8 Online Banks That Let You Skip the Fees, Enjoy the Interest


Stop letting banks take your money in fees!

The goal of a checking account should be to find an FDIC-insured bank with few or no fees. Unfortunately, millions of Americans are banking with enormous brick-and-mortar banks that charge monthly maintenance fees, as well as a host of punitive fees such $30 or more for overdrafts. Some of those friendly financial institutions are raking in nearly $1 million per branch in fees alone.

Thankfully, the Internet is good for something other than supplying us with funny cat videos and quizzes to tell you which type of fast food your personality is like. The Web is now a safe haven for consumers looking for low-cost banking options that still offer all the safety the comes from being backed by the Federal Deposit Insurance Corp.

Internet-only banks are able skip those ugly fees and still offer higher interest rates than their traditional peers because they don’t have to deal with the costs of maintaining neighborhood branches.

“Most customers today don’t go into a retail branch, so we never built them,” says Kyle Kolsky, senior vice president of consumer deposits for Bank of Internet USA. “We operate from one large headquartered office and give those savings back to our customers in superior products.”

Some Internet-only banks are associated with well-known players like Charles Schwab and Capital One. The institutions on the list below are the underdogs looking to revolutionize banking — and help you keep more money in your pockets.

Find out which 8 banks can help your bottom line over on DailyFinance.

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11 comments on “8 Online Banks That Let You Skip the Fees, Enjoy the Interest
  1. jefferson says:

    I heart online banking.. It’s easy to setup multiple accounts for all of your goals, and tracking your spending has never been easier.
    jefferson recently posted…Cutting the Cord – Should You Continue to Pay For Cable?My Profile

  2. Thank you for linking to this list! I actually use CapitalOne 360 because I already have it, it used to be ING bank. But I’ve been looking for other options for the future in hopes of finding a bank that also has business account options.
    Aileen Barker recently posted…Sell Your Stuff October ResultsMy Profile

    • Broke Millennial says:

      Cap One 360 is allowing for cash deposits soon, so that’s an awesome perk! Their interest rates are quote as competitive on savings accounts though, so you should look elsewhere.

  3. This is exactly why I’ve switched a lot of my money over to a Capital One 360.
    Kayla @ Red Debted Stepchild recently posted…Financial Implications of Living in a Small TownMy Profile

    • Broke Millennial says:

      Mention it above, but you should check out some of the better interest rate offers on savings. Cap One 360 isn’t the best out there.

  4. I recently opened up a CapitalOne360 account just to check it out. They had a promo available so I actually ended up getting paid to try it. I am going to check out these other banks.
    The Phroogal Jason recently posted…Have You Heard of The Purposeful Savings Strategy? Part IMy Profile

  5. Gary Puntman says:

    I’ll have to look into those. I really like the fact that they don’t have any fees! That definitely makes things more appealing. I could use a new online bank to make my banking more convenient for me.

  6. Emily says:

    Brooke, my husband and I have heard good things about online banking and have been thinking about trying it out. It is good to know that we can skip the unwanted fees if we use online banking. I will have to show this information to my husband and see what he thinks.

  7. Westly Smith says:

    It’s true that it’s my goal to find a bank with few or no fees. I’m glad to see that there are online banks with hardly any fees. Like you say, the internet is now a safe haven for low-cost banking! I am looking to change to an online bank soon!

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