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19 Neobanks and What They Offer Advertiser disclosure You’re our first priority. Each every time. We believe that every person should be able to make sound financial decisions with confidence. Although our site doesn’t include every business or financial product in the marketplace, we’re proud of the advice we offer as well as the advice we offer as well as the tools we design are impartial, independent, straightforward — and free. So how do we earn money? Our partners pay us. This may influence which products we review and write about (and the way they appear on the site), but it does not affect our suggestions or recommendations that are based on hundreds of hours of study. Our partners cannot pay us to guarantee favorable review of their services or products. . 19 Neobanks and what they offer Neobanks stand out by focusing on specific communities, offering various perks and more. By Spencer Tierney Senior Writer | Certificates of deposit bank accounts, ethical banking, deposit accounts Spencer Tierney is a consumer banking writer for NerdWallet. He has covered the personal financial sector since with a particular focus on certificates of deposit and other banking-related subjects. His work has been covered in 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 bank editor at NerdWallet. She was previously editor, writer and research analyst in various industries that range from health care as well as market research. She earned a bachelor’s degree in the field of history from the University of California, Berkeley as well as a master’s degree in sociology from the University of Chicago. You can reach her at
. The majority of products we feature are made by our partners, who pay us. This affects the products we feature and where and how the product is featured on the page. But, it doesn’t affect our opinions. Our opinions are entirely our own. Here is a listing of . The information on investing provided on this page is intended for informational purposes only. NerdWallet is not a broker or advisor. or brokerage services, nor does it recommend or counsel investors to purchase or sell particular securities, stocks or other investment options. Jump to a specific neobank or category: For high-yield savings: For the broadest selection of accounts: inexpensive overdrafts for credit building: Cash-back rewards:| | Investor-friendly: Neobanks are financial technology or fintech — companies that usually offer mobile-oriented banking accounts with eye-catching features, such as no-cost cash-back rewards or credit. There are some established Neobanks that offer loans and credit cards, as well as investing products, too. They typically have no branches and, since most neobanks do not have banking licenses, they partner with banks to provide protection from The Federal Deposit Insurance Corp. Other things include. The majority of the neobanks in this list have FDIC-insured accounts. Savings Cash Management CD-checking Money Market Member FDIC SoFi Checking and Savings APY 3.75% SoFi members with direct deposit have the opportunity to earn up to 3.75% annual percentage yield (APY) for savings accounts (including vaults) and 2.50 percent APY on checking balances. There is no minimum direct deposit amount required to qualify for the 3.75% APY for savings, and 2.50% APY for checking balances. Customers who do not deposit direct deposits will earn 1.20 percent interest on balances, including savings and checking (including Vaults). The rates of interest are variable and can 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 Member $0 FDIC Marcus by Goldman Sachs Online Savings account with APY 3.50% 3.50% APY (annual percent yield) with $0 minimum balance to earn the stated APY. Accounts must have a healthy balance to continue to operate. APY is valid until 02/07/2023. Min. balance for APY The cash accounts offer a variety of services and features comparable to checking, savings and/or investment accounts into one. These accounts for managing cash are typically offered by non-bank financial institutions. They combine the services and features similar to savings, checking and/or investment accounts in one account. The cash management account is usually offered by non-bank financial establishments. on Wealthfront’s website Wealthfront Cash Accounts APY 4.05 percent min. Balance of APY $1 on the Betterment website. Betterment Cash Reserve, Paid non-client promotions APY 4.00 Percent Annual percent yield (variable) is at 02/06/2023. Min. balance for APY $0 CDs (certificates of deposit) are a type of savings account that comes with fixed rates and terms generally, they come with higher interest rates than regular savings accounts. CDs (certificates of deposit) are a kind of savings account with fixed rates and terms which usually come with higher interest rates than regular savings accounts. CIT Bank CD APR 4.60% 1.5 years