Finance

Top 6 Online Banks Like Current With Low Fees and Easy Sign-Up!

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If hassle-free banking is what you are looking for then online banks like Current should have you covered. Although their perks and features differ, most online banks make money transfers convenient, quick, and affordable. Take a look!

What Will We Talk About Here?
  • Online banks like Current may come with high interest rates but they offer low maintenance charges along with money management tools.
  • Prominent names in the list of online banks like Current include Chime Savings Account, Discover Bank, Capital One 360, and more.
  • To choose the right online bank, you must look into its rates, ATM fees, safety features, etc.

…and Much More!

What Do Online Banks Like Current Offer?

If its your first time experience getting into online banking, you might notice that they often carry high interest rates.

  • Nonetheless, they have lower-than-normal fees, including as ATM fees and monthly maintenance charges.

You’ll also find account features to help you manage your money, such as tools to help you save more and rewards for everyday purchases.

Customer service specialists are available 24 hours a day, 7 days a week, and intuitive mobile banking apps allow you handle your money with ease.

Top 6 Online Banks Like Current

You have plenty of options whether you’re looking for a single online bank to handle all of your needs or simply want to open a high-yield savings account.

Chime Saving Account

Chime is an onlineonly financial technology business that offers checking and savings accounts along with other benefits like mobile check deposit and loan options.

Although it doesn’t operate like a regular neighborhood bank, its accounts are nevertheless insured by the Federal Deposit Insurance Corporation (FDIC), making them safe places to put your money.

Why Should You Choose It?

  1. Chime offers attractive savings rates, low fees, and no minimum balance requirement.
  2. It includes user-friendly mobile app and provides fee-free access to a wide ATM network.
  3. You may get your direct deposits up to two days early with Chime.
  4. Customers can get their paychecks up to two days early with direct deposit.
  5. Chime does not charge fees when you use your cash outside of the United States; other banks often charge 1% to 3% of the purchase price.

Discover Online Bank

Discover Bank offers cash return checking, high-yield savings, personal loans, money market accounts, and CDs with periods ranging from three months to ten years.

Why Should You Choose It?

  1. It offers nationwide network of over 60,000 ATMs.
  2. Discover offers a 0.40% annual percentage yield on its savings account.
  3. Discover’s Cashback Debit account gives you 1% cash back on up to $3,000 on debit card transactions every month.
  4. The fees charged by Discover are kept to a bare minimum.
  5. Stop payment orders, returned purchases, and excessive withdrawals are also free.

Capital One 360 Performance Savings

Capital One also has a 360 Performance Savings account that is both free and earns a good return. The mobile app is simple to use and allows you to deposit checks, make credit card payments and keep track of your savings progress while on the go.

Why Should You Choose It?

  1. There are no monthly fees or minimum deposits required to start an online savings or checking account.
  2. Parents can also open accounts for kids, giving them the opportunity to manage money.
  3. Capital One allows children as young as eight years old to open a checking account with a debit card.
  4. Capital One has a wide range of products for young adults who seek low fees.
  5. It hosts a wide variety of credit cards.

Varo Bank

Varo Bank has two types of accounts: a checking account (the Varo Bank Account) and a savings account (the Varo Bank Savings Account) (the Varo Savings Account). It costs $2.50 for out-of-network ATM withdrawals.

Why Should You Choose It?

  1. Varo Bank has one of the highest savings account rates accessible.
  2. On all balances, it pays 0.50 percent APY, with savers who satisfy particular requirements each qualifying period earning up to 3.00 percent APY.
  3. This bank’s checking and savings accounts have no monthly fees or minimum balance requirements.
  4. With direct deposit, you might get your paycheck up to two days sooner.
  5. Seven days a week, customer support representatives are available by phone or email.

Axos High Yield Savings Account

Five separate checking accounts, one savings account, one money market account, and CDs with periods ranging from three months to five years are available from Axos.

