Banking

Item: Rating
Rating: 4.6
Author: Rob Berger

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Novo Bank Review 2021 | No Fee Banking for Small Businesses

March 1, 2021 by Rob Berger

Novo is a technology company that offers a business checking account design for small business owners, entrepreneurs and freelancers. Bank Novo charges no monthly fee, requires no minimum balance and integrates with a host of apps ranging from QuickBooks to Shopify to Stripe.

In this review

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Novo Bank Snapshot

Novo Bank is one of several new startups in the field of online banking. It’s designed specifically for small business owners, offering an FDIC insured checking account. It’s notable in that it charges no monthly fee and requires no minimum balance. It includes a mobile app and business debit card. And it integrates with a range of other business apps including Stripe, Shopify and QuickBooks.

Novo Bank

Open an Account

Backed with FDIC insurance*
No hidden fees
No monthly fees or minimum balance requirements
Simple, easy-to-use mobile apps
Apply in under 10 minutes
Human-powered customer service
Free transfers, mailed checks, and incoming wires
Integrates with other small business tools
Refunds all ATM fees
Thousands of dollars in exclusive perks

Novo Bank Review

History

Novo Bank describes itself as a business banking platform built for today’s business owners. Founded in 2016 by Michael Rangel and Tyler McIntyre, the technology company has designed tools to make managing money for small businesses easier and free.

Account Types

Novo Bank offers a business checking account along with tools that help simplify a company’s cash management. For example, a business can accept debit and credit card payments for invoices via Stripe. You can get an email confirmation when an invoice is paid. It also accepts invoice payments via Square.

Novo also enables business owners to set aside money through Novo Reserves. An owner can set aside funds for taxes, profit, payroll, and any other large business expenses. With the noble platform, one can easily move funds into the Reserve. In addition, no go plans to introduce a future that will allow business owners to create multiple Reserves. In this way, the banking platform would be ideal for those that follow the Profit First methodology.

At present, Bank Novo’s account does not pay interest. It does, however, offer free ACH transfers to and from other financial institutions. As such, a business owner could easily move cash to and from a high interest savings account.

Account Fees

One of the strongest selling points for Novo is that accounts are completely free. There are no monthly fees, hidden fees or regularly scheduled fees. There are no fees for ACH transfers, ATM fees or even International ATM fees. In fact, if an ATM owner charges a fee, Nova will refund that fee at the end of the month. In this regard, a business owner doesn’t have to search for an ATM within a given network. Novo refunds all ATM fees.

Features

Novo offers a long list of features that help small business owners manage everything from invoicing to paying contractors as painlessly as possible.

Invoicing: A business owner can create and manage an unlimited number of invoices through the Nova web app.

Payments: Novo can accept payment on an invoice either through ACH electronic transfer, or through pay with a card via Stripe. With Stripe integration, you can accept credit card and debit card payments right in the invoice.

Novo Reserves: You can set aside money in what it calls Novo Reserves. For example, a business owner could set aside money for future taxes, a profit account, payroll or other large business expenses. Funds can be instantly moved to and from the Reserve.

Integrations: Novo offers numerous integration with other apps including TransferWise, Slack, Xero, Stripe and Shopify. These integrations make invoicing and receiving payments extremely easy. Allowing small business owners to seamlessly pay contractors. And a business owner can even set up notifications via Slack. There’s even integration with Zapier and QuickBooks.

Mobile Check Deposit: You can deposit checks remotely from your smartphone. Check deposits are unlimited and free. Simply snap a photo of the check and deposit it into your Novo account in seconds.

Send Payments: Business owners can send payments directly from their Novo account via ACH, international transfers via TransferWise and unlimited free transactions within the U.S.

Novo Debit Card: The account comes with a business debit card that can be used with either Apple pay or Google pay.

Pros & Cons

What we like

No monthly fees, no ATM fees and no transfer fees
Excellent mobile app
Integration with Stripe, Square, QuickBooks and other apps
Unlimited mobile check deposits

What could be better

Does not pay interest
No physical branches

How to Get Started with Novo Bank

You can open a Novo account in just minutes online. The information required is pretty much what you’d expect for a bank account. You’ll need your personal information and your business information. You can start the process by entering your email address and creating a password.

Bank Novo Application — Apply for a Novo account in minutes

From there you’ll enter your name, confirm your identity and enter information about your business. The process takes just a few minutes. Keep in mind, however, that it can take some time to get your account approved as Novo has to process the information submitted during the application.

Who Novo is Best For

Novo is ideal for small businesses looking for a free checking account. It’s particularly well-suited to those businesses looking to streamline invoicing, customer payments and payments to contractors.

Who Should Use a Different Bank

Novo is not well suited for those looking for a bank with physical branches or for those businesses that need to write physical checks.

Novo Bank Rating

Novo BankRating

Rob Berger

Fees

Account Types

Website

Mobile App

Features

Summary

is an excellent choice for small businesses looking for free banking with features that help run their business. It’s integration with numerous apps help streamline both the collection and payment of money. It’s also one of the few totally free business checking accounts.

4.6

FAQs

Is Novo Bank legit?

Yes. It was founded in 2016 to bring business banking two small business owners in a way that makes managing cash flow much easier.

How is Novo different from traditional banks?

Novo offers a free business checking account with no minimum balance or monthly fee, something many traditional Banks don’t offer. In addition, golfers tools and integrations to help business owners manage everything from invoicing to paying contractors to accepting payment.

Is there a required monthly balance?

No. There is an initial $50 deposit required to unlock all of the features of the novo account. But there is no minimum balance required beyond that.

Does Novo Bank pay interest?

Currently, it does not pay interest on his checking account at, and it does not offer a savings account. Novo is exploring this option.

Is Novo FDIC insured?

Yes. Deposits are FDIC-insured through Novo’s partner bank, Middlesex Federal Savings, F.A. (FDIC certificate No. 28368)

Does Novo check your credit score?

No. Novo Bank does not check applicants credit score nor will applying for an account affect and applicants credit score.

The Best CD Rates March 2021

March 1, 2021 by Rob Berger

Certificates of Deposits offer a safe way to save money. Whether for an emergency fund, to buy a home or liquidity during retirement, term CDs can also offer higher yields than savings accounts (although not always). Here we cover the best CD rates available nationwide.

