 What's happening? It's Shane here. So in this video, we are going to go over what I believe to be the best online bank accounts. And these are going to be bank accounts where there might be a few physical locations, but for the most part, they're primarily online only. And the reason for this is because when you have less locations and people you have to hire, there's going to be less overhead costs. Banks get to save all that money and instead they get to pass it on to you in the form of high-interest savings accounts and high-interest checking accounts. Now, on top of that, there also tends to be a lot less expenses and fees and all that stuff that nobody wants to have to deal with. So I'm going to jump in right now. I'm going to tell you what my top six online bank accounts are and I'm going to kind of explain why I think they're so good. Number six on the list is going to be Discover Bank. Now, first of all, Discover Bank has over 60,000 ATMs, which is one of the best on the entire list. So pretty much no matter where you are in the US, you're going to be able to find an ATM. Now, the checking account lets you earn cash back when you make purchases with your debit card. That's right, you get cash back with your debit card. These are the kinds of things that you would pretty much never see with a normal brick-and-mortar bank account. And that basically just means that for every dollar you spend, you get a tiny little bit of cash back. And that can really add up. Now, on top of that, they have a very good high-yield savings account. I'm not going to get into the rates because, you know, we're in a pandemic right now and the rates are fluctuating like crazy through with the different banks. If I gave you a rate today, it would probably be different next week. But overall, with the historical performance, this is one of the better ones. They're also known for having really good customer service and they're competitive with a lot of the other online banks and just about anything. This is just one of those bank accounts that works. Number five on the list is going to be Capital One 360. So first of all, they have access to over 38,000 ATMs throughout the country. So that's pretty good. You've got really good interest rates on both their checking account as well as their savings accounts. There aren't that many monthly fees that you have to worry about or anything like that. Now, one thing that Capital One 360 allows you to do that a lot of the other online banking options don't allow you to do is that you can actually basically just take a lot of cash, go to an ATM and deposit that cash and it'll show up in your account. With a lot of the other online bank accounts, you'll have to wire cash into the bank account or do some kind of transfer. But with this one, you could literally just take the cash and put it into the ATM and it'll show up in your bank account. Not all of the online options offer that and so that's a really big selling point with this one. Now on top of that, they have one of the best savings accounts out there in terms of the interest rate that you get. It's historically one of the better ones and they're really well known for having good customer support. I looked up a lot of the different ratings on different sites and this one is extremely solid. Number four on the list is going to be Fidelity Cash Management. Now this one is technically going to be a brokerage account. So that means you already have to be investing with Fidelity so you're investing in maybe index funds or something along those lines and then they offer this as an option to you. You can take part of your investments and you can almost use it like a debit card. So it's technically not a bank account and therefore it doesn't have a lot of the same regulations that a bank account would have. However, I made sure to look up and they do have FDIC insurance so they're still FDIC insured just like a bank account would be. So this one is technically not a bank account. Like I said, it's what's known as a cash management account. And in doing all this research, Fidelity again and again comes up at the top of the list. They're definitely one of the best companies out there. I can tell that they're really trying to offer people the best possible value. And this is an interesting and relatively new option. Fidelity is kind of trying to integrate all different aspects of personal finance so that you don't have to have like five different banks and a bunch of different brokerage accounts. They're basically trying to integrate everything into one. So maybe you only have to worry about one or two different companies. Fidelity is killing it. Love what they're doing here. This is a really good option. Number three on the list is going to be Alliant Credit Union. Now many credit unions offer better interest rates than what banks do but they also have a very narrow membership requirements. So you technically have to apply in order to get into a credit union whereas with a bank you just walk up and you'd open an account. With that being said, it's usually not that hard to get into a credit union. So people that put their money into it technically own part of the credit union. Now Alliant took this to another level and they made an online credit union. So you get a lot of the benefits that you would get with a normal one and then you also get the fact that it's an online one so they're able to save even more money. Now credit unions are known for having fantastic customer service. That's probably one of their biggest selling points overall and from what I've seen, Alliant does have pretty good customer service. Now one thing you might think with a credit union is that you might not have access to that many ATMs and that's not a problem with Alliant because they have over 80,000 ATMs available. That's the best on the entire list. So pretty much no matter where you are in the US there's probably an ATM like a couple blocks away from you. Number two on the list is going to be Ally Bank. Ally Bank is just a fantastic option. All the things that I said that are good about all the other ones Ally Bank pretty much has all of that. They just do it a little bit better. Their fees and costs are ridiculously low. They have fantastic customer service. The app is amazing. It's super easy to use. They offer some of the best