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19 Neobanks and What They Offer Advertiser disclosure We consider you to be our first priority. Every day. We believe that everyone should be able to make sound financial decisions without hesitation. And while our site doesn’t feature every company or financial product available in the marketplace however, we’re confident of the advice we offer, the information we provide and the tools we develop are independent, objective simple, and completely free. So how do we earn money? Our partners pay us. This could influence the types of products we review and write about (and the places they are featured on the site) However, it in no way affects our advice or suggestions, which are grounded in hundreds of hours of research. Our partners do not be paid to ensure positive reviews of their products or services. . 19 Neobanks and what they offer Neobanks differentiate themselves by focusing on certain communities, offering various benefits and more. Written by Spencer Tierney Senior Writer | Certificates of Deposit bank accounts, ethical banking, deposits Spencer Tierney is a consumer banking writer for NerdWallet. He has been writing about finances for individuals since the year 2013, with a particular focus on certificates of deposit as well as other banking-related topics. His work has been covered by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. He’s based within Berkeley, California. Sep 23, 2021 Edited By Yuliya Goldshteyn Assistant Assigning Editor Banking Yuliya Goldshteyn works as a banking editor with NerdWallet. She previously worked as editor, writer and research analyst in a variety of industries, ranging from healthcare to market research. She graduated with a bachelor’s degree in history from University of California, Berkeley. University of California, Berkeley and a master’s in sociology from the University of Chicago. You can reach her at
. Many or all of the products featured here are from our partners, who pay us. This affects the products we review as well as the place and way the product appears on a page. However, this does not influence our evaluations. Our views are our own. Here is a listing of . The information about investing on this site is for solely educational purposes. NerdWallet does not offer advisory or brokerage services or advice or suggest investors buy or sell specific stocks, securities or other investment options. Jump to a specific neobank or category: For high-yield savings: For the most extensive range of accounts: For inexpensive overdrafts for credit building: For cash-back rewards: | | Investor-friendly: are financial technology — or fintech — firms that usually offer mobile-oriented accounts that are brimming with attractive features, such as no-cost cash-back rewards or credit. Certain established neobanks provide loans, credit cards or investment products too. They usually have no branches, and, since the majority of them lack banking licenses, partner with banks to offer security by the Federal Deposit Insurance Corp. In addition, they offer. The majority of the neobanks in this list are insured by FDIC. Saves Cash Management CD Checking Money Market Members FDIC SoFi Checking and Savings APY 3.75% SoFi members with direct deposit have the opportunity to earn up to 3.75 per cent annual percentage yield (APY) on savings balances (including vaults) and 2.50 percent APY on checking balances. No minimum amount of direct deposit required to qualify for the 3.75 percent APY on savings and 2.50 percent APY on checking balances. Customers who do not deposit direct deposits will earn 1.20% APR on all balances of savings and checking (including vaults). Rates of interest are subject to change and may change at any point. These rates are current as of 01/04/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet Min. balance for APY: $0 Member FDIC Marcus by Goldman Sachs Online Savings account with APY 3.50% 3.50% APY (annual percent yield) with $0 minimum balance to earn stated APY. Accounts must have a positive balance to remain open. APY valid as of 02/07/2023. Min. balance for APY The cash accounts offer a variety of services and features comparable to savings, checking and investment accounts into one. Cash management accounts are typically provided by non-bank financial institutions. These cash accounts combine services and features similar to savings, checking or investment accounts into one account. The cash management account is typically provided by non-bank financial institutions. on the Wealthfront website. Wealthfront Cash account APY 4.05% min. balance for APY $1 on Betterment’s website Betterment Cash Reserve — Paid non-client promotion APY 4.00% Annual percentage yield (variable) is as of 02/06/2023. Min. balance for APY CDs is $0 (certificates of deposit) are a kind of savings account that comes with fixed rates and terms, and usually have higher rates of interest than regular savings accounts. CDs (certificates of deposit) are a form of savings account that comes with fixed rates