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19 Neobanks and the Benefits They Provide Advertiser disclosure: We make you our top priority. Each every time. We believe everyone should be able make financial decisions with confidence. Although our site doesn’t include every business or financial product in the marketplace, we’re proud that the advice we provide, the information we provide and the tools we create are objective, independent simple, and completely free. How do we earn money? Our partners compensate us. This can influence the products we review and write about (and the way they appear on our website) however it in no way affects our recommendations or advice that are based on hundreds of hours of study. Our partners cannot promise us favorable review of their services or products. . 19 Neobanks and What They Offer Neobanks differentiate themselves by focusing on specific communities, and offering a variety of advantages and benefits. Written by Spencer Tierney Senior Writer | Certificates of deposit, ethical banking, banking deposit accounts Spencer Tierney is a consumer banking writer for NerdWallet. He has covered finances for individuals since the year 2013 with a focus on certificates of deposit as well as other banking-related issues. The work he has written for him was covered by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. He is located at Berkeley, California. Sep 23, 2021 Edited by Yuliya Goldshteyn Assistant Assigning Editor — Banking Yuliya Goldshteyn is a banking editor at NerdWallet. She previously worked as an editor, writer , and research analyst in a variety of industries, ranging from health care and market research. She earned a bachelor’s degree in the field of history from University of California, Berkeley. University of California, Berkeley and a master’s degree of social science from University of Chicago. She can be reached via
. A majority or all of the products featured here are from our partners who compensate us. This impacts the types of products we review and where and how the product is featured on the page. However, this does not influence our evaluations. Our opinions are entirely our own. Here is a listing of . The investing information provided on this site is for solely educational purposes. NerdWallet does not provide advisory or brokerage services and does not recommend or advise investors to buy or sell particular securities, stocks or other investments. Jump to a specific neobank or category for high-yielding savings: widest range of accounts: For cheap overdraft: For For cash-back rewards: | | Investor-friendly: Traveler-friendly: are financial technology — also known as fintech businesses which typically provide mobile-friendly accounts that have attractive features like low-cost cash-back rewards or credit. Some established neobanks offer loans and credit cards, as well as investing productsas well. They typically have no branches and, since most neobanks do not have banking licenses, they partner with banks to provide security against the Federal Deposit Insurance Corp., among other things. The majority of the neobanks in this list have FDIC-insured accounts. Saves Cash Management CD Checking Money Market Members FDIC SoFi Checking and Savings APY 3.75 percent SoFi members who have direct deposit have the opportunity to receive up 3.75% annual percentage yield (APY) on savings balances (including Vaults) and 2.50 percent APY on their checking balances. The minimum direct deposit amount required to qualify for the 3.75 percent APY on savings and 2.50% APY for checking balances. Members without direct deposit will earn 1.20 percent interest on balances, including savings and checking (including Vaults). Rates of interest are subject to change and subject to change at any time. The rates listed 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 Bank APY 3.50 35% 3.50% APY (annual percent yield) with a minimum balance of $0 to earn the stated APY. Accounts must have a positive balance to remain open. APY is valid until 02/07/2023. Min. balance for APY $0 These cash accounts provide a range of services and features similar to checking, savings or investment accounts in one. These accounts for managing cash are typically offered by non-bank financial establishments. They combine the features and services that are that are similar to savings, checking and investment accounts in one account. The cash management account is typically offered by non-bank financial institutions. on the Wealthfront website. Wealthfront Cash Account APY 4.05% Min. amount of APY $1 on Betterment’s website Betterment Cash Reserve — Paid Non-Client Promotion APY 4.00% Annual percent return (variable) is as of 02/06/2023. Min. balance for APY $0 CDs (certificates of deposits) are a kind of savings account that has fixed rates and terms generally, they come with higher rates of interest than standard savings accounts. CDs (certificates of deposit) are a