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19 Neobanks and what they offer Advertiser disclosure We consider you to be our first priority. Each every time. We believe that everyone should be able to make sound financial decisions without hesitation. Although our site does not include every company or financial product on the market, we’re proud that the advice we provide as well as the advice we offer and the tools we develop are independent, objective, straightforward — and cost-free. How do we earn money? Our partners pay us. This can influence the products we review and write about (and the way they appear on the site) However, it does not affect our advice or suggestions, which are grounded in many hours of research. Our partners cannot be paid to ensure positive reviews of their products or services. . 19 Neobanks and what they offer Neobanks differentiate themselves by focusing on particular communities, offering various advantages and benefits. Written by Spencer Tierney Senior Writer | Certificates of deposit and ethical banking, as well as banking deposit accounts Spencer Tierney is a consumer banking writer for NerdWallet. He has been writing about finances for individuals since the year 2013 with a focus on certificate of deposit as well as other banking-related topics. His work has been featured by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. He is based within Berkeley, California. Sep 23rd, 2021 Edited by Yuliya Goldshteyn Assistant Assigning Editor Banking Yuliya Goldshteyn is a bank editor for NerdWallet. She previously worked as an editor, writer , and research analyst in industries ranging from health care to market research. She received a bachelor’s level degree in the field of history from University of California, Berkeley. University of California, Berkeley and a master’s of social science from University of Chicago. You can reach her by email at

. The majority of items featured here come from our partners who pay us. This influences which products we feature and where and how the product appears on the page. But, it doesn’t affect our opinions. Our opinions are entirely our own. Here is a list of and . The information about investing on this site is for solely educational purposes. NerdWallet does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell specific securities, stocks or other investment options. Jump to a specific neobank or category: For high-yield savings: For the widest variety of accounts: low-cost overdrafts: for credit-building: For cash-back rewards: | | Investor-friendly: Neobanks are financial technology — (also known as fintech) companies that usually offer mobile-oriented accounts that have attractive features, such as no-cost cash-back or credit card rewards. Some established neobanks offer loans, credit cards or investing products, too. They typically have no branches, and, as a majority of neobanks don’t have banking licenses, they collaborate with banks in order to secure protection by The Federal Deposit Insurance Corp. In addition, they offer. The majority of the neobanks in this list are insured by FDIC. Savings Cash Manager CD Checking Money Market Members FDIC SoFi Checking and Savings APY 3.75 Members of SoFi with direct deposit are eligible to receive up 3.75% annual percentage yield (APY) for savings accounts (including vaults) and 2.50% APY on checking balances. There is no minimum amount of direct deposit required to qualify for the 3.75 percent APY on savings and 2.50% APY for checking balances. Direct deposit members will receive 1.20% APR on all balances, including savings and checking (including vaults). Interest rates are variable and can change at any time. 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 Goldman Sachs Online Savings account APY 3.50 35% 3.50% APY (annual per cent yield) with $0 minimum balance to earn the APY stated. Accounts must have a positive balance to remain open. APY valid as of 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 generally provided by non-bank financial institutions. They combine the features and services similar to checking, savings and investment accounts in one package. The cash management account is generally offered by non-bank financial institutions. on the Wealthfront website. Wealthfront Cash Accounts APY 4.05% Min. amount to APY $1 on the Betterment’s website. Betterment Cash Reserve – Paid non-client promotions APY 4.00% Annual percent yield (variable) is at 02/06/2023. Min. balance for APY CDs is $0 (certificates of deposit) are a kind of savings account with an unchanging rate and term generally, they come with higher rates of interest than standard savings accounts. CDs (certificates of deposit) are a type of savings account that has a fixed rate and term, and usually have more interest rates than traditional savings accounts. CIT Bank CD APY 4.60% 1.5% Term 1.5 Years Member FDIC Marcus by Goldman Sachs High-Yield CD APY 4.40% 4.40% APR (annual percent yield) as of 01/25/2023 . 1-year Checking account are used to deposit cash on a daily basis and for withdrawals. Checking accounts can be used to deposit cash on a daily basis and for withdrawals. Member FDIC SoFi Savings and Checking APY 2.50% SoFi members with direct deposit can receive up 3.75 percent annually in percentage return (APY) in savings account balances (including vaults) and 2.50% APY on check balances. No minimum amount for direct deposits needed to earn the 3.75% APY for savings, or the 2.50% APY for checking balances. Members without direct deposit will earn 1.20 percent APY on all account balances of savings and checking (including Vaults). Rates of interest are subject to change and could 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. Utilize the Axos Visa(r) debit card to make 10 transactions per month (min three dollars per purchase) or join Account Aggregation/Personal Finance Manager (PFM) through Online Banking to earn 0.30 