The best online bank accounts for checking and savings, offer low fees, generous interest rates and great banking apps. Our winners include Ally, Varo, Axos and more.
Savers will get the best rates from top-yielding savings and money market deposit accounts at online banks. The economy is strong, unemployment is low and inflation is receding. The Federal Reserve has continued to raise short-term interest rates, after a brief pause. Rate hikes traditionally favor savers and lenders. Borrowers and those paying down debt usually feel most of the pain. Rate hikes are a blessing and a curse for consumers. You’ll pay higher interest rates on credit cards, home equi