CD Rates

March 2021 CD Rate Update

While rates on other deposit accounts went down last month, there was some good news in the world of certificates of deposit. Still, rates remain at historic lows. Here are some of the changes we’ve been tracking in the 1-year CD market:

Comenity Direct: Increase its rate from 0.60% to 0.63% APY

Synchrony Bank: Lowered its rate from 0.60% to 0.55% APY

TIAA: Increased its rate from 0.35% to 0.50% APY

The big question surrounding certificates of deposit is this same this month as it has been for some time–why would anybody invest in one? You can get comparable rates from online savings account. Perhaps the only argument in favor of a CD is that your rate is locked in should rates go lower. While anything’s possible, lower rates seem unlikely.

Best 1 Year CD Rates

The 1-year CD terms is one of the most popular for savers. Here are some of the best rates available for 12-month terms.

Bank	APY	Min. Deposit
Comenity Direct	0.63%	$1,500
CFG Bank	0.67%	$500
Marcus	0.55%	$500
Live Oak Bank	0.65%	$2,500
Synchrony Bank	0.55%	$2,000
CIT Bank	0.30%	$1,000
Ally Bank	0.60%	—

Best CD Rates Overall

CFG Bank

Many have never heard of CFG Bank. Headquartered outside of Baltimore, MD, the bank was founded in 1997 as AmericasBank (FDIC # 34294). CFG is a community bank, meaning it’s locally owned and operated.

CIT Bank

CIT Bank is one of our favorites. It tends to offer some of the best rates on deposit accounts, including CDs. In addition to the high-yield CDs below, it also offers Ramp Up CDs, Jumbo CDs, and a no-penalty CD.

BMO Harris Bank

BMO offers competitive yields on CDs. That said, its rates have come down sharply along with other banks over the last month. We’ve also seen a flattening of rates, with terms ranging from 6 to 18 months offering the same rates, and two to four years also offering the same rates.

Ally Bank

Ally offers several types of certificates of deposit: high-yield CDs, Raise Your Rate CDs, and a no-penalty CD. There are no monthly maintenance fees and no minimum deposit requirement. However, the amount of your deposit can affect the interest rate you’ll receive (see rates below)

Marcus by Goldman Sachs

Marcus by Goldman Sachs offers some of the highest yields on CDs available today. In addition to high-yield certificates of deposit, the bank offers a no-penalty CD.

Comenity Direct

Comenity Direct is one bank many have never heard of. A brand of Comenity Capital Bank headquartered in Draper, UT, it was established in 2003 as World Financial Capital Bank. It’s FDIC-insured (Certificate # 57570) and offers some of the best CD yields available in the country.

CD Interest Calculator

12 Best Checking Accounts in March 2021

March 1, 2021 by Rob Berger

A good checking account is the lifeblood of a personal finance system. It’s where paychecks get deposited and serves as our spending account. In this article we’ll look at some of the best checking accounts available today.

In this article

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March 2021 Update

The top interest rate on checking accounts goes to Axos Bank Rewards Checking (see below). With a minimum direct deposit and 15 debit card transactions a month, you can earn 1.25% APY. At this rate, the Axos checking account easily tops not only other checking accounts, but also savings and money market accounts.

Editor’s Picks

Axos Bank Rewards Checking

Open an Account

Earn up to 1.25% APY
No monthly fee
No overdraft fees
No minimum balance required
Deposits FDIC insured
Automated bill pay
Account alerts
Mobile check deposits

CIT Bank eChecking

Open an Account

Earn up to 0.25% APY
CIT Bank charges no ATM fees
Debit card with EMV chip
Transfer, pay and purchase via mobile with Zelle, Bill Pay, Samsung Pay and Apple Pay
Deposit checks with CIT’s mobile app
No monthly fee
$100 opening deposit required

How to Find the Best Checking Account

To find the best checking account for your specific needs, consider the following factors:

Fees
Mobile check deposit
Mobile app and website that are easy to use
Overdraft protection
Free ATMs

Based on these and other factors, here are my top picks for the best checking accounts.

Online Checking Accounts

I prefer traditional banking for my checking account. But there are several online only options that offer excellent checking accounts. These accounts usually charge no fees, many offer excellent interest rates, and they offer useful mobile apps and tools.

BBVA

BBVA, while a traditional brink and mortar bank, also offers an excellent online checking account. You can open an account with just $25 and there is no monthly service fee. There are no ATM fees at over 64,000 locations, a free debit card and an award-winning mobile app.

BBVA

Open an Account

64,000 fee-free ATMs nationwide
Free–no monthly service fee
Free BBVA Visa debit card
Award-winning mobile app
Cash back rewards
$25 minimum to open checking account

Aspiration

Aspiration offers two levels of accounts, one free and one for a small monthly fee. It also pays one of the highest rates on savings and supports our planet with various green initiatives.

Aspiration

Open an Account

Unlimited fee-free ATM withdrawals at Allpoint ATMs
Up to 10% cash back on debit card purchases
Deposits are fossil fuel-free
Plant a tree with every roundup
Up to 1.00% APY
Earn a $100 bonus when you spend $1,000 (see details here).

Chime

Chime is one of several Fintech companies that offers an excellent mobile app, Visa debit card, and FDIC-insured checking and savings accounts. It also pays an excellent APY on savings.

Chime

Open an Account

Get paid up to 2 days early with direct deposit
Track your account balances and daily transactions with the Chime mobile app
Get daily balance notifications and instant transaction alerts
Send money instantly to friends
Chime Visa® Debit Card
0.50% APY
No monthly fees.
No minimum balance requirements.
38,000+ fee-free MoneyPass® and Visa® Plus Alliance ATMs.

Simple

Another Fintech banking app, Simple recently increased its interest rate on its savings account. Its checking account is free and comes with a rich set of features.

Online checking account with Visa debit card
Mobile check deposit
Budgeting app
Transfer money with friends
Send paper checks
High-yield savings account

Capital One

Capital One is a hybrid. It’s a traditional brink- and mortar bank that purchased an online bank (ING Direct) many years ago. It rebranded ING Direct to Capital One360. Today, the bank operates as a single entity, so you get the benefits of physical branches and the features of an online bank.

