5 Best Online Banking You Can Open From Any Where in The Word


An online banking is a method of banking in which transactions are conducted electronically over the internet. It operates exclusively online with no physical branches. Online banking is more beneficial compared to banks with physical branches in terms of interest rate. One can earn higher on savings account. When it comes to low fees charge, online banks are better than ones with branches. It is also less stressful because of the use of mobile app.

For one to open online banks, there is no extra charges or high cost to open. There are numerous of advantages of online banking over those with branch. With online banking, one can pay bills, transfer money, access your account transaction records from your wed browser and access your banking information from any where you have access to the internet like computer or mobile devices.

In this article we are going to look at 5 best online banking in the world and why they are accepted as the best. The best online banks are those that satisfies all your needs.

1.  Salem Five Direct Online Banking


Salem Five Direct is a Massachusetts-based financial institution founded in 1855. While the bank offers a modest branch footprint in the Northeastern U.S., it is a great choice for online-only banking no matter where you live. They are best known for no monthly fee checking and savings accounts. It is a great online bank with low fees and good interest rates. It a bank that operates online or in-person. But even if you don’t have a branch or Salem Five Direct ATM nearby, you can use any ATM in the world with no fees and get reimbursed for other bank fees up to $15 per month.

Salem Five Direct offers both consumer and business bank accounts. You can apply for the checking and savings accounts together with one application as a combo or apply for each individually.

Interesting Features

  • eOne Checking
  • eOne Savings
  • eCDs
  • Mortgages and lending


For accounts checking, eOneChecking is a nationally competitive account that offers interest and features that go head-to-head with some of the top checking accounts nationwide.

Some major interesting features include:

  • 0.25 percent interest on balances up to $1 million
  • No minimum balance or monthly fees
  • Cashback on non-PIN debit card purchases
  • No ATM debit card fees and up to $15 in reimbursements for other bank ATM fees


One can open an eOneSavings account simultaneously  with an eOneChecking account or open a separate account eOneSavings to take advantage of amazing interest rates and arguably the best deposit insurance in the world. This account currently pays 2.05 percent APY on balances up to $1 million.

All savings accounts at Salem Five Direct are been covered by both FDIC insurance and DIF insurance. The two major primary purposes of the Deposit Insurance Fund (DIF) are: First, to insure the deposits and protect the depositors of insured banks and secondly to resolve failed banks. The DIF is funded mainly through quarterly assessments on insured banks, but also receives interest income on its securities.

There is no minimum balance and no monthly fees attached. You can manage this and other accounts using online or mobile banking, including mobile check deposits.


Salem Five Direct offers online CD accounts, which it calls eCDs. These special rate CD accounts come in a range of duration for balances from $10,000 to $500,000.

It is important that for you to be aware that you can’t withdraw your funds from a CD until the maturity date without paying an interest penalty. Regular CDs are available in 3-month to 60-month terms. The bank also offers a 9-month no penalty CD.

Additionally, Salem Five Direct offers callable CDs and IRA retirement account CDs.

Mortgages and lending services

As a full-service direct savings bank, Salem Five Direct offers a range of mortgage and lending products.

In terms mortgages, you can apply for these types of home loans at Salem Five Direct:

  • Home purchase loans (conventional, adjustable rate, and jumbo mortgages)
  • Mortgage refinance
  • Construction and renovation
  • VA mortgage
  • Reverse mortgage
  • Specialty loans
  • Low-income mortgages

2.  USAA Online Banking


USAA is a Fortune 500 financial services company that allows you bank online through a host of services and incentives. It is one of few online banks that offer all the personal online banking services you could ever imagine. It does not support business-banking services.

While some of USAA’s products and services are only available to members of the military and their families, its investment products, most checking and savings products, and credit cards are available to civilians, too. Bank accounts include nice perks at no extra cost, such as free checking and savings, free checks and online bill pay, unlimited transfers to any U.S. bank, and more.

If you wish to do the majority of your banking online, but want to have the option of occasionally doing transactions in person, with USAA you can make deposits at select UPS Store locations. If ATM access is enough for you, the bank will refund other banks’ fees. The big drawback is that mobile deposit options are only available to those who meet certain eligibility requirements based on your account history with the bank and whether you are eligible for its auto or property insurance.

