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lindagray

Best online bank: Radius Bank & Top online bank: Bank5 Connect

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Best online bank: Radius Bank

The brand isn’t a household name, but Radius Bank earned the No. 1 spot among online banks for the combination of its mobile banking app, generous ATM (Automated Teller Machine) fee rebates, its payout on checking and savings accounts and its accessibility — the minimums to open a checking or savings account are fairly low.

You can earn higher yields at other banks, but the Boston-based bank is competitive, especially for those with higher balances. If you have $2,500 to put into savings, Radius will pay 1.25 percent APY (Annual Percentage Yield). Sock away more ($25,000 and up), and the Radius High-Yield Savings pays 1.65 percent APY. A $100 minimum deposit is required to open an account.

While most banks don’t pay perks on their checking accounts, Radius stands out for paying 1 percent cash back on certain debit purchases. Even better, if you have at least $2,500 in your checking account, the bank will pay you 1 percent APY, and more if your balance is $100,000 and up. If you often take out cash, you will benefit from the bank’s generous ATM policy: There are an unlimited amount of ATM fee rebates if you go out of the bank’s network.

The well-reviewed mobile app lets customers take care of the banking basics and more, like letting customers link other financial accounts to manage their money.

Read Bank Review

Top online bank: Bank5 Connect

Bank5 Connect launched in July 2013 as an online-only division of BankFive in Fall River, Massachusetts. Here, you can earn high yields without paying steep fees.

The online bank’s savings account pays an attractive rate (currently offering savers 1.85 percent APY). You only need $10 to open an account. To earn interest, however, you will need to deposit at least $100 into the account.

Bank5 Connect’s checking account stands out for its perks: It pays 0.76 percent APY for customers who keep $100 in their account. You can also earn rewards for making purchases on your debit card at certain stores and restaurants. Bank5 Connect will refund ATM fees that are racked up outside of the bank’s ATM network and don’t exceed $15 per statement.

The bank doesn’t charge you maintenance fees either so long as you ditch paper statements and receive them online. The mobile app earns high marks in the app stores. While the app doesn’t offer cutting-edge features, you can use it to save time on financial chores, like depositing checks.

investopedia.com

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