Why Should You Choose It?

  1. It maintains its fees low and its annual percentage yields high. The required minimum deposit is reasonable.
  2. Customers also get access to nearly 91,000 ATMs across the United States.
  3. Axos provides phone and encrypted online messaging customer assistance 24 hours.
  4. Axos also performs admirably in the area of mobile banking.
  5. On the App Store and Google Play, the bank’s app has a high rating and allows customers to take care of their essential banking needs while on the go.

Ally Bank

Ally Bank offers savings accounts, interest-bearing checking accounts, money market accounts, and CDs with periods ranging from three to five years. It also offers a two-year and four-year raise your rate CD, as well as an 11-month no-penalty CD.

Why Should You Choose It?

  1. Ally Bank has a good customer satisfaction rating.
  2. Your queries can also be answered via live chat, email, or standard mail.
  3. In the App Store and Google Play, Ally’s mobile app, which is available on iOS and Android, has great ratings.
  4. And Ally regularly offers cheap costs, no monthly maintenance fees, and no minimum balance requirements on its products.
  5. It has a large ATM network and reimburses fees charged at out-of-network ATMs up to $10 per statement cycle.

7 Things To Watch Out For When Choosing The Best Online Bank

With trend of online banking picking pace, you can see for yourself that many options are available which can make it difficult to choose. Here are some things to consider before choosing the finest online bank.

  • Rates

Getting the best possible rate on your checking, savings, CD and money market account will help you get the most out of your money. Choose banks with a higher annual percentage yield (APY).

  • Monthly maintenance fees

Monthly maintenance features in banking apps are common. There’s no reason to use a bank account that charges a monthly fee now that there are so many free options.

  • ATM Fee

When you are choosing an account, make sure to go for the one with free ATM services or at least minimal charges. When utilizing out-of-network ATMs, you may still be charged fees by other institutions, but the finest online banks now offer ATM fee rebates.

  • Overdraft

Overdrafting an account can be a necessity so a bank that has low overdraft fee should be prioritized. Moreover, some banks demand minimum monthly balance to keep account active which can be burdensome so it should be avoided.

  • Safety

In the event of a bank failure, look for a bank that is guaranteed by the Federal Deposit Protection Corporation (FDIC), which gives up to $250,000 in insurance per depositor, per bank.

  • User’s experience with the banking

In the era of digital banking, convenience is key. Your principal interactions with an online bank take place on the bank’s website and mobile app.

For banking on the go, the best online banks offer a straightforward internet interface and highly rated mobile apps. Examine the app’s reviews on the App Store and Google Play

The Bottom Line

Low costs, high APYs, and easy-to-use digital banking tools are common features of online banks. However, whether it’s a single savings account or a full-service bank, the best online bank for you is the one that suits your financial needs.

Keep in mind what you need most from an online bank when looking for the finest banking relationship for you and your family.

Frequently Asked Questions About Online Banks Like Current

Is it secure to use online banks?

Online banks are, on the whole, secure. Your accounts should be insured by the Federal Deposit Insurance Corporation (FDIC). The same safeguards apply to online banks as they do to traditional banks.

Because of online statements and a focus on digital transactions rather than paper checks, internet accounts are in many ways safer than traditional bank accounts.

Is Current a web-based bank?

Current Bank is an online-only bank with a mobile app that you can use to access your accounts. Fast direct transfers, automatic credits for gas holds, customized accounts for parents and kids, and Savings Pods to make putting money aside for a variety of goals easier are some of the unique services it offers that competitors don’t.

Which internet banks are the best?

The greatest online banks are ones that cater to your specific requirements. Consider selecting an online bank with a competitive high-yield savings account if you’re content with your present banking relationship but want to earn more interest on your funds. Focus on the complete package if you’re planning to replace your present bank.

My Name is Hazel. I like to write about Tech, Software's & more. Other then that i love football & travelling new places.