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19 Neobanks and what they offer Advertiser disclosure We consider you to be our first priority. Each time. We believe that every person should be able to make financial decisions with confidence. Although our site doesn’t include every business or financial product available on the market, we’re proud that the advice we provide and the information we offer as well as the tools we design are independent, objective easy to use and free. So how do we earn money? Our partners compensate us. This could influence the types of 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 thousands of hours of research. Our partners cannot be paid to ensure positive ratings of their goods or services. . 19 Neobanks and What They Offer Neobanks differentiate themselves by focusing on certain communities, providing benefits and more. By Spencer Tierney Senior Writer | Certificates of deposit and ethical banking, as well as banking deposits Spencer Tierney is a consumer banking writer at NerdWallet. He has written about finances for individuals since the year 2013 with a focus on certificates of deposit as well as other banking-related subjects. The work he has written for him was covered by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. He’s based within Berkeley, California. Sep 23, 2021 Edited By Yuliya Goldshteyn Assistant Assigning editor — Banking Yuliya Goldshteyn works as a banking editor for NerdWallet. She previously worked as an editor, writer and research analyst in