Interesting Features

USAA savings account interest rates: 0.09% APY for balances less than $1,000. 0.10% APY for balances from $1,000 to $9,999. 0.15% APY on balances of $10,000 or more

Free checking. You don’t need to keep a minimum amount on deposit to avoid maintenance charges. This is truly free checking.

Access to ATMs: there are over 60,000 “preferred” ATMs nationwide. USAA does not charge a fee for your first 10 withdrawals from other ATMs, and you can get rebates of up to $15 in ATM fees.

Low minimum to open. For $25, you can get started. New recruits can start with even less.

Interest checking: earn interest on your money, even while it’s available for spending. Currently, rates are not too impressive, but every little bit helps.

Electronic tools: military families are not always located near major money centers. USAA makes it easy to manage your money online, and the mobile app has all of the features you’d expect. Deposit checks with your mobile device, use text and email alerts to stay up to date, and more.

3.  Charles Schwab Online Banking


For online checking accounts, Charles Schwab’s High Yield Investor Checking gets some of the best reviews—and with good reason. The account requires no minimum balance (rare for a checking account that earns interest) and charges no monthly service fee, at a time when many large banks are discontinuing their free checking accounts. Plus, you get fee rebates from any ATM worldwide, in addition to having access to online and mobile bill pay and mobile deposit, plus free checks for those who don’t want to do everything by debit card.

Interested Features

  • To use any ATM worldwide and receive unlimited ATM fee rebates
  • Fast transfers between Schwab brokerage accounts and your bank account
  • A mobile app with mobile check deposit
  • No monthly charges, and few additional fees
  • Limited branch locations for check deposits
  • Unlimited external bank account links

4.  Ally Online Banking


When choosing an online bank, there are numerous excellent choices. Ally Bank stands out with a broad lineup of offerings, competitive rates, and high scores on banking surveys such as the J.D. Power 2019 Direct Banking Satisfaction Study.

If you want interest earnings, it’s easy to open an interest checking account, high-yield savings account, a money market account, or CDs at Ally—and there’s no minimum required. The rates might not be the highest online, but they’re consistently competitive.

Interesting Feature

  • Accounts: Interest checking, savings, money market, standard CDs, Raise Your Rate CDs, IRAs (savings, CDs, Raise Your Rate CDs), trust accounts
  • Bonuses: None
  • Monthly Maintenance Fees: None
  • Minimum Deposit Requirements: None
  • Benefits: Full mobile banking functionality, P2P money transfers, CD ladders, fee reimbursement at virtually all U.S. ATMs

Ally Bank’s CDs are known for being flexible and have competitive rates. For example, the Raise Your Rate CD gives you the chance to increase your rate once during your term if Ally’s rates go up, so you won’t miss out on earning more while your money is tied up. Ally also offers ways to invest and potentially grow your money through ETFs, mutual funds, bonds, and options.

5.  Discover Bank


Discover Bank (D-Banking) is another option for one-stop shopping with an online bank. Like Ally, Discover offers checking, savings, money market, CD accounts, and more, all with no monthly management fees. For starters, Discover’s Cashback Debit account provides rare cash back rewards in a checking account. You can earn 1% cash back on up to $3,000 of qualifying monthly debit card purchases.

D-Banking does have minimum balance requirements though, such as a $2,500 minimum to open a CD. The Discover Money Market offers a higher interest rate than Ally Bank (as of January 2020), but that account also requires a minimum deposit of at least $2,500 to open.

Interesting Features

  • Free checking accounts with online bill payment and check writing
  • Competitive interest rates on savings accounts
  • No minimum balances or monthly fees on checking or savings
  • Cashback rewards on debit card purchases
  • CDs, savings, and money market accounts under one login
  • 24/7 customer service (including chat support for enrolled customers)
  • Account opening bonuses for new customers


The best online banks are those that satisfies all your needs. Best online banks offer checking accounts with fewer fees and higher interest rates than traditional banks do, in part because of the money they save by not operating branches. And they are secure, backed by the Federal Deposit Insurance Corp and the National Credit Union Administration.

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