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Best Online US Banks in 2022: Fees, Exchange Rates, Usability, Features, and More

Sep 16, 2022
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Low fees, convenience of use and, most of all, a seamless internet-based experience have increasingly allowed online banks to challenge traditional brick-and-mortar banks throughout the world over the last few years, and the United States are no exception. 

If one of your resolutions for 2022 is to streamline your banking portfolio, you might be looking into digital banks to save on money and time, but wondering which one is your best bet to replace your expensive and cumbersome traditional checking account. Our Monito experts have gone through the many players in the market to help you make the best possible choice.

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Long-established in the world of American neobanks, Chime stands out in Monito's ratings as a great all-around option for US residents looking for a banking alternative that will offer them low fees.

How Monito Scores Online Banks

To determine which online banks scored better than others within the American market, we used a consumer-first framework to analyze several key factors. To begin with, we weighed a number of concrete metrics relating to factors such as fees and rates, ease of use, credibility, service and coverage, transparency, and customer satisfaction to piece together a reliable 360° view of which top digital banks offer the savviest solutions for US residents.

Next, we explored these results and presented our findings in the form of a series of key takeaways that we believe you should know about the three digital banks ranked highest.

While we ranked these online banks on an overall list, bear in mind that this list does not mean that our choice for the best American digital bank is necessarily the best choice for you. As you'll see, each online bank comes with its own unique set of pros and cons that may impact its overall relevance to you.

Furthermore, in our definition of "online bank," we only considered online-first banks and not traditional legacy banks that have merely pivoted to digital banking in recent years while still maintaining an extensive brick-and-mortar infrastructure.

So, without further ado, let's go through our rankings for the top online US banks in 2022 —

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Compare the Top Online Banks in the USA

  1. Wise Multi-Currency Account
    Wise Multi-Currency Account Monito Score 8.9
    open
    • Languages
      English +21
    • Country availability
      Austria +37
    • Services
      Multi-currency account
    • Monthly fee
      Very low
    • Card delivery time
      Mid
    • Best for
      Spending while abroad
    • Bank details
      Euro IBAN +11
    • Supported currencies
      US dollar +50
    • Overdraft
    • Annual interest rate
      Very low
    • Supports cash deposits
    • International transfers true
  2. Chime
    Chime Monito Score 8.8
    open
    • Languages
      English
    • Country availability
      United States
    • Services
      Partial bank account
    • Monthly fee
      Very low
    • Card delivery time
      Mid
    • Best for
      Everyday banking
    • Bank details
      US account & routing no.
    • Supported currencies
      US dollar
    • Overdraft true
    • Annual interest rate
      Low
    • Supports cash deposits true
    • International transfers
  3. Revolut
    Revolut Monito Score 8.6
    open
    • Languages
      English +20
    • Country availability
      Austria +35
    • Services
      Partial bank account
    • Monthly fee
      Very low
    • Card delivery time
      Mid
    • Best for
      Spending online +1
    • Bank details
      UK account no. & sort code +1
    • Supported currencies
      United Arab Emirates dirham +26
    • Overdraft true
    • Annual interest rate
      Very low
    • Supports cash deposits
    • International transfers true

Best Basic All-Rounder: Chime

Founded in 2013, Chime is one of the more established US neobanks, as its 12 million customers can attest. Our Monito experts particularly like its low fees across the board and its panel of features, which includes overdraft protection and expedited direct deposit. It also offers free in-network ATM withdrawals and even pays interest on its savings accounts, although at a pretty low APY. There are a few downsides, notably the fact that Chime doesn’t allow you to open an account if you’re not a US citizen or permanent resident. You also won’t be able to send or receive wire transfers, and you can pay a lot in fees if you need to deposit cash. On the whole, though, Chime offers a solid product, well-liked by its users.

If you’re looking for a digital account to save on banking fees, and as long as you don’t need an extensive list of features, we at Monito believe that Chime is probably the best choice you could make.

