The world without money we cannot imagine. Money can buy everything nowadays. We do jobs for money and have our life comfortable and happy. To save money for future use we used to put our money in the bank.
There are many banks all over the world so it’s important which bank we put our life-saving money. Banks are getting smarter day by day and users want their transactions done in real-time so people used to deposit money in the online bank rather than the traditional bank.
The online bank offers all of the services you need like pay bills online, transfer funds into and out of the online bank on-demand other services also.
For selecting one of the best online banks it may be difficult for some people who are unknown to such online stuff. So here we have to make a list of the top 10 best online banks of 2020 through which you can choose the best one among them.
Table of Contents
Here is the list of the top 10 best online banks 2020:
10. Simple bank
The simple bank is the American neobank based in Portland Oregon which was founded in 2009 in Brooklyn by Shamir Karkal, Alex Payne, and Joshua Reich.
It served the United States only but it has been part of the BBVA group which is one of the largest banks in Europe. Their online service can track your spending and helps you understand where your money goes and you don’t need to sign up for third-party apps, link accounts, and deal with dropped connections.
You can specify monthly recurring bills as well as goals you want to save for through the mobile app. There are no minimum deposit requirements or monthly fees at simple and other charges are relatively minimum than other banks.
The mobile bank app is available on both ios and Android in May 2011 and January 2013 respectively which has a great interface integrated hashtag searching, memos, and location-based information for user’s transaction history.
The account holders are able to schedule automatic goal allocation for the purpose of paying bills in the expenses features.
- Also Read: Top 10 Best Tech Companies in the World 2020
9. Radius Bank
Radius Bank is the online-focused community bank headquartered in Boston Massachusetts and founded in 1987 by carpenters union Massachusetts using pension funds.
The bank offers traditional banking products for consumers, businesses, and other customers also bank provides a lot of services like checking, savings, CDs, and loans services.
You can earn 1.00% cashback on all debit card purchases when you maintain a $2,500 average balance or receive $2,500 in direct deposits each month on rewards checking account.
The Rates (APY) is 0.15% on balances $100,000 and above in high-yield saving earns, 12-month CD earns 0.50% with a minimum balance of $500. There were no monthly fees and unlimited ATM rebates.
The mobile app has 4.5 stars on App stores along with 4.4 stars on Google play which is a great response from the app user among online banking and APP is quite easy to use and has a lot of facilities.
8. CIT Bank
CIT Bank is the American multinational banking subsidiary of the financial service company CIT group which headquartered in Pasadena, California. The Bank was founded in 2000 with 60 branches and the current CEO is Ellen Alemany.
The bank offers online banking, deposit account, certificate of deposit, checking account, money market account, mortgage, working capital loan, and many more.
The savings builder account requires customers to maintain a balance of $25,000 or more, or make at least one monthly deposit of $100 or more and earn an upper Tier interest rate.
The base tier has 0.80% APY for balances under $25,000 and Upper Tier has 1.01% APY for balances under $25,000 but it needs a monthly deposit of $100 or more.
The total assets of the bank are US$44.32 billion and Total equity is US$5.11 billion with this it stands in 42nd largest bank in the United States.
The mobile banking app has 4.6 stars on APP Store with 4.1 stars on google play. CIT Bank has no ATM access with ATM fee reimbursement of up to $15 per month.
7. Chime
Chime is an American technology neobank company that was founded in 2013 by Chris Britt and Ryan King.
The company provides financial services, checking accounts, electronic deposits, debits cards, p2p, fee-free overdraft along with offering innovative automated saving features.
It has reached 6.5 million accounts as of 2019 and with 8 million account marks in 2020 Feb. The mobile banking app of Chime has been designed for the digital age.
They have no traditional banking activities like writing checks or depositing cash require extra steps also joint accounts are not offered. The Rates(APY) are 1.00% on saving with no interest in spending and no monthly fees charge.
Chime Revenue in 2019 is US$200 million with Total assets of US$5.8 billion and the number of employees working here is 500-1,000. The chime has access to 38,000+ fee-free money pass and Visa plus Alliance ATMs along with 38,000 cash-back locations at major merchants.
The mobile app has 4.8 stars on the App store and 4.6 stars on google play which is quite a good response by the mobile app used as the best online bank.
6. Charles Schwab Bank
The Charles Schwab Bank is an American multinational financial services company founded as Charles Schwab & Co in 1971 by Charles R Schwab. Charles Schwab offers stockbroker, Electronic trading platform, commercial banking, and wealth management advisory.
The company has an online presence as well as physical branches mostly in metropolitan financial centers with 345 branches in the United States and Britain.
The Capital checking account has been popular with travelers for years and does not charge fees for using other bank’s ATMs. The banking products offer high yield investor checking, high yield investor saving, home loans, pledged asset line among all these home appliance loans is popular.
The Rates(APY) are 0.03% on checking, 0.05% on savings with no monthly fees along with unlimited ATM fee rebates worldwide. Last year the revenue of the bank was US$10.132 billion and Net income US$3.329 billion.
The mobile bank app had 4.8 stars App store and 4.4 stars on google play which is the best response by the online banking customers.