interest rates on their savings account historically and I have to say that I've seen Ally offer really good interest rates for a long period of time whereas I've seen a lot of other companies where they offer good interest rates like it could even be better than Ally's but then after they get a bunch of people to sign up they drop it down to below what Ally's offering. I've seen this over and over again. So just because you see that a company is offering a better interest rate for like a month you probably shouldn't go with that company. You want to kind of look at what they've been doing historically. Now Ally is another one of those companies that's trying to integrate a bunch of different personal finance features together. They have Ally Invest for instance where you can basically just invest using Ally as a broker. Ally Invest is pretty good as well. I've heard really good things about it and this is one of those companies that I definitely see moving in the right direction but number one on the list is going to be Charles Schwab. Now they're primarily known as an investing platform like a brokerage basically but they jumped into offering online savings as well as online checking accounts and the checking account specifically is extremely good. It pays really good interest for a checking account and then the thing that's the real selling point and this is especially good if you like to do a lot of traveling internationally is they have an amazing ATM policy where they'll basically pay for any ATM fees that you accrue anywhere that you go. Now people who have traveled all over the world will know exactly what I'm talking about. There's ATMs and you know random places and they charge you way more than they should. So Charles Schwab is known for reimbursing you on these charges. You don't have to worry about it and so you know you don't have to plan far ahead and make sure you have enough cash. You can just go to an ATM use it and you don't have to worry. I've heard over and over again from people who travel a lot that Charles Schwab is the way to go if you want to do any international traveling and it's also just a really good option overall as well. Now there's a few things that I want you to check out in order to make sure that you're choosing the best online bank for you. First of all you can go to bankrate.com and you can type in the bank that you're interested in and they'll basically tell you what the different banks are offering in terms of saving account interest as well as checking account interest. They'll also just give you a general overview of what they think of the bank overall. It's a great resource that you should always check out. Another one you should look at is consumerreports.com and this one will rank different banks from excellent, very good or good in terms of their fees, their costs, the interest rate that they offer, their customer service, etc. This is another one you should look at if you're interested in putting your money into an online bank. And then another resource that I really like is called the American's Consumer Satisfaction Index. It's basically theacsi.org and they basically go over a list of all the things that are the most important points when it comes to choosing different bank accounts. So these are the things that you should keep in mind when you're looking at different online banks to see which one is right for you. First of all you want to look at the variety of financial services. Do they offer a savings account and a checking account or do they just offer a savings account? Do they also offer loans if you want to buy a house or something along those lines? There's all kinds of different financial services that they could offer and you want to know what they do. How easy is it to add or make changes to an account? Is it easy for you to open up a business checking account when you already have a checking account or do you have to jump through a bunch of different hoops and pay all kinds of different fees? Is it easy for you to transfer money or deposit money into your account? Interest rate competitiveness. This one kind of goes without saying but do they offer awful like 0.03% interest or do they offer like 2% interest like a lot of the top ones that I mentioned on this list? Another one you want to look into is understanding account information. How easy and transparent is the product for you to understand what's going on? Are they, you know, how much money is in my savings? How much money is in my checkings? What are the differences between my checking account and my business checking account? Another one you want to look up is how many ATMs are in your location. So you'll probably be using ATMs a lot that are around where you live and you want to make sure that you go with a company that has a lot of ATMs wherever you happen to live. The next one they talk about is staff courtesy and helpfulness. So I guess this isn't as important with an online bank account but, you know, are you able to call in and get a hold of someone pretty much immediately? Maybe you have to wait a minute or two. That's totally fine. But if you're having to wait 30 minutes and it's just a huge pain and they forward you like two or three times before you get to the right person, that sucks. Another one you want to look into is financial transaction speed. So when you put money into your account does it take a week to show up? Does it take three business days to show up? Or does it show up pretty much right away? I remember when I first opened a bank account it was one of the first I ever opened and I put some money in there and it took like a week and a half or two weeks before I could actually use it in my account and then in order to use like 10% of it it took I think three or four days and this of course was at a brick and mortar bank and these are the kinds of things that you don't really put a lot of thought into but once you're actually having to deal with it in real life it can be extremely annoying. Like what if I had rent due the next day? Oh I can't access my money and I have rent due. That's a bunch of BS. Check out my other videos right here. I made them just for you. Go ahead, smash the like button, hit the subscribe button, ring the notification bell and comment down below any comments, criticisms, etc. that you have on the video.