kind of savings account that comes with a fixed rate and term, and usually have higher rates of interest than traditional savings accounts. CIT Bank CD APR 4.60% Term 1.5 year Member FDIC Marcus by Goldman Sachs High-Yield CD APY 4.40% 4.40% APR (annual percent yield) as of 01/25/2023 Term 1 year Checking accounts are utilized for cash deposits on a regular basis as well as withdrawals. Checking accounts are utilized for day-to-day cash deposits and withdrawals. Members FDIC SoFi Checking and Savings APY 2.50% SoFi members with direct deposit can earn up to 3.75 per cent per year in annual percentage returns (APY) in savings account balances (including vaults) and 2.50 percent APY on their checking balances. The minimum amount for direct deposits that is required to be eligible for 3.75% APY on savings, and 2.50 percent APY on checking balances. Direct deposit members will receive 1.20 percent 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 as 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. Make use of Your Axos Visa(r) Debit Card for a total of 10 transactions each calendar month (min 3 cents per transaction) or join Account Aggregation/Personal Finance Manager (PFM) within Online Banking to earn 0.30% annual percentage. Maintain an average daily amount of $2,500 within the Axos managed Portfolios Investment Account to earn 0.20% APR. Keep an average daily amount of $2,500 with An Axos self-directed trading Investment Account for 0.20 percent APY. Make use of your Rewards Checking account to pay your full monthly Axos consumer loan payment and earn 0.15 percent APY. Monthly fee of $0. Market accounts earn rates similar to savings accounts and include certain checking features. Money market accounts have rates similar to savings accounts and have certain checking features. FDIC UFB Best Money Market Member FDIC UFB’s best Money Market Rate APY 4.21 Percentage Min. balance for APY $0 FDIC Discover Bank Money Market Account APY 3.20 percent Min. amount for APY $1. Read more about: The number of fintech firms that can be termed neobanks continues to grow. From 2018 to 2020, Neobanks have exploded from 60 to 256 around the world according to a study by the business strategy firm Exton Consulting. With increased competition comes greater competition. Some once-innovative features are now more popular in neobanks, like two-day early access to direct deposits and access to free nationwide ATM networks. And some digital wallets, like and are competing with Neobanks, offering these features. Neobanks are finding ways to distinguish themselves by appealing to particular people, like freelancers and travellers from abroad, and offering perks you might not find at traditional banks. This article will provide an overview of how some current and upcoming Neobanks are trying to stand out. More information: For high-yield savings Chime was established in 2013 Chime is one of the biggest neobanks with over 12 million users. With two banks*, it offers savings and checking accounts, both without costs for monthly charges, as well as a secured credit card you can utilize to build credit. Chime’s savings accounts offer an interest rate that is competitive at 2.00% annual percentage yield** with zero minimum balances, no maximum amount for earning interest and no monthly charges. (The Chime Checking Account must be opened to create a savings account, while savings Account is available as an optional.) The account for spending gives free access to over 60,000 ATMs*** nationwide as well as for customers who have direct deposits, they can benefit from a cost-free overdraft program covers as much as $200. Cash deposits are available at big retailers ****, and is not a feature that all neobanks provide. Sign-up procedures are easier than at traditional banks as there’s no check on credit or prior bank records, but Chime is an . See more information from Chime *Chime says: «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. and Stride Bank, N.A. Members of the FDIC.» «**» The Annual Percentage Yield («APY») for the Chime Savings Account is subject to change and could change at any time. The declared APY will be in effect as of October 25 2022. No minimum balance is required. Must have $0.01 saved to get interest. » ***»Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs located in 7-Eleven store, or at any Allpoint and Visa Plus Alliance ATM.» ****»The retailer who accepts your cash is accountable for the transfer of the cash to the Chime Account. Account. Deposit fees can be charged if using a retailer other that Walgreens.» Check out Chime reviews: Return to Top Varo Bank Varo Bank offers savings, checking in addition to cash advances. Founded in 2015 and originally operating with partnership with banks, the bank changed to an official national chartered institution in August of 2020, which allowed it to provide the services of its individual FDIC insurance. As per Varo the bank had a total of 6 