Top 3 Best Online Banks Analyzed: Pros and Cons

Online banking is extremely popular now: after all, having direct 24/7 access to banking services is a very convenient feature. Most traditional banks have moved online already, and there are all kinds of innovative platforms which focus solely on providing financial services through the Internet. However, every bank or online service has its own set of conditions, fees, and features, so you have to be very careful when making a choice. In this article, we explain how to choose the right one and give you the top 3 most useful and reliable options to consider.

How to choose an online bank

Basically, there are two types of online banks. The first type is represented by traditional banks which have moved online and created separate entities specializing in providing online services. The second type is often called neobanks. These platforms operate only through the Internet and do not have any brick-and-mortar offices. Such companies provide all their services distantly, and you can access your account only using your PC or mobile device.

Some people still don’t trust neobanks because there’s simply no office you can visit, and all products you have exist only on the screen of your device. But that shouldn’t make you trust them less: after all, these platforms comply with the same strict requirements set by financial regulators. They’re perfectly reliable while having some unique features most traditional banking services don’t have. Let’s take a look at the best online banks and what they have to offer.


One of the most well-known US-based online banks, SoFi was founded in 2011. It features all kinds of banking products including numerous types of specialized loans, insurance and investment programs with flexible conditions, and some products for businesses. That means you can get just about every service you need in one place with the use of your smartphone. However, SoFi is available only to US citizens.


Revolut is a very popular UK-based digital bank regulated by FCA. It works across 150 countries and has a wide range of traditional banking products as well as unique features like crypto investments. It should be noted, however, that the platform has paid plans.

CIT Bank

CIT Bank is a US-based neobank which focuses on various savings accounts with favorable rates and conditions. It’s reliable, cheap, and user-friendly, but only US residents can sign up and use it.

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