Here are the details of Capital One 360 Checking:

No monthly fee
Mobile app
40,000 fee-free ATMs
No minimums
Online bill pay
Mobile check deposit

Axos

Axos is an online bank with a wide range of products and features. It offers both personal and business accounts. Here are the details on its personal checking account:

4 types of checking accounts:
- Essential Checking: Basic checking with unlimited ATM fee reimbursements.
- Rewards Checking: Up to 1.25% APY and no maintenance fees. Direct deposit and 15 debit card transactions a month required to earn this rate.
- CashBack Checking: Up to 1.00% cash back on all signature transactions
- Golden Checking (Age 55+): 0.20% APY on all balances, free personal checks, mo maintenances fees.
Refer-a-friend bonus

Varo

Our final Fintech option, Varo offers checking and savings accounts with no fees and excellent features. Here are the details:

Free Visa debit card
No monthly fees
Open account online
Manage money on your smartphone
Get paid up to two days early with direct deposit
Lock your card with the mobile app

T-Mobile Money

T-Mobile may not be the first name you think of when it comes to checking accounts. Yet T-Mobile offers a checking account with an APY that is incredible. Here are the details:

Up to 4.00% APY (see below for requirements)
No account fees
55,000 fee-free ATMs
FDIC insured

So here’s the fine print on the APY:

“How APY works and what it means for you: As a T-Mobile MONEY customer you earn 4.00% annual percentage yield (APY) on balances up to and including $3,000 in your Checking Account per month when: 1) you are enrolled in a qualifying T-Mobile postpaid wireless plan; 2) you have registered for perks with your T-Mobile ID; and 3) at least $200 in qualifying deposits have posted to your Checking Account before the last business day of the month. Deposits posting on or after the last business day of the month count toward the next month’s qualifying deposits. Promotional deposits are not eligible toward the $200 in deposits. If you meet this deposit requirement in a given month we will pay you this benefit in the subsequent month as an added value provided all other requirements are met. This added value is subject to change. Balances above $3,000 in the Checking Account earn 1.00% APY. The APY for this tier will range from 4.00% to 2.79% depending on the balance in the account (calculation based on a $5,000 average daily balance). Customers who do not qualify for the 4.00% APY will earn 1.00% APY on all Checking Account balances for any month(s) in which they do not meet the requirements listed above.”

Traditional Checking Accounts

I prefer to have my checking account at a bank with branches near my home or work (preferably both). They won’t pay much in interest, but you can find checking accounts with minimal fees. And some pay out a nice bonus to new customers.

Here are my top picks:

Citibank

I’ve banked at Citi for three decades. They have branches everywhere, and free ATMs in every 7-Eleven. I’m also a big fan of the Citi Double Cash card.

In terms of checking accounts, here are details:

Up to $700 signup bonus. Details can be found here.
No fees for using Citi ATMs and no Citi fees for using non-Citi ATMs
Earn Citi ThankYou Points
There is a monthly service fee, but it can be waived with certain banking activity or minimum balances.
Earn cash by referring friends

Chase

While Chase doesn’t have as many locations as Citi, it’s a great option if branches are available where you live. And its credit cards are some of the best.

Earn hundreds of dollars in signup bonuses. Get details here.
Free ATMs at Chase branches.
A monthly service fee can we waived fairly easily.
Use the Chase Mobile app to manage accounts, deposit checks and transfer money.

PNC Bank

PNC offers excellent digital tools with its Virtual Wallet. The app brings together accounts for spending, savings and growth.

Signup bonuses for new customers. Get details here.
Excellent app–Virtual Wallet
Track and pay your bills
Create a budget
Automate your savings
Create savings goal

U.S. Bank

U.S. Bank offers several checking packages with signup bonuses.

Easy Checking account costs just $6.95 a month, and the fee can be waived easily
U.S. Bank Visa debit card
Student checking available
Branches in more than 25 states

FAQs

What is a checking account?

A checking account is a bank deposit account designed to handle your everyday spending. You can set up direct deposit of a paycheck or government benefits check to a checking account. You can write checks from these accounts or use a debit card linked to your account.

Are checking accounts safe?

Yes. Checking accounts are FDIC-insured, which protects up to $250,000 per eligible account.

What are the alternatives to a checking account?

Alternatives include money market accounts and prepaid debit cards. Money market accounts act like a checking and savings account combined. They tend to pay higher interest rates but also come with check writing. Prepaid cards can also serve as a spending account, offering direct deposit, online bill pay and even high-yield savings accounts.

Do checking accounts pay interest?

Some do and some don’t. Those that do pay interest often limit the highest rates to a low balance, such as $1,000 to $3,000.

Do checking accounts pay cash back or other rewards?

Generally no, but there are some exceptions. They do not, however, pay cash back at the level as some credit cards do.

Best Online Savings Account Rates (March 2021)

March 1, 2021 by Rob Berger

The best rates for saving an emergency fund or other short term goals are through online banks. They pay the highest interest with the lowest fees. Here is a regularly updated list of the best online savings account rates offered today.

What follows is an extensive list of the online savings accounts that pay the best rates. I’ve included information on monthly fees and any signup bonuses these banks offer.

Best Online Savings Account Rates

March 2021 Online Savings Rates Update

The bad news is that rates continue to fall at some banks. Discover lowered its rate on its online savings account from 0.45% to 0.40% APY. Synchrony also dropped by 5 basis points, down to 0.50% APY.

The good news, if you can call it that, is some online banks maintained their rates. True, their rates are in the cellar, but it’s better than watching them go through the floor. Most online banks now pay at least 0.40% APY on savings. There are, however, a few exceptions.

The best online savings rates today come from Fintech banks. Aspiration currently pays 1.00% APY, which is one of the highest rates available anywhere. It also offers a $100 bonus. In terms of more “traditional” online banks, CIT Bank pays 0.45% APY on its money market account. Several other banks also pay similar rates. And then there’s Vio bank (see below) that pays 0.57% APY as of February 1, 2021.