million customers by mid-2022. The checking account has no cost ATM access and no monthly charges, as well as perks such as cash back from certain retailers with no transaction fees. The savings account is subject to a couple requirements to earn the highest rate of 5.00% APY on the first $5,000, including a $1,000 minimum in monthly direct deposits and keeping an active checking and savings balance at the close of the month. If not, you earn 3.00 percent APR. Read Varo review Return to top for widest variety of account types SoFi SoFi is abbreviation for «Social Finance» began as an student loan refinance business, but has recently received an own charter for a bank. The SoFi Savings and Checking account is a combination account that can handle funds for saving and spending. It has no account fees for overdraft, ATM usage, or monthly maintenance (subject to change at any time). Certain benefits include earning interest, opening subaccounts for savings, and, for customers with the right direct deposit, free overdraft protection of that can be up to $50. SoFi also offers a range of loans, active and automated investment, cryptocurrency trading credit cards, as well as retirement accounts. Check out SoFi reviews: — to top For cheap overdraft One is owned by Walmart, One’s banking account comes with a low-cost overdraft plan, a custom budgeting and savings choices. Customers are able to organize their money into pockets, which are subaccounts that can be referred to as Pockets. Pockets that are devoted to saving have rates of 1.1% of up to $5,500 for any customer and 1% for up to $25,000 for customers who have direct deposit. One offers free overdraft protection as high as $200 for customers who deposit direct minimum $500 per month. That’s cheaper than big banks’ overdraft fees, which can be around $33 per transactions. Read one reviews:> Learn more about For credit building GO2bank (and GoBank) Green Dot Corporation has offered alternatives to banking since. Starting with prepaid debit cards and later expanding into GoBank, its very first bank online GoBank, in 2013 and later its second bank brand, GO2bank, in 2021. All Green Dot deposit accounts are federally insured by Green Dot Bank. Unlike nearly all neobanks, which require online signup for customers, you can get GoBank as well as GO2bank card at stores such as Walmart and then activate them on the internet to use with an app for mobile devices. In comparison to the other brands, GO2bank is the best choice, with a lower monthly fee and more perks, though not as numerous as other neobanks such as Chime as well as Varo. GoBank’s $9 per month fee is waived by $500 direct deposits, whereas the GO2bank’s fee of $5 per month is waived with direct deposits with no minimum amount. In addition to its bank account, GO2bank offers a secured credit card to increase credit score and a savings vault that earns 1% APY for as much as $5,000. However, GoBank doesn’t offer a credit card, and its savings vault does not earn interest. Read GoBank review: Read more about GO2bank: Return to top Sesame Cash Credit company Credit Sesame launched a free digital bank account in March 2020 that concentrates on helping those who live pay-to-pay. The account’s benefits include direct-deposited paychecks up to two days in advance in advance, mobile check and cash deposits as well as a restricted cash-back on debit cards, and free access to a national ATM network. Through the account, users have access to Credit Sesame’s credit monitoring service for free and regular updates to credit scores. Check the top to the back MoCaFi MoCaFi or Mobility Capital Finance is black-owned digital platform launched in the year 2016 that offers free checking to serve the majority of communities that are unbanked or underbanked and focuses on closing the wealth gap between racial groups. It also offers a bill pay feature that lets customers report rent payments to major credit bureaus to create credit history. As a rare perk, MoCaFi cooperates with its third-party partners to offer free cash deposits at many retailers and free mobile check depositing with quick cash out. Return to top Dave Dave started in 2017 as a paycheck advance company and later expanded to provide an all-inclusive checking account. By the middle of 2021, it had around 10 million customers. You can get a small credit on the next pay without any interest or credit check, and those with at least $1000 in direct deposit each month are able to build credit history by making rent payments. Dave also offers budgeting tools that factors in upcoming bills and the capability to look for side-jobs through its mobile app. There are no fees to use overdrafts or ATMs that are part of the nationwide MoneyPass network, and there are no minimum requirement for balance. Read Dave review Return to top for reward cash back Current Current, founded in 2015, offers free and premium checking options with cash back on certain merchants, two