Term 1.5 years Member FDIC Marcus by Goldman Sachs High-Yield CD APY 4.40 percent 4.40% APR (annual percentage yield) at 01/25/2023. Term 1-year Checking account can be used for cash deposits on a regular basis as well as withdrawals. Checking accounts can be used to make cash deposits on a regular basis as well as withdrawals. Members FDIC SoFi Savings and Checking APY 2.50% SoFi members with direct deposit have the opportunity to receive up 3.75 percent annually in percentage return (APY) for savings accounts (including vaults) and 2.50% APY on check balances. The minimum direct deposit amount required to qualify for the 3.75 percent APY on savings, and 2.50 percent APY on checking balances. Direct deposit members will receive 1.20 percent APY on all account balances, including savings and checking (including Vaults). The rates of interest are subject to fluctuation and are can change at any time. These rates are current at 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 to make a maximum of 10 transactions each calendar month (min 3 cents per transaction) or enroll for Account Aggregation/Personal Financial Manager (PFM) in Online Banking to earn 0.30% APY. Maintain an average daily balance of $2,500 per month within An Axos Managed Portfolios Invest Account to earn 0.20 percent APR. Maintain a daily average balance of $2,500 within an Axos Self-Directed Trading Investment Account for 0.20% APY. Make use of Your Rewards Checking Account to make the full each month Axos Consumer loan payment to earn 0.15% annual percentage yield. Monthly fee $0 Money market accounts pay rates similar to savings accounts and include some checking features. Money market accounts pay rates that are similar to savings accounts and include some checking features. Members FDIC UFB Best Money Market APY 4.21 Percentage Min. balance for APY $0 FDIC Discover Bank Money Market Account APY 3.20 0.20 % Min. Balance for APY $1. Read more: The amount of fintech companies that could be called neobanks keeps growing. From 2018 to 2020 Neobanks grew by 60-256 worldwide, according to a report by the business strategy company Exton Consulting. With more players comes more competition. And some previously innovative services are now becoming common among neobanks, such as two-day early access to direct deposits as well as free access to national ATM networks. And some digital wallets, like and are competing with Neobanks, offering these features. Neobanks are looking for ways to distinguish themselves by appealing to particular groups, like freelancers or international travelers, or providing perks you might not find at traditional banks. Here’s a look at how some new and emerging neobanks try to stand out. More information: For high-yield savings Chime was founded in 2013. Chime is one of the biggest neobanks with over 12 million users. It is partnered with two banks*, it offers checking and savings accounts that are both free of monthly fees, and a secured credit card you can use to build credit. Chime’s savings accounts offer an interest rate that is competitive at 2.00 percent annual percent yield with no minimum balancerequirement, there is no maximum amount to earn interest, and no monthly costs. (The Chime’s Checking Account will be required in order to open a savings account; savings Account is available as an optional.) The spending account gives you free access to over 60,000 ATMs throughout the nation as well as for customers who have direct deposits, a fee-free overdraft program covers the amount of $200. Cash deposits are offered at big retailers ****, and is not a feature that all Neobanks offer. Sign-up procedures are more straightforward than with traditional banks since there’s no verification of credit or prior bank records, but Chime offers a . Find more details from Chime *Chime says: “Chime is a financial technology company, not a bank. Banking services provided via The Bancorp Bank, N.A. and Stride Bank, N.A., Members FDIC.” “**” **”The annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may be changed at any time. The declared APY will be in effect from October 25, 2022. No minimum balance is required. It is required to be in possession of $0.01 in savings to earn interest. ” ***”Out-of-network ATM withdrawal fees could apply, except for MoneyPass ATMs in a 7-Eleven, or any Allpoint and Visa Plus Alliance ATM.” ****”The retailer who takes your cash is accountable for the transfer of funds for deposit into your Chime Account. Account. Deposit fees can be charged when you use a different retailer from Walgreens.” Check out Chime reviews: Back to top Varo Bank Varo Bank offers checking, savings, and cash advances. Established in 2015, and initially using partnership with banks, the bank became an officially chartered institution in August of 2020. This allowed it to provide the services of its individual FDIC insurance. According to Varo, it had a total of 6 million