Everyone knows that large banking institutions like Chase and Bank of America offer checking accounts online. What everyone doesn’t know, however, is that these large banks often charge monthly maintenance or minimum balance fees – and this is precisely how these large banks make the majority of their revenue! To make matters worse, mainstream banks have the absolute worst interest rates on client deposit balances; they pay virtually zero.
Simply put, bank accounts are not made equal. You should never be charged to keep your cash in a bank – period. That’s why we compiled this list of the three best online banks for the digital age.
All three banks on this list will never charge you maintenance fees and they pay a minimum of 0.50% APY. For reference, the highest APY that Bank of America pays is 0.06%.
CIT High Yield Savings
CIT Premiere High Yield Savings Review Summary
With an APY of 1.55%, CIT Bank offers one of the nation’s top interest rates for bank customers. Plus, there are never any fees to open or maintain a CIT high-yield savings account.
BVA CompassFree Checking Account
Minimum to Open
BVA Compass Free Checking Account Review
BVA Compass is one of the leading online banks offering completely free online checking for their clients. Monthly service fees for checking accounts at other banks, like Wells Fargo and Chase, quickly add up to over $144 per year! Don’t pay for a checking account that should be free.
EverBank Yield Pledge® Checking
Minimum to Open
EverBank Yield Pledge® Checking Review
Although there are no monthly account fees with the EverBank Yield Pledge® Checking account, there is a minimum of $5,000 to open the account. With a 1-year into APY of 1.21%, however, you will earn a decent amount of money in interest that will quickly add up!