Best Online Savings Accounts

Chime–Editor’s Picks

Aspiration is best know for its efforts to save the planet. Among other things, you can plant a tree each time you round-up a purchase. In addition, it offers virtually no-fee banking and a very competitively APY on savings. It’s also offering a $100 bonus.

Aspiration

Open an Account

Unlimited fee-free ATM withdrawals at Allpoint ATMs
Up to 10% cash back on debit card purchases
Deposits are fossil fuel-free
Plant a tree with every roundup
Up to 1.00% APY
Earn a $100 bonus when you spend $1,000 (see details here).

Chime combines the best of online banks with the technology of a startup. It pairs an award-winning app and debit card with an FDIC-insured bank. It pays one of the highest APYs available on a savings account. And it does this with virtually no fees and free ATMs.

Chime

Open an Account

Get paid up to 2 days early with direct deposit
Track your account balances and daily transactions with the Chime mobile app
Get daily balance notifications and instant transaction alerts
Send money instantly to friends
Chime Visa® Debit Card
0.50% APY
No monthly fees.
No minimum balance requirements.
38,000+ fee-free MoneyPass® and Visa® Plus Alliance ATMs.

CIT Bank Money Market Account–Best for Online Banks

CIT Bank’s money market account pays one of the highest available APYs. It’s also an online bank that charges very few fees.

Vio Bank

APY: 0.57
Minimum Deposit: $100
Compounded: Daily
Monthly Fee: $0
Credit Check: Soft pull
Website: https://www.viobank.com/online-savings-account
FDIC #: 4063
About: Vio Bank is the online division of MidFirst Bank, established on February 28, 1911.

HSBC Direct

APY: 0.15
Minimum Deposit: $1
Compounded: Daily
Monthly Fee: $0
Website: https://www.hsbcdirect.com/savings/
FDIC #: 57890
About: HSBC Direct was established in 2004.

Marcus by Goldman Sachs

APY: 0.50
Minimum Deposit: $0
Compounded: Daily
Monthly Fee: $0
Website: https://www.marcus.com/us/en/savings/high-yield-savings
FDIC #: 33124
About: Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA, which was established in 1990.

CIT Bank–Savings Builder

APY: 0.40 (Savings Builder Account)
Requirements: To earn this rate, you must maintain a minimum balance of $25,000 OR make monthly deposits of $100.
Note: CIT Bank also offers a high-yield savings account currently paying APY.
Minimum Deposit: $100
Compounded: Daily
Monthly Fee: $0
Website: https://cit.com/cit-bank/bank/savings/savings-builder-account/
FDIC #: 58978
About: CIT Bank was established in 2009.

American Express National Bank

APY: 0.50
Minimum Deposit: $0
Compounded: Daily
Monthly Fee: $0
Website: https://www.americanexpress.com/personalsavings/home.html
FDIC #: 27471
About: American Express National Bank was established in 1989.

Barclays Bank

APY: 0.40
Minimum Deposit: $0
Compounded: Daily
Monthly Fee: $0
Website: https://www.banking.barclaysus.com/online-savings.html
FDIC #: 57203
About: While Barclays traces its roots back to 1690, the U.S. bank was established in 2001.

Discover Bank

APY: 0.40
Minimum Deposit: $0
Compounded: Daily
Monthly Fee: $0
Website: https://www.discover.com/online-banking/savings-account/
FDIC #: 5649
About: Discover Bank traces its roots to 1911, then the Greenwood Trust Company. Discover acquired Greenwood in 1985 and changed the name to Discover Bank in 2000.

Ally Bank

APY: 0.50
Minimum Deposit: $0
Compounded: Daily
Monthly Fee: $0
Support: 24/7 support via call, chat or email.
Website: https://www.ally.com/bank/online-savings-account/

Capital One Bank

APY: 0.40
Minimum Deposit: $0
Compounded: Daily
Monthly Fee: $0
Website: https://www.capitalone.com/bank/savings-accounts/online-performance-savings-account/
FDIC #: 33954
About: Capital One Bank was established in 1994.

Online Savings Account Rate Comparison

Bank	APY	Monthly Fee	Min. Deposit
Vio Bank	0.57%	$0	$100
HSBC Direct	0.15%	$0	$1
Marcus by Goldman Sachs	0.50%	$0	$0
CIT Bank	0.40%	$0	$100
American Express	0.50%	$0	$0
Barclays Bank	0.40%	$0	$0
Discover Bank	0.40%	$0	$0
Ally Bank	0.50%	$0	$0
Capital One	0.50%	$0	$0

Resource: If you are looking for a savings account with a signup bonus, check out our list here.

FAQs

How many withdraws can I make each month?

Savings accounts are limited by federal regulation to 6 withdraws per month. If you exceed this amount, your bank could charge you a fee or close your account. Note that making a withdrawal through a teller does not count toward this limit.

Are online savings accounts FDIC insured?

Yes. The banks in our list are all FDIC insured.

Are online savings accounts safe?

Yes. As noted above, online savings accounts are FDIC insured. In addition, online banks use the same internet security protocols as brick and mortar banks use for their online access.

Best Online Banks March 2021 (Ranked & Reviewed)

March 1, 2021 by Rob Berger

Internet-only banks have grown in popularity. By offering the best interest rates and no fees, savers have poured billions of dollars into financial institutions with no branches. To help you navigate this new world, we’ve assembled this list of the best online banks for your money.

Best Online Bank Listing

March 2021 Online Banking Update

The past month saw interest rates on Treasury bonds rise. The yield on the 10-year Treasury gradually rose through the month, coming in near 1.4% at the start of March. Unfortunately, interest rates on deposit accounts didn’t follow suit. Most banks left their interest rates unchanged. Some banks even lowered the rates on savings accounts:

Simple (which will soon become BBVA): 0.40% lowered to 0.30% APY
Discover Bank: 0.45% lowered to 0.40%
Synchrony: 0.55% lowered to 0.50%

For the best online banks, 0.50% APY continues to be the high water mark. The standout exception is Aspiration, which pays up to 1.00% APY and is currently offering a $100 bonus.

