The days of queuing up at the bank to make a transaction are long gone. With the advent of online banking, you can now do everything from the comfort of your own home.
But with so many different online banks out there, how do you know which one is right for you? In this blog post, we will explore the best online banks for 2020.
From features to fees and more, we will break down everything you need to know to make a decision about which bank is right for you. ###
With so many online banks to choose from, it can be difficult to decide which one is right for you. In this blog post, we will explore the best online banks for 2020.
We will break down everything from features to fees to help you make a decision about which bank is right for you.
American Express® National Bank
American Express National Bank is one of the best online banks in the United States. They offer a wide range of banking products and services, including checking and savings accounts, credit cards, loans, and more. They also have a great mobile app that makes banking on the go easy and convenient.
American Express offers a variety of banking products and services that can be accessed online. These include checking and savings accounts, as well as credit cards and loans. American Express also offers mobile banking, which allows customers to manage their accounts on the go.
Best for High Yields: CIT Bank
CIT Bank offers some of the highest yield savings account and CD rates available. The CIT Savings Builder Account offers a 0.50% APY on balances up to $25,000, and the CIT Premier High Yield Savings Account offers a 0.75% APY on balances over $100,000.
For CDs, the CIT Bank 24-Month Jumbo CD pays 1.35% APY and has no monthly maintenance fees.
If you are looking for high yields on your savings, CIT Bank is definitely worth considering. Their Savings Builder and Premier High Yield Savings Accounts both offer great rates, and their Jumbo CD is also very competitive. Plus, there are no monthly maintenance fees to worry about.
Best for Investors: Wealthfront
Wealthfront is an online financial advisor with a focus on helping its clients grow and manage their wealth. The company offers a number of features and services that make it a good choice for investors, including:
-A wide range of investment options: Wealthfront offers a variety of investment options, including stocks, bonds, ETFs, and mutual funds. This gives investors the ability to diversify their portfolios and choose the investments that best fit their needs.
-Automatic portfolio rebalancing: Wealthfront automatically rebalances its clients’ portfolios to keep them aligned with their goals. This helps to ensure that investors stay on track and do not take on too much risk.
-No account minimums: Wealthfront does not require its clients to have a minimum account balance, making it accessible to all investors.
-Free financial planning: Wealthfront provides its clients with access to free financial planning tools. This can help investors identify their goals and create a plan to achieve them.
Best for Customer Support: Albert
Albert is the best online bank for customer support because they offer 24/7 live chat, email, and phone support. They also have a large knowledge base and FAQ section on their website.
If you need help with your account or have any questions, Albert’s customer support team is always available to assist you. They’re quick to respond and can help resolve any issue you may be having.
Whether you’re new to online banking or a seasoned user, Albert makes it easy to get the help you need. Their customer support is top-notch, so you can be sure you’re in good hands when you bank with them.
Best for Overall Potential Returns: Tellus
If you’re looking for the best online bank for overall potential returns, Tellus is the clear winner. With an industry-leading APY of 2.25%, no monthly fees, and no minimum balance required, Tellus offers a great way to boost your savings.
In addition, Tellus offers a suite of features that make it easy to manage your money and reach your financial goals.
With its high APY and lack of fees, Tellus is a great option for anyone looking to grow their savings. Whether you’re just starting out or you’re already on your way to financial success, Tellus can help you reach your goals.
And with its easy-to-use interface and mobile app, managing your money is easier than ever. So why wait? Start saving today with Tellus!
Best for Automated Budgeting: Dough
If you’re looking for an online bank that offers automated budgeting features, Douugh is a great option. With Dough, you can connect all of your financial accounts in one place and create a personalized budget based on your spending habits.
The app also provides insights into your spending patterns and helps you find ways to save money. Plus, if you ever need help creating or sticking to a budget, the Douugh team is always available to assist you.
Best for Teens and Young People: Copper Banking
When it comes to banking, there are a lot of options out there. But if you’re a teen or young person, you might be wondering which bank is the best for you.
Here’s a look at why we think Copper Banking is the best option for teens and young people:
1. No fees. That’s right, Copper Banking has no fees whatsoever. This means that you can keep more of your money in your account and less goes towards bank fees.
2. High-interest rates. Copper Banking offers some of the highest interest rates on savings accounts, which means your money will grow faster.
3. Easy-to-use app. The Copper Banking app is designed with teens and young people in mind and is very user-friendly. You can easily check your balance, transfer money, and more with just a few taps on your phone.
4. Great customer service. If you ever have any questions or need help with anything, Copper Banking’s customer service team is always happy to assist you. They’re available via phone, email, or live chat 24/7/365.
5. FDIC insured. Your money is always safe at Copper Banking because it’s FDIC insured up to $250,000 per account holder. So even if something happens to the bank, your money will still be protected.
Best for Freelancers and Self-Employed People: Lili
Lili is a great online bank for freelancers and self-employed people. They offer a free checking account with no monthly fees, and they also have a great savings account that offers up to 2% interest. Their customer service is excellent, and they have a very user-friendly website.
If you’re a freelancer or self-employed person, Lili is the best online bank for you. With no monthly fees, free ATM withdrawals, and a great mobile app, Lili makes it easy and affordable to manage your finances on your own terms.
Lili is a great choice for freelancers and self-employed people for several reasons. First, there are no monthly fees. This means you can save money by not having to pay a bank fee every month. Second, Lili offers free ATM withdrawals.
This means you can get cash when you need it without having to pay any extra fees. Finally, the Lili mobile app is great. It’s easy to use and helps you keep track of your finances on the go.
Best for Potential Returns on Savings & Spending: PrizePool
While PrizePool may not be the best online bank for everyone, it certainly has the potential to offer the best returns on savings and spending for those who are willing to take a bit of a risk.
With PrizePool, you can choose to either save your money or use it to enter into prizes. If you choose to save, you’ll earn a modest interest rate on your account balance. However, if you’re willing to take a chance and use your money to enter into prizes, you could potentially earn much higher returns.
Of course, there is always the risk that you could lose your money if you don’t win any prizes. But, if you’re careful and choosy about which prizes to enter, the potential rewards could outweigh the risks.
So, if you’re looking for an online bank that could offer potentially high returns on your savings and spending, PrizePool is worth considering. Just be sure to weigh the risks and rewards carefully before making any decisions.
Best for Savers: Quontic Bank
What separates the best online banks from the rest is their dedication to helping savers grow their money. Quontic Bank is one of the best online banks for savers because it offers high-interest rates on savings accounts and CDs.
If you’re looking for a bank that will help you grow your money, Quontic Bank is a great option. It offers competitive interest rates on its savings accounts and CDs, so you can earn more on your money over time. Plus, Quontic Bank has no monthly fees or minimum balance requirements, so it’s easy to keep your account with them without having to worry about paying extra fees.
When it comes to finding a great online bank for savers, Quontic Bank is a top choice. With its high-interest rates and easy-to-use platform, you can be sure that your money will grow while being well-protected.
Best for Borrowers: Discover Bank
If you’re looking for an online bank that offers great rates for borrowers, Discover Bank is a great option. Discover offers some of the best rates on personal loans, home equity loans, and auto loans. They also offer a variety of other banking products and services that can benefit borrowers.
For example, Discover offers a free credit score monitoring service that can help you keep track of your credit score and report any changes. They also offer a mobile app that allows you to manage your account on the go. Discover Bank is a great option for borrowers who are looking for competitive rates and helpful features.