Fueled by a decade of steady growth in new digital banks, the global digital banking market is forecast to hit $30.1 billion by 2026.
An increasing number of consumers and businesses conduct daily banking transactions without any need for traditional brick-in-mortar banks.
After researching digital banks we've determined the best digital banks that offer a variety of accounts like checking, savings, money market accounts and CDs, along with full banking services.
Top 5 Digital Banks
The listed banks are not Fintechs like Current or Upgrade, they are actual banks that are directly FDIC-insured.
Quontic Bank
- Money Market Account
- No overdraft fees
- No monthly fees
- Debit Mastercard
- 90,000+ free AllPoint ATMs
- Free credit score and report accessible in the app.
- Zelle® integration
Why we picked it
Quontic Bank is a full-service digital bank offering top rates on money market accounts at 4.25% APY. Quontic Bank offers multiple services, from lending to digital banking, and has a responsive U.S.-based customer service team.
The banking app is highly rated and Quontic stays at the forefront of innovation with products like the wearable debit card ring.
mph Bank
- Free Checking
- No overdraft fees
- No monthly fees
- 55,000+ free AllPoint ATMs
- Free credit score and report accessible in the app
- Zelle® integration
- Round-up widget that puts you in control of saving
Why we picked it
mph (Makes People Happy) is backed and run by Liberty Savings Bank, a 133 year old FDIC-insured bank. Their goal is to offer value to a national audience with financial products and services to create a long-term banking relationship.
From checking and savings accounts for personal and business use, to mortgage and personal loans, mph.bank focuses on customer needs including regular access to a free credit score and report directly in the app.
Axos Bank
- Free Checking/Savings
- No overdraft fees
- No monthly fees
- 95,000+ fee free ATMs
- Early paydays with direct deposit
- Zelle® integration
- Round-up widget that puts you in control of saving
Why we picked it
Axos Bank was named to the 2025 Forbes America's Best Banks list. By launching as a digital bank on July 4, 2000, Axos has reinvented the banking model and grown to over $20.3 billion in assets.
By offering competitive interest rates, low to no fees, and convenient access, customers enjoy the full-banking experience without the constraints of traditional banking.
Live Oak Bank
- Free Savings Account
- No minimum balances on savings accounts
- Mobile check deposit
- No monthly service fee
- Earn a $300 cash bonus when you deposit at least $20,000 into your account by 5/16/25, and maintain a balance of at least $20,000 for 60 days
Why we picked it
Live Oak Bank is an internet-only bank based in Wilmington, N.C. An FDIC member since its founding in 2008, deposits at Live Oak Bank are federally insured up to $250,000 per person.
Live Oak Bank is best for customers focused on earning high rates on savings and CDs. The bank also offers a wide range of business offerings, including checking and competitive APYs on business savings accounts.
SoFi Bank
- Free Checking/Savings
- Earn up to $325 with qualifying direct deposit
- No overdraft fees
- No monthly fees
- Early paydays with direct deposit
- Zelle® integration
- Savings vaults for separate budgeting goals
Why we picked it
SoFi started off as a fintech company in 2011. Over time, SoFi expanded its offerings to include personal loans, mortgages, investment products, and wealth management before eventually obtaining a bank charter and becoming a national bank in 2022.
SoFi Bank offers a welcome bonus up to $325 based on these requirements:
- Open the account with a minimum $50 deposit to earn $25.
- Enroll in Direct Deposit and receive a minimum of $1,000 to earn a $50 bonus.
- Enroll in Direct Deposit and receive a minimum of $5,000 to earn a $300 bonus.
Top Benefits of Digital-Only Bank Accounts
Digital-only bank accounts offer a modern, efficient, and cost-effective way to manage your finances, making them an attractive option for many consumers.
Convenience and Accessibility
- Access your account and manage finances 24/7 from anywhere with an internet connection, eliminating the need to visit a physical branch.
- Open accounts online quickly, often without paperwork or waiting in line.
Lower Fees and Better Rates
- Digital banks typically offer no monthly maintenance fees, reduced or no overdraft fees, and free access to large ATM networks.
- Higher interest rates on savings accounts and lower rates on loans compared to many traditional banks.
Personalized Tools and Features
- Built-in budgeting, spending insights, and financial planning tools help you track and manage your money more effectively.
- Customizable interfaces and personalized recommendations based on your financial habits.
Integrated Financial Services
- Manage checking, savings, investments, loans, and credit all in one platform, streamlining your financial life.
High Customer Satisfaction
- User-friendly platforms and responsive customer service, often available through multiple digital channels.
