Free Online Bank Accounts 2023

Free online bank accounts 2023 consists of online free checking and savings bank accounts with high yield or interest rate. Hundreds of banks offer online bank accounts and every bank says its for free but once we open an online account with them then we come to know that most of them are conditionally free means either you fulfill certain conditions such as direct deposits, maintaining a minimum balance etc or you pay the monthly maintenance fee. Everybody wants their hard earned money to increase many fold and is possible with high yield online savings account. Our list consists of all such banks and credit unions. We have segregated the free online bank accounts into

1. Free Online Checking Account
2. Free Online Savings Account 

In order to open a free online bank account all you need is SSN (Social Security Number), i.d issued by government such as Driving license, passport etc and an existing debit card. Most of the online banks are insured by FDIC with a sum assurance of $250,000. The term "free" however, created many debates and the government of U.S. came to conclusion that mandates no bank or financial company should use the term if they charge any monthly fee of any kind. In order to make sure you get the real FREE ONLINE BANK ACCOUNTS, we have done thousands of surveys, research and polls to find the best online banks and credit unions.

Best Free Online Checking Account - We have chosen these 10 banks/credit unions that offer online checking account based on interest rates(APY), Customer Service, Accessibility, Number of ATMs and 16 more factors.

1. Bank of Internet USA : Rewards Checking - tiered APY - 1.25% max
2. Discover Bank : Cashback Checking, 1% cashback on purchase
3. Ally Bank : Interest Checking, APY - 0.10%
4. Capital One : 360 Checking
5. FNBO Direct : Online BillPay, APY - 0.65%
6. Ever Bank : Checking Account, APY - 0.71 max
7. Simple Bank : Checking Account
8. Aspiration Bank : Normal Checking Account, APY - 1.00%
9. Key Bank : Hassle Free Checking, APY -0.10%
10. BBVA Compass - Clear Connect Checking 

 Best Free Online Savings Account - Here is the list of 10 best banks and credit unions with their respective savings Account.

1. Marcus : High yield savings account, APY - 1.80%
2. American Express : Personal savings, APY - 1.75%
3. Ally Bank : Savings account, APY - 1.75%
4. CIBC Bank : Personal Savings Account, APY - 1.90%
5. Discover : Bonus Savings, APY - 1.75%
6. Synchrony : High yield savings, APY - 1.75%
7. Barclays  : Online Savings, APY - 1.75%
8. Live Oak Bank : Personal Savings, APY - 1.70%
9. CIT Bank : Premier High Yield Savings, APY - 1.55%
10. Alliant Credit Union : Savings Account, APY - 1.60%

You May Like to Know

1. Top 10 Banks in USA
2. High Yield Savings Account

Bank of Internet USA : Very few banks offer such high yield, and there is no monthly maintenance fee or minimum deposit mandates. Rewards checking is one of the best online checking account with unlimited ATM reimbursements in the United States. They do offer other banking products such as online savings account, credit cards and so on.

• Annual Percentage Yield : upto 1.25%
• Opening Amount : $100
• Monthly Fee : None
• Minimum Balance : None
• Bonus : N/A
• Overdraft Protection : Yes
• Rewards : None
• ATM Reimbursements : Unlimited
• Online and Mobile : Budget tool, Check deposits, Send money.
• What makes it different : Tiered APY conditions depends on number of times debit card being used.

To open an online bank account sign up with Bank of Internet USA

Discover Bank : 1% cashback on purchasing is one of the unique features that can be found in other banks. Discover bank is one of the leading bank in the United States and it owns Discover debit and credit Cards, This checking account is 100% free with no monthly fee, no minimum deposits, free incoming wires, and so on. 

• Annual Percentage Yield : No yield but you get 1% cashback on purchases.
• Opening Amount : None
• Monthly Fee : None
• Minimum Balance : None
• Bonus : None
• Overdraft Protection : No, Charges per transaction - $30. 
• Rewards : Free debit card replacement
• ATM Reimbursements : Unlimited
• Online and Mobile : User friendly interface.
• What makes it different : 1% cashback on purchase of anything.

To open an online bank account sign up with Discover Bank

Ally Bank : Interest checking account is mainly emphasized on digital and communication, with superb customer service 24 by 7 and awesome mobile applications for the major mobile operating systems iOS, android and windows. This free account is suitable for new and old generation as they have all mode of customer services and are active in social platforms and has call centers as well.

• Annual Percentage Yield : Tiered APY of upto 0.60%
• Opening Amount : $0
• Monthly Fee : None 
• Minimum Balance : None
• Bonus : None
• Overdraft Protection : Yes, link up with savings account
• Rewards : None
• ATM Reimbursements : Unlimited domestic transactions
• Online and Mobile : Check deposits, amount transfer, bill pay 
• What makes it different : It has all the features of a reliable online checking account

To open an online bank account sign up with Ally Bank

Capital One : Although Capital One Bank is known for credit cards but after acquiring ING which take care for it's banking sector. The online 360 checking account is an absolute free account which can connected with savings account to enjoy free overdraft transactions.

