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10 Best Online Banks of January 2024

With digitalization, people are searching for more ways to secure their money, and looking into the best online banks is a great start!

Online banking has become one of the most viable assets of today’s youth. It not only helps you save a sum or two but allows you to store the amount in a secure place. A digital bank is usually a bank that operates over the Internet.

Online banking allows you to perform almost everything at your fingertips. You can pay bills, transfer money, deposit balance, recharge, and more.

If you are also considering switching to digital banks and saying goodbye to old traditional banking methods, you have come to the right place. Today, in this blog post, we will give you an idea about what online banking is and which are the top banks in 2024.

What Is Online Banking?

Digital banking is related to the best online banks, where you can perform routine financial tasks such as checking your bank balance, fund transfers, deposits, and bill payments over the Internet.

With online banking, you do not have to stand in long queues or visit the bank often for every little thing. You can perform almost every task at your convenience, given that, here are some features of online banking:-

Key Features of Online Banking

  • You do not need to visit the physical branch for every little thing because. Online banks save you effort, time, and money.
  • Some best online banks offer a superior customer experience with features such as chatbots, automated banking, etc. You do not have to wait in long queues for customer service.
  • Online banking allows you to perform most of the tasks yourself, such as fund transfers, loan applications, account information, etc. Furthermore, it reduces the need for visiting the physical branch.
  • Traditional banking charges more than Online banking.
  • You may get additional services from the banks, such as budgeting tools, credit score monitoring & other financial services on their websites & apps.

What Is The Difference Between Online Banking And Traditional Banking?

Online Banking and traditional banking are different in many ways. Given that, here are some of its differences:-

Aspects of BankingTraditional BankingDigital Banking
AccessibilityOnly accessible through ATMs and bank branches  Can be accessed anytime via mobile apps and other online means
Operational HoursRestricted to business hoursAvailable 24 x 7
Fees and ChargesHigh charges and fees depending on the bankLow or nil fees since everything is conducted online
TransactionsTransactions require more time, effort, and paperworkFast and easy processes through user-friendly portals
ConvenienceCustomers have to visit the banks physically, which takes more time and effortsRapid and very easy means of use through menu-driven options
SecurityTraditional securityAdvanced technology-driven security
Customer ServiceOver a phone call or have to visit the nearest bank branchAvailable via chat or through email

Advantages Of Online Banks

Best Online Banks | Online Banking

So far, we have learned so much about online banks, including comparison with a traditional bank. It is now time we discuss some of its advantages:-

Pay bills online

Having an account in the best online banks is beneficial in so many ways, but paying bills online might be one of the top advantages of online banks.

Whether it is an electricity bill, DTH, Cylinder booking, rent payment, credit card payment, or more, online banks have got you covered. For this, you just have to log into your account and pay your bill online.

Automated bill payment option is also available for increased efficiency. This can help you monitor your cash flow and, in fact, save money through cashbacks and discounts.

Transfer money

If you have an account in any of the best online banks, you can rapidly transfer money from one account to another. Moreover, you can make payments to vendors with secured and safe online banking.

Deposit checks online

One of the most prominent financial advantages of having an account in the best online banks is to deposit checks online.

You do not have to stand in line to deposit checks, rather, with the help of apps or online bank services, you can do it on your phone or tablet.

Additionally, some banks offer 24/7 customer service for superior convenience.

Lower your overhead fees

The best online banks have lower fees as they do not have to pay for the upkeep of branches. They do not charge any processing fees, unlike a physical branch.

Which are the best online banks in 2024?

Now that you have understood a few things about online banking, it is time to move forward to the best online banks in 2024. We understand that you want to enjoy the benefits of online banking but look for security as well as convenience.

To help you out, we present you a list of the best online banks:-

Bank NameRatingProductFeesATM networkLearn More
Quontic Bank4.8/5 star ratingSavings, Checking, MMAs, CDsNo monthly, overdraft, or ATM90,000+ ATMs nationwideLearn More
Discover Bank  4.3/5 star ratingSavings, Checking, MMAs, CDsNo monthly, overdraft, or ATM60,000+ ATMs nationwideLearn More
Axos Bank4.2/5 star ratingSavings, Checking, MMAs, CDsNo monthly, overdraft, or ATM91,000+ ATMs nationwideLearn More
Ally Bank4.2/5 star ratingSavings, Checking, MMAs, CDsNo monthly, overdraft, or ATM   43,000+ ATMs nationwideLearn More
NBKC Bank           4.2/5 star ratingSavings, Checking, MMAs, CDsNo monthly, overdraft or ATM37,000+ ATMs nationwideLearn More
iGObanking           4.2/5 star ratingSavings, Checking, MMAs, CDsNo monthly or ATM, $35 overdraft55,000+ ATMs nationwideLearn More
Salem Five4.1/5 star ratingSavings, Checking, CDsNo monthly or ATM, $35 overdraft55,000+ ATMs nationwideLearn More
TIAA Bank           4.0/5 star ratingChecking, MMAs, CDsNo monthly, overdraft, or ATM   80,000+ ATMs nationwideLearn More
Vio Bank           3.9/5 star ratingSavings, MMAs, CDsNo monthly, overdraft, or ATMNo ATM networkLearn More
Capital One 360     3.9/5 star ratingSavings, Checking, CDsNo monthly or ATM, $35 overdraft70,000+ ATMs nationwideLearn More

Are online banks safe?

Moving forward, let us now discuss whether an online bank is safe?

We understand this is a common question that may have stricken your mind. Though there are so many advantages of online banks, we people always wonder if there is any risk associated with them.

Given that, let us first learn what the best online banks do for safety:-

FDIC Insurance

Federal Deposit Insurance Corporation (FDIC) insures most of the best online banks. This insurance can protect deposits up to $250,000 per depositor/per ownership. If, anyhow, a bank fails to do this, FDIC insurance ensures your funds are protected.

Data Encryption

The government has laid down guidance for online and traditional banks for using strong online encryption. This stops anyone besides your bank from reading data, including card numbers.

Multi-Factor Authentication

Multi-factor authentication or two-factor authentication is put in place to improve the security of your bank account so that nobody besides you can access it. It can be a PIN, password, notification, or even face lock.

Automatic Sign-Out

Some of the best online banks use automatic sign-out or time-out. If you use your bank’s mobile app or website and forget to sign out, this feature will automatically close the application, preventing other people from opening your account on your device without having to log in.

Fraud Monitoring

Fraud monitoring is a common practice that can arise with online banking. Third parties can hack your account through debit or credit card information. Many of the best online banks, thereby, have systems for fraud monitoring to catch any suspicious activity, such as unauthorized transactions.

Conclusion

If you are looking for the best online banks to manage your finances, then you can look at some options we have shared in our blog post.

Quontic Bank, Discover Bank, Axos Bank, Ally Bank, NBKC Bank, iGObanking, Salem Five, TIAA Bank, Vio Bank, and Capital One 360 are some of the best options.

These banks provide good online banking services as well as no additional charges are applicable for opening an account. So, register today, and welcome a new technical way of finance.

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David Gillmore

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