HomeFinanceTop 5 Best Banks In U.S. To Open Account (2022)

Top 5 Best Banks In U.S. To Open Account (2022)

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When was the last time you felt outstanding about your Bank? If you’re like most people, dealing with your bank is a frustrating experience filled with random fees, mediocre customer service, and confusing online portals. They already have your money, but it seems unfair that they also take your patience and sanity. But what if you could find a bank offering fantastic service, great account options, and low fees? Impossible? Not at all!

Best 5 Online Banks To Open Account From Home in 2022

In this article, we’re going to look at Five Best Banks that may change how you feel about financial institutions. Of course, how do we define a good bank vs a bad bank? Low fees, low minimums, and an extensive ATM network probably come to mind. Customer service and digital experiences are also important. It also doesn’t hurt if your accounts can earn some interest.

#1 Ally Bank

“Ally Bank” is one of my favorite gems because it is all set up online. It is a full-service online bank with competitive rates, low fees, no minimums, and customer service available 24 hours a day, seven days a week.

If you’re like me and prefer to bank on your phone, tablet, or computer from the comfort of your home with an internet connection, this bank is perfect for you. Ally Bank also has checking, savings, money market, and certificate of deposit, or CD, accounts. They also offer mortgages, auto loans, personal loans, investing, and retirement services.

Let’s quickly look at what’s good and bad about Ally Bank. Ally bank pros are banking products that have competitive rates. There is no minimum balance or fee to keep the account open. You can bank from anywhere using online banking or a mobile app.

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Customer service is available by phone, live chat, or email 24 hours a day, seven days a week. The full-service bank lets you save money, borrow money, and plan for your retirement. On the other hand, you can’t make cash deposits, and there are no physical branches.

#2 Alliant Credit Union Bank

Alliant Credit Union is second on our list. Alliant Credit Union is an online credit union that offers a wide range of services and products. It has a savings account with a competitive annual percentage yield, an APY, and a wide range of personal banking options, including arrangements for kids and teens.

People eligible to join Alliant are employees, retirees, members of different groups, relatives of Alliant members, and people who live or work near the bank’s headquarters in Chicago. But you can also join the credit union if you pay $5 to join Foster Care to Success. (An organization that helps teens in foster care get grants and scholarships for schools all over the US). Once you’re set-up, Alliant will pay your $5 membership fee by putting it in your account.

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On its website, Alliant says that its fees are “a short story,” which is true. At the bank, there are no fees for overdrafts, standard or expedited ACH,
or Automated Clearing House payments, incoming wire transfers—domestic and international—low daily balances, or cashier’s checks.

#3 AXOS Bank

The third bank on our list is AXOS. Axos Bank is a well-known online bank that provides a full range of services and has some of the best high-yield savings accounts on the market. The company started as Bank of Internet USA in 2000, but in 2018, it changed its name to Axos. It offers banking products, different kinds of loans, investment portfolios, and business and commercial banking services.

The fact that AXOS Bank is known as one of the best online banks stands true. There are so many account options that almost every customer can find what they need. It doesn’t have local offices where you can get services in person, but that’s less of a problem nowadays. Most banking transactions can be done online or on a cell phone, which is excellent for people who are always on the go. Its rates for high-yield savings accounts are about the same as those of other top online banks.

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#4 Sallie Mae Bank

The Fourth on our list is a Sallie Mae Savings Account. Sallie Mae is an excellent choice for customers looking for a place to stash savings that will be difficult to access. The rates are higher than average, and the accounts and products are designed to encourage savings and wealth accumulation. The lack of branches, ATMs, debit cards, or easy access to your money can significantly help any would-be saver struggling with financial discipline.

However, a lack of access could be a significant disadvantage. Customers must have and maintain at least one other bank account to access any of Sallie Mae’s products and services. Anyone who needs to withdraw money quickly will be disappointed with this online-only institution.

Also Read: 18 Warren Buffett Frugal Living Tips To Save Money

#5 Varo Bank

Last but not least is Varo Bank. If you’ve never used an online-only bank, you might wonder if it’s genuinely as convenient as banking at a local branch. Varo Bank provides plenty of functionality for the on-the-go user, which may persuade you to go online.

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Varo’s mobile app and extensive ATM network make it simple to complete basic checking and saving transactions while going about your daily life. Varo Bank became the first consumer fintech company in the United States to receive a national bank charter in 2020. That allows it to offer FDIC insurance and expand its banking services.

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Varo Bank is a convenient option for someone with simple financial needs. Using it as your primary checking and savings account will reap the most benefits. However, suppose you intend to use it as a secondary account and do not anticipate a consistent stream of transactions or deposit activity. In that case, you may miss out on benefits such as a higher-yielding savings rate and additional products and services such as CDs and money market accounts.


Of course, this list of banks isn’t exhaustive, and there are others out there that may also be an excellent fit for you. As always, do your due diligence, research your options, and pick the bank that makes the most sense for your financial goals.

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