According to a survey by PwC, 46% of US consumers use digital channels as their primary banking method. Indeed, with the rise of technology and the internet, people are looking for faster and more convenient ways to handle their finances. Whether you’re looking to save money, earn high-interest rates, or simply streamline your banking process, there are plenty of digital banking options available in the US. In this article, we’ll explore the 10 best digital banking US and what sets each one apart.
10 Best Digital Banks in The US That Customers Should Look For!
1. Wise
Wise, formerly known as TransferWise, is a UK-based digital banking company that has been making waves in the US. Founded in 2011, Wise has quickly become one of the most trusted and best digital banking USA.
Pros:
- Low fees for international money transfers and currency exchange
- No monthly fees or minimum balance requirements
- Multi-currency accounts with debit cards available
Cons:
- Limited services compared to traditional banks, such as no physical branches
- Limited ATM network for cash withdrawals
- No joint accounts available yet
2. Ally Bank
Ally Bank is a popular digital bank that has been around since 2009. It’s a great option for those looking for a full-service banking experience, as it offers checking and savings accounts, CDs, and even auto loans. One of the biggest pros of Ally Bank is its high interest rates.
Pros:
- No monthly fees or minimum balance requirements for checking and savings accounts (competitive APY (annual percentage yield) of 0.50%, which is higher than many traditional banks)
- Competitive interest rates on savings accounts and CDs
- Wide network of fee-free ATMs
Cons:
- No physical branches, which may be a dealbreaker for some customers.
- Limited options for checking accounts, with only one option available
- No cash deposits available, although customers can make mobile check deposits
3. Vio Bank
Vio Bank is an online bank that offers high-yield savings accounts and CDs. They are a division of MidFirst Bank, a traditional bank that has been in business for over 100 years.
Pros:
- Competitive interest rates on savings accounts and CDs (high APY, which is currently 0.66% for its savings account)
- No monthly fees or minimum balance requirements for savings accounts
- FDIC insured up to $250,000 per account
Cons:
- No checking accounts available
- No ATM network, so customers must use an external ATM and may be charged fees
- No mobile app available yet, although customers can access their accounts through the website
4. Marcus by Goldman Sachs
Marcus by Goldman Sachs is an online bank that offers savings accounts, CDs, and personal loans. The bank is FDIC-insured and has no physical branch locations. Marcus is known for its competitive interest rates on savings accounts and CDs.
Pros:
- High-interest rates on savings accounts and CDs
- No monthly maintenance fees or minimum balance requirements
- No-penalty CDs, which allow customers to withdraw their funds penalty-free
- Personal loans with competitive interest rates
Cons:
- No checking accounts offered
- No mobile app available
- Limited customer support hours
5. SoFi Bank
SoFi is a financial technology company that offers a range of financial products, including student loan refinancing, personal loans, and investment options. They launched SoFi Money in 2018, a digital banking service that offers cash management accounts with no fees.
Pros:
- No monthly fees, overdraft fees, or ATM fees worldwide
- High-yield savings account and cash management account available (high-yield savings account with an APY of 0.25%)
- Access to other SoFi financial products, such as student loan refinancing and personal loans
Cons:
- No physical branches, which may be a drawback for some customers
- Limited options for checking accounts, with only one option available
- No joint accounts available yet