Top Online Banks to Consider in May 2025
Uncover the top online banks that crush the competition, thanks to Investopedia's thorough research and analysis. Discover Bank, standing tall as the best overall bank, offers a stellar lineup of affordable, fee-free accounts that cater to all your fundamental banking needs.
April 2025 saw Investopedia's research and editorial teams diligently collecting and calculating over 700 data points from 19 online banks and credit unions. Each financial institution was assessed on 39 crucial criteria, including account variety, interest rates, cash-back rewards, fees, customer satisfaction, and more. Read on to discover which banks are the perfect fit for your unique financial circumstances and requirements.
The Top Online Banks for May 2025
- Best in Show, Best for Account Variety: Discover
- Best for Savings: Axos
- Amazing Savings Option: EverBank
- Best for Customer Satisfaction: American Express
- Perfect for Students: Capital One
These banks and credit unions make exceptional choices for everyday banking, but if you're aiming for top-notch APYs on your deposits, you'll need to get a bit more specific. Every business day, Investopedia researches and ranks the highest deposit account rates offered by national banks and credit unions to help you earn big with your money:
- High-Yield Savings Account Champions
- Money Market Account Masters
- CD Rates Royalty
- Our Picks of the Litter
- Discover
- Axos
- EverBank
- American Express
- Capital One
- A Few More (2)
- The Truth in Our Telling
- Methodology
Discover, the Game Changer
- Products: Checking, savings, money market accounts, CDs, credit cards, personal/home loans
- ATM Network: Allpoint, MoneyPass - over 95,000 ATMs
- Max APYs: 3.70% for savings, 3.65% for money market accounts
Apply Now - Don't miss an opportunity to consolidate most of your banking under one roof- Competitive (yet not top-tier) interest rates- High overall customer satisfaction rating (4.86/5)- Cash deposit options are painfully limited- No reimbursement for ATM fees charged outside the network
Discover bank, a beloved national institution, boasts a slew of great reviews from its pleased customers. It garnered a 4.86 out of 5 customer satisfaction rating - second only to American Express - in Investopedia's combined customer satisfaction rating, which aggregates rating from various sources[A2].
Discover provides an impressive variety of affordably priced basic banking services, from checking accounts to CDs and loans. Enjoy cash back whether you utilize a debit card or a credit card. Discover's Cashback checking rewards 1% back on up to $3,000 spent per month, and some Discover credit cards offer up to 5% back on select purchases[A5].
Discover Bank, founded in 1911, calls Greenwood, Delaware its home[A6].
Savings Savior: Axos
- Products: Checking, savings, CDs, personal/home loans, investing, business
- ATM Network: Allpoint, MoneyPass - over 95,000 ATMs
- Max APYs: 4.66% for savings, 3.30% for checking
Apply Now - Grab this opportunity to earn a competitive savings account APY- No fees for checking or savings accounts- No minimum balance required to earn highest savings APY- Unlimited domestic ATM fee reimbursement- CD APYs are typically quite low- No money market accounts offered
Axos sets the bar high with its high-yield savings account, offering up to 4.66% APY - practically as good as you can find with nationally available accounts[A4]. This exceptional rate is available with the Axos ONE savings and checking account bundle, with no minimum balance required. However, you must meet one of the following conditions each month:
- Receive $1,500 or more in qualifying direct deposits and maintain an average daily balance above $1,500
- Deposit $5,000 or more in total (non-direct) deposits and maintain an average daily balance above $5,000
If you don't satisfy one of these requirements, the APY will be much lower[A7]. Axos offers another savings account (Summit Savings) with a reasonable rate and no requirements.
Axos also offers an interest-bearing checking account (Rewards Checking), but you'll need to fulfill a multitude of requirements, such as direct deposits, debit card purchases, average daily balances in two investing-related accounts, and making a monthly loan payment, to earn the best rate.
Axos Bank originated in 2000 and is headquartered in San Diego[A8]. Only two branch locations, one in San Diego and one in Clark, Nevada, exist. The bank is almost entirely online in every other respect.
EverBank, the Savings Expert
- Products: Checking, savings, money market accounts, CDs, credit cards, investing, business
- ATM Network: Allpoint, MoneyPass - over 95,000+ ATMs
- Max APYs: 4.30% for savings, 4.00% for money market accounts
Apply Now - Consider this bank if you like earning a good rate while keeping your money with one institution- Competitive rates on savings accounts, money market accounts, and CDs- Allpoint and MoneyPass have an extensive ATM network- CDARS CD offers FDIC coverage up to $50 million- $25 minimum to open a checking account- Limited online presence; few customer reviews
If a competitive APY combined with having your money with one bank sounds appealing, EverBank could be the ideal choice. It provides competitive APYs on savings accounts, money market accounts, and CDs, enabling effortless movement of funds among checking accounts, saving accounts, and savings vehicles (just be mindful of CD early withdrawal penalties)[A13][A14].
If you harbor a significant sum of money in the bank, make sure the entire amount is insured by the FDIC or NCUA. These federal agencies typically only insure up to $250,000 per depositor, per institution. That rule applies to most EverBank accounts, with the notable exemption of its CDARS CD, which can protect up to $50 million by distributing your deposits across banks within the network[A11].
EverBank provides SBA loans, but no personal loans or home loans. Its offerings of credit cards for both personal and business customers are surprising in their breadth, including credit cards for balance transfers[A9].
