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19 Neobanks and what they offer Advertiser disclosure: We make you our top priority. Each every time. We believe that every person should be able to make sound financial decisions without hesitation. While our website doesn’t feature every company or financial product available on the market We’re pleased that the advice we provide, the information we provide and the tools we create are independent, objective, straightforward — and free. How do we earn money? Our partners pay us. This may influence which products we review and write about (and where those products appear on our website) however it doesn’t affect our advice or suggestions that are based on hundreds of hours of research. Our partners cannot promise us favorable reviews of their products or services. . 19 Neobanks and what they offer Neobanks distinguish themselves by focusing on particular communities, offering various benefits and more. Written by Spencer Tierney Senior Writer | Certificates of Deposit, ethical banking, banking deposits 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 and other banking-related subjects. He has had his work covered on The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. He is based at Berkeley, California. Sep 23, 2021 Edited by Yuliya Goldshteyn Assistant Assigning editor Banking Yuliya Goldshteyn is a bank editor for NerdWallet. She previously worked as editor, writer and research analyst in various industries that range from healthcare to market research. She graduated with a bachelor’s degree in history at Berkeley at the University of California, Berkeley and a master’s degree in sociology from the University of Chicago. She can be reached at

. A majority or all of the products featured here are from our partners who compensate us. This impacts the types of products we review as well as the place and way the product appears on a page. However, this doesn’t affect our opinions. Our opinions are entirely our own. Here is a listing of . The information about investing on this page is for educational purposes only. NerdWallet does not provide advisory or brokerage services, nor does it recommend or suggest investors buy or sell certain stocks, securities or other investment options. Navigate to a specific neobank or category: For high yield savings: broadest selection of accounts: inexpensive overdrafts for credit-building: Cash-back rewards:| | Investor-friendly: Neobanks are freelancer-friendly. are financial technology (also known as fintech) firms that typically offer mobile-focused 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 generally have no branches, and, since the majority of them don’t have banking licenses, they collaborate with banks to offer security by the Federal Deposit Insurance Corp. Other things include. All neobanks on this list have FDIC-insured accounts. Savings Cash Manager CD-checking Money Market member FDIC SoFi Savings and Checking APY 3.75% SoFi members with direct deposit can get up to 3.75 percent annual percentage yield (APY) in savings account balances (including Vaults) and 2.50 percent APY on checking balances. No minimum amount of direct deposit that is required to earn the 3.75 percent APY on savings, and 2.50 percent APY on checking balances. Direct deposit members will receive 1.20 percent APR on all balances of savings and checking (including Vaults). The rates of interest are variable and can 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 Account APR 3.50 35% 3.50% APY (annual percentage yield) with $0 minimum balance to earn stated APY. Accounts must be in healthy balance to continue to operate. APY is valid until 02/07/2023. Min. balance for APY $0 These cash accounts provide a range of services and features similar to savings, checking and investment accounts in one product. The cash management account is generally offered by non-bank financial establishments. They combine the features and services that are similar to savings, checking or investment accounts into one account. These accounts for managing cash are typically offered by non-bank financial establishments. 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 promotions APY 4.00% Annual percentage rate (variable) is at 02/06/2023. Min. balance for APY CDs is $0 (certificates of deposits) are a kind of savings account with an unchanging rate and term typically, they have higher interest rates than regular savings accounts. CDs (certificates of deposit) are a form of savings account that comes with an unchanging rate and term, and usually have higher interest rates than traditional savings accounts. CIT Bank CD APR 4.60% 1.5% Term 1.5 year Members FDIC Marcus by Goldman Sachs High-Yield CD APY 4.40% 4.40% The APY (annual percentage yield) as of 01/25/2023 Term 1 year Checking accounts can be used to deposit cash on a daily basis and for withdrawals. Checking accounts are used to deposit cash on a daily basis and for withdrawals. FDIC SoFi Checking and Savings APY 2.50% FDIC SoFi Checking and Savings APY 2.50 Members of SoFi with direct deposit have the opportunity to earn up to 3.75% per year in annual percentage returns (APY) for savings accounts (including vaults) and 2.50% APY on check balances. The minimum direct deposit amount needed to earn the 3.75% APY for savings, or the 2.50% APY for checking balances. Direct deposit members will earn 1.20% APR on all balances, including savings and checking (including vaults). Interest rates are variable and could change at any point. The rates listed 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. Use your Axos Visa(r) Debit Card to make a maximum of 10 transactions each month (min three dollars per purchase) or sign up for Account Aggregation/Personal Finance Manager (PFM) within Online Banking to earn 0.30% annual