percent APR. Keep an average daily balance of $2,500 per month in An Axos managed Portfolios Investment Account to earn 0.20 percent APR. Maintain a daily average balance of $2,500 within the Axos Self-Directed Trading Investment Account for 0.20% annual percentage yield. Make use of Your Rewards Checking Account for your entire each month Axos Consumer loan payment to earn 0.15% APR. Monthly fee $0 Market accounts earn rates comparable to savings accounts and include some checking features. Money market accounts have rates similar to savings accounts and include some checking features. FDIC UFB Best Money Market Member FDIC UFB Best Money Market APY 4.21 Percentage Min. balance for APY $0 Member FDIC Discover Bank Money Market Account APY 3.20% Min. balance for APY $1. Read more about: The number of fintech companies that could be termed neobanks continues to grow. Between 2018 and 2020, Neobanks grew by 60-256 worldwide according to a study by the business strategy company Exton Consulting. With the rise of more players comes more competition. Some once-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. Digital wallets, such as and, are competing with neobanks by offering some of the same services. Neobanks are finding ways to distinguish themselves by appealing to particular groups, like freelancers or international travelers, or offering perks you might not find at traditional banks. This article will provide an overview of how some new and emerging Neobanks are trying to distinguish themselves. >> Learn more about high-yielding savings Chime was established in 2013 Chime is among the largest neobanks that has more than twelve million clients. Partnered with two banks, it offers savings and checking accounts that are both free of monthly fees, and a secured credit card that you can use to build credit. Chime’s savings accounts offer an attractive interest rate of 2.00% annual percentage yield** , with no minimum balance, no maximum limit for earning interest and no monthly charges. (The Chime Savings Account is required to create a savings account, while the Savings Account is available as an optional.) The account for spending gives free access to more than 60,000 ATMs throughout the nation 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 large retailers ****, and is not a feature that every neobank offers. Sign-up procedures are more straightforward than with traditional banks as there’s no credit check or bank records from the past However, Chime has the ability to do this . Learn more about Chime Chime: “Chime is a financial technology firm, not a bank. Banking services provided 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 subject to change and could be changed at any time. The disclosed APY is effective on October 25, 2022. No minimum balance is required. You must have $0.01 saved to get interest. ” ***”Out-of-network ATM withdrawal charges are applicable, except for MoneyPass ATMs located in 7-Eleven or an Allpoint and Visa Plus Alliance ATM.” ****”The retailer who takes your cash is accountable for the transfer of the cash to the Chime Account. Account. Deposit fees can be charged for any retailer other from Walgreens.” Review Chime reviews: Back to top Varo Bank Varo Bank offers savings, checking, as well as cash advances. Founded in 2015 and originally operating with partnership with banks, the bank was made a nationally chartered bank in August 2020, allowing it to provide its own FDIC insurance. As per Varo the bank had a total of 6 million customers as of mid-2022. The checking account is free ATM access, and there are no monthly fees, plus benefits like cash-back at certain stores as well as no international transaction fee. Its savings account has a couple requirements to earn the highest rate of 5.00 percent APY for the first $5,000, including an annual minimum of $1,000 direct deposits as well as an active checking and savings balance at the end of the month. If not, the rate is 3.00% APY. Read Varo review: Back to top For widest range of accounts SoFi SoFi is short to mean “Social Finance” was founded as a student loan refinance company but recently obtained the charter of a bank owned by SoFi. SoFi checking and savings is its account that can be used to manage money for spending and saving. There are no charges for accounts for overdrafts, ATM usage, or monthly maintenance (subject to changing at any time). Certain benefits include earning interest, opening subaccounts to save and those who make qualifying direct deposits, no-fee overdraft protection that can be up to $50. SoFi also offers many types of loans including automatic and active investing, cryptocurrency trading as well as credit cards and retirement accounts. Return to top One owned by Walmart One’s bank account comes with a low-cost overdraft program, custom-designed budgeting and savings choices. It offers customers the ability to divide their cash into pocket-sized accounts, also known as subaccounts. Pockets that are devoted to saving offer rates of 1percent for up to $5,000 for every customer and 1% on up to $25,000 for those who deposit direct. One gives free overdraft coverage as high as $200 for customers with direct deposits of at least $500 per month. It’s less expensive than the big banks with overdraft charges which range from around 35 cents per transfer. Read Back to top >Find out more about the credit-building GO2bank (and GoBank) Green Dot Corporation has been offering alternative banking products since 1999. Beginning with debit cards for prepaid, it expanded into the first online bank in GoBank In 2013, before launching its second brand of bank, GO2bank, in 2021. All Green Dot deposit accounts are federally insured by Green Dot Bank. Unlike nearly all neobanks, which require online registration for customers, you can get GoBank or GO2bank credit cards at retailers such as Walmart and sign them up online to use with an app for mobile