customers at the middle of 2022. The checking account is free ATM access, as well as no monthly charges, as well as advantages like cash back from certain retailers as well as no international transaction fee. Its savings account has a couple requirements to earn a top rate of 5.00% APY on the first $5,000, which includes the requirement of a minimum of $1,000 in monthly direct deposits and keeping an active savings and checking balance at the end of each month. If not, it’s 3.00 percent per annum. Read Varo review: Back to top For the most extensive selection of accounts SoFi SoFi is abbreviation in the sense of “Social Finance” began as a student loan refinance business, but has recently obtained the charter of a bank owned by SoFi. SoFi checking and savings is its account that can be used to manage funds for saving and spending. It has no account fees for overdraft, ATM usage, or monthly maintenance (subject to changes at any point). Some perks include earning interest, establishing subaccounts for savings and those who make qualifying direct deposits, no-fee overdraft protection that can be up to $50. SoFi also offers many types of loans that are active and automated investing as well as cryptocurrency trading credit cards, as well as retirement accounts. Check out SoFi reviews: to top for a low-cost overdraft One Owned by Walmart, One’s banking account has a cheap overdraft plan, a custom savings and budgeting options. Customers can choose to divide their cash into pocket-sized accounts, also known as subaccounts. The pockets that are dedicated to saving offer rates of 1percent on up to $5,000 per customer and 1% for up to $25,000 in the case of customers who have direct deposit. One gives free overdraft coverage as high as $200 for customers with direct deposits of at least $500 per month. That’s cheaper than big banks charge for overdrafts, which can be around $35 per transaction. Read One reviews: Find out more about the credit-building GO2bank (and GoBank) Green Dot Corporation has been offering different banking services since. Beginning with debit cards for prepaid, it expanded into the first online bank in GoBank which was launched in 2013, and its second brand of bank, GO2bank, in 2021. The majority of Green Dot deposit accounts are federally insured by Green Dot Bank. Contrary to many neobanks that require an online sign-up, you can pick up GoBank or GO2bank credit cards at retailers like Walmart and sign them up on the internet to use with the mobile application. The two brands are comparable, but GO2bank is easily the better option with a smaller monthly fee and more perks however not as numerous as other neobanks, such as Chime and Varo. GoBank’s almost $9 monthly fee is waived by $500 direct deposits. GO2bank’s $5 monthly fee is waived with direct deposits with no minimum amount. In addition to its bank account GO2bank provides an unsecured credit card to improve credit scores and also an account for savings that earns an APY of 1% for the amount of up to $5, 000. However, GoBank doesn’t offer a credit card, and its savings vault isn’t able to generate interest. Read GoBank review: Learn more about GO2bank. Return to top Sesame Cash The credit firm Credit Sesame launched a free digital banking account in March of 2020. It focuses on serving people living paycheck to paycheck. The account’s features include direct deposit of paychecks that can be made up to two days in advance as well as mobile and cash deposits and a limited cash-back on debit cards, 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. • Compare the Back to top MoCaFi MoCaFi, also known as Mobility Capital Finance is Black-owned digital platform that was launched in 2016 and offers free checking services to people who are largely unbanked and unbanked and focuses on closing the gap in wealth between the races. It also offers a bill pay feature that allows users to make rent payments available to the major credit bureaus in order to build credit history. As a rare perk, MoCaFi collaborates with third-party partners to offer free cash deposits at many merchants and also free mobile check deposits with fast cash out. Return to the top Dave Dave started in 2017 as a paycheck advance company and later expanded to provide a full-fledged checking account. By the middle of 2021, it had around 10 million customers. It is possible to get a modest cash advance from your next salary without interest or a credit check, and those with at least $1,000 in monthly direct deposits can build credit history through rent payments. Dave also offers budgeting tools that incorporates upcoming bills as well as the capability to look for side jobs in its mobile app. There are no charges for overdrafts , or using ATMs that are part of the nationwide MoneyPass network and no minimum balance requirements. Review by Dave: Back to top For cash-back rewards Current Current, founded in 2015, offers no-cost