and terms typically, and have higher interest rates than standard savings accounts. CIT Bank CD APY 4.60% Term 1.5 years Member FDIC Marcus by Goldman Sachs High-Yield CD APY 4.40% 4.40% The APY (annual percent yield) as of 01/25/2023 . One year checking accounts are used for day-to-day cash deposits and withdrawals. Checking accounts are used for day-to-day cash deposits and withdrawals. Member FDIC SoFi Savings and Checking APY 2.50 percent SoFi members who have direct deposit can get up to 3.75 percent per year in annual percentage returns (APY) for savings accounts (including Vaults) and 2.50 percent APY on their checking balances. The minimum amount for direct deposits required to qualify for the 3.75% APY on savings, and 2.50 percent APY on checking balances. Direct deposit members will earn 1.20% interest on balances, including savings and checking (including Vaults). Rates of interest are subject to change and subject to change at any point. The rates listed are current at the time of 01/04/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet Monthly fee $0 Upgrade Rewards Checking APY N/A Monthly fee $0 Deposits are FDIC Insured Current Account APY N/A Monthly fee $0 Deposits are FDIC Insured Chime Checking Account APY N/A Monthly fee $0 Member FDIC Axos Bank(r) Rewards Checking APY 1.25% Receive monthly direct deposits totaling $1,500 or more to earn 0.40% APY. Use Your Axos Visa(r) Credit Card for a total of 10 transactions each calendar month (min $3 per transaction) or enroll for Account Aggregation/Personal Finance Manager (PFM) through Online Banking to earn 0.30% annual percentage. Maintain an average daily balance of $2,500 per month within an Axos Managed Portfolios Invest Account in order to receive 0.20 percent APR. Maintain a daily average balance of $2,500 per month within an Axos self-directed trading Investment Account in order to receive 0.20% annual percentage yield. Utilize Your Rewards Checking Account for your entire month’s Axos customer loan payment and earn 0.15 percent APY. Monthly fee: $0. Money market accounts pay rates similar to savings accounts and include some checking features. Money market accounts have rates similar to savings accounts and include certain checking features. Members FDIC UFB Best Money Market APY 4.21 Percentage Min. balance for APY $0 Member FDIC Discover Bank Money Market Account APY 3.20 0.20 % Min. amount for APY $1. Learn more about: The number of fintech companies that could be called neobanks keeps growing. Between 2018 and 2020, Neobanks have exploded between 60 and 256 across the globe according to a study by the business strategy company Exton Consulting. With the rise of more players comes more competition. And some previously innovative services are now becoming common among neobanks, such as two-day early access to direct deposit as well as free access to national ATM networks. Digital wallets, including and are competing with Neobanks, offering these same features. Neobanks are finding ways to distinguish themselves by appealing to certain groups, like freelancers or travellers from abroad, and by offering advantages that you can’t find in traditional banks. This article will provide an overview of how some new and emerging Neobanks are trying to make themselves distinct. >> Learn more for high-yield savings Chime Founded in 2013, Chime is among the biggest neobanks with over 12 million customers. Partnered with two banks*, it provides checking and savings accounts that are both free of charges for monthly usage, as well as a secured credit card that you can use to build credit. Chime’s savings account has a competitive interest rate of 2.00 per cent annual percent yield with no minimum balancerequirement, no maximum amount for earning interest, and no monthly costs. (The Chime Checking Account is required to open a savings account; savings Account is available as an optional.) The spending account gives you free access to more than 60,000 ATMs throughout the nation, and for customers with direct deposits, they can benefit from a cost-free overdraft service that can cover up to $200. Cash deposits can be made at big retailers ****, and is not a feature that all neobanks provide. Sign-up procedures are more straightforward than with traditional banks since there’s no credit check or prior bank records, but Chime offers an . Learn more about Chime Chime: «Chime is a financial technology firm, not a bank. Banking services are offered through The Bancorp Bank, N.A. as well as Stride Bank, N.A. Member FDIC.» «**» **»The annual Percentage Yield («APY») for Chime Savings Account is variable and may change at any time. The APY disclosed is in effect on October 25 2022. No minimum balance is required. Must have $0.01 saved to get interest. » ***»Out-of-network ATM withdrawal fees are applicable, except for MoneyPass ATMs in a 7-Eleven, or any Allpoint as well as Visa Plus Alliance ATM.» ****»The retailer who accepts your cash is responsible for transferring the funds to Your Chime checking Account. Cash deposit fees may apply