devices. The two brands are comparable, but GO2bank is easily the better option with a smaller monthly cost and perks however not as many as other neobanks, such as Chime as well as Varo. GoBank’s almost $9 monthly fee is waived by $500 direct deposits, whereas the GO2bank’s fee of $5 per month is waived with direct deposits without a minimum. In addition to its bank account GO2bank offers a secured credit card to build credit and has a savings vault that earns 1% APY for as much as $5,000. Contrary to this, GoBank doesn’t offer a credit card and its savings vault does not earn interest. Check out the GoBank review: Read more about GO2bank: Return to the top Sesame Cash The credit firm Credit Sesame launched a free digital banking account in March 2020 . The account focuses on serving people living pay-to-pay. The account’s benefits include direct-deposited paychecks that can be made up to two days earlier as well as mobile and cash deposits, a limited cash-back program for debit cards and access to a free all-encompassing ATM network. The account’s users get access to Credit Sesame’s free monitoring of credit scores and daily updates to credit scores. • Compare the Top to Back MoCaFi MoCaFi or Mobility Capital Finance. It’s a Black-owned digital platform that was launched in 2016 and offers free checking services to the majority of communities that are unbanked or underbanked and focuses on closing the wealth gap between racial groups. The platform offers a bill-pay feature that allows customers to submit rent payments to major credit bureaus to create credit history. As a rare perk, MoCaFi collaborates with third-party partners to provide free cash deposits at many merchants and also free mobile check deposits that allow for quick cash out. Return to top Dave Dave started in 2017 as a paycheck advance company and grew to include a full-fledged checking account. As of mid-2021, the company had more than 10 million customers. You can get a small advance on your next paycheck without interest or a credit check. Customers with at least $1000 in monthly direct deposits can build credit history through rent payments. Dave also offers budgeting tools that factors in upcoming bills and the capability to look for jobs that are not listed on its mobile application. There are no fees for overdrafts , or using ATMs in the national MoneyPass network, and there are no minimum amount of balance required. Read Dave review: Back to top For reward cash back Current Current, founded in 2015, offers free and premium options for checking with cash-back at certain merchants, two-day early direct deposit, and fast reimbursements for gas station debit hold on cards. These two benefits are only available to premium accounts that have a $5 monthly fee. Premium accounts that make direct deposit can also have the possibility of having up to $100 worth of overdrafts backed up at no cost. Check out the Current review: Back to the top Upgrade A personal loan company Upgrade, started in 2017, launched a free checking account in 2021 with cash-back benefits that are greater than Current’s. Upgrade’s main perks for their checking customers include the cash back of 2% for everyday purchases, like in restaurants and drugstores as well as the possibility of 20% discount on personal loans. Customers can also view their credit scores for free , as well as a summary of their credit history through Upgrade’s Credit Health service. Check out the reviews of Upgrade: Back to top Bella Bella’s approach to banking is, as it says, “built on love.” It’s the rewards program for checking accounts which offers a variable percent of cash back in the range of 5% to 200 percent, on selected purchases. Launched in 2020, Bella does not charge monthly ATM, overdraft, or ATM charges. Currently, Bella also covers fees for out-of-network ATM operators. Also, there is a free savings account, which has minimal interest rates, as well as an alternative “karma account,” which is a fund to help pay for other customers’ small purchases or to be a recipient of a karma account’s generosity. >> See this list for the Back to top Cheese Started in March 2021. Cheese customizes its online banking platform for the immigrant and Asian American communities by offering up 10% cashback for 10,000 businesses, which includes restaurants and Asian-owned businesses. Support is provided in English as well as Chinese as well as other languages soon. Accounts earn interest and don’t have monthly charges or ATM fees for the nationwide MoneyPass ATM network. Find out More about Back to top Investor-friendly Acorns Although the microinvesting application Acorns main product is automated investing for hands-off investors It expanded to banking in the year 2018 with Acorns Checking. The account includes an ATM card, a debit card and a rewards program. It is offered in a bundle that includes a taxable investment account and an account for retirement that is individual, at a cost of $3 per month (or the equivalent of $5 per month for a family-friendly version). Customers are able to opt into a “round-up” feature in which each purchase is rounded by an amount, and the change gets invested. The rewards program allows customers to receive a small percentage or amount returned from purchases made at more than 300 companies. The money also gets invested. Read Acorns review: Back to top Aspiration Aspiration can be described as an online broker company that has the cash management account called Spend & Save, that functions as the hybrid savings and checking account. There are two versions of the account. The basic Spend & Save account has the possibility of 3.00% interest on savings, and as high as 5% cashback and a monthly fee that is optional — customers pay what they believe is fair from the point of zero up to. The higher-end Aspiration Plus plan has an annual fee of almost $72 and as high as 10% cash back as well as up to 5.00% APY. Two