Best for Frequent Travelers: Juno

Juno is a fairly young US fintech, offering a checking account and a debit card available either as a virtual MasterCard or a metal physical card — as long as you set up at least $500 a month in direct deposits. Our Monito experts like the quality of its service, even though it doesn’t offer as many features as some of its competitors. They also loved the fact that it is very cheap to use both domestically and internationally, with no monthly cost and almost no fees charged, even for out-of-network ATM withdrawals. As a nice bonus, it offers a cashback of 5% on five brands of your choosing and access to a crypto wallet. However, its youth also means that it doesn’t have as many customer reviews as other services, which makes it harder to gauge customer satisfaction with its product. 

Its exposure to cryptocurrency might make it hard to recommend as a main bank account, but we believe that OnJuno’s offering makes a lot of sense as a secondary account for travelers and digital nomads.

Best for Families: Current

Launched in 2015, Current brands itself as “not a bank, but better than a bank.” Though the claim is debatable if you’re looking for an extensive slate of banking products, they do offer a good basic digital checking account and card, with features like free ATM withdrawals and a pretty solid rewards program. Our Monito experts particularly like their teen accounts, which allows you to open a monitored account for your children, though the feature does come with a yearly $36 fee. More generally, one of Current’s main problems is that their best features are locked behind fees: to benefit from their expedited direct deposit feature or their fee-free overdraft, you’ll have to spring for their premium account at $4.99 a month.

Current’s basic account doesn’t have as much functionality as some other banks in this ranking, so if you’re looking to make use of its premium features, it might be worth weighing other options before subscribing to the paid plan, especially if their rewards program doesn’t seem to offer much in your area. There’s one area where we think Current as the edge, however: if you’re looking to open a monitored account for your teens, they’re one of the better options.

Best for International Transfers: Wise

If you often need to send or receive money abroad, you might be familiar with Wise. Formerly known as TransferWise, this UK-based fintech made its name by enabling cheap and fast international money transfers, bypassing traditional SWIFT transfers — which makes it a frequently featured player in Monito’s comparison engine! Aside from its money transfer product, Wise also offers a multi-currency account, which comes with a debit MasterCard. Its main feature is that it allows you to hold money in more than 50 currencies and gives you account details for 10 of them, including USD, EUR or GBP — though note that you will have to pay a small fee actually to exchange money.

Although it’s not as fully featured as other choices on this list, Wise’s account might be a practical solution if you need to get paid outside the US — and if you regularly use Monito’s comparison engine, you know it’s often worth it to have a Wise account at the ready, as they are often the best choice to send money abroad. Be mindful, however, that their multi-currency account is not a bank account and as such, is not FDIC-insured. The money you keep on it is safeguarded, but it’s not protected to quite the same extent as it would be with most accounts on this list, and as such Wise is probably not the best choice if you’re looking to replace a traditional bank account.

Another Great Option for Traveling: Revolut

UK-based neobank giant Revolut is also active in the US, offering its checking account and debit card in partnership with Metropolitan Commercial Bank — which means it’s fully FDIC-insured. On top of a host of banking features like early direct deposit, free ATM withdrawals or an interest-earning savings account, you can also open junior accounts and even trade cryptocurrencies and stocks. Revolut also offers a lot of internationally-oriented features, like ten free foreign transfers a month, free foreign exchange up to $1000 a month, and the ability to hold a balance in foreign currencies, which makes it a good choice for those who frequently travel abroad.

See Other In-Depth Neobank Guides by Monito

Top 10 Online Small Business Checking Accounts in the US
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Wise Account Review
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5 Best US Banks for Foreigners and Non-Residents in the USA
September 30, 2022 - by Jarrod Suda
Majority Bank Review
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Chime Review
August 15, 2022 - by François Briod
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What's the best Currency Exchange in New York City? Monito’s comparison
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Ally Bank Review: Could This Digital-First Solution Work for You?
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These Are the Easiest Bank Accounts To Open Online in the US
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Can I Open a Free Online Bank Account Without an ID?
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Why Trust Monito?

You’re probably all too familiar with the often outrageous cost of sending money abroad. After facing this frustration themselves back in 2013, co-founders François, Laurent, and Pascal launched a real-time comparison engine to compare the best money transfer services across the globe. Today, Monito’s award-winning comparisons, reviews, and guides are trusted by around 8 million people each year and our recommendations are backed by millions of pricing data points and dozens of expert tests — all allowing you to make the savviest decisions with confidence.

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