With a rating of 4.6 out of 5 stars, Discover earned our top spot for the best online banks because of its competitive APYs on savings and CDs.
Discover Bank’s savings and checking accounts have no monthly fees and no minimum opening deposit requirements. Its Cashback Debit checking account pays up to 1% cash back on up to $3,000 of debit card purchases each month.
You’ll also have the use of more than 60,000 free ATMs across the country and can access your cash up to two days early with direct deposits. You can also opt to enroll in free overdraft protection by connecting your checking account to another deposit account.
The high-yield savings account from Discover Bank earns a much higher APY. Most types of withdrawals are limited to six per month, and the bank may not approve transactions beyond that limit.