In the US, digital banking has firmly entered the mainstream, embraced by consumers for its convenience and ease of use.
According to an October 2024 study by Morning Consult on behalf of the American Bankers Association, 55% of US consumers now conduct their banking via mobile apps, making these the most popular baking method in the country. Mobile apps are followed by online banking via laptop or PC, with 22% of bank customers reporting usage in the past 12 months, reflecting US consumers’ preference for digital banking.
This widespread adoption reflects high customer satisfaction. An impressive 96% of consumers rate their bank’s online and mobile app experience as “excellent,” “very good,” or “good.” Additionally, 83% of respondents said innovation and technological improvements by banks are making it easier for all Americans to access financial services, an acknowledgment of the role technology is playing in promoting financial inclusion.
With digital banking on the rise, the market has seen an influx of players catering to these customer preferences. C-Innovation, a French fintech-focused research firm, estimates that there are now more than 85 digital banking providers in the US, among which neobanking startups and fully chartered online banks.
Today, we take a look at some of the biggest and most prominent online banks in the US, focusing on those with their own banking licenses and excluding neobanks like Chime, which partner with chartered banks to deliver their services. For this list, we focus on players that are standing out for their comprehensive product offerings, seamless digital experiences, and advanced functionalities.
6 Leading Online Banks in the US
Ally Bank
Ally Bank is a leading all-digital bank in the US, operated by Ally Financial. The bank is known for its competitive online banking services, appealing to individuals seeking a seamless, fee-free banking experience with better returns on savings.
Ally Bank offers a range of products including high-yield savings accounts, money market accounts, and certificates of deposit (CDs) with no monthly maintenance fees. These products are provided through user-friendly online and mobile platforms, enabling customers to manage their finances conveniently without physical branches.
Headquartered in Detroit, Ally Financial is a diversified financial services company that serves approximately 10 million customers with deposits and securities brokerage and investment advisory services as well as auto financing and insurance offerings. The firm is recognized for its industry-leading auto financing business, which serves over 4.1 million customers.
Ally Bank is on the list of the largest banks in the US by customer count and assets, with US$186.11 billion in consolidated assets in 2023, reflecting its position as one of the most prominent and trusted online banks in the US.
This year, Ally Bank was named the Best Bank and the Best Bank for CDs by NerdWallet’s 2025 Best-Of Awards. The company was also featured among GOBankingRates’ Best Banks of 2025 list, picking up Gold in the Best Online Bank category.
Discover Bank
Discover Bank is a digital banking and payment services company in the US, operated by Discover Financial Services, one of the most recognized names in the country’s financial services. The bank is known for its competitive online banking services, strong customer service and commitment to transparency.
Headquartered in Illinois, Discover Bank offers a wide array of financial products, including high-yield savings accounts, money market accounts, CDs, personal loans, student loans, and home equity loans, all with no monthly fees or minimum balance requirements. It’s particularly prominent for its strong card offerings, which offer compelling cashback rewards and benefits, no annual fees, and widespread acceptance across the US.
In addition to its banking and payment products, Discover Financial Services also owns and operates the Discover and Pulse networks, and owns Diners Club International. Discover Card is the third largest credit card brand in the US, when measured by cards in force, with nearly 50 million cardholders. It claims a global payments network of 70 million merchant acceptance points in more than 200 countries and territories.
Discover Bank’s influence is set to grow further with the upcoming merger with Capital One, expected to close in early 2025.
SoFi
SoFi (Social Finance) is a member-centric, one-stop shop for digital financial services in the US. The company offers a full suite of financial products and services, helping people borrow, save, spend, invest, and protect their money, all through a seamless, app-based experience.
SoFi innovates across three business segments:
- Lending, including student loan refinancing, personal loans, and mortgages;
- Financial Services, featuring SoFi Checking and Savings, SoFi Invest, the SoFi Credit Card, SoFi Protect, and SoFi Insights; and
- A Technology Platform, which offers the only end-to-end vertically integrated financial technology stack.
SoFi’s most popular and distinctive offerings include its various lending services; its investment platform which offers active investing with commission-free trades of stock and exchange-traded funds (ETFs); as well as its hybrid checking and savings account which offers competitive interest rates with no account fees.
These offerings reflect SoFi’s commitment to providing a holistic financial ecosystem, enabling members to manage various aspects of their financial lives through a single, integrated platform.
