Top 10 Digital Banks

Top 10 Digital Banks of 2023

The traditional banking industry is being transformed by neo and challenger banks from a stodgy, slow-moving space to one that is innovative, dynamic, and forward-thinking.

The best online banks combine high APYs with low fees and reasonable minimum requirements. Because they are frequently branchless, these institutions provide an intuitive online and mobile banking experience. They also provide attentive and easy-to-reach customer support.

So, here are the top ten digital banks in operation today.

  • Quontic Bank

Quontic Bank is a digital bank that provides a variety of deposit accounts. These accounts have competitive rates and low minimum deposit amounts. 

Quontic provides competitive APYs, low minimum deposit requirements, low fees, and access to more than 90,000 surcharge-free ATMs across the US. As a Quontic customer, you can access all of the features you’d expect from a digital bank. This includes 24/7 online banking and a mobile app.

In addition to traditional banking products such as: 

  • High-Interest Checking, 
  • High Yield Savings, 
  • Money market accounts
  • CDs

Quontic offers a couple of other unique accounts. Each statement cycle, the bank offers a Cash Rewards Checking account. The account offers up to 1.50% cash back on qualifying debit card transactions. 

In addition, Quontic offers a Bitcoin Rewards Checking account in select states. This pays 1.50% Bitcoin on eligible debit card purchases.

Live chat, email, and phone support are all available.

  • Discover Bank

Discover Bank keeps its fees as low as possible. It has no monthly maintenance fees, no insufficient funds fees, and no fees for using out-of-network ATMs. In addition, there are no fees for stop-payment orders, returned items, or excessive withdrawals.

Every month, the bank’s checking account earns 1% cash back on up to $3,000 in debit card purchases. Details can be found on the website. Customers also have access to a large ATM network. Discover offers a variety of banking products and services, including a competitive savings account.

Discover also provides mobile banking; the app has received high ratings on the App Store and Google Play. Customer service is available around the clock, 365 days a year.

  • Axos Bank

Axos Bank has low fees and relatively high APYs. The required minimum deposit is reasonable. 

Customers also have access to approximately 91,000 ATMs across the United States. They also have access to unlimited domestic ATM fee reimbursements for out-of-network ATM use.

Axos also provides customer service via phone and secure online messaging 24 hours a day, seven days a week. During regular business hours, the site also has a live chat feature.

  • Ally Bank

Ally is a full-service online banking provider. It consistently offers competitive rates on its products, with low fees, no monthly maintenance fees, and no minimum balance requirements.

It has a large ATM network and reimburses fees charged at out-of-network ATMs up to $10 per statement cycle.

Customers of Ally also have access to the bank’s savings tools. Ally’s savings account allows you to create “buckets.” These allow you to set up to ten different savings goals within a single account.

The institution also has a “round-ups” feature that searches your checking account for transactions that it can round to the nearest dollar and transfer to your savings account.

  • Nbkc Bank

The Everything Account from Nbkc Bank combines checking and savings account into one. A single account can be used to spend, save, and pay bills. It includes an extensive ATM network and reimburses out-of-network ATM fees of up to $12 per month.

Nbkc bank is a full-service bank that charges the bare minimum in fees. There are no monthly or overdraft fees, minimum balance fees, or foreign transaction fees. Incoming domestic wire transfers are also free of charge.

Customers can contact customer service via live chat, phone, or email. You can also access your accounts on the go by using the bank’s mobile app.

  • iGObanking

All of iGObanking’s traditional products, including CDs, savings, checking, and money market accounts, have competitive APYs and low fees. Thus, making it an excellent place to save money for short-term financial goals.

iGOBanking provides access to a large surcharge-free ATM network. It also reimburses up to $15 per month in domestic ATM fees charged by other banks.

The bank’s accounts are available online and through its mobile app, which is available for iOS and Android. Customer service is available by phone or email seven days a week.

  • TIAA Bank

With its checking and money market accounts, TIAA Bank offers a Yield Pledge guarantee. This guarantees that your interest rate will be among the top 5% of “competitive accounts.”

This is based on data from the ten largest banks and thrifts in ten major US markets. While the bank’s Yield Pledge does not guarantee that you will earn the highest rate available, you will know that you are earning a competitive rate when compared to large banks and thrifts.

Furthermore, there are: 

  • No monthly fees on the bank’s accounts 
  • No overdraft fees from a linked TIAA bank account
  • No ATM fees

TIAA also automatically reimburses up to $15 in third-party ATM fees per month.

  • Vio Bank

Vio Bank’s three main products are savings, money market accounts, and CDs. They offer competitive interest rates, low fees, and relatively low minimum deposit amounts. 

Notably, it does not provide a checking account, ATM network, or branches. Thus, making it an excellent choice for those looking to park cash for future growth.

  • Salem Five Direct

Through a combination of insurance safeguards, Salem Five Direct insures balances without limit. The Federal Deposit Insurance Corporation (FDIC) insures each depositor up to $250,000 per ownership category. 

The Massachusetts Depositors Insurance Fund ensures all deposits in excess of that amount (DIF). This is in contrast to the majority of other banks, which generally limit deposit insurance to the FDIC maximum.

There are no monthly fees or out-of-network ATM fees with Salem Five Direct. It also reimburses other banks’ fees up to $15 per statement cycle.

  • Revolut

Customers of Revolut can use the physical, prepaid currency card to make fee-free international payments in over 150 currencies using the interbank exchange rate. 

This refers to the rate that banks offer to each other when exchanging currencies. It is significantly higher than the rate offered by a bureau de change or most other prepaid cards. This makes Revolut one of the most appealing cards for use abroad on the market.


Online banks, with their convenience and features, can be an excellent option for those looking to transition away from traditional banking.

If you’re used to traditional banking, making the switch may seem daunting. However, online banks are secure, and switching can be worthwhile, especially if you can save money on fees, get a better APY, and enjoy the added convenience of banking from anywhere.

Finally, the best online bank for you provides the right combination of features and fees to meet your specific requirements.


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