for any retailer other than Walgreens.» Check out Chime reviews: To the top Varo Bank Varo Bank offers checking, savings and cash advances. Established in 2015, and initially operating with banking partnerships. It was made an officially chartered bank in August 2020, allowing it to provide its individual FDIC insurance. Per Varo its website, it had a total of 6 million customers by mid-year 2022. The checking account comes with free ATM access and no monthly fees, plus benefits like cash back from certain retailers with no transaction fee. The savings account comes with two requirements to earn the highest rate of 5.00 percent APY on the first $5,000, which includes the requirement of a minimum of $1,000 in monthly direct deposits and keeping an open checking and savings balance at the end of the month. Otherwise it’s 3.00 percent APR. Read Varo review: Back to top For widest range of options SoFi SoFi is short to mean «Social Finance» was founded as a student loan refinance business, but has recently obtained its own bank charter. The SoFi Savings and Checking account is a account that can be used to manage money for spending and saving. It has no account fees for overdrafts, ATM usage, or monthly maintenance (subject to changing at any time). There are perks like earning interest, establishing savings accounts, and those who make qualifying direct deposits, no-fee overdraft protection of up to $50. SoFi also provides a variety of loans including active and automated investing, cryptocurrency trading, credit cards, and retirement accounts. Read SoFi reviews: to top One Owned by Walmart One’s bank account comes with a low-cost overdraft program, customized budgeting and savings choices. It offers customers the ability to arrange their funds into pocket-sized accounts, also known as subaccounts. The Pockets dedicated to saving are rated at 1% for up to $5,000 per customer and 1% on up to $25,000 for those who deposit direct. One gives free overdraft coverage of up to $200 for those with direct deposits of minimum $500 per month. This is less expensive than banks with large branches charge for overdrafts that can range from $33 per transactions. Read reviews on One:Previous page> Learn more about For the credit-building GO2bank (and GoBank) Green Dot Corporation has offered alternatives to banking since. From prepaid debit cards and later expanding into GoBank, its very first bank online GoBank In 2013, before launching later its second bank brand, GO2bank, in 2021. The majority of Green Dot deposit accounts are federally insured by Green Dot Bank. Unlike nearly all neobanks, which require online registration and registration, you can purchase GoBank or GO2bank credit cards from retailers like Walmart and activate them online to use with an app for mobile devices. The two brands are comparable, but GO2bank is by far the more preferred alternative, as it has a lower monthly cost and perks, though less than other neobanks like Chime as well as Varo. GoBank’s almost $9 monthly fee is waived with $500 in direct deposits, while GO2bank’s $5 monthly fee is waived with direct deposits without a specified minimum. In addition to its bank account, GO2bank offers a secured credit card to build credit and has an account for savings that earns 1percent APY the amount of up to $5, 000. In contrast, GoBank doesn’t offer a credit card and its savings vault isn’t able to earn interest. Check out the GoBank review: Learn more about GO2bank: Back to the top Sesame Cash Credit company Credit Sesame launched a free digital bank account in March 2020 . The account concentrates on helping those who live from paycheck to paycheck. The account’s benefits include direct deposit of paychecks up to two days early as well as mobile and cash deposits as well as a restricted debit card cash-back program, and free access to a all-encompassing ATM network. Through the account, users are able to access Credit Sesame’s free credit monitoring and daily updates to credit scores. Check the Back to top MoCaFi MoCaFi, or Mobility Capital Finance is black-owned digital platform started in 2016 that offers free checking for largely unbanked and underbanked communities, with a focus on closing the gap in wealth between the races. The platform offers a bill-pay feature that allows users to make rent payments available to the major credit bureaus in order to build credit history. A rare perk, MoCaFi cooperates with its third-party partners to give free cash deposits at many stores and mobile check deposits that allow for quick cash out. Then back to the the top Dave Dave started in 2017 as a paycheck advance company and expanded to offer a full-fledged checking account. In mid-2021, it had about 1 million clients. You can get a small cash advance from your next salary without any interest or credit check, and customers who have at least $1,000 in direct deposits per month are able to build credit history by making rent payments. Dave also provides budgeting that factors in upcoming bills and the option to search for side-jobs in