5. Capital One
Capital One is an American bank holding company that was founded in 1994 by Richard Fairbank and Nigel Morris and headquartered in McLean, Virginia USA.
The company offers credit cards, auto loans, banking, and saving accounts. The has developed a reputation for being a technology-focused bank and listed as one of the largest banks in the United States.
The popular services are online saving and checking accounts have no monthly fees and no minimum deposit required to open an account.
It has 755 branches and 2000 ATMs along with 48,800 employees working here. The Rates(APY) are 0.10% on checking, 1.00% on savings, 0.50% on a 12-month CD, and no monthly fees.
The mobile app of Capital One is able to handle service requests and transactions yourself at any time. The total net income in 2019 is US$28.076 billion and Net income is US$5.710 billion. The mobile rating in the APP store is 4.8 stars and 4.7 stars on Google Play which is great for online banking.
4. Barclays US Saving
Barclays US Saving is a British multinational financial service and investment bank and started trading as goldsmith bankers in 1690 on Lombard Street in London, England.
James Barclays joined the bank and eventually renamed the bank name in his honor.
Barclays offers personal banking, corporate banking, wealth management, and investment management as the four core businesses.
The Rates(APY) are 1.00% on all tiers of savings, 0.85% on a 12-month CD with no minimum balances which is different than other online banking. The net income of this bank is €3.354 billion and total revenue is €21.632 billion in 2019.
There are 85,000 employees in the year 2020 and divisions of the bank are Barclays UK, Barclay’s investment bank, Barclays Corporate bank, Barclay’s private bank, Barclays payments, and Barclays US consumer Bank.
The Bank has its own Banking App in the app store but no ATM access.
3. Discover bank
Discover Bank is an American financial services company headquartered in Riverwoods, Illinois US. The Discover Bank was founded in 1985 and the current CEO is Roger Hochschild, also executive chairman is David Nelms.
Discover offers savings, money market, CDs, checking accounts also personal loans, home equity loans, student loans, and credit cards.
The parent company of Discover bank is Discover financial services and daughter companies are Diners Club International, Discover Network Pulse and itself Discover bank.
There are no monthly management fees and you can earn 1% cashback up to $3000 of qualifying monthly debit card purchases also you can earn cashback in checking accounts also.
The credit card of Discover is the third-largest in the United States with nearly 50 million cardholders. The Revenue of the bank is US$10.497 billion in the year 2019 and the number of employees is 15,549.
The Discover Money Markets services offer a higher interest rate than other banks’ markets but you need to require a minimum deposit of at least $2,500 to open also apply in CD.
The cashback and rewards are the best among other online banking in this online Bank.
2. American Express National Bank
American Express National bank is also known as Amex is a multinational financial service corporation American bank which headquartered at 200 Vesey Street in New York City.
The bank was founded on March 18, 1850, and the founders are William Fargo, Henry Wells, John Warren Butterfield.
At first, it started its service as the mail service Now many services are added like financial, insurance, Travel services, saving accounts, CDs, personal loans, foreign exchange, and other banking services.
American Express is widely known for its credit cards that it offers like cashback, airline miles, hotel points, and membership rewards. It is listed as the 23rd most valuable brand in the world also the highest in financial services.
The total estimating brand value of American Express is US$24.5 billion also the total revenue in 2019 is US$43.556 billion and number 9 in the Fortune list based on an employee survey of satisfaction.
The currents rates(APY) are 1.15% on all tiers of savings, 0.50% on an 18-month CD which is best for online banking also there are no monthly fees and no minimum balance requirements.
1. Ally
Ally Financial Inc.(NYSE: ALLY) is a leading digital financial service company and started its services in 1919 as the General Motors Acceptance Corporation(GMAC).
The company’s main services are Car finance, Online banking, Mortgage loans, Stock Brokerage, vehicle insurance and so on.
Ally Bank has free transactions at Allpoints ATMs in the U.S also it doesn’t charge monthly fees. The bank has no minimum deposit requirements and is easy to open an interest checking account, high-yield savings account, money market account, CDs, IRAs and other accounts.
The company CDs are known as flexible and have competitive rates. The SmartAuction launched in 2000 it sold more than 5 million vehicles including 270000 vehicles sold in 2019 due to this it is known as the largest car finance company in the U.S by volume.
Ally Rates (APY) are 0.10% on checking, 1.10% on all tiers of savings, 1.00% on a 12-month CD, 0.50% on money market accounts that are a great rate for the customers.
Last year’s ally revenue was US$6.394 billion and due to the coronavirus recession in 2020, the company lost roughly $319 million.
Overall the ally bank has great rates of interest, easy to open accounts, CDs are great competitive rates and the mobile app has 4.8 stars on App store which makes this bank overly one of the best online banks in 2020.
Final Words
Thanks for visiting our website and reading our great articles. Here we mentioned the best online bank in 2020 after doing some research and customer experience and reviews we make this list.
All banks have their pros and cons but we recommended overall ALLY Bank is the best bank in 2020 but all are great banks make sure which type of account did you need and open an account which has more interest and has a great review.
