Best Free Online Banks 2022 | Top 10 List

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Shivangi Gupta
Shivangi Gupta
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Online Banking plays an essential part in today’s life. It is an easy and convenient source of doing banking transactions, making payments, and clearing bills, which becomes a severe headache if we are made to physically visit a bank. However, choosing the best free online bank with high APY, low fees, and possible services is not an easy job. PathofEx is here with a list of the Best Free Online Banks in 2022 to make your banking easier and more rewardable. 

Choosing the best online bank with so many options available demands a thorough examination. Therefore, it is always advisable to choose a bank with a low charge on every type of fee (monthly service fee, overdraft fee, out-of-network ATM fee), competitive APY rate, a lower amount of minimum deposit requirement, multiple free ATM networks, a strong network of customer care service, and high-safety measures. FDIC-insured banks provide insurance up to $250,000 to each depositor. 

In this article, we have included our top pickups for the Best free online banks that offer secure accounts and can be a go-to option for you if you are looking for something inexpensive. 

List of The Top 10 Free Online Banks

Bank nameProductsMonthly fee/ATM fee/ Overdraft FeeATM Network Availability
iGoBankingSavings Account, Checking Accounts, Money Market Accounts, Certificate of DepositMonthly fee and ATM fee: NILOverdraft Fee: $3555,000+
nbkc bankSavings Account, Checking Accounts, Money Market Accounts, Certificate of DepositNIL37,000+
Axos BankSavings Account, Checking Accounts, Money Market Accounts, Certificate of DepositNIL91,000+
Discover BankSavings Account, Checking Accounts, Money Market Accounts, Certificate of DepositNIL60,000+
Quontic BankSavings Account, Checking Accounts, Money Market Accounts, Certificate of DepositMonthly fee and ATM fee: NILOverdraft Fee: $3590,000+
Salem Five Direct BankSavings Account, Checking Accounts, Certificate of DepositMonthly fee and ATM fee: NILOverdraft Fee: $3555,000+
Ally BankSavings Account, Checking Accounts, Money Market Accounts, Certificate of DepositNIL43,000+
Capital One 360Savings Account, Checking Accounts, Certificate of DepositMonthly fee and ATM fee: NILOverdraft Fee: $3570,000+
TIAA BankChecking Accounts, Money Market Accounts, Certificate of DepositNIL80,000+
Vio BankSavings Account, Money Market Accounts, Certificate of DepositNILNIL

1. iGObanking (4.2/5)

iGObanking

iGobanking is an online bank with competitive rates on all products, numerous fee-free ATM networks, and a 7-day customer care service availability. It is a safe place to store your cash for near-term financial goals.

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iGobanking, in some way, also reimburses the third-party ATM fees up to $15 per statement cycle. It also offers a checking account, savings account, a money market account, and certificate of deposit with a term length of 6, 12, 18, 36, and 48 months. 

2. nbkc Bank (4.2/5)

nbkc Bank

nbkc Bank is an economical online bank with 37000+ fee-free ATM networks available nationally. It is known for its services like customer service (availability over live chat, phone, or email), out-of-network ATM fee reimbursable up to $12, no fee applicability, combined checking and savings account, and much more. CD term length ranged from three months to five years. 

3. Axos Bank (4.2/5)

Axos Bank

Another best free online bank is Axos Bank which is extremely popular for its vast ATM access, low fees, high APY, 24/7 customer care service availability, and highly rated mobile app. CD term length ranged from three months to five years.  

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4. Discover Bank (4.3/5)

Discover Bank

Discover Bank offers a cashback checking account, a high-yield savings account, a money market account, and CDs with a term length from three months to 10 years. It has a massive ATM network and 24/7 customer service, making it more reliable. However, Discover Bank does not offer interest on its checking accounts. 

5. Quontic Bank (4.8/5)

Quontic Bank

Quontic Bank is one of the highly-rated free online banks with 90,000+ ATM networks available worldwide and no monthly service fee or ATM fee.

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It offers a welcoming environment to every individual with exceptional digital banking services such as 24/7 access to online banking, high interest on checking accounts, cashback of 1.5% on qualifying every cycle of debit card transactions, and CD terms ranging from six months to five years. It is also a feasible option for those looking for a high yield savings account. 

6. Salem Five Direct Bank (4.1/5)

Salem Five Direct Bank

Salem Five Direct is another online FDIC-insured bank that insures the balances of up to $250,000 made by each depositor. Deposits made up and above $250,000 are covered by Massachusetts Depositors Insurance Fund(DIF). It is an economical option for those willing to escape monthly fees or out-of-network ATM fees. 

7. Ally Bank (4.2/5)

Ally Bank

Ally Bank offers high-rated products, no monthly or overdraft fees, and free access to 43,000+ ATMs nationally. To help customers build a good saving habit, it allows customers to create a ‘bucket’ full of 10 different saving goals within a single account. 

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Ally Bank also has a ‘round up’ feature that rounds up the transactions in your checking account to the nearest dollar and transfers it to your savings account. 

8. Capital One 360 (3.9/5)

Capital One 360

Capital One 360 is a fusion of an online and brick-and-mortar bank that gives clients leverage to choose their medium accordingly. Capital One 360 also owns Capital One Cafes in some locations to provide a personal space to their clients. However, it has a huge overdraft fee of $35 and no money market account. 

9. TIAA Bank (4.0/5)

TIAA Bank

TIAA Bank is a high-yielding, free online bank with a well-designed mobile app and 7-days of customer service. It offers unlimited reimbursement of ATM fees with a minimum balance of $5,000, but on the contrary, it doesn’t own a savings account which is its big red spot. 

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(Highly suitable if you are not looking for a savings account)

10. VIO Bank (3.9/5)

VIO Bank

Last but not least, we have in our list of best free online banks is ‘VIO Bank.’ Vio Bank has competitive interest rates, low fees, ACH transfer availability, and lower minimum deposit requirements. Although, it does not offer a checking account or an ATM network. It also charged $10 and $5 on the grounds of excessive transactions and paper statements.

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Wrapping Up

Online Banks not only offer the idea of low fees, high APY, or multiple products, but it offers the idea of ‘effortless banking,’ which can be done anytime and from anywhere. PathofEx has added the top 10 free online banks, which can be an economical, rewarding, and convenient option to look for. In case of any doubt, we are happy to help 24/7.

Good Luck 

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