SoFi’s digital-first approach, combined with user-friendly tools and a focus on personal finance management, has helped it become a popular choice among US consumers, especially younger, tech-savvy consumers looking for flexible, low-cost financial solutions. Today, the company claims more than 10 million clients, making it one of the biggest digital challenger banks in the US.
Last year, SoFi received three Best-Of Awards from NerdWallet, recognized as the Best Checking Account Overall and Best Checking Account for Overdraft Fee Avoidance for SoFi Checking and Savings, as well as Best Personal Loan Overall for SoFi Loans.
Axos Bank
Axos Bank is a technology-driven financial services company that has been a pioneer in digital banking since its founding on 2000. Headquartered in California, with additional offices across the US, the company operates as a fully digital bank, offering a range of innovative products and services to consumers, businesses, and institutions nationwide, including high-yield checking and savings accounts, CDs, personal loans, mortgages, and business banking solutions.
Axos Banks’ solutions are available through a robust digital platform, enabling customers to plan, bank, borrow, and invest in a way that’s both convenient and customized. The bank is known for its competitive interest rates, low-to-no fees, and user-friendly online tools, making it an appealing option to customers seeking the convenience of managing their finances entirely online.
Axos Bank is driven by its principle of “Banking EvolvedSM,” and continuously refines its offerings to provide an ever-improving customer experience. Its lean, branchless model allows for greater efficiency, enabling the bank to deliver high-quality, cost-effective financial solutions in a rapidly evolving digital landscape.
Axos Bank is operated by Axos Financial, a bank holding company with approximately US$23.7 billion in consolidated assets. Besides Axos Bank, the company also runs Axos Clearing and Axos Invest. Axos Clearing is a full-service clearing firm and custodian serving independent broker-dealers and registered investment advisors with approximately US$37.7 billion of assets under custody and/or administration, while Axos Invest provides comprehensive securities clearing services to introducing broker-dealers and registered investment advisor correspondents, and digital investment advisory services to retail investors.
Since 2016, Axos Bank has been consistently named among the best online banks in the US, recognized by organizations and publications including Forbes Advisor, GOBankingRates, and Advisory HQ.
Synchrony Bank
Synchrony is a premier consumer financial services company delivering a comprehensive digitally-enabled product suite. The company, which serves offers consumer financing products, including credit, promotional financing and loyalty programs, installment lending to industries, and consumer savings products. Customers can easily open and manage accounts through its user-friendly mobile app or online platform.
Synchrony Bank is known for providing a seamless financial ecosystem that integrates both spending and saving. Its high-yield savings accounts are particularly popular among consumers seeking strong returns without the hassle of traditional banking fees.
Synchrony Bank is also the largest provider of private-label credit cards in the US, partnering with major retailers like Amazon, Lowe’s, Sam’s Club, Verizon, and Walgreens to offer store-branded credit cards, promotional financing, and loyalty programs. These partnerships connect Synchrony Bank directly with millions of consumers, enabling flexible spending options that align with customers’ financial goals.
Synchrony Bank, which claims 70 million active customers accounts, is a subsidiary of Synchrony Financial, headquartered in Connecticut.
Quontic Bank
Quontic Bank is a New York-based digital bank that stands out for its innovative approach to banking and commitment to serving diverse customer needs. Founded in 2009, the company operates as a community bank with a strong digital focus, offering a wide range of high-yield deposit products and specialized mortgage options, particularly for non-traditional borrowers like gig workers, immigrants, and entrepreneurs.
Quontic Bank stands out as a prominent US online bank due to its competitive product offerings, customer-friendly policies, and strong emphasis on financial inclusion. Its most attractive and popular products include its selection of high-yield deposit and savings products, its cash rewards checking account, money market account, CDs, and mortgage offerings.
One of the key reasons Quontic Bank has gained prominence is its commitment to maintaining a fee-friendly structure. The bank charges no monthly maintenance fees, no overdraft fees, and provides access to over 90,000 ATMs nationwide without any surcharge.
As an online-only bank, Quontic Bank strives to deliver a seamless digital banking experience. Its mobile app, which enables customers to manage their accounts efficiently, has received high ratings, boasting a 4.8 out of 5 on the App Store and 4.7 on Google Play.
Featured image credit: edited from freepik