its mobile app. There are no charges for overdrafts or for using ATMs that are part of the nationwide MoneyPass network and no minimum balance requirements. Read the Dave review Return to top for Cash-back Rewards Current Current, founded in 2015, offers free and premium checking options that include cash back at some merchants, two-day early direct deposit, and fast refunds on gas station card holds. The latter two perks are only available for premium accounts that have the cost of $5 per month. Premium accounts with direct deposits can also have up to $100 in overdrafts protected for free. Review Current review: Back to the top Upgrade A personal loan company Upgrade, started in 2017, launched a free checking account for customers in 2021, with cash-back benefits that are greater than Current’s. Upgrade’s main perks for their checking customers include 2% cash back on everyday purchases such as at drugstores and restaurants and the possibility of 20% rate reductions on personal loans. Customers are also able to view their credit scores for free and summaries of their credit history through the Upgrade Credit Health service. Bella Bella’s banking strategy is, in its words, «built on love.» That translates to a checking account rewards program that offers a random amount of cash back, anywhere from 5% to 200 percent, on randomly chosen purchases. The program was introduced in 2020. Bella does not charge monthly ATM, overdraft, or ATM charges. At present, Bella also covers fees charged by out-of-network ATM operators. There is also a no-fee savings account, but it has low interest rates and an optional «karma account,» which is a fund to cover other customers’ small purchases or to take advantage of another’s karma account generosity. Click here to see our list of the Back to top Cheese Started in March 2021. Cheese is able to tailor its digital banking platform for the immigrant and Asian American communities, offering up to 10% cash back for 10,000 businesses, which includes Asian-owned businesses and restaurants. Support for customers is offered in English as well as Chinese, with more languages to come. Accounts accrue interest and don’t incur monthly charges or ATM fees in the national MoneyPass ATM network. Learn More regarding Back to top Investor-friendly Acorns While the microinvesting app Acorns’ core product is automated investing for those who prefer not to be hands-on, it expanded into banking in the year 2018 with Acorns Checking. It comes with an ATM card, a debit card and a rewards program, and is available only in a package with an investment account that is tax-deductible and an individual retirement account each month for just $3 (or five dollars for the family version). Customers can opt in to an «round-up» option where every purchase is rounded by some amount and the change is then invested. The rewards program offers some percentage or amount back from purchases at over 300 businesses, and it also gets invested. Read Acorns review: Back to top Aspiration Aspiration can be described as an online broker company that has an account for cash management, named Spend & Save, that works like the hybrid savings and checking account. There are two versions of the account. The basic Spend & Save account has the possibility of 3.00 percent interest on savings, and up to 5% cash back and an optional monthly fee — customers pay what they believe is fair from beginning at $0 and up. The premium Aspiration Plus plan has an annual cost of just over $72 and with up to 10 percent cashback and up to 5.00% APY. There are two accounts to choose from as well, which means you can invest in businesses that are sustainable business practices and social causes. As a certified B Corp company, Aspiration is committed to being an environmentally responsible and socially conscious business that offers its customers individual sustainability scores that are based on which businesses they spend money at. Read Aspiration review: Aspiration Spend and Save Accounts manage cash account that are available by Aspiration Financial, LLC, a registered broker-dealer, Member of FINRA/SIPC. It is also a subsidiary of Aspiration Partners, Inc. («Aspiration»). Aspiration Financial is not a bank.» The Aspiration Save Account’s up to 5.00% Annual Percentage Yield («APY») that can be up to 83x of the national interest rate is subject to change, subject to change, and only accessible to customers who are who are members of Aspiration Plus after conditions are met. Customers not enrolled in Aspiration Plus get 3.00% APY when conditions are fulfilled. Then they can go back to the top. Albert Albert started in 2016 as a financial management app and launched a personalized banking service named Albert Cash in August 2021. It has over six million customers. Albert Cash is a banking account that pays cash back , and comes with the following benefits that include no-interest cash advances of up to $250, integrated budgeting and savings tools and annual savings bonus of up to 0.10 percent. To access Albert’s investing feature