The Best Bank to Have in 2024: A Complete Digital Banking Guide

The landscape of personal finance has shifted dramatically as digital financial institutions continue to reshape consumer banking habits. Modern account holders increasingly seek alternatives that deliver competitive returns, minimal fees, and seamless 24/7 access to their funds. This comprehensive overview examines today’s leading online banking institutions and identifies which best bank to have depends entirely on your specific financial priorities.

Understanding the Digital Banking Advantage

Online financial institutions operate with significantly lower overhead compared to traditional branch networks, allowing them to pass savings directly to customers through higher yield payments and reduced fees. These platforms remain accessible around the clock, empowering depositors to manage their finances on their own schedule. The most compelling feature for many remains the interest-bearing potential—online savings accounts consistently outpace conventional banking yields by substantial margins.

Top Performers Across Key Banking Categories

Premier Overall Choice: Ally Bank

Ally Bank distinguishes itself through a combination of competitive yields, product diversity, and intelligent automation features. The platform’s Online Savings Account delivers 2.50% APY without imposing minimum balance thresholds. The Interest Rate Checking Account similarly maintains attractive rates while supporting comprehensive financial management tools.

Key Features:

• 2.50% APY on savings
• Zero monthly maintenance charges
• No opening balance prerequisite
• Automated savings acceleration tools
• Capacity to maintain multiple goal-specific accounts (up to 10)

Considerations:

• Savings products lack ATM or debit card functionality
• Cash deposit capability unavailable

Maximizing Money Market Returns: Vio Bank

Vio Bank’s Cornerstone Money Market Savings Account emerged as the highest-yielding money market product under review. The streamlined approach suits depositors prioritizing growth over transaction frequency. Account opening requires just $100, making accessibility straightforward through intuitive digital management platforms.

Key Features:

• 3.52% APY—industry-leading money market rates
• Zero monthly administration fee
• Minimal $100 opening requirement
• Intuitive online and mobile interfaces

Considerations:

• Check-writing and card services absent
• Monthly withdrawal limitations (six transactions maximum)

Unified Checking and Savings Strategy: SoFi

SoFi’s integrated Checking & Savings Account merges high-yield potential with operational simplicity. Direct deposit activation unlocks 2.50% on checking balances and 3% on savings—a combination difficult to replicate across separate institutions.

Key Features:

• 2.50% APY checking; 3% APY savings
• $0 opening balance requirement
• Bonus rewards ($50-$250 range contingent on balance)
• 55,000+ ATM network access (Allpoint)
• Minimal fee structure

Considerations:

• Direct deposit mandatory for premium rates
• Out-of-network ATM fees uncompensated

Relationship-Based Rewards: Axos Bank

Axos Bank’s Rewards Checking Account encourages account expansion through rate incentives. Solo direct deposit qualifies for 0.40% APY, but layering investment and trading accounts elevates yields to 1.25%. The $50 minimum opening threshold accommodates budget-conscious depositors.

Key Features:

• 1.25% APY maximum rate
• Zero monthly service charges
• Unlimited domestic ATM reimbursement
• Peer-to-peer payment capability (no third-party app required)
• Biometric and two-factor security

Considerations:

• Highest-tier yields demand stringent requirements
• Complimentary checks unavailable

Innovation-Driven Features: Quontic

Quontic pushes digital banking boundaries by integrating emerging payment technologies and cryptocurrency rewards. The Bitcoin Rewards Checking account credits up to 1.5% in Bitcoin for eligible purchases. The Pay Ring—a wearable debit device—represents the forefront of payment innovation.

Key Features:

• 1.10% APY checking; 3% APY savings
• Zero monthly service fee
• 90,000+ nationwide ATM access
• Bitcoin earning on transactions
• Wearable payment technology included

Considerations:

• Bitcoin Rewards Checking demands higher opening deposit ($500)
• Physical check services not offered

Premium High-Yield Checking: American Express

American Express delivers the highest direct checking yield reviewed without requiring account multiplication or service sign-ups. The 0.60% APY stands unmatched among single-account checking products. Rewards points accumulate at a 1-point-per-$2 rate on eligible purchases.

Key Features:

• 0.60% APY highest single-account checking rate
• Zero monthly maintenance and opening charges
• Points earn on all eligible spending
• 37,000+ MoneyPass ATM network
• Minimal associated fees

Considerations:

• Restricted to existing American Express credit cardholders
• Out-of-network ATM fees unreimbursed

Savings Maximization: Bread Financial

Bread Financial’s High-Yield Savings Account delivers 3.00% APY—the highest-paying savings vehicle across the surveyed institutions. The no-complications approach suits depositors seeking pure growth without transaction complexity. A modest $100 minimum preserves accessibility.

Key Features:

• 3.00% APY highest savings yield
• Zero monthly service charges
• Minimal fee obligations
• $100 opening balance threshold
• Clean, straightforward account structure

Considerations:

• No card or ATM access provided
• Withdrawals require external account transfers

Superior Rate Architecture: CIT Bank

CIT Bank’s multi-tier savings structure accommodates varying deposit strategies. The Savings Connect account delivers 3.25% APY with zero requirements, while the Money Market Account yields 1.55%. The tiered Savings Builder account reaches 1% APY for those maintaining $25,000 balances or $100 monthly direct deposits.

Key Features:

• 1% to 3.25% APY range across products
• Zero monthly maintenance charges
• Minimal fee structure across accounts
• $100 low opening threshold
• Online bill pay and third-party app integration (Zelle, PayPal)

Considerations:

• ATM and debit card services absent
• Savings Builder rate maintenance requires significant commitment

Customer Experience Excellence: Discover

Discover consistently achieves top rankings in customer satisfaction studies, including JD Power’s 2022 U.S. Direct Banking Satisfaction evaluation. Beyond service quality, Discover provides diverse product offerings including a 2.75% APY savings account while maintaining remarkably low fee structures.

Key Features:

• 2.75% APY Online Savings Account
• Zero monthly service charges
• No overdraft or insufficient funds fees
• Zero opening balance requirement
• Industry-leading customer satisfaction ratings

Considerations:

• ATM and debit card functionality unavailable

Fee-Conscious Banking: Marcus by Goldman Sachs

Marcus by Goldman Sachs earns distinction for comprehensive fee elimination. The Online Savings Account imposes zero charges across all operational categories—maintenance, withdrawals, wire transfers, and ACH transactions all remain free. The 2.50% APY ensures competitive returns without fee erosion.

Key Features:

• 2.50% APY
• Completely fee-free operations
• Zero opening balance requirement
• Unlimited withdrawal transactions (all fee-free)
• Complimentary wire and ACH transfers

Considerations:

• Card and ATM services not integrated

Selecting the Best Bank to Have for Your Situation

The optimal financial institution depends on individual priorities. Those prioritizing pure savings growth should consider Bread Financial or CIT Bank’s Savings Connect. Consumers valuing customer experience and fee minimization may gravitate toward Discover or Marcus. Users seeking unified checking-savings solutions benefit from SoFi’s comprehensive offering. Technology-forward depositors interested in cryptocurrency integration find Quontic appealing.

Methodology Overview

This analysis examined the nation’s 50 largest retail institutions and credit unions by asset size, combined with evaluation of 15 prominent digital banking platforms. Comparative metrics included opening requirements, interest compensation, fee schedules, and available features. The most competitive institutions emerged through rigorous assessment across all evaluated categories.