Varo Bank

Based on current rankings and reviews, here's a breakdown of the online banks that consistently top the lists and see the most real-world usage:

Top Overall Picks

Ally Bank — Widely regarded as a top all-around choice. Ally Bank won "Best Online Bank" in GOBankingRates' 2026 Best Banks Awards, and it's rated "Best Online Bank of 2026" by GOBankingRates. It's popular for its savings buckets and boosters feature that lets you organize and maximize savings while accessing your money at any time.

SoFi Bank — Another major award-winner, SoFi Bank offers accounts with high APYs and no account, overdraft, or monthly fees. It's especially popular with people who want banking, investing, and loans in one app.

Capital One — Named "Best National Bank" in the 2026 awards, Capital One 360 is a favorite for people who want online banking with the backing of a large, well-known institution (plus some physical branches/cafés).

Best for Specific Needs

• Best High-Yield Savings: EverBank won Best High-Yield Savings Account in the 2026 awards. Separately, Forbes' testing found Varo Bank is the best online bank for high-yield savings, offering a highly competitive savings rate on balances up to $5,000 with no monthly fee to offset interest earned.

• Best CDs: Marcus by Goldman Sachs won Best CD Account.

• Best Money Market Account: EverBank also won Best Money Market Account.

• Best Checking: Citibank was named Best Checking Account in the awards, though this is more of a hybrid traditional/online option.

• Best Digital-Only Platform: Varo won Best Consumer Digital Financial Platform — a good pick if you want a fully app-based, no-frills banking experience popular with younger/mobile-first users.

Why People Choose Online Banks

The appeal comes down to a few consistent advantages: typically higher interest rates than brick-and-mortar banks, low or no fees, and access to tens of thousands of fee-free ATMs through networks like MoneyPass or AllPoint. This happens because competition among online banks to draw customers away from traditional banks incentivizes high rates, which is why online banks dominate best-of lists for money market accounts and CDs.

The Trade-Off to Know

The main downside is service-related: other bank services like cashier's checks or notary services may be harder to obtain, and there's no in-person support. A common strategy—one Bankrate specifically suggests—is putting your savings in an online bank to earn the best rates while keeping your checking account at a local bank with branches for human contact.

Bottom line: For most people, Ally or SoFi are the safest all-around picks with strong apps, no fees, and solid rates. If you specifically want the highest savings yield, compare EverBank and Varo; for CDs, check Marcus by Goldman Sachs.

If you want the best online banks people actually use, the safest shortlist is SoFi, Ally, Capital One 360, Chime, and American Express Bank. These names show up repeatedly across major 2026 rankings, and each has a clear use case rather than just a generic “best” label.

Here’s the most useful way to think about them:

A few other widely used options also come up often:

• Varo Bank for mobile-first banking and higher APY features.
• Synchrony Bank for savings, CDs, and money market accounts.
• Discover Bank for cashback checking and solid all-around online banking.
• Marcus by Goldman Sachs for high-yield savings.
• Alliant Credit Union if you’re open to a credit union instead of a bank.

If you want a practical recommendation rather than a rank list:

• Choose SoFi if you want one main online bank account setup.
• Choose Ally if you care most about a clean app, no-fee banking, and separate savings/checking.
• Choose Capital One 360 if you want strong ATM access and an easy everyday bank.
• Choose Chime if you want the most popular mobile-first experience.
• Choose American Express Bank if your priority is savings, not checking.

If you want, I can also give you a “best online bank by need” shortlist, like best for high yield, best for joint accounts, best for cash deposits, or best for avoiding fees.

Popular online banks (digital-first or online-only institutions) in the US as of 2026 include Ally, SoFi, Axos, Varo, Capital One 360, and others like Chime (a leading neobank), based on expert reviews from Forbes, Bankrate, Money.com, NerdWallet, and customer satisfaction data from JD Power.

These stand out for high yields on savings, low or no fees, strong mobile apps, ATM access, and real-world usage among consumers seeking alternatives to traditional brick-and-mortar banks. Recommendations draw from "best of" lists emphasizing features like rates, usability, and customer feedback, alongside mentions of scale or satisfaction metrics. Popularity is gauged by frequent expert picks, user satisfaction rankings, and growth mentions (exact current user counts vary and are often not publicly detailed for all).

Top Recommendations

Here are standout options that people commonly use and review positively:

• Ally Bank: Frequently praised as a top all-around or low-fee choice. It offers competitive high-yield savings/checking (often with buckets for budgeting), no monthly/overdraft fees, 24/7 support, and solid app features. It ranks highly in JD Power satisfaction studies for online banks and appears across multiple "best" lists for everyday banking and reliability.

• SoFi: Often highlighted as best for full-service or integrated checking/savings. It provides competitive rates (especially with direct deposit perks), no fees, investing/loans integration, and extras like career coaching. It earns "most popular" or top ratings in Forbes and other roundups for its comprehensive digital experience and growth among users.

• Axos Bank: Frequently named best overall or for ATM access in sources like Money.com. It features expansive ATM networks (often 90k+ fee-free via partnerships), competitive APYs on checking/savings/money markets, no fees on many accounts, and 24/7 support. It appeals to users wanting broad access without branches.

• Varo Bank: Strong contender for high-yield savings and no-fee banking. It offers tiered high APYs (sometimes boosted with activity requirements), an easy app, early direct deposit, and checking/savings combo options. It appears in Forbes "best online bank" picks and similar lists for yield-focused users.

• Capital One 360: Popular for fee-free checking/savings with good ATM access (via Capital One and partner networks) and reliable digital tools. It suits those wanting simplicity and integration with other Capital One products; it's a consistent mention in checking and online bank roundups.

Other notable mentions:

• Chime (neobank): Very popular for beginners or fee-free experiences, with early direct deposit, no overdraft fees, and a simple app. It has significant user adoption among younger consumers.
• Marcus by Goldman Sachs or Synchrony: Often top for high-yield savings or specific perks like ATM cards.
• Alliant Credit Union: Frequently recommended as a top credit union option with strong rates and digital features.

Key Considerations

"Best" depends on your priorities—e.g., highest savings APY (check current variable rates, which fluctuate), ATM/deposit needs, investing integration, or mobile app quality. Many excel in no monthly fees and FDIC insurance (or NCUA for credit unions).

Traditional banks like Chase or Bank of America also have strong online platforms but are not purely online-focused. Neobanks/fintechs (Chime, Varo) prioritize app-based experiences but may partner with banks for certain services.

Tips: Compare current APYs, fees, and ATM networks directly on bank sites, as offers change. Read recent user reviews on app stores or sites like Trustpilot. Consider your needs for cash deposits/withdrawals, as pure online banks rely on ATMs, transfers, or partner locations. Always verify FDIC/NCUA coverage.

These picks reflect consensus from 2026 reviews and satisfaction data; individual experiences vary.