you can get an interest rate of 0.25% and use its personal customer service which is known as Genius There is an annual minimum fee of $4. You need to have an account with a bank outside of the United Kingdom to establish an account with Albert. Back to top Traveler-friendly Revolut In its first year of operation The United Kingdom-based Revolut offers attractive features for travellers from abroad who are looking for affordable exchange rates and an account that allows use more than 150 currencies. Customers can make international transfers to other Revolut users, and withdraw as much as $300 per month from ATMs with no fees, and earn the interest from savings. This is all included in the free account. To get more benefits, such as medical insurance for overseas patients, Revolut offers two accounts with monthly fees of $17 and $10. Review Revolut reviews: Back to top Wise The U.K.-based money transfer firm Wise, formerly called TransferWise has created the multicurrency account which was launched across to U.S. customers in 2017. Although there’s an initial $9 cost on the credit card Wise doesn’t charge monthly account fees and converts currencies at a fair exchange rate with a small initial fee. Converting a balance of $1,000 U.S. dollars to euros is, for instance, approximately $4.20 which is 0.42 percent less than bank foreign transactions charges that range from 1% to 3%. The account can contain multiple balances, storing at least 54 foreign currencies at a time and converting could take only seconds. Check out Wise review: Return to the top of Freelancer-friendly Oxygen It was launched in the first quarter of 2020, Oxygen’s digital banking account will help freelancers as well as self-employed people manage their money flow. Oxygen doesn’t have monthly or ACH and overdraft charges There are however four pricing levels available for the account, ranging from zero to $200 per year. Each level offers travel benefitslike lost luggage and hotel theft protection. higher levels have more perks, including higher savings rates, cash back and numbers of virtual cards. One unique benefit is the option to utilize the Oxygen application to incorporate, or legally establish a business in the future, and then . Review Oxygen review: Back to the top Lili Launched in 2019, Lili is a mobile bank account that was designed with freelancers and independent contractors in mind. With Lili you can classify your expenses by simply tapping left for «life,» or personal or personal, and the right side for «work,» or business. Lili also includes tools that help freelancers save for taxes, as well as an emergency fund. Plus, if you use Lili’s account to pay the earnings you earn from online platforms and payment apps You can get the funds for up to 2 days prior. This is a common feature across a variety of neobanks. Read Lili review Return to the top Neobanks coming soon Keep on your watch for these four neobanks’ debuts in the near future. Daylight: Previously dubbed be Money, Daylight plans to launch a mobile bank account focusing on members of the LGBT+ community with features like access to financial experts and accounts that are based on a person’s chosen name, rather than their legal name. Greenwood: A Black-owned digital banking firm already has half a million customers waiting to be added to its list of customers for savings and spending accounts that emphasize reinvesting wealth in Black or Latinx communities. (See our complete list of the upcoming and current .) First Boulevard: The Black-owned banking platform focuses on low-cost bank and cash-back at businesses owned by Blacks, as well as short financial education videos. Its aim is to create the wealth of generations that is accessible to Black Americans. Purple: Purple plans to provide mobile banking designed specifically for those with disabilities. It will include an account for checking and an account that is tax-advantaged, a savings account known as ABLE accounts. These accounts allow those with disabilities save money, without the loss of any government benefits. There will also be an account that can be used to donate some of the money earned by Purple to the Special Olympics. Return to top From credit tracking tools to travel perks, modern checking accounts offer more features than their predecessors offered. Before getting one, check whether the fintech company is a bank or a partner with a bank. You can also see which features would most benefit your financial needs. About the author: Spencer Tierney is an expert in the field of certificates of deposit at NerdWallet. His work has been highlighted in USA Today and the Los Angeles Times. Similar to… Get an alternative savings account NerdWallet’s picks for the best high-yield savings accounts on the internet. Dive even deeper in Banking Make smarter money decisions right to your inbox Sign up and we’ll send you Nerdy articles on money-related topics that matter most to you as well as other methods to help you get more out of your savings.
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