• Annual Percentage Yield : Tiered APY of upto 1.00%
• Opening Amount : $0
• Monthly Fee : None
• Minimum Balance : None
• Bonus : None
• Overdraft Protection : Yes
• Rewards : Free Checkbook
• ATM Reimbursements : None
• Online and Mobile : Check deposits, amount transfer, bill pay
• What makes it different : Such high APY is rare in checking accounts

To open an online bank account sign up with Capital One Bank

FNBO Direct : Only few of the banks pay such high yield on checking accounts in America. Also there is no monthly fee or conditions to waive it. You can earn 0.65% APY on your balance. The account comes with overdraft protection as well. All you need is $1 to open and account with FNBO Direct.

• Annual Percentage Yield : Flat 0.65%
• Opening Amount : $1
• Monthly Fee : None 
• Minimum Balance : None
• Bonus : None 
• Overdraft Protection : Yes
• Rewards : None
• ATM Reimbursements : No
• Online and Mobile : Can do all basic transactions and payments.
• What makes it different : It has everything except third party ATM reimbursement.

To open an online bank account sign up with FNBO Direct

Ever Bank : This bank offers online checking account with no monthly fee. They have tiered APY of upto 0.71%, Also they pay 1.21% APY to all balances for the first year of opening an account with them.

• Annual Percentage Yield : First Year 1.21% and then tiered APY of upto 0.71%
• Opening Amount : $5,000
• Monthly Fee : None
• Minimum Balance : None
• Bonus : None
• Overdraft Protection : only with Ever Bank savings or money market accounts
• Rewards : None
• ATM Reimbursements : To avail it minimum balance of $5,000 is required
• Online and Mobile : Yes
• What makes it different : The first year APY which is way higher than other banks and credit unions

Simple Bank : With several online features this is one of the best choices of customers. Also the account comes with free ATM transactions and a budgeting tool to look after your spendings.

• Annual Percentage Yield : 0.01%
• Opening Amount : $0
• Monthly Fee : None
• Minimum Balance : None
• Bonus : None
• Overdraft Protection : Yes
• Rewards : None 
• ATM Reimbursements : Yes
• Online and Mobile : Yes
• What makes it different : This is a simple free account

To open an online bank account sign up with Simple Bank

Aspiration Bank :  With APY - 1.00%, Unlimited ATM reimbursement, No monthly maintenance fee, No minimum balance, No hidden charges, FDIC insured, and so on, with such features Bank L List suggest you this online free checking account, although this is a new financial institution but such offers are hard to find.

• Annual Percentage Yield : 1.00%
• Opening Amount : $10
• Monthly Fee : None
• Minimum Balance : None
• Bonus : None
• Overdraft Protection : Yes
• Rewards : none
• ATM Reimbursements : Unlimited domestic ATM withdrawals 
• Online and Mobile : Yes
• What makes it different : High APY with all other features in one package

To open an online bank account sign up with Aspiration Bank

Key Bank : The hassle free account is an online free checking account with an APY of 0.10% suitable for those who are not interested in high yield and also doesn't want to pay any fee.

• Annual Percentage Yield : 0.10%
• Opening Amount : $1
• Monthly Fee : None
• Minimum Balance : None
• Bonus : None
• Overdraft Protection : Yes
• Rewards : None
• ATM Reimbursements : No
• Online and Mobile : Yes
• What makes it different : For general use without much features

To open an online bank account sign up with Key Bank

BBVA Compass : There is an opening amount of $25 with no monthly fee, Allpoint ATM network, overdraft protection and clear benefits program which consists of id theft insurance, shopping discounts, etc.

• Annual Percentage Yield : 
• Opening Amount : $25
• Monthly Fee : None
• Minimum Balance : None
• Bonus : None
• Overdraft Protection : Yes
• Rewards : None
• ATM Reimbursements : No
• Online and Mobile : Yes
• What makes it different : Friend user interface

To open an online bank account sign up with bbva compass Bank

Marcus : Goldman Sachs is one of the largest investment banks in the world. Marcus is a sister concern bank. The savings account pays an APY of 1.80% which is very high compare to the country average. However, they do not provide checking account or ATM so you need to connect with your existing current account.

• Annual Percentage Yield : 1.85%
• Opening Amount : $0
• Monthly Fee : None
• Minimum Balance : $1
• Bonus : None
• Checking Account : The bank does not issue one
• ATM : Yes
• What makes it different : High APY

To open an online bank account sign up with Marcus Bank

American Express : One of the best bank know for credit cards, it offers online personal savings account with an APY of 1.75 %. You need to connect the account with your existing checking account to withdraw cash.

• Annual Percentage Yield : 1.75%
• Opening Amount : $0
• Monthly Fee : None
• Minimum Balance : None
• Bonus : None
• Checking Account : The bank does not issue one
• ATM : The bank does not issue one
• What makes it different : Reliable online banking, customer service, high APY

To open an online bank account sign up with American Express Bank

About the Author

Author: Paul William

I am an American Economist (Ph.D. MIT). Over 1981-88, I was an Assistant Professor of Economics at the City University of New York. I have also assisted the Republic Government of USA I have worked in several countries in Europe and Africa as a consultant. I have also been a consultant for a variety of U.S. agencies. These include the D.C. Public Service Commission, the D.C. Department of Energy and Wind and Solar Energy California.