percentage. Keep an average daily balance of $2,500 in the Axos managed Portfolios Investment Account to earn 0.20% APR. Keep an average daily balance of $2,500 per month in the Axos self-directed trading Invest Account in order to receive 0.20 percent APY. Use the Rewards checking account to make your entire month’s Axos Consumer loan payment to earn 0.15% APY. Monthly fee $0 Money market accounts pay rates similar to savings accounts and include some checking features. Money market accounts have rates that are similar to savings accounts and include some checking features. Member FDIC UFB’s best Money Market Rate APY 4.21 Percentage Min. balance for APY $0 Member FDIC Discover Bank Money Market Account APY 3.20 percent Min. Balance for APY $1. Learn more about: The number of fintech firms that can be termed neobanks continues to grow. Between 2018 and 2020, Neobanks grew from 60 to 256 across the globe according to a study by the business strategy firm Exton Consulting. With more players comes more competition, and some once-innovative features are now more popular in neobanks, like two-day early access to direct deposits and free access to nationwide ATM networks. Digital wallets, such as and, are competing with neobanks by offering some of these features. Neobanks are finding ways to differentiate themselves by appealing to certain people, like freelancers and international travelers, or providing benefits that aren’t available at traditional banks. Here’s a look at the ways that some of the upcoming and current Neobanks are trying to stand out. Find out more: For high-yield savings Chime Founded in 2013, Chime is one of the largest neobanks, with more than twelve million clients. Partnered with two banks*, it provides checking and savings accounts, both with no costs for monthly charges, as well as a secured credit card that you can use to establish credit. Chime’s savings account offers a competitive interest rate of 2.00% annual percentage yield** with no minimum balancerequirement, no maximum amount for earning interest, and no monthly costs. (The Chime Checking Account must be opened to open a savings bank account; savings Account is available as an optional.) The spending account gives you access to more than 60,000 ATMs nationwide as well as for customers who have direct deposits, a fee-free overdraft service that can cover as much as $200. Cash deposits can be made at major retailers ****, and is not a feature that all Neobanks offer. Sign-up procedures are easier than at traditional banks as there’s no credit check or bank records from the past however, Chime offers an . See more information from Chime *Chime says: “Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. and Stride Bank, N.A. Member 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 as of October 25, 2022. There is no minimum balance requirement. It is required to have $0.01 of savings in order to receive interest. ” ***”Out-of-network ATM withdrawal fees are applicable, except for MoneyPass ATMs at 7-Eleven or an Allpoint or Visa Plus Alliance ATM.” ****”The retailer that takes your cash is responsible for transferring the funds to deposit into Your Chime checking Account. Deposit fees can be charged if using a retailer other than Walgreens.” Check out Chime reviews: To the top Varo Bank Varo Bank offers savings, checking in addition to cash advances. Founded in 2015 and originally using partnership with banks, the bank became an officially chartered institution in August of 2020, which allowed it to provide their very own FDIC insurance. Per Varo the bank had 6 million customers at mid-year 2022. The checking account is no cost ATM access and no monthly fees, in addition to advantages like cash back at specific retailers with no transaction fees. The savings account comes with some requirements for earning a top rate of 5.00% APY on the first $5,000, including a $1,000 minimum in monthly direct deposits, and maintaining a positive savings and checking balance at the end of each month. Otherwise the rate is 3.00 percent APR. Read Varo review: Back to top For widest selection of account types SoFi SoFi is short for “Social Finance” — started out as an student loan refinance firm, but it has since received its own bank charter. SoFi Checking and Savings is a account that allows funds for saving and spending. There are no fees for account usage, for overdraft, ATM usage, or monthly maintenance (subject to changes at any point). There are perks like earning interest, creating subaccounts to save as well as, for customers with qualifying direct deposits, no-fee overdraft protection for up to $50. SoFi also offers many types of loans that are active and automated investment as well as cryptocurrency trading, credit cards, and retirement accounts. Review SoFi: Back to top For cheap overdraft One owned by Walmart, One’s banking account comes with a low-cost overdraft plan, a custom savings and budgeting options. It offers customers the ability to organize their money into pocket-sized accounts, also known as subaccounts. The pockets that are dedicated to saving offer rates of 1% of up to $5,500 for any customer and 1% on up to $25,000 for those who deposit direct. One gives free overdraft coverage as high as $200 for customers who make direct deposits of minimum $500 per month. This is less expensive than banks with large branches with overdraft charges that can range from 35 cents per transfer. Read one reviews:> Learn more about For the credit-building GO2bank (and GoBank) Green Dot Corporation has offered different banking services since. Beginning with debit cards for prepaid and later expanding into GoBank, its very first bank online GoBank, 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 which require online signup for customers, you can get GoBank or GO2bank