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Top 10 Online Banks in the World

This article contains a compiled list of the top 10 online banks in the world.

10 Online Banks in the World

Visiting bank branches is one thing I dread doing. The idea of having to stand in a long queue has become a norm in most banks. That singular act was what prompted me to get my bank mobile Apps installed and running.

With this, I do not have to pay regular visits to the banks except there’s a pressing issue that requires my presence. If it might interest you to know, in well over 7 months, I haven’t stepped into any banking hall.

I strongly believe I’m not alone in this.

Technology has made virtually everything easy and financial transactions are not left out. In Pandemic times like this, not too many people will be courageous enough to visit banks but may have a need for financial transactions. If you’re such a person, both at home and abroad, there is a timely solution called Online Banking.

Online Banking is a method of banking in which transactions are done electronically over the internet or an electronic payment system that enables customers of a bank or other financial institutions to conduct a range of financial transactions through a financial institution’s website.

The idea of online banking may appear so beautiful but then, while online banking has some distinct advantages over traditional banking, it equally has some disadvantages.

Some of the advantages are:

High rate: Online banks offer high bank account and CD(cash deposit) rate of about 0.5% or more, which is higher than what traditional banks offer.

Low fees: Online banks charge their customers little or nothing because of reduced overhead costs, unlike traditional banks.

Above all, it is user friendly.

The disadvantages are not so scary.

Depositing difficulties: Customers who may want to deposit cash or checks may find it inconvenient but the solution is to go to the traditional banks or use their mobile apps to deposit after which it’s been transferred to the online bank.

No physical interaction: This may pose a trust threat. Customers may see, not having physical contact with any banker like the norms in traditional banks, as a discouraging factor, for fear of being defrauded.

Lastly, online banks have limited product offers.

Having known the good and bad of online banks, below are the top ten online banks you may wish to try out, worldwide.


1. Ally Bank

Research has proved this bank to be the best and top online bank with many benefits. Opening an account with this online bank is very simple because like most online banks, it doesn’t require a particular minimum balance, neither are there monthly maintenance charges, so whatever is in the account is safe.

In order not to get charged a $10 fee for an additional transaction, restrict monthly transactions to 6per month. As a savings account holder, you may be a victim of this, the moment you start handling your account like a checking account.

To savings account holders, Ally is one of the online banks that offers an APY of 1.60%.

Ally Bank has tried to solve the problem of no physical contact by putting in place a customer service where her representatives are available 24/7, attending to the problems of customers through live chats, calls, Emails. You can also connect them through Facebook, Twitter etc.

They have also made provision for educational resources on their websites where customers are enlightened and taught the basics in making smart financial decisions in order to get more value from their accounts. This platform is to promote the financial literacy of customers.

Ally Bank has the policy of closing an account if no funds are deposited within the first 30 days of opening it. Ally also has restrictions on wire transfers. While domestic outgoing transfers will cost $20 each, international transfers aren’t allowed

Think of an online bank to help you run an account without a hitch, then think of Ally Bank.

2. Discover

This is one of the better online banks that is known for having the best credit cards and about 60,000 ATM networks. It also has a great reward system which is perfect for debit card users, at $0.10 for the first hundred transactions that could net you an easy $10 for your efforts.

Like other online banks, discover has a transaction limit and once exceeded, further transactions attract a service charge of $10. You don’t need a minimum deposit, balance or fee to be eligible to manage an account in Discover.

Special features and programs of the bank includes:

No monthly account fees, no minimum deposit on savings, mobile app with mobile check deposits, annual fee forgiveness for insufficient funds or a stop payment, customer support available 24/7, etc.

However,a minimum of $2,500 is needed to open a CD account and there are penalties for early withdrawal. Also, the Discover Debit Card isn’t as widely accepted as Visa and MasterCard debit cards.

3. Capital One

This was the first bank in the US to integrate with Amazon’s Alexa to allow customers, use their voice to make enquiries about their account. Recently, they no longer offer mortgages or home loans. Here customers are permitted to open 50 CDs at once at a competitive rate without a minimum deposit but only withdrawal has a penalty


It is the best online checking account, it was formerly known as Bank of Internet USA. In this bank, the products offered and special features range from high-yield savings rates currently at 1.30% APY with no monthly fee, car loans, mortgages, personal loans, no monthly fees, and no minimum account balance.

Also, there is a 24/7 phone customer service. No, 2% foreign transaction fee is charged for both foreign purchases and ATM withdrawal and no credit card offered.

5. Chime

This is the best online bank for non-savers. It works like Acorn and Stash. The bank special features and products include; savings account, Visa debit card, no monthly fees, no foreign transaction fees and it has well over 38,000 location ATM networks.

Chime, however, does not offer traditional banks service like loans and credit, no paper checks and it pays minimal savings account interest.


This online banking was formerly Ever bank.it is the best for dollar deposits and it does not only offer traditional banking products but also CDs tied to foreign currencies. There is a unique thing about the bank, you can invest in precious metals.

Its special features include $5 monthly checking and saving fee waived with account balance of $25, interest for a savings account is low, etc.

Furthermore, TIAA specialises in retirement planning as one of its non-banking services.

7. Radius

This bank brand is well-known for its combination of mobile banking and generous ATM fee rebates. about 1.25% APY for savings account with $2,500 and 1.65% for a higher amount.


This bank is basically for those in the military and their close relatives and as such not open to everyone. It gives access to checking, savings account, credit cards insurance, personal loans and other benefits. In banking with USAA, a minimum of $25 deposit is required for opening a savings account.

This bank is not strictly an online bank, it has five physical branches with over 60,000 ATMs. An important thing to note is the charge of $2 for each withdrawal made after the first 10 free ATM withdrawal, except it is made at a USAA owned ATM

9. Simple

Simple is a budgeting app that works with a checking account and as such, gives you the ability to manage your account with your mobile device.

Some of the Banking products offered include a checking account only and having the following features: direct deposit, Visa debit card, wires accepted from other Banks, makes use of third-party services like PayPal.

Simple also has special features and programs like:

40,000 in-network ATMs, instant funds transfers between other SIMPLE customers, no fees on regular bank activity and currently pays interest of over 2.00% APY on Protected Goals Accounts.

SIMPLE is a banking app, not a full-service bank.

10. Synchrony

This is the best online savings account. It earns one as high as 2.15% interest against the average rate of 0.08%. This savings account comes with low fees but there is access to higher yield traditional CDs.It does not charge fees for using ATMs and was founded in 1988.

You may just find any of these online banks very useful.

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