One interesting note is that while prices rose just 1.4% over the past 12 months, it rose 0.3% in January, most recent reported month, according to the BLS. January’s numbers followed an increase of 0.4% in December. Of course, that means we are all losing money on an after-inflation basis in deposit accounts. Nevertheless, online banks still do pay the highest interest rates available.

Editor’s Picks

Here are my top picks for the best online banks, followed by a complete list of internet banks that are worth considering.

Axos Bank

Open an Account

Earn up to 1.25% APY on checking
Earn 0.61% APY on savings
No monthly fees
No ATM fees
No overdraft fees
No minimum balance requirements

Aspiration

Open an Account

Unlimited fee-free ATM withdrawals at Allpoint ATMs
Up to 10% cash back on debit card purchases
Deposits are fossil fuel-free
Plant a tree with every roundup
Up to 1.00% APY
Earn a $100 bonus when you spend $1,000 (see details here).

CIT Bank

Open an Account

Earn over 7x the national average
Quick and easy access to funds
No monthly service fees
24/7 secure & award-winning banking
FDIC insured
Deposit checks remotely and make transfers with the CIT Bank mobile app

Best Full-Service Online Banks

These full-service online banks could serve as your only financial institution. In addition to savings and CD accounts, they offer checking accounts and other services that can accommodate most banking needs.

CIT Bank

I’ve used a lot of online banks, starting with ING Direct’s Orange account more than 10 years ago. Today, there are several online banks that are very good. I’ve listed them below. But if I had to pick one, it would be CIT Bank.

Having opened a money market account at CIT Bank several years ago, I can tell you two things about this financial institution. First, it tends to pay some of the highest rates available on deposit accounts. Second, its website could be better. It was easy to use but not as polished as I would have liked. Still, I go to banks for their rates and low fees, not a fancy website.

Account Types: Savings, Checking, Money Market, Savings Builder, CDs, No Penalty CDs, Jumbo CDS, Rampup CDs
CD Terms: 12 to 60 months
Bank Branches: Limited
Free ATMs: CIT Bank doesn’t charge ATM fees and reimburses up to $15/month in other bank’s ATM fees.
Other Financial Services: Home loans
FDIC Certificate No.: 58978
Free Credit Score: No
Credit Inquiry: Soft pull
Year Established: 2009 as OneWest Bank, FSB, and changed its name to CIT Bank on August 3, 2015.
Other Features: Zelle, bill pay, mobile deposit

Ally Bank

Ally Bank is arguably the best all-around online bank. It offers every bank account type, auto and home loans, and investing services. It could serve as a place to park your cash for higher rates, which is how we use it, or as your primary bank. Its website and mobile app are very easy to use.

Account Types: Savings, Checking, Money Market, High-Yield CD, Raise Your Rate CD, No Penalty CD, IRA Savings, IRA CDs
Savings APY: 0.50
CD Terms: 3 to 60 months
Bank Branches: No
Free ATMs: Yes–Allpoint Network and Ally reimburses up to $10 a month in fees charged by other ATMs.
Other Financial Services: Home loans, auto loans, investing
FDIC Certificate No.: 57803
Free Credit Score: Free FICO score access with auto loan
Credit Inquiry: Soft pull
Year Established: 2004
Other Features: Zelle, bill pay, mobile deposit

Discover Bank

Best known for its credit cards, Discover Bank also offers a full range of deposit accounts. Its rates are competitive and its fees are low. I’ve also found its website to be easy to navigate.

Account Types: Checking, Savings, MMA, CDs, IRA CDs
Savings APY: 0.40
CD Terms: 3 to 120 months
Bank Branches: No
Free ATMs: Yes
Other Financial Services: Student loans, personal loans, home loans, credit cards
FDIC Certificate No.: 5649
Free Credit Score: Yes
Credit Inquiry: Soft pull
Year Established: Founded in 1911 as the Greenwood Trust Company, it changed its name to Discover Bank in 2000.
Other Features: Checking debit pays 1% cashback on up to $3,000 in debit card purchases each month, online bill pay

Capital One Bank

Capital One Bank can easily serve as your full-service bank. It offers all of the accounts most would need, and it even has bank branches in about ten states. Its rates are competitive and its fees are low.

Account Types: Checking, Savings, Kids Savings, MONEY (Teen checking), CDs, IRA Savings, IRA CDs
Savings APY: 0.40
CD Terms: 6 to 60 months
Bank Branches: Yes
Free ATMs: Yes
Other Financial Services: Auto loans, credit cards
FDIC Certificate No.: 33954
Free Credit Score: Yes
Credit Inquiry: Soft pull
Year Established: 1994
Other Features: Accounts for children, mobile deposit, online bill pay, overdraft options
More info: Capital One Bank review

HSBC Direct

While not the most popular bank on the list, it offers one of the highest savings account rates available today.

Account Types: Checking, Savings, CDs
Savings APY: 0.15
CD Terms: 6 to 24 months
Bank Branches: Yes
Free ATMs: Yes
Other Financial Services: N/A
FDIC Certificate No.: 57890
Free Credit Score: No
Credit Inquiry: Soft pull
Year Established: 2004
Other Features: Bill pay, mobile check deposit

Best Limited-Service Online Banks

Marcus by Goldman Sachs

When it comes to deposit accounts, Marcus does one thing and does it well–savings accounts. It pays one of the highest APYs available, with no monthly fees.

Account Types: Savings
Savings APY: 0.50
CD Terms: N/A
Bank Branches: No
Free ATMs: N/A
Other Financial Services: Personal loans
FDIC Certificate No.: 33124
Free Credit Score: No
Credit Inquiry: N/A
Year Established: 1990
Other Features: Mobile app

American Express Bank

American Express Bank offers limited deposit accounts–Savings and term CDs. As such, it’s not intended to replace your existing bank. It does, however, pay competitive rates.

Account Types: Savings, CDs
Savings APY: 0.50
CD Terms: 6 to 60 months
Bank Branches: No
Free ATMs: N/A
Other Financial Services: Personal loans, credit cards
FDIC Certificate No.: 35328
Free Credit Score: No, although available with Amex credit cards.
Credit Inquiry: N/A
Year Established: 2000
Other Features: None

Barclays Bank

Barclays Bank is another alternative for those looking to get a higher rate on savings or CDs. Its rate is competitive among online banks.