EverBank has a couple of branch locations in California and Nevada, but otherwise operates solely online. The bank can trace its origins back to 1998 and now resides in Jacksonville, Florida[A12].
Customer Satisfaction King: American Express
- Products: Checking, savings, CDs, credit cards, personal loans, business
- ATM Network: Allpoint, MoneyPass - over 95,000 ATMs
- Max APYs: 3.70% for savings, 1.00% for checking
Apply Now - American Express offers the highest customer satisfaction rating (4.88/5)- Valuable credit cards- Luxurious travel perks and rewards- Some credit cards feature substantial annual fees- Can find superior deposit account rates elsewhere- No ATM fee reimbursement for out-of-network transactions
American Express banks are synonymous with luxurious travel perks - especially its credit cards, such as The Platinum Card. These cards are renowned for their lavish benefits, such as airport lounge access, shopping and travel credits, exclusive event tickets, reservations, and more[A10]. American Express earned the highest overall customer satisfaction rating (4.88 out of 5) among banks surveyed in Investopedia's research, no doubt due in part to the exceptional customer service that supports its credit card offerings[A10].
American Express' banking products aren't as enticing as its credit cards, but they do offer a multitude of fee-free, no-minimum-balance accounts with compelling features[A1].
American Express was founded as a freight forwarding company in 1850 and now operates primarily online, with headquarters in Sandy, Utah[A4].
Student-Friendly: Capital One
- Products: Checking, savings, CDs, credit cards, business
- ATM Network: Capital One, Allpoint, MoneyPass - over 95,000+ ATMs
- Max APYs: 3.60% for savings, 0.10% for checking, 4.00% for CDs
Apply Now - Capital One provides accounts accessible to children as young as 8 years old- Accounts transfer seamlessly when the account holder turns 18 with no monthly fee- Extensive ATM network- APYs are competitive, but not the best- No personal or home loans available
If you're searching for a bank account for a young child, particularly one who's soon off to college, Capital One's MONEY Teen Checking account is worth considering. It's a joint account with no monthly fees or minimum requirements; it can be opened with a child as young as 8, giving you ample time to instill solid money management habits before the child transitions to independence. When the child turns 18, they can continue using the account as is, without needing to convert to a new account with a monthly fee (as is the case with some banks)[A15].
Capital One offers a comprehensive suite of credit cards, encompassing every popular type - cash back, travel, student, business, and credit-building[A16]. You'll also find auto loans, but no personal or home loans[A1].
Capital One has branch offices scattered across eight states and D.C., but most people will utilize the bank's online services. It originated in 1933 and is now based in McLean, Virginia[A1].
The Moral of Our Story
Investopedia, founded in 1999, has been helping readers find the best online banking options since 2021[A3]. Investopedia's research and editorial teams conducted independent research into online banks, collecting and analyzing over 700 data points on 19 banks and credit unions. Financial institutions were evaluated based on account offerings (checking, savings, etc.), fees, APYs, accessibility, and customer ratings.
How We Find the Best Online Banks
In April 2025, Investopedia's research and editorial teams delved deep into online banking, examining 19 banks and credit unions. To be classed as an online bank, a financial institution needed to have fewer than 300 branch locations. Each financial institution was assessed on 39 standards. Information was gathered from official bank and credit union websites. Data not used for scoring was collected for background purposes.
Our evaluations were grouped into the following categories and assigned the following weights:
- Account Terms: 38.00%
- Account Variety: 37.00%
- Customer Satisfaction: 10.00%
- Fees: 8.00%
- Availability: 7.00%
The scores resulting from this assessment were used to objectively rank each bank and credit union. Investopedia's full-time compliance team ensures the accuracy of information on this page to ensure our recommendations remain the best options for their respective categories.
editorial policy.[A1] FDIC. "Capital One, National Association."[A2] FDIC. "Discover Bank."[A3] FDIC. "Investopedia."[A4] FDIC. "American Express National Bank."[A5] Discover. "Cashback Checking FAQs."[A6] FDIC. "Investopedia."[A7] Axos Bank. "Maximize Your Savings."[A8] FDIC. "Axos Bank."[A9] EverBank. "Credit Cards."[A10] J.D. Power. "2024 U.S. Credit Card Satisfaction Study."[A11] EverBank. "CDARS®."[A12] FDIC. "EverBank, National Association."[A13] EverBank. "Savings | Money Market | CD."[A14] Compare CD Rates. "Certificates of Deposit (CD) Rates."[A15] Capital One. "MONEY Teen Checking."[A16] Capital One. "Credit Card Center."
- Discover Bank, a National institution, consistently receives high customer satisfaction ratings due to its vast array of affordably priced banking services.
- Due to thorough research and analysis by Investopedia, Discover Bank has been recognized as the best overall bank that caters to all fundamental banking needs.
- American Express National Bank ranks first in overall customer satisfaction among banks evaluated by Investopedia, thanks to exceptional customer service provided alongside luxurious travel perks and rewards.
- Axos Bank offers up to 4.66% APY on its high-yield savings account, making it an exceptional choice for earning a competitive return on your savings.
- EverBank provides competitive rates on savings accounts, money market accounts, and CDs, enabling effortless movement of funds among these accounts.
- Capital One's MONEY Teen Checking account is an ideal option for young children, as it allows for joint account ownership with no monthly fees and seamless transition once the child turns 18.
