Fee-free checking and savings used to be a differentiator; now it's the baseline. The real differences between online banks are in savings rates, ATM access, and small conveniences like early direct deposit.
| Provider | Monthly fee | Perks | |
|---|---|---|---|
| Ally Bank | $0 | Savings APY notably above the national average (check ally.com for today's rate); $10/statement-cycle ATM fee reimbursement; large fee-free ATM network | Visit site |
| Chime | $0 | High-yield savings 0.75%–3.75% APY (tiered by Chime Plus/Prime status); early direct deposit up to 2 days early; no foreign transaction fee on debit card | Visit site |
| SoFi Bank | $0 | Up to 3.80% APY on savings with qualifying direct deposit; Allpoint fee-free ATM network (55,000+ ATMs) | Visit site |
| Capital One 360 | $0 | 360 Performance Savings: 3.00% APY, no fees or minimums; 70,000+ fee-free ATMs; no foreign transaction fee on checking debit card | Visit site |
| Varo Bank | $0 | Savings 1.00% APY baseline, up to 3.75% APY on the first $5,000 with qualifying direct deposits; early direct deposit up to 2 days early | Visit site |
A note on who's not on this list
Discover Bank stopped accepting new applications for savings, checking, CD, and money market accounts in late January 2026, following Capital One's acquisition of Discover Financial Services — new customers are redirected straight to a Capital One 360 product. Discover's credit cards are unaffected and remain open to new applicants (see our rewards card comparison), but its bank accounts are left off this list since you can no longer actually open one.
How to read this table
- APY figures move with the Fed. A savings rate that looks great today can shift within months — check the provider's current rate before opening an account specifically for the yield.
- Tiered rates need a closer look. Chime, SoFi, and Varo all publish a headline top rate that requires a qualifying direct deposit or subscription tier — read the fine print on what "qualifying" means before assuming you'll get the top number.
- ATM access matters more than it seems. A no-fee account with a small ATM network can cost you more in out-of-network fees than a competitor's slightly lower savings rate.
This is a comparison, not a recommendation
Nothing above is a suggestion to open an account with any specific provider, and none of these are affiliate links.