credit cards at 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 more benefits but not as many as other neobanks, such as Chime and Varo. GoBank’s monthly fee of $9 is waived by $500 direct deposits. GO2bank’s $5 monthly fee is waived when you deposit direct without a specified minimum. Alongside its bank account, GO2bank offers a secured credit card to improve credit scores and also an account for savings that earns an APY of 1% for up to $5,000. Contrary to this, 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: Return to the top Sesame Cash The credit company Credit Sesame launched a free digital bank account in March 2020 . The account focuses on serving people living from paycheck to paycheck. The account’s benefits include access to direct-deposited pay checks up to 2 days earlier, cash and mobile check deposits and a limited cash-back on debit cards, and free access to a national ATM network. With the account, customers are able to access Credit Sesame’s free monitoring of credit scores and daily updates to credit scores. • Compare the Back to top MoCaFi MoCaFi, also known as Mobility Capital Finance is black-owned digital platform launched in the year 2016 and offers free checking to serve people who are largely unbanked and unbanked with a primary focus on closing the wealth gap between racial groups. The platform offers a bill-pay feature that lets customers report rent payments to the major credit bureaus in order to establish credit histories. A rare perk, MoCaFi collaborates with third-party partners to offer free cash deposits at many merchants and also free mobile check deposits that allow for quick cash out. Return to the top Dave Dave started in 2017 as a company that offered a pay advance and expanded to offer a full-fledged checking account. As of mid-2021, it had about 1 million clients. You can get a small credit on the next salary without any interest or credit check, and those with at least $1,000 in direct deposits per month can establish credit histories through rent payments. Dave also provides budgeting services that incorporates upcoming bills as well as the ability to search for jobs that are not listed in its mobile app. There aren’t any fees for overdrafts , or using ATMs in the national MoneyPass network, and there are no minimum balance requirements. Review by Dave Return to top for reward cash back Current Current, founded in 2015, provides free and premium options for checking with cash back on certain merchants, two-day direct deposit, and quick 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 also come with the possibility of having up to $100 worth of overdrafts backed up completely free of charge. Review Current review: Revert to top Upgrade Personal loan company Upgrade began operations in the year 2017 and launched a no-cost checking account for customers in 2021, with cash-back benefits that are greater than Current’s. The primary benefits of Upgrade’s customers who have a checking account include 2% cash back on everyday purchases such as at drugstores and restaurants, and 20 percent discount for personal loans. Customers can also view their credit scores for no cost and a summary of their credit report through their Credit Health service. Read Upgrade reviews: Bella Bella’s approach to banking is, in its words, “built on love.” This translates into the rewards program for checking accounts that offers a random percentage of cash back, anywhere from 5% to 200 percent, on randomly chosen purchases. Launched in 2020, Bella does not charge monthly ATM, overdraft or other fees. At present, Bella also covers fees charged by out-of-network ATM operators. Additionally, they offer a fee-free savings account, though it has minimal interest rates, as well as an alternative “karma account,” which can be used to help pay for other customers’ small purchases or to take advantage of another’s karma account generosity. Click here to see our complete list below of 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 10% cashback for 10,000 businesses, which includes Asian-owned businesses and restaurants. Support is provided in English as well as Chinese as well as other languages coming soon. Accounts are able to earn interest and do not have monthly charges or ATM fees for the nationwide MoneyPass ATM network. Learn more regarding Back to top Investor-friendly Acorns Although the microinvesting application Acorns’ core product is its automated investing for those who prefer not to be hands-on The company expanded its banking offerings in the year 2018 with Acorns Checking. It comes with the debit card as well as a limited rewards program, and is available only in a package with a taxable investment account and individual retirement accounts at a cost of $3 per month (or five dollars for the family version). Customers can opt in to a “round-up” feature where each purchase is rounded up by an amount, and the change gets invested. The rewards program allows customers to receive a small percentage or amount of money back on purchases made by more than 300 companies. The money is also invested. Read Acorns review: Back to the top Aspiration Aspiration is an online brokerage company with a cash management account, named Spend & Save, that functions as the hybrid savings and checking account. There are two types of this account. 