Looking to switch from a standard bank to an online checking account and you have reservations about many online banks? The top two available on the ‘net are both FDIC insured institutions and offer some of the most competitive rates you’ll see for interest earning checking accounts. Still not sure if you want to switch? Check out these deals offered by three of the top online banks with the most competitive checking accounts available online.

1. Ally Bank – Ally bank is currently one of the best internet banking providers not only for checking accounts, but also for CDs & IRAs. Ally has managed to stay on top by offering some of the best benefits for using their banking services, including:

- $0 minimum deposit balance
- Free checks for the life of the account
- No ATM fees at any ATM nationwide
- Variable rate for balances over $15,000
- 1% interest on checking accounts
- No Annual Fee

Because of these highly competitive rates, Ally has remained on top for several years. The only downside of banking with Ally is they don’t currently offer a mobile app, so checking your balance, transferring funds, and scanning checks to be deposited are something offered by competitors that Ally currently doesn’t support.

2. ING Direct – ING Direct competes directly with Ally so their rates similar, but with a few key differences. ING Direct has been established as a banking institution for more than 20 years, so if establishment is a concern for you, then ING Direct might offer more piece of mind than a rebranded bank like Ally.

- $0 minimum deposit balance
- Free checks
- 35,000 fee-free ATMs
- No overdraft or monthly fees
- .25% interest on accounts under $50,000
- Mobile app for fast banking

While the Ally account is designed more for small time account holders, ING Direct pays out bigger rewards to those who store more cash with them. ING Direct has the added benefit of having a mobile banking app, so you can make deposits and transfer funds no matter where you go.

3. Schwab Bank – Schwab has been around and is an established financial institution, but it is relatively new to the online banking scene. Schwab now offers some of the most competitive rates online for banking and investing.

- $0 minimum deposit balance
- No ATM fees
- .25% interest rate on all accounts

As you can see, the benefits aren’t as great as Ally or ING Direct, but Schwab is definitely a contender for the best checking accounts available online.