Account Types: Savings, CDs
Savings APY: 0.40
CD Terms: 3 to 60 months
Bank Branches: No
Free ATMs: N/A
Other Financial Services: N/A
FDIC Certificate No.: 57203
Free Credit Score: No
Credit Inquiry: N/A
Year Established: Founded in 2001 as Juniper Bank. Change its name to Barclays Bank in 2006.
Other Features: Mobile check deposit

Best Fintech Banking Services

Fintech companies have elbowed their way into the banking world over the last few years. These companies partner with an FDIC-insured bank, layering online and mobile apps on top of traditional banking.

Note that most Fintech banks do not pay the highest rates, although generally better than brick and mortar banks. What they do offer are unique tools and user experiences to help consumers manage their money.

Aspiration

Aspiration aims to combine banking and investing with social responsibility. It gives 10% of its profits to charity and offers socially-responsible investing through its Redwood Fund.

Account Types: Spend & Save Cash Management account
Savings APY: Up to 1.00
CD Terms: N/A
Bank Branches: No
Free ATMs: Yes, at all Allpoint ATMs
Other Financial Services: Investing, traditional IRA
FDIC Insurance: Cash balances in the Aspiration Spend & Save cash management account are eligible for FDIC insurance* by being swept to FDIC Member institutions.
Free Credit Score: No
Credit Inquiry: Soft pull
Year Established: Founded in 2013, opened for business in 2015.
Other Features: Mobile check deposit, cell phone protection insurance, up to 10% cash back on purchases, bonus rewards for spending at socially-conscious businesses, digital debit card

Chime

Think of Chime as a cash management account. It’s designed to help you budget your money and save for a rainy day. It charges virtually no fees but pays little in the way of interest. For that reason, Chime could serve as a checking account alternative, but not where you want to stash a lot of cash.

Account Types: Checking, Savings
Savings APY: 0.50
CD Terms: N/A
Bank Branches: No
Free ATMs: Yes, at all MoneyPass ATMs
Other Financial Services: None
FDIC Insurance: Chime accounts are insured up to the standard maximum deposit insurance amount of $250,000 through its partner banks, Stride Bank, N.A. or The Bancorp Bank, Members FDIC.
Free Credit Score: No
Credit Inquiry: N/A
Year Established: 2013
Other Features: Chip-enabled Visa debit card, fee-free overdraft, mobile banking, get paid up to two days early with direct deposit

Simple

Update: BBVA, which acquired Simple in 2014 for $117 million announced that it is shutting down Simple. Current customers will be moved to BBVA accounts.

It offers checking, savings, and CDs, and pays a competitive interest rate on its savings account. It also comes with excellent tools to budget your money and save for the future.

Account Types: Checking, Savings, CDs
Savings APY: Up to 0.30
CD Terms: 12-month, no penalty for early termination
Bank Branches: No
Free ATMs: Yes, at all MoneyPass and Visa Plus Alliance ATMs
Other Financial Services: None
FDIC Insurance: Chime accounts are insured up to the standard maximum deposit insurance amount of $250,000 through its partner banks, Stride Bank, N.A. or The Bancorp Bank, Members FDIC.
Free Credit Score: No
Credit Inquiry: N/A
Year Established: 2009
Other Features: Mobile check deposit, Visa debit card,

Online Banks FAQs

Are online banks safe?

Yes. They offer the same or similar online security features as traditional brick and mortar banks. Their deposits are also insured by the FDIC.

What are the best online banks?

That depends on your specific financial needs. For the best savings rates, online banks are the clear winner over traditional banks. As a full-service bank, many online banks offer a full range of accounts, including savings, checking, CDs, and even investment accounts.

Do online banks charge fees?

Most online banks do not charge monthly fees. Some do charge certain fees, such as overdraft fees.

Do online banks offer free ATM withdraws?

Most online banks do have free ATM withdraws from their participating network of ATMS.

Best Bank Bonuses on Checking and Savings Accounts–March 2021

January 20, 2021 by Rob Berger

Banks continue to offer bonuses to attract new customers. On both checking and savings accounts, these promotions amount to hundreds of dollars. Here you’ll find a regularly updated list of the best bank bonuses available today.

best bank bonuses and promo codes — Bank bonuses and promo codes

Summary of the Best Bank Account Bonuses

Top Bank Promotions

1. Aspiration Spend & Save Account–$100 or $150

Aspiration offers customers who open a standard Aspiration Spend & Save Account a $100 credit. Customers who enroll into Aspiration Plus either during account sign up or no later than 60 days from account opening, and continue to be enrolled in Aspiration Plus through the date of credit, can earn a $150 credit. (Note: the $150 offer is not obvious from Aspiration’s offer page. You’ll find the details if you follow the “Terms Apply” link on the Aspiration bonus page.)

To earn the bonus, you must complete the following:

Open and fund an Aspiration Spend & Save Account or Aspiration Plus Account with a deposit of $10 or more, and
Use your Aspiration debit card to make at least $1,000 worth of cumulative transactions within the first 60 calendar days from account opening.

It can take up to 120 days from account opening to receive the bonus.

Eligibility: Offer is only valid for customers who open a new Aspiration Spend & Save Account or Aspiration Plus Account.

Availability: Nationwide

Expiration: Ongoing

Account Snapshot: Aspiration offers what it calls a Spend & Save account (checking and savings) with virtually no fees, up to 1.00% APY on deposits (requires Aspiration Plus account), and unlimited fee-free withdrawals at more than 55,000 ATMs nationwide.

Apply Now

2. Chase Total Checking–$200 Bonus

Chase is well known for offering bonuses on checking and savings accounts. The current offer is a $200 bonus when you open a new Chase Total Checking Account.

To earn the bonus, open a new Chase Total Checking account and set up and have your direct deposit made to this account within 90 days of account opening.

Eligibility: Checking offer is not available to existing Chase checking customers, or those whose accounts have been closed within 90 days or closed with a negative balance. If the checking account is closed by the customer or Chase within six months after opening, Chase will deduct the bonus amount at closing.

