Whether you live in a major city or a rural community, it's hard to argue the convenience of an online-only bank. According to J.D. Power's 2022 U.S. Direct Banking Satisfaction Study, one-quarter, or about 27%, of Americans currently use an online-only bank.
The study also suggests that online banks are best when it comes to customer satisfaction, with Charles Schwab and Discover Bank tied at first place and Ally Bank following in third for checking accounts. Savings accounts had similar results, with American Express, Discover Bank and Charles Schwab leading the pack.