The purpose of this study is to develop a model which explains how the loyalty of individual users of online banking is formed. In order to do this, first, the variables that contribute to the e-loyalty have been identified and subsequently have been validated, considering their reflective or formative character. The literature review leads us to consider the customers e-satisfaction and e-trust, the switching barriers and the perceived quality of the website as main antecedents of the e-loyalty. Then, a model has been estimated using structural equation modeling (SEM). Results show that e-satisfaction, e-trust and switching barriers have a direct effect on e-loyalty. Also, e-trust creates e-loyalty with e-satisfaction as a mediator; and quality of the website creates e-loyalty mediated by e-satisfaction and/or e-trust. The developed model helps improve the understanding of the creation of loyalty from an individual in a virtual context. Development of a model that explains the loyalty of online banking individuals.The developed model considers cognitive, affective and behavioral elements.This model explains 86.6% of the e-loyalty, well above previous research.