate on your balance and doesn’t even charge a monthly fee!

Monthly fee: $0

Minimum opening balance: $100

Why we like it: High interest. Daily compounding interest to maximize your earning potential. FDIC insured.

Additional features: Deposit checks remotely and make transfers with the CIT Bank mobile app.

Axos Bank

Axos Bank Rewards Online Checking Account

Do very few fees and interest on your balance sound too good to be true? With just $50, you can open an Axos Bank Rewards online checking account — an account that comes with no monthly maintenance fees, overdraft fees, or insufficient fund fees.

Monthly fee: $0

Minimum balance: $0

Why we like it: Earn interest when you have at least $1,000 in direct deposits and 15 debit card transactions per month. No maintenance fees, overdraft fees, or insufficient fund fees. FDIC insured.

Additional features: No charges on domestic ATM transactions, plus reimbursement on any charges from ATM operator.

Axos Bank Essential Checking Account

If you want to switch over to online banking and avoid all of the fees that typically come with a traditional account, check out the Axos Bank Essential Checking account. In addition to no monthly fees, no overdraft fees, no non-sufficient funds fees, you’ll even get access to your direct deposit funds up to two days early!

Monthly fee: $0

Minimum balance: $0

Why we like it: No fees and no minimum balance requirements. Access direct deposit funds up to two days early. FDIC insured.

Additional features: No overdraft or non-sufficient funds fees. Unlimited domestic ATM fee reimbursements.

Nationwide by Axos Interest Checking Account

The Nationwide Interest Checking account allows you to earn interest on your checking balance without any minimum balance requirements. With that said, keeping a larger balance will allow you to earn an even higher interest rate! Not to mention, this account has no monthly fee, and even reimburses you on up to $30 in domestic ATM fees each month.

Monthly fee: $0

Minimum balance: $0

Why we like it: Earn interest, including higher rates on higher balances. Access your direct deposit funds two days early. No monthly fee or minimum balance requirements. FDIC insured.

Additional features: Reimbursement on up to $30 in domestic ATM fees each month.

Nationwide by Axos My Savings Account

If you’re all about interest, check out the Nationwide My Savings account — an account that will allow you to earn a very generous interest rate on your balance. All you need is $100 to fund your account and you’ll enjoy all of the features of this online savings account, including no monthly fee and no minimum balance requirement!

Monthly fee: $0

Minimum balance: $0

Why we like it: Earn a high interest rate on your balance. No monthly fee or minimum balance requirements. FDIC insured.

Additional features: Open a Nationwide My Checking account, set up a $1,000 direct deposit, and you’ll earn an even higher interest rate!

The Rise of Online Bank Accounts

While online bank accounts relatively new, online banking is quickly becoming the norm. The millennial generation, in particular, has spearheaded the preference of online bank accounts, and it’s estimated that more than 161 million Americans already use online banking today.

Pros of Online Bank Accounts

Better rates and fees: Because online bank accounts typically have lower overhead costs, they usually come with better interest rates and fewer fees — sometimes no fees at all!

A better user experience: By spending and investing in technology, today’s banks offer online bank account services that are easier and faster for customers.

ATM fees: One of the downsides of an online bank account is that it typically isn’t part of a major ATM network. However, customers are often reimbursed for fees after using another bank’s ATM.

Easy integration: An online bank account can often be integrated with software such as Slack, QuickBooks, and budgeting programs, so that users don’t have to manually enter financial data.

Cons of Online Bank Accounts

Occasional downtime: As online bank account services need to be updated and maintained, you may not be able to access your account every now and then.

Potential security issues: Although cybersecurity has come a long way and online bank accounts are highly guarded, security threats still lurk online— however rare such an event may be.

How to Open an Online Bank Account

You can open an online bank account in less time than it took you to read this article, and of course, everything is done online. Provide your personal information, including your name, address, date of birth, and social security number. Some banks require that you submit verification documents, such as a valid ID and a utility bill in your name at the address you listed. Most will allow you to upload copies of those documents through their online portal.

Be prepared to fund your online bank account with an opening deposit, although some online bank accounts do not have minimum deposit requirements.

Join the 21st Century!

Ready to enjoy the convenience of an online bank account? While there are a handful of great options out there, be sure to compare items such as monthly fees, minimum balance requirements, and interest rates!