Here are the best online banks right now - Business Insider

: Charles Schwab provides unlimited out-of-network ATM fee reimbursements and doesn't charge foreign transaction fees, but its rates are low.Personal Finance Insider's mission is to help smart people make the best decisions with their money. We understand that "best" is often subjective, so in addition to highlighting the clear benefits of a financial product or account — a high APY, for example — we outline the limitations, too.

While interest rates are an important aspect of any online bank account, several offer the same annual percentage yields . To differentiate between them, we also considered minimum deposit and balance requirements, fees, ATM access and fee reimbursement, mobile apps, and other standout features. We also took customer service into account, because with an online bank, you don't have the option of walking into a branch to speak with a representative.

We reviewed over two dozen institutions to identify the strongest options. We also cross-referenced our list against popular comparison sites like Bankrate and NerdWallet to make sure we didn't miss a thing. Many brick-and-mortar banks allow you to bank online — but an online bank has you bank primarily or exclusively online. Some online banks do have a couple physical locations, but they still operate digitally for the most part.

However, because online banks don't have to pay for physical branch locations, they typically pay higher rates and charge fewer fees. This means you can earn more and spend less with your bank.

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