and premium options for checking with cash back at some merchants, two-day early direct deposit, as well as quick refunds on gas station hold on cards. The latter two perks are only available for premium accounts, which charge a $5 monthly fee. Premium accounts that have direct deposits can also have the possibility of having up to $100 worth of overdrafts backed up at no cost. Review Current review: Return to top Upgrade Personal loan company Upgrade was founded in 2017, launched a free checking account in 2021 that offers cash-back benefits that are greater than Current’s. The primary benefits of Upgrade’s checking customers include the cash back of 2% for everyday purchases, like in the restaurants and pharmacies and 20 percent rate reductions for personal loans. Customers can also view their credit scores for no cost and a summary of their credit report via the Upgrade Credit Health service. Review Upgrade’s reviews: Back to top Bella Bella’s banking strategy is, in the words of its website, “built on love.” It’s a checking account rewards program which offers a variable amount of cash back, in the range of 5% to 200%, on randomly selected purchases. Launched in 2020, Bella doesn’t charge monthly ATM, overdraft, or ATM charges. Currently, Bella also covers fees for out-of-network ATM operators. There is also a no-fee savings account, which has low interest rates and an additional “karma account” which is a fund to pay for the small purchases of other customers or to be a recipient of a karma account’s generosity. Click here to see our list of the Back to top Cheese Started in March 2021, Cheese customizes its online banking platform to the immigrant and Asian American communities by offering up to 10% cash back at 10,000 businesses, including restaurants and Asian-owned businesses. Customer support is available in English and Chinese and will be available in more languages soon. Accounts earn interest and don’t have monthly charges or ATM fees for the nationwide MoneyPass ATM network. Find out the details on Back to top Investor-friendly Acorns Although the microinvesting application Acorns principal product is automated investing for those who prefer not to be hands-on The company expanded its banking offerings in 2018 by introducing Acorns Checking. The account comes with the debit card as well as a limited rewards program, and is available only as a package that includes a taxable investment account and individual retirement accounts all for $3 per month (or the equivalent of $5 per month for a family-friendly version). Customers can choose to participate in the “round-up” feature where each purchase is rounded by some amount and the change is then invested. The rewards program allows customers to receive some percentage or amount back from purchases at over 300 companies, and that is also invested. Read Acorns review: Back to top Aspiration Aspiration can be described as an online broker company with the cash management account known as Spend & Save, that works like the hybrid savings and checking account. There are two different versions that the accounts are available. The basic Spend & Save account has the potential to earn up to 3.00% APY on savings, as high as 5% cash back and a monthly fee that is optional which customers pay as they believe is fair from $0 on up. The more expensive Aspiration Plus plan comes with an almost-$72 annual fee, up to 10% cashback in addition to 5.00 percent APY. There are two accounts to choose from as well, which means you can invest in companies with sustainable businesses and social causes. As an official B Corp company, Aspiration is committed to being a socially responsible and environmentally conscious company and provides customers with personalized sustainability scores based on which businesses they invest in. Check out the Aspiration review: Aspiration Spend & Save Accounts are cash management accounts offered by Aspiration Financial, LLC, a registered broker-dealer, Member of FINRA/SIPC. It is also an affiliate of Aspiration Partners, Inc. (“Aspiration”). Aspiration is not a financial institution.” The Aspiration Save Account’s up to 5.00 percent annual percentage yield (“APY”) that can be up to 83x the average national interest rate is variable, subject to change, and is only available to customers enrolled in Aspiration Plus after conditions are satisfied. Customers who aren’t enrolled in Aspiration Plus receive 3.00% APY when conditions are satisfied. Back 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. It currently has more than six million customers. Albert Cash is a banking account that offers cash-back and offers the following advantages including cash advances with no interest up to $250 with integrated budgeting and saving tools and annual savings bonus that can reach 0.10%. For access to Albert’s investing features, get the savings rate to 0.25% and use the personalized support for customers