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 — customers pay what they believe is fair from $0 on up. The higher-end Aspiration Plus plan has an annual fee of almost $72 and up to 10% cashback and up to 5.00% APY. There are two accounts to choose from also, which allows you to invest in sustainable businesses and social causes. As an accredited B Corp company, Aspiration is committed to being a socially responsible and environmentally conscious company and provides customers with personalized sustainability scores depending on the companies they invest in. Check out the Aspiration review: The Aspiration Spend and Save accounts are cash-management account that are available by Aspiration Financial, LLC, registered broker-dealer, member of FINRA/SIPC and a subsidiary to Aspiration Partners, Inc. (“Aspiration”). Aspiration 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 variable, subject to change, and is only accessible to customers who are who are members of Aspiration Plus once the conditions are met. Customers who aren’t enrolled in Aspiration Plus receive 3.00 percent APY once conditions are satisfied. Return to top Albert Albert started in 2016 as a financial management app and later launched a customized banking service called Albert Cash in August 2021. It has over 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 with integrated budgeting and saving tools and annual savings bonus that can reach 0.10%. To access Albert’s investing feature and earn a savings rate up to 0.25% and use the personalized support for customers which is known as Genius and there is a minimum monthly fee of $4. It is required to have an external bank account to open an account with Albert. Back to top Traveler-friendly Revolut In its first year of operation The United Kingdom-based Revolut provides attractive features to international travelers who want competitive exchange rates and an account that allows use more than 150 currencies. Customers can transfer funds abroad together with other Revolut users, and withdraw up to $300 monthly from ATMs at no cost, and earn interest on savings. All this is included with the account for free. To get more benefits, such as medical insurance for overseas patients, Revolut offers two accounts with monthly charges of $17 and $10. Read Revolut reviews: Return to top Wise Review: U.K.-based money transfer firm Wise, formerly called TransferWise has created a multicurrency account that rolled across to U.S. customers in 2017. Although there’s an initial $9 fee to use the card as a debit, Wise isn’t affianced of monthly charges for account usage and can convert currencies at an affordable exchange rate for a minimal upfront cost. The conversion of a balance of $1000 U.S. dollars to euros, for example, costs about $4.20 or 0.42 percent that’s less expensive than most bank foreign transactions charges of 1% to three percent. A bank account can hold multiple balances, storing as many as 54 different currencies simultaneously, and converting may take just a few two seconds. Check out Wise review: Back to top of the list Freelancer-friendly Oxygen Launched in early 2020, Oxygen’s digital banking account is designed to assist freelancers and self-employed people control their cash flow. Oxygen does not charge monthly, ACH and overdraft charges There are however four pricing levels available for the account, ranging from free to $200 annually. All levels offer travel benefits, such as lost luggage and hotel theft protection, and higher levels offer more benefits that include greater savings rates, cash back, and a variety of virtual cards. One unique benefit is the option to use the Oxygen app to incorporate, or legally register as a company after which you can later . Review Oxygen review: Return to the top Lili launched in the year 2019. Lili is a no-cost mobile banking account specifically designed for freelancers as well as independent contractors in mind. With Lili, you can categorize your expenses simply by swiping left to indicate “life,” or personal or personal, and the right side for “work,” or business. Lili offers tools to aid freelancers in saving to pay taxes as well as an emergency fund. Plus, if you use Lili’s account to deposit your earnings from online platforms and payment applications you will receive your money for up to 2 days prior. This feature is standard for neobanks in general. Check out Lili review: Back to top Neobanks soon an eye on these four neobanks’ debuts in near future: Daylight: Previously dubbed the Be Money, Daylight plans to launch a mobile bank account that focuses on people in the LGBT+ community with features such as access to financial coaches and accounts with a person’s chosen name, rather than their legal name. Greenwood: A Black-owned digital bank already has half a million people waiting on its list for savings and spending accounts which are geared towards reinvesting their wealth into Black as well as Latinx communities. (See our complete list of upcoming and current .) First Boulevard: The Black-owned banking platform focuses on low-cost bank, with cash back at Black-owned businesses, combined with short videos on financial education. The goal of the platform is to create the wealth of generations 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 the loss of any government benefits. Also, there will be an account that can be used to donate a portion of Purple’s revenue for the Special Olympics. To the top: From credit tracking tools to travel benefits modern checking accounts offer greater benefits than the old ones offered. Before you sign up, make sure to check whether the fintech company is a bank, or is in partnership with a bank, and determine which features will most benefit your financial needs. About the author: Spencer Tierney is an expert in certificates of deposit at NerdWallet. His work has been featured in USA Today and the Los Angeles Times. Similar to… Discover an alternative savings account NerdWallet’s top picks for high-yielding online savings accounts. Explore Banking further Get more smart money moves right to your inbox Sign up and we’ll send you Nerdy articles on the topics in finance which matter to you the most along with other ways to help you get more out of your money.

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