According to a survey by PwC, 46% of US consumers use digital channels as their primary banking method. Indeed, with the rise of technology and the internet, people are looking for faster and more convenient ways to handle their finances. Whether you’re looking to save money, earn high-interest rates, or simply streamline your banking process, there are plenty of digital banking options available in the US. In this article, we’ll explore the 10 best digital banking US and what sets each one apart.
10 Best Digital Banks in The US That Customers Should Look For!
1. Wise
Wise, formerly known as TransferWise, is a UK-based digital banking company that has been making waves in the US. Founded in 2011, Wise has quickly become one of the most trusted and best digital banking USA.
Pros:
- Low fees for international money transfers and currency exchange
- No monthly fees or minimum balance requirements
- Multi-currency accounts with debit cards available
Cons:
- Limited services compared to traditional banks, such as no physical branches
- Limited ATM network for cash withdrawals
- No joint accounts available yet
2. Ally Bank
Ally Bank is a popular digital bank that has been around since 2009. It’s a great option for those looking for a full-service banking experience, as it offers checking and savings accounts, CDs, and even auto loans. One of the biggest pros of Ally Bank is its high interest rates.
Pros:
- No monthly fees or minimum balance requirements for checking and savings accounts (competitive APY (annual percentage yield) of 0.50%, which is higher than many traditional banks)
- Competitive interest rates on savings accounts and CDs
- Wide network of fee-free ATMs
Cons:
- No physical branches, which may be a dealbreaker for some customers.
- Limited options for checking accounts, with only one option available
- No cash deposits available, although customers can make mobile check deposits
3. Vio Bank
Vio Bank is an online bank that offers high-yield savings accounts and CDs. They are a division of MidFirst Bank, a traditional bank that has been in business for over 100 years.
Pros:
- Competitive interest rates on savings accounts and CDs (high APY, which is currently 0.66% for its savings account)
- No monthly fees or minimum balance requirements for savings accounts
- FDIC insured up to $250,000 per account
Cons:
- No checking accounts available
- No ATM network, so customers must use an external ATM and may be charged fees
- No mobile app available yet, although customers can access their accounts through the website
4. Marcus by Goldman Sachs
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Marcus by Goldman Sachs is an online bank that offers savings accounts, CDs, and personal loans. The bank is FDIC-insured and has no physical branch locations. Marcus is known for its competitive interest rates on savings accounts and CDs.
Pros:
- High-interest rates on savings accounts and CDs
- No monthly maintenance fees or minimum balance requirements
- No-penalty CDs, which allow customers to withdraw their funds penalty-free
- Personal loans with competitive interest rates
Cons:
- No checking accounts offered
- No mobile app available
- Limited customer support hours
5. SoFi Bank
SoFi is a financial technology company that offers a range of financial products, including student loan refinancing, personal loans, and investment options. They launched SoFi Money in 2018, a digital banking service that offers cash management accounts with no fees.
Pros:
- No monthly fees, overdraft fees, or ATM fees worldwide
- High-yield savings account and cash management account available (high-yield savings account with an APY of 0.25%)
- Access to other SoFi financial products, such as student loan refinancing and personal loans
Cons:
- No physical branches, which may be a drawback for some customers
- Limited options for checking accounts, with only one option available
- No joint accounts available yet
6. Axos Bank
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Axos Bank is an online bank that offers a range of services, including checking and savings accounts, CDs, and personal and business loans. It was founded in 2000 and has since become one of the largest online banks in the US. Axos Bank offers competitive interest rates, low fees, and a user-friendly mobile app. Their checking accounts also come with unlimited ATM fee reimbursements, making it easy for customers to access their funds.
Pros:
- High-interest rates and low fees
- Free checking accounts with unlimited ATM fee reimbursements
- User-friendly mobile app
Cons:
- Limited physical branches
- Some customers have reported difficulty with customer service
7. Quontic Bank
Quontic Bank is a digital bank that offers personal and business banking services, including checking and savings accounts, CDs, and loans. They were founded in 2009 and are FDIC insured. Quontic Bank offers competitive interest rates and low fees, and their checking accounts come with unlimited ATM fee reimbursements. They also have a focus on social responsibility, offering special loan programs for low-income and underserved communities.
Pros:
- High-interest rates and low fees
- Unlimited ATM fee reimbursements
- Focus on social responsibility
Cons:
- Limited physical branches
- Some customers have reported issues with their mobile app
8. American Express
American Express is a well-known financial services company that offers a range of banking products, including savings accounts, CDs, and personal loans. They were founded in 1850 and have since become one of the most trusted and respected financial institutions in the US. American Express offers competitive interest rates and no monthly fees, and their savings accounts are FDIC insured.
Pros:
- Trusted and respected financial institution
- Competitive interest rates and no monthly fees
- FDIC insured savings accounts
Cons:
- Limited banking products compared to other banks
- No physical branches for in-person banking
9. Discover
Discover Bank has been offering a wide range of banking products and services since 1985. It is a well-known name in the US, thanks to its excellent credit card products. However, it also offers competitive savings accounts and CDs. The bank is FDIC-insured and provides a range of digital banking services, including a mobile app, online banking, and bill pay.
Pros:
- No monthly maintenance fees or minimum balance requirements
- Competitive interest rates on savings accounts and CDs
- No fee for outgoing wire transfers
- 24/7 customer service via phone, email, or live chat
Cons:
- No physical branch locations
- No checking accounts offered
- Limited ATM network compared to larger banks
10. Curve
Curve is a mobile banking platform that offers a range of financial services, including a debit card and cashback rewards program. It allows users to connect all of their bank accounts and credit cards in one place, making it easy to manage their finances. The app is available for both iOS and Android devices.
Pros:
- No foreign transaction fees when using the Curve card abroad
- Cashback rewards program on purchases made with the Curve card
- Real-time notifications for all transactions
- Easy-to-use app with a sleek design
Cons:
- Limited to European users only
- No savings accounts or other traditional banking products
- Some users have reported issues with customer support
Final thoughts:
In a nutshell, each bank on this 10 best digital banking US list has its own unique features and benefits, so it's important to consider what matters most to you when choosing a bank. Some banks may offer higher interest rates, while others may have more robust mobile apps or offer cashback rewards. No matter which bank you choose, be sure to do your research and read customer reviews to ensure that you are making an informed decision. With so many digital banking options available, there has never been a better time to take control of your finances and start banking digitally.
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