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    You are at:Home » Online Banks: An In-Depth Review

    Online Banks: An In-Depth Review

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    By pps-DUEditor on April 28, 2021 Finance

    With the emergence of online banking, you can conveniently manage your funds online from anywhere. Without the overheads associated with physical branches, online banks can afford to offer various financial products at attractive interest rates. Read on to know the advantages and downsides of the top online banks.

    Varo Bank

    With an APY of up to 2.80%, Varo is a clear choice for high-yield savings accounts.

    Pros

    Base APY of 0.40%

    No minimum balance or monthly fee requirements

    Access to saving tools online and via mobile app

    Cons

    No CDs or money market accounts offered

    Fees for using out-of-network ATMs

    Ally Bank

    If you’re looking for an online bank that offers attractive returns and scores high on customer satisfaction, Ally Bank is a top choice.

    Pros

    Access to a full-service bank with several products

    Round-the-clock customer service

    No minimum balance requirements

    Cons

    High overdraft fees

    No cash deposit facilities

    Lower APY than other financial institutions

    Quontic bank

    Quontic Bank offers the best cashback rewards (up to 1.5%) of all online banks.

    Pros

    An extensive network of over 90,000 ATMs

    Variety of Checking, saving, MMA, and CD products

    Checking APY up to 1.01%

    Cons

    Restricted customer support timings

    High overdraft fees

    Bank5 Connect

    Bank5 Connect offers the combined advantage of attractive interest and rewards.

    Pros

    Variety of banking products with cashback facilities

    Low required minimums for account deposits

    Nominal fees

    Smartphone app access

    Cons

    APY only applicable on maintaining minimum balances

    Limited timings for customer support

    Discover Bank

    Discover Bank is a great place to park your funds while saving on fees.

    Pros

    Availability of debit cards with cashback rewards

    24/7 banking access through a mobile app

    Minimal fees charged

    60,000 ATMs nationwide

    Cons

    Checking accounts don’t draw interest

    Comparatively low APY

    Axos Bank

    Axos Bank is an ideal full-service online institution offering comprehensive services.

    Pros

    Low fees and competitive annual percentage yield (APY) of up to 1.25%.

    Access to a network of 91,000 ATMs

    Dedicated banking app

    Secure 24/7 customer service

    Cons

    Offers lower CD rates than competitors

    Armed with the information above, you’ll find it easy to make an educated decision while choosing an online bank that’s right for you.

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