Best Internet Banks 2024
Internet banks forgo branches in favor of operating fully online. They tend to offer higher yields and lower fees than brick-and-mortar banks, thanks to lower overhead costs.
Best Internet Banks
These banks provide services online. The best internet banks don’t contend with the costs that come with operating branches, so their accounts generally have lower fees and higher yields than those from brick-and-mortar banks.
This is part of Kiplinger Personal Finance Magazine's 2024 best bank for you rankings. See lower down on this page for more categories.
Ally Bank
Why it won: Accounts from Ally Bank have solid yields and no monthly maintenance or overdraft fees.
Standout accounts: Ally’s money market and savings accounts offer a competitive 3.8% yield.

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Overview:
Ally Bank’s checking account, which it calls the Spending Account, lets customers earn interest on their cash while avoiding many fees commonly associated with checking accounts, including monthly maintenance fees and overdraft fees. How much interest your account earns depends on your balance. Balances of less than $15,000 yield 0.1%, while balances of $15,000 or more yield 0.25%. Plus, standard checks and incoming wire transfers are fee-free.
Both the Money Market Account (which comes with a debit card and checks) and Savings Account offer a competitive 3.80% yield on all balances. They have no monthly maintenance fees or minimum balance requirements, and they don’t charge fees for overdrafts or incoming wire transfers. An extra benefit that comes with the savings account is the savings buckets tool, which lets account holders organize their savings goals into customizable categories (say, one bucket for a rainy-day fund and another for a vacation). With a separate feature, you can have Ally monitor your checking account for transactions to round up to the nearest dollar; when you accrue at least $5 in round-ups, Ally transfers the money to your savings account.
Ally’s High Yield CDs have no minimum deposit requirement, and rates include 3.90% for a one-year CD, 3.40% for a three-year CD and 3.40% for a five-year CD.
Axos Bank
Why it won: Axos offers a wide range of specialized checking accounts with great benefits and no monthly fees, including accounts for teenagers and seniors, a cash-back account, and a high-yield option.
Standout accounts: Earn up to 1% back on debit card purchases with CashBack Checking. With Rewards Checking, account holders who meet certain criteria can earn up to 2.35% interest.
Overview:
Axos offers several checking accounts that charge no monthly fee, including the basic Essential Checking, which is completely fee-free. CashBack Checking provides 1% back (earnings are capped at $2,000 per month) on debit card purchases that you verify with your signature rather than entering your PIN, as long as you maintain a $1,500 minimum average daily balance. If your balance is less than $1,500, you earn just 0.5%.
With Rewards Checking, account holders can earn up to 3.3% on deposits, depending on which of five requirements they meet: Receiving monthly direct deposits of at least $1,500 (0.4%); using your Axos debit card 10 times per month or activating Axos’s online Personal Finance Manager tool (0.3%); maintaining an average daily balance of $2,500 per month in an Axos Invest Managed Portfolios Account (0.99%) as well as an Axos Invest Self Directed Trading Account (0.99%); and using your account to make your monthly Axos Bank consumer loan payment (0.6%).
All three of the above-mentioned accounts provide unlimited reimbursement of out-of-network ATM fees.
Golden Checking — available to adults 55 and older — has no fees, provides free personal checks and offers a 0.1% yield on all balances. The free First Checking and First Savings accounts are designed to introduce teenagers to personal finance, allowing parents to manage their teen’s account from their phone.
Earn up to 0.61% with a High Yield Savings account and up to 0.25% with a High Yield Money Market account from Axos. Both accounts have no minimum balance requirements or monthly fees.
EverBank
Why it won: EverBank received high scores for its checking, money market and savings accounts, all of which offer decent yields.
Standout accounts: EverBank Performance℠ Savings offers a competitive yield of 4.40%, with no minimum balance required. The EverBank Performance℠ Money Market account yields 4%.
Overview:
In 2023, TIAA Bank transitioned to new ownership and rebranded as EverBank, the name the bank used before TIAA’s acquisition in 2017. EverBank Performance℠ Checking recently had a 0.25% yield, and it has no monthly fee or minimum balance requirement (but the opening deposit must be at least $100). The free EverBank Performance℠ Money Market account offers a 4% rate. Both accounts reimburse up to $15 in out-of-network ATM fees each month — or, with a balance of at least $5,000, you get unlimited ATM fee rebates.
Other accounts include EverBank Checking, which has a low minimum opening requirement of just $25, plus zero monthly account fees. EverBank Performance℠ Savings offers a competitive, 4.40% yield on all balances, and it charges no monthly service fees. You can open an EverBank Performance℠ CD with a minimum deposit of $1,000.
Kiplinger's Best Banks
- Best National Banks
- Best Credit Unions
- Best Banks for High-Net-Worth Clients
- Best Banks for Retirees
- Best Banks for Travelers
Note: This item first appeared in Kiplinger Personal Finance Magazine, a monthly, trustworthy source of advice and guidance. Subscribe to help you make more money and keep more of the money you make here.
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

Lisa has been the editor of Kiplinger Personal Finance since June 2023. Previously, she spent more than a decade reporting and writing for the magazine on a variety of topics, including credit, banking and retirement. She has shared her expertise as a guest on the Today Show, CNN, Fox, NPR, Cheddar and many other media outlets around the nation. Lisa graduated from Ball State University and received the school’s “Graduate of the Last Decade” award in 2014. A military spouse, she has moved around the U.S. and currently lives in the Philadelphia area with her husband and two sons.
-
You Need to Have This Financial Talk With Your Spouse
Women are poised to inherit significant wealth from their husbands. Here's how they can prepare for it.
-
These Beach Towns Are the Safest Spots in the US This Summer
Low crime rates, accessible medical care and calm conditions make these coastal destinations perfect for a stress-free getaway.
-
Surprising Ways to Find Deals on Cars Despite Tariffs
Looking for a new car? Tariffs will make good deals harder to find, so use these expert tricks to get a lower purchase price and keep long-term costs down.
-
Three Ways to Find Deals in Your Investments This Year
Looking for ways to save because of tariffs? Don't forget to look for deals in your investments. Here are three expert tips for making a little extra this year.
-
Don't Miss Out on These Four Credit Card Benefits
Credit card benefits aren't always limited to cash back, points and miles. Check whether your existing card offers these valuable extras — or switch to one that does.
-
Smart Ways to Save Money at Museums
Want to save money at museums, art galleries, zoos and gardens? Use these tips to get free or discounted admission to national and local collections.
-
How to Find Deals on Travel in 2025
Finding deals on travel is an excellent way to cut costs in 2025, as tariffs start to bite. Here are three suggestions for lowering the cost of your next trip.
-
Strategies to Spend Less on Clothing and Online Shopping in 2025
It's easy to spend less on clothing and other goods when shopping online. Arm yourself with these expert tricks and tools that will help you grab a bargain.