Availability: Nationwide

Expiration: 4/14/2021

Account Snapshot: Chase Total Checking is the bank’s entry-level checking account. It charges a $12 monthly fee, but the fee is waived each month if you have electronic deposits of $500 or more, a daily beginning balance of $1,500 or more, or an average beginning day balance of $5,000 or more in any combination of this account and linked qualifying Chase accounts.

Apply Now

3. TD Bank Beyond Checking–$300 Bonus

TD Bank is offering a $300 bonus on its Beyond Checking account. To qualify, receive a direct deposit of $2,500 or more within 60 days of opening your account.

The bonus will be credited into the new personal checking account no later than 140 days from account opening. Account must remain open, active, in good standing and in the same product type through the qualifying period to receive the bonus. If you or TD Bank close the checking account within 6 months after account opening, TD Bank may deduct the bonus amount from that account at closing.

Eligibility: Offer is available to new personal checking Customers who do not have an existing or prior personal checking account at TD Bank within the preceding 12 months, open their account online via this web page and complete the required qualifying criteria.

Availability: TD Bank is available to those living in the following states: CT, DE, FL, ME, MD, MA, NH, NJ, NY, NC, PA, RI, SC, VT, VA and the District of Columbia.

Expiration: Ongoing

Account Snapshot: TD Bank waives the monthly maintenance fee ($25) with a monthly direct deposit of $5,000 or more, or when you maintain a minimum daily balance of $2,500. The fee is also waived if you maintain a combined balance of $25,000 across all eligible TD Bank accounts.

Apply Now

4. TD Bank Convenience Checking–$150 Bonus

For those looking for a bonus that’s easier to achieve, the TD Bank Convenience Checking account offers a $150 bonus. To qualify, receive a $500 or more direct deposit within 60 days of opening the account.

Availability: TD Bank is available to those living in the following states: CT, DE, FL, ME, MD, MA, NH, NJ, NY, NC, PA, RI, SC, VT, VA and the District of Columbia.

Expiration: Ongoing

Account Snapshot: To avoid the monthly fee ($15), just maintain a minimum daily balance of $100 or more. In addition, there is no monthly fee for customers age 17 through 23, making it an ideal account for college students.

Apply Now

5. Marcus Savings Account–$100 Savings Bonus

Marcus Bank is offering a $100 saving bonus. To qualify, you must deposit $10,000 or more of new funds into a Marcus Online Savings Account within 10 days of enrollment. You must maintain at least $10,000 of the new funds plus the balance at the time of enrollment into this offer for 90 consecutive days.

Marcus will deposit the bonus into your account within 14 days after meeting the above requirements.

Eligibility: This offer is available to both new and existing customers. Each customer is limited to one bonus award, however, joint account owners are treated as separate customers.

Availability: Nationwide

Expiration: 2/12/2021

Account Snapshot: The Marcus Online Savings Account is a high-yield savings account with minimal fees. It pays 0.50% APY on deposits (subject to change).

Apply Now

6. Capital One 360 Checking Bonus–Up to $400

Capital One is offering up to a $400 bonus if you open a 360 checking account by January 26, 2021. There are 4 potential bonus amounts, with the eligibility criteria getting harder to meet as the bonus amount goes up.

$400 Bonus:

Open a new 360 Checking account by January 26, 2021 using promo code BONUS400.
Receive two or more direct deposits totaling $1,000 or more within 60 days of opening the account.
Capital One will deposit the bonus into your account by May 31, 2021.

$150-$250 bonus:

Open a new 360 Checking account by January 26, 2021 using promo code UPTO250.
Spend over $1,500 on your Capital One debit card to earn $250, or over $500 to earn $150, within the first 90 days.
Capital One will deposit the bonus into your account by May 31, 2021.

$100 bonus:

Open a new 360 Checking account by January 26, 2021 using promo code BANK100.
Spend at least $300 on your Capital One debit card within 90 days of account opening.
Capital One will deposit the bonus into your account by May 31, 2021.

Eligibility: These offers are valid only for new 360 Checking account customers. If your account is in default, closed or suspended, the bonus will not be paid.

Availability: Nationwide

Expiration: January 26, 2021

Account Snapshot: 360 Checking doesn’t charge a monthly fee and requires no account minimums. The offer over 40,000 fee-free ATMs, including at stores like Target, CVS Pharmacy and Walgreens.

7. HSBC Premier Checking–$600 Cash Bonus

HSBC is offering up to $600 with a new Premier Checking account. Here’s what you need to do to qualify:

Open a new HSBC Premier checking account online by March 31, 2021;
Set up recurring qualifying direct deposits into your new HSBC Premier Checking account t; and
Receive 3% Cash Bonus, up to $600, on Qualifying Direct Deposits, up to $100 per month, during the first 6 calendar months after account opening.

Eligibility: You must open the account online and if you held an HSBC consumer deposit or investment account from January 7, 2018 through January 7, 2021, you are not eligible for this offer.

Availability: Nationwide

Expiration: 3/31/2021

Account Snapshot: HSBC’s Premier Checking account is designed for those who maintain a balance of $75,000 in combined HSBC accounts, have monthly direct deposits of $5,000 or more, or have an HSBC residential mortgage with an original loan amount of at least $500,000. If one of these requirements is not met, a monthly maintenance fee of $50 will apply.

Apply Now

8. HSBC Advance Checking–$240 Cash Bonus

HSBC is offering up to $240 with a new Advance Checking account. Here’s what you need to do to qualify:

Open a new HSBC Advance checking account online by March 31, 2021;
Set up recurring qualifying direct deposits into your new HSBC Premier Checking account t; and
Receive 3% Cash Bonus, up to $240, on Qualifying Direct Deposits, up to $100 per month, during the first 6 calendar months after account opening.

Eligibility: You must open the account online and if you held an HSBC consumer deposit or investment account from January 7, 2018 through January 7, 2021, you are not eligible for this offer.

Availability: Nationwide

Expiration: 3/31/2021

Account Snapshot: HSBC’s Advance Checking comes with a $25 monthly fee, but can be waived when you keep a $5,000 balance in combined HSBC accounts or set up a monthly recurring direct deposit. The fee is also waived if you have a residential mortgage with HSBC.