days of early direct deposit, as well as quick refunds on gas station debit card holds. The latter two perks are only available for premium accounts that have the cost of $5 per month. Premium accounts with direct deposit can also have up to $100 of overdrafts covered completely free of charge. Read Current review: Revert to the top Upgrade The personal loan company Upgrade was founded in 2017, introduced a free checking account in 2021 that offers cash-back rewards that are more generous than Current’s. The main benefits offered by Upgrade to their customers with a checking account are 2% cash back on purchases made every day, 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 no cost and a summary of their credit reports via their Credit Health service. Review Upgrade’s reviews:Refresh Bella Bella’s bank approach is, in the words of its website, «built on love.» That translates to an account reward program for checking accounts which offers a variable percent of cash back anywhere from 5% to 200%, on randomly selected purchases. The program was introduced in 2020. Bella does not charge monthly, overdraft or ATM fees. In the moment, Bella also covers fees for out-of-network ATM operators. Additionally, they offer a fee-free savings account, but it has low interest rates and an additional «karma account» which can be used to cover the small purchases of other customers or as a beneficiary of a karma account’s generosity. Check out our list of the Back to top Cheese Started in March 2021, Cheese is able to tailor its digital banking platform to the immigrants as well as Asian American communities with up to 10% cash back on 10,000 businesses, including Asian-owned restaurants and businesses. Customer support is available in English as well as Chinese and will be available in more languages coming soon. Accounts earn interest and don’t have monthly fees or ATM fees in the national MoneyPass ATM network. Find out More on Back to top Investor-friendly Acorns Although the microinvesting application Acorns’ core product is an automated investment for investors who don’t have hands The company expanded its banking offerings in 2018 by introducing Acorns Checking. The account comes with an ATM card, a debit card and a rewards program and is available only in a package with a taxable investment account and an individual retirement account, all for $3 per month (or the equivalent of $5 per month for a family version). Customers can choose to participate in an «round-up» feature where each purchase is rounded by an amount, and the change gets invested. The rewards program involves receiving a small percentage or amount returned from purchases made at more than 300 companies. The money is also invested. Read Acorns review: Back to the top Aspiration Aspiration is an online brokerage firm with an account for cash management, named Spend & Save, that functions as an hybrid savings and checking account. There are two versions of this account. The basic Spend & Save account has up to 3.00 percent interest on savings, and up to 5% cashback and a monthly fee that is optional which customers pay as they consider fair starting at the point of zero up to. The higher-end Aspiration Plus plan comes with an annual fee of almost $72 and as high as 10% cash back in addition to 5.00% APY. There are two accounts available as well, which means you can invest in companies with sustainable businesses and social causes. As an accredited B Corp company, Aspiration is committed to being an environmentally responsible and socially conscious firm and offers customers personalized sustainability scores based on which businesses they spend money at. Read Aspiration review: Aspiration Spend and Save Accounts are cash management account that are available by Aspiration Financial, LLC, a registered broker-dealer, Member of FINRA/SIPC and an affiliate that is part of Aspiration Partners, Inc. («Aspiration»). Aspiration Financial is not a bank.» Aspiration is not a bank. Aspiration Save Account’s up to 5.00% Annual Percentage Yield («APY») and up to 83x the average national interest rate is variableand subject to change, and only offered to customers who have who are members of Aspiration Plus when conditions are satisfied. Customers who aren’t enrolled in Aspiration Plus receive 3.00 percent APY once the conditions are met. Return to top Albert Albert started in 2016 as a financial management app and then launched a personal banking service named Albert Cash in August 2021. The company has more than 6 million customers. Albert Cash is a banking account that offers cash-back and offers the following advantages that include no-interest cash advances up to $250 as well as integrated budgeting and savings tools as well as annual savings bonuses of up to 0.10%. To access Albert’s investing feature you can get an interest rate of 0.25% and use the personalized support for customers which is known as Genius and there is a minimum monthly