Pros / This online only bank offers every service you could need to save and earn interest through a variety of financial accounts and tools, including a full complement of loans, $1 minimum deposits and no minimum balance for savings.

Cons / Overdraft fees for checking are the highest of online only banks in our ranking.

 Verdict / Flagstar offers great online banking services to meet all your savings, spending, financing and investment needs.

Editor's Note: This review has been removed from our side-by-side comparison because it no longer ranks as a top 10 product. The original review is below, but check out our current top 10 about Online Only Banks here.

Flagstar is a full-service bank that offers savings, checking, retirement, money market, CDs and other online banking services. It's the only financial institution in our ranking of online only banks that offers a full complement of loan services.

You can bank online with Flagstar's easy-to-use interface and online features. The bank offers personal banking and business banking to let you access your money from wherever you are. It even offers retirement and college planning, investment guidance, and cash and debit management.

Flagstar is known for its vast array of consumer savings and lending options and services, as well as next-to-nothing deposit balances and minimum balances. It's the best online bank, according to our service criteria. Nevertheless, be sure to check out interest rates offered by competitors on our lineup, particularly if you have high deposit amounts. You may find better yields among the banks we listed, which can mean a difference in long-term income growth.

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Summary

Flagstar offers the best online banking because of its services, including savings and checking accounts, loans, financial planning and features designed to make accessing and managing your money simple and easy. You can find everything in this online banking service that you would find at a traditional bank, with the convenience of banking where and when you want. Flagstar charges the highest overdraft fee, at $35, but that shouldn't be a problem unless you frequently bounce checks. This online only bank has good customer service, various savings and investment vehicles, and is a great place to safely store your money.

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