Hi! This is a great question! It’s hard to answer because different people value different kinds of benefits. Also, the term “online bank” has kind of changed over the years because really ALL banks are accessible online now. You can use banks that are completely online, however, and have no branches to go to anywhere like Etrade. Here is a WalletHub link where you can see reviews and information about over 5000 online banks. The online bank I personally use is Etrade – I am not officially recommending it, but rather sharing that I’ve used this bank for 15 years. I have had a positive experience and have savings, checking, IRA and brokerage accounts there. Here’s what I see as the one kicker with any online bank. Over the years I have failed to plan/calculate bills perfectly a few times and have needed to have money in the bank for an automatic payment or other need that day, and the money wasn’t there. With a bank that has a branch in your town, you can always drive over there and deposit cash. With an online bank, it takes a day or two to get money in there, and that can cause a problem. However, I really love the no fees and great convenience that an online bank like Etrade, Ally, Synchrony, or one of the many other offers. Best wishes to you and thanks for writing!
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