fee of $4. You must have an account with a bank outside of the United Kingdom to open an account with Albert. Recommendations for Travelers Revolut was launched in the year 2015, the United Kingdom-based Revolut offers appealing features to international travelers who want affordable exchange rates and an account that allows be used to spend in more than 150 currencies. Customers can transfer funds internationally to other Revolut users, withdraw up to $300 monthly from ATMs at no cost, and get interest on savings. All this is included with the account that is free. For additional benefits, like medical insurance for overseas patients, Revolut offers two accounts with monthly charges of $10 and $17. Read Revolut reviews: Back to top Wise Review: U.K.-based money transfer firm Wise, formerly called TransferWise established an account with multicurrencies that was rolled out to U.S. customers in 2017. There’s an initial $9 fee on the credit card Wise does not charge monthly charges and also converts currencies at a fair exchange rate with a small upfront cost. Converting a balance of $1,000 U.S. dollars to euros, for example, costs approximately $4.20 which is 0.42 percent less than most bank foreign transactions costs that range from 1% to 3percent. An account can have multiple balances and hold as many as 54 different currencies simultaneously and the conversion process could take only seconds. Check out Wise review: Back to the top of Freelancer-friendly Oxygen It was launched in the first quarter of 2020 the Oxygen digital banking account is designed to assist freelancers and self-employed people manage their cash flow. Oxygen does not have monthly or ACH or overdraft fees however, there are four pricing levels available that can be used for the account. They range from zero to $200 per year. Each level offers travel benefitslike lost luggage and hotel theft protection. higher levels have more perks that include more savings rates, higher cash back, and a variety of virtual cards. One unusual perk is the option to use the Oxygen application to incorporate, or legally become a company, and after that . Check out the Oxygen review: Back to top Lili launched in the year 2019. Lili is a no-cost mobile banking account specifically designed for freelancers and contractors in mind. With Lili, you can categorize your expenses by simply swiping left for «life,» or personal or personal expenses, and then right to indicate «work,» or business. Lili also includes tools that aid freelancers in saving for taxes, and also an emergency account. In addition, if you use Lili’s account to pay your earnings through online platforms and payment apps You can get your money as early as two days before the due date. This feature is standard across a variety of neobanks. Check out Lili review Return to the top Neobanks coming soon Keep an eye out for these four neobanks’ debuts in near future: Daylight: Formerly called the Be Money, Daylight plans to open a mobile banking account specifically targeting members of the LGBT+ community with features including access to financial experts and accounts with a person’s chosen name, rather than their legal name. Greenwood: A Black-owned digital banking firm already has half a million clients waiting to be added to its list of customers for spending and savings accounts that emphasize reinvesting wealth in Black and Latinx communities. (See our list of upcoming and existing .) First Boulevard: The Black-owned banking platform is focused on low-cost banking that offers cash back to Black-owned businesses, combined with brief financial education videos. Its aim is to create generations of wealth for Black Americans. Purple: Purple plans to offer mobile banking specifically designed specifically for people with disabilities, including a checking account and a tax-advantaged savings account called ABLE accounts. These accounts allow people with disabilities save money, without losing any government aid. Also, there will be the debit card that will donate a portion of Purple’s revenue for the Special Olympics. Back to top From credit tracking tools to travel perks, modern checking accounts offer greater benefits than the old ones offered. Before signing up for one, verify whether the fintech company is a bank or partners with a bank, and see which features would best suit your needs in the financial realm. The author’s bio: Spencer Tierney is an expert in certificates of deposit on NerdWallet. His work has been featured in USA Today and the Los Angeles Times. In a similar vein… Find an alternative savings account NerdWallet’s picks for the best high yield savings accounts on the internet. Dive even deeper in Banking Find more money-saving strategies delivered straight to your inbox Sign up and we’ll send you Nerdy posts on money-related topics that matter most to you as well as other methods to get more out of your savings.
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