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.
Top Actions To Keep Your Account Safe
Online banking is generally very safe, but it's still crucial to be vigilant. Here are the top 5 ways to keep your money secure:
Strong & Unique Passwords:
- Use a mix of uppercase and lowercase letters, numbers, and symbols. Aim for at least 12 characters.
- Never reuse passwords across different accounts, especially your bank!
- Consider a reputable password manager to generate and store complex passwords securely.
Enable Two-Factor Authentication (2FA):
- 2FA adds an extra step to verify your identity, usually by sending a code to your phone or another device.
- Even if someone gets your password, they'll need that second factor to access your account.
- Check your bank's security settings to enable 2FA.
Beware of Phishing Scams:
- Be wary of messages claiming to be from your bank and asking for personal information or login details. Banks will never request this via email or text.
- Always double-check website addresses before clicking on links in emails or texts, even if they look official.
- If you're unsure about a message, call your bank directly using a known phone number (not the one in the suspicious message).
Secure Your Devices & Network:
- Keep your operating system, browser, and antivirus software updated to patch security vulnerabilities.
- Use a strong password for your home Wi-Fi and avoid using public Wi-Fi for online banking.
- Use a strong passcode or biometric lock on your phone and be cautious about downloading apps from unknown sources.
Monitor Your Accounts Regularly:
- Review your account activity often, at least weekly, to spot any unauthorized transactions.
- Set up alerts for account activity, such as large withdrawals or suspicious login attempts.
- If you notice anything unusual, contact your bank immediately.