known as Genius and there is the minimum monthly cost of $4. You need to have an external bank account for an account at Albert. Recommendations for Travelers Revolut In its first year of operation The United Kingdom-based Revolut offers appealing features to international travelers who want affordable exchange rates and the ability to spend in over 150 currencies. Customers can transfer funds internationally together with other Revolut users, withdraw up to $300 monthly from ATMs at no cost and earn interest on savings. This is all included in the account for free. To get more benefits, such as overseas medical insurance, Revolut offers two accounts with monthly charges of between $10 and $17. Review Revolut reviews: Revolut reviews: Wise Revolut U.K.-based money transfer business Wise which was previously called TransferWise has created a multicurrency account that rolled across to U.S. customers in 2017. There’s an initial $9 fee for the debit card, Wise isn’t affianced of monthly charges for account usage and can convert currencies at an affordable exchange rate, with only a small upfront fee. The conversion of a balance of $1000 U.S. dollars to euros as an example, will cost around $4.20 or 0.42 percent less than institutions’ foreign-transaction fees of 1% to 3%. An account can have multiple balances, storing at least 54 foreign currencies at once and the conversion process could be as quick as a matter of minutes. Read Wise review: Return to top Freelancer-friendly Oxygen Launched in early 2020, Oxygen’s digital banking account aims to help freelancers and self-employed workers control their money flow. Oxygen doesn’t cost monthly fees, ACH as well as overdraft costs however, there are four pricing levels that can be used for the account. They range from zero to $200 per year. Each level offers advantages for travel, including the loss of luggage as well as hotel theft protection. higher levels offer more benefits that include higher savings rates, cash back and more virtual cards. A unique perk is the ability to make use of the Oxygen application to incorporate or legally establish a business after which you can after that . Check out the Oxygen review: Back to top Lili It was launched in 2019. Lili is a free mobile banking account specifically designed for freelancers and contractors in mind. With Lili you can classify your expenses by simply swiping left to indicate “life,” or personal or personal, and the right side to indicate “work,” or business. Lili also has tools that assist freelancers to save money for taxes, as well as an emergency fund. Additionally, if you make use of Lili’s account to pay your earnings from websites and payment apps you will receive your funds for up to 2 days before the due date. This last feature is common for neobanks in general. Read Lili review Return to the top Neobanks coming soon Keep on your watch for these four new neobanks’ launches in the near future: Daylight: Previously known as Be Money, Daylight plans to open a mobile banking account that focuses on people in the LGBT+ community with features such as access to financial coaches and accounts that use a user’s chosen nameinstead of its legal title. Greenwood: A Black-owned digital banking company already has half a million customers waiting to be added to its list of customers for savings and credit cards which focus on reinvesting money in Black and Latinx communities. (See our list of upcoming and current .) First Boulevard: The Black-owned banking platform focuses on low-cost bank, with cash back at Black-owned companies, and short financial education videos. Its aim is to create generational wealth for Black Americans. Purple: Purple plans to provide mobile banking for the disability community with a checking account and an account that is tax-advantaged, a savings account known as ABLE accounts. These accounts let people with disabilities save money without risking losing any government assistance. Additionally, there will be the debit card that will donate part of the profits towards the Special Olympics. Return to top From credit monitoring tools to travel perks Modern checking accounts provide more features than their predecessors had. Before getting one, check whether the fintech company is a bank or a partner with a bank. You can also consider which features most benefit your financial needs. The author’s bio: Spencer Tierney is an expert on certificates of deposit on NerdWallet. His work has been highlighted by USA Today and the Los Angeles Times. On a similar note… Find the best savings account NerdWallet’s top picks for high yield savings accounts online. Explore Banking further Find more money-saving strategies – straight to your inbox. Sign up and we’ll send you Nerdy posts about the money topics that matter most to you along with other ways to help you get more value from your savings.
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