accounts are available also, which allows you to invest in sustainable business practices and social causes. As an accredited B Corp company, Aspiration is committed to being a socially responsible and environmentally conscious firm and offers customers personalized sustainability scores based on which businesses they spend money at. Read Aspiration review: The Aspiration Spend and Save Accounts are cash management accounts offered through Aspiration Financial, LLC, registered broker-dealer, member of FINRA/SIPC. It is also a subsidiary 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”) with up to 83x the average 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 get 3.00 percent APY once conditions are met. Return to top Albert Albert started in 2016 as a mobile app for managing money and launched a personalized banking service called Albert Cash in August 2021. It currently has more than 6 million customers. Albert Cash is a banking account that offers cash back , and comes with the following advantages that include no-interest cash advances up to $250 as well as integrated budgeting and savings tools, and annual savings bonuses up to 0.10%. For access to Albert’s investing features you can get the savings rate to 0.25 percent and avail its personalized customer support which is known as Genius and there is a minimum monthly fee of $4. It is required to have an external bank account to establish an account with Albert. Recommendations for Travelers Revolut Started in 2015 The United Kingdom-based Revolut provides attractive features to international travelers looking for competitive exchange rates and a debit card that can use more than 150 currencies. Customers can transfer funds abroad to other Revolut customers, make withdrawals of as much as $300 per month from ATMs with no fees and earn an interest rate on their savings. That’s all with the free account. For more perks, including medical insurance for overseas patients, Revolut offers two accounts with monthly fees of $17 and $10. Read Revolut reviews: Revolut reviews: Wise The U.K.-based money transfer business Wise, formerly known as TransferWise established a multicurrency account that rolled across to U.S. customers in 2017. While there’s a $9 initial fee to use the card as a debit, Wise isn’t affianced of monthly charges and also converts currencies at an affordable exchange rate, with only a small initial fee. The conversion of a balance of $1000 U.S. dollars to euros as an example, will cost approximately $4.20 or 0.42 percent, which is cheaper than institutions’ foreign-transaction costs of 1% to 3percent. A bank account can hold multiple balances and hold as many as 54 different currencies at once, and converting may be as quick as a matter of minutes. Check out Wise review: Back to the top of Freelancer-friendly Oxygen launched in the early part of 2020 The digital bank account of Oxygen aims to help freelancers and self-employed people control the flow of cash. Oxygen doesn’t cost monthly fees, ACH and overdraft charges, but there are four pricing levels available for the account, which range from free to $200 annually. Each level offers advantages for travel, including loss of luggage and hotel theft protection, and higher levels have more perks such as greater savings rates, cash back and numbers of virtual cards. One unusual perk is the possibility to utilize the Oxygen app to incorporate, or legally become a company in the future, and then . Read Oxygen review: Back to top Lili Launched in 2019, Lili is a free mobile bank account designed specifically for freelancers as well as independent contractors in mind. With Lili, you can categorize your expenses by simply tapping left for “life,” or personal or personal expenses, and then right for “work,” or business. Lili offers tools to aid freelancers in saving for taxes, and also an emergency savings account. Additionally, if you make use of Lili’s account to pay the earnings you earn from online platforms and payment applications you will receive the funds for up to 2 days earlier. This last feature is common across a variety of neobanks. Read Lili review: Back to top Neobanks to come soon Keep an eye on the emergence of these four Neobanks in the near future. Daylight: Previously dubbed Be Money, Daylight plans to create a mobile bank account specifically targeting the LGBT+ community with features including access to financial advisors and accounts that use a user’s preferred name, not the legal one. Greenwood is a Black-owned digital banking company is already home to half-a-million customers waiting on its list for savings and spending accounts which are geared towards reinvesting their wealth into Black and Latinx communities. (See our list of upcoming and existing .) First Boulevard The Black-owned bank platform focuses on low-cost banking, with cash back at Black-owned companies, and short videos on financial education. Its aim is to create generational wealth 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 losing any government aid. There will also be a debit card that sends a portion of Purple’s revenue for the Special Olympics. Back to top From credit monitoring tools to travel benefits modern checking accounts offer more than their predecessors did. Before signing up for one, verify whether the fintech company is a bank, or is in partnership 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 the field of certificates of deposit at NerdWallet. His work has been highlighted by USA Today and the Los Angeles Times. In a similar vein… Find an alternative savings account NerdWallet’s top picks for high-yield online savings accounts. Explore Banking further Make smarter money decisions right to your inbox. Sign-up and we’ll email you Nerdy content about the money topics which matter to you the most and other strategies to get more value from your savings.

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