The 10 Best Digital Banks in 2021

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Why stick with traditional banks when digital banks have so much to offer? Lower fees, higher APYs, customer-friendly banking tools… the advantages of taking your banking online are clear. But with so many banks now offering online services, how do you choose the best option? Ultimately, everyone’s needs are different. Some people may be swayed by great cashback and reward schemes, others may be more interested in higher APYs and lower monthly maintenance fees. To help you figure out the best bank for your needs, we’ve rounded up the ten best digital banks in 2021. Without further ado, here they are.

10. Discover Bank

If you’re sick of being charged the earth in fees, you might want to consider Discovery Bank. With no monthly maintenance fees, no insufficient funds fees, and no fees for stop payment orders, returned items, or excessive withdrawals, you can forget about any nasty surprises in your statement. While some banks offer capped reimbursement against out-of-network fees, Discovery simply avoids the issue altogether by not applying the fees in the first place. In addition to its attractive fee policy, Discovery also offers an attractive 1% cashback on its checking account on up to $3,000 of qualifying purchases each month.

9. Ally Bank

Unlike some banks that seem to view the customer experience as an afterthought, Ally Bank prides itself on its customer-centric approach. Customers can access customer service by mail, email, live chat, or phone 24/7. Considering how high its customer satisfaction scores are, the quality of the service is just as noteworthy as its availability. Its mobile app is intuitive and user-friendly, offering a convenient and easy way to keep on top of your banking needs. No monthly maintenance fees, an extensive ATM network, and reimbursements of up to $10 per statement cycle for out-of-network ATM fees complete the very attractive picture.

8. DBS Bank

In 2016, Forbes named DBS Bank the ‘Best Digital Bank in the World.’ Three years later, Harvard Business Review named it one of the 10 most transformative companies in the world. Its success lies in its strategy of eschewing traditional banking models in favor of incorporating digital solutions throughout its entire range of services while keeping the needs of the customer firmly in focus. If you’re looking for a digital bank that’s truly revolutionizing the banking world (and in a good way), it might well be the bank for you.

7. Nbkc Bank

If you’re looking for a combined checking and savings account, you’d do well to consider Nbkc Bank. Key benefits include no monthly maintenance fees, no overdraft fees, minimum balance fees, low foreign transaction fees, free domestic wire fees, and no ATM fees. Its combined interest-bearing checking and savings account lets you save and spend without the inconvenience of managing multiple accounts. Customer service is available 24/7 by phone, email, or live chat, while the handy mobile app lets you manage your basic banking needs on the go. If all that wasn’t enough, it also offers reimbursement of up to $12 per month for out-of-network ATM fees.

6. OnJuno

OnJuno has a lot to recommend it, including 5% cashback on qualifying transactions from five merchants of your choice. With up to 2.15% APY, it compares favorably with most high yield saving accounts. While it’s not all good news (joint accounts aren’t supported and that very attractive APY drops to 0.25% once your balance reaches $5000 if you’re on the Basic plan or $30,000 if you’re on the Metal plan), there are enough perks (including low minimum deposits and fees, a network of over 85,000 ATMs nationwide, and non-network ATM reimbursements) to make it worth considering.

5. Quontic Bank

Who can resist some great cash-back rewards? If you want to milk as many rewards from your account as possible, you’d do well to consider Quontic Bank. Its cash rewards checking account offers a very attractive 1.50% cashback on all qualifying debit card transactions, making it one of the most generous cashback programs around. Other noteworthy features include an extensive network of over 90,000 surcharge-free ATMs, 24/7 customer service, low minimum deposit requirements, and a very user-friendly mobile app.

4. Varo Bank

If you’re looking to earn as much interest as possible on your savings, you might want to take the advice of Forbes and consider Varo Bank. With an APY of up to 2.8%, it offers some of the best rates on a savings account on the market. Other key perks to note include no overdraft fees, no monthly fees, over 55,00 ATMs nationwide, automatic savings tools, and solid customer service. As an additional benefit for some customers, there’s the opportunity to receive your paycheck two days early with direct deposit.

3. Bank of America

Named by Fintech Magazine as one of the top 10 digital banks for 2021, Bank of America has fully embraced the digital trend, leading to some very interesting developments for its customers. Its AI-powered financial digital assistant, Erica, offers instant solutions to customer requests, while the upgrades the bank has introduced to its mobile and online banking services ensure a fully integrated, seamless experience.

2. Chime

Finder.com ranks Chime as one of the best digital banks for 2021, awarding it a very impressive 4.7 / 5. It’s certainly got an impressive list of attributes, including 38,000 fee-free ATMs nationwide, low monthly deposit requirements, low fees, access to early direct deposits, and free overdraft protection. If it had one fault, it would be that it doesn’t offer the same 24/7 customer service that many other banks do.

1. Axos Bank

If you’re looking for a good all-rounder, look no further than Axos Bank. With low fees and high APYs, this is the kind of bank that puts its customer’s needs front and center. With around 91,000 ATMs scattered around the US, accessing your money is easy. The bank’s policy of issuing unlimited domestic ATM fee reimbursements for out-of-network ATM withdrawals is hard to fault. Customer service is offered 365 days a year, 24 hours a day. Along with the conventional means of getting in touch, customers also have the opportunity to use the live chat feature on the website during regular banking hours. User-friendly banking features include a very intuitive app that lets customers manage their basic banking requirements whenever and wherever they need.

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