Apply Now

9. HSBC Premier Checking–$450 Cash Bonus

HSBC is offering a $450 bonus when you open an HSBC Premier Checking account. Unlike the HSBC offers above, it’s not based on a 3% cash back reward on direct deposits. Instead, to qualify:

Open a new HSBC Premier Checking account online by March 31, 2021; and
Make recurring monthly qualifying direct deposits totaling at least $5,000 for 3 consecutive calendar months.

Eligibility: You must open the account online and if you held an HSBC consumer deposit or investment account from January 7, 2018 through January 7, 2021, you are not eligible for this offer.

Availability: Nationwide

Expiration: 3/31/2021

Apply Now

10. HSBC Advance Checking–$200 Bonus

If earning a 3% bonus each month isn’t your cup of tea, HSBC is offering $200 with the same Premier checking account. Here’s how to qualify:

Open your new HSBC Premier checking account online by March 31, 2021; and
Make recurring monthly Direct Deposits totaling at least $500 from a third party to your HSBC Premier checking account(s) for 3 consecutive calendar months from the second full calendar month after account opening

Eligibility: You must open the account online and if you held an HSBC consumer deposit or investment account from January 7, 2018 through January 7, 2021, you are not eligible for this offer.

Availability: Nationwide

Expiration: 3/31/2021

Apply Now

11. Citibank Priority Account Package–$700 Bonus

I’ve banked with Cit for 30 years, yet I’ve never earned a bonus! Well, they are offering a significant bonus today. If you are looking to open a checking and savings account, Citi is offering a $700 bonus. To earn the bonus:

Open new eligible checking and savings accounts in the Citibank^® Account Package by 4/1/2021.
Within 30 days of opening your account, deposit $50,000 in New-to-Citibank funds between the new checking and savings accounts.
Maintain a minimum balance of $50,000 between the checking and savings accounts for 60 consecutive calendar days.

Citi will deposit your cash bonus within 90 days after completing the above requirements.

Eligibility: This offer is available to those who have not been an owner or signer on a Citibank consumer or checking account within the last 180 days.

Availability: All states except WA, TX, MA, AZ, GA, MI, PA, NC, OR, MN, CT, and DC.

Expiration: 4/1/2021

Account Snapshot: The account charges a $30 monthly fee, but Citi waives this fee if you maintain a combined average monthly balance of $50,000 or more in eligible linked accounts. Checks are free, and Citi doesn’t charge for using non-Citi ATMs.

Apply Now

12. Citibank Account Package–$300 Bonus

If the deposit requirement for the $700 bonus is too rich, Citibank is offering a $300 bonus with easier requirements to meet. To qualify for the bonus, here’s what you need to do:

Open new eligible checking and savings accounts in the Citibank Account Package before 4/1/2021.
Within 30 days of opening your account, deposit $15,000 in New-to-Citibank funds into the new checking account.
Maintain a minimum balance of $15,000 for 60 consecutive calendar days.

Once these requirements are met, you’ll receive your cash bonus within 90 days.

Eligibility: This offer is available to those who have not been an owner or signer on a Citibank consumer or checking account within the last 180 days.

Availability: All states except WA, TX, MA, AZ, GA, MI, PA, NC, OR, MN, CT, and DC.

Expiration: 4/1/2021

Account Snapshot: The account charges a $25 monthly fee, but Citi waives this fee if you maintain a combined average monthly balance of $10,000 or more in eligible linked accounts. Checks are free, and Citi doesn’t charge for using non-Citi ATMs.

Apply Now

13. Truist Bank Personal Checking and Savings Accounts–$300-$1,000 Cash Offer

Truist Bank, formerly SunTrust, is offering up to $1,000 in bonus. To qualify–

Open any new checking account and complete qualifying direct deposits totaling $500 within 90 days of account opening.
Open any new savings or money market account and make a deposit within 30 days and maintain the balance for 90 days.
The amount of your bonus will depend on the amount deposited and maintained in the savings account as follows:
- Less than $10,000 = $300
- $10,000 – $24,999.99 = $400
- $25,000 – $49,999.99 = $600
- $50,000 -$99,999.99 = $800
- $100,000 or more = $1,000

The cash reward will be deposited into the checking account within four weeks of meeting the requirements.

Eligibility: Both the checking and savings accounts must be opened on the same day using promo code CHKSAVQ121. SunTrust clients with existing checking, savings, MMA, CD or IRA deposit accounts are not eligible.

Availability: AL, AK, GA, FL, MD, MI, NC, SC, TN, VA and DC.

Expiration: 3/31/2021

Account Snapshot: The monthly fee on the Advantage Checking account ($20) is waived with, among other things, $3,000 in monthly direct deposit. Fees on the MMA account waived with $100 or more monthly automatic transfers.

Apply Now

Referral Bonuses

Many banks offer referral bonuses when an existing customer refers a friend who opens an account. Here are some of the top refer-a-friend bonuses currently available.

1. Axos Bank–$20

Refer a friend to Axos Bank’s Essential Checking account, and Axos will deposit $20 in both their account and your account.

2. Chase Bank–$50

Customers can earn $50 per referral, up to $500 a year. Friends must open a qualifying checking account.

3. Chime–$50

Both you and your friend earn $50 if they open an account and complete a single direct deposit of $200 or more.

4. TD Bank: $50

TD Bank offers a $50 refer-a-friend bonus to both the existing and new customer. The friend must opening a personal checking account and receive a direct deposit of at least $250 or make 15 debit card purchases with 60 days of opening their account.

5. HSBC Bank: $100, $250, $300 or $600

Earn up to $2,000 per year with refer-a-friend bonuses from HSBC Bank. The bonus depends on the type of account opened and includes business accounts.

6. Schwab–up to $500 Referral Bonus

Schwab offers a referred friends bonus of up to $500. Unlike other referral bonuses, however, the bonus goes to the friend opening the new account. A $100 bonus starts with a net deposit of $1,000 or more. The $500 bonus requires a deposit of $100,000 or more.

Next Up

When choosing a bank account, it’s important to think long-term. As nice as a bonus can be, it’s not the only consideration. One should consider bank fees, interest rates, ATM locations and other factors important to your financial situation.

And if you love bonuses, check out our list of the best credit card signup rewards.