Corporate DeskSign inSign up

Banking

United States — Banking: Online Banks

The Federal Reserve survey for 2025 found 94% of US adults had a bank account and 6% were unbanked; online-only banks must still be FDIC insured to be covered.

VerifiedGovernment / official sourceFederal Reserve — Economic Well-Being of U.S. Households in 2025 (banking)Last reviewed: 2026-10-23

Key facts

  • Six percent of adults were unbanked in 2025, a rate steady since 2021; 94% had a bank account.
  • Unbanked rates were higher for adults earning under USD 25,000 (21%), Black adults (13%), Hispanic adults (12%) and adults aged 18 to 29 (12%).
  • Twelve percent of adults used nonbank check cashing or money orders, 28% of the unbanked.
  • FDIC data cited by the Fed show mobile banking use rose from 23.2% of households in 2013 to 74.9% in 2023.
  • Check that an online bank is FDIC insured with BankFind on fdic.gov before opening an account.

Steps

  1. Choosing an Online Bank — Research different online banks to compare their features, fees, and services before selecting one that suits individual needs.
  2. Setting Up Online Banking — Once selected, an online bank's website or mobile app can be used to set up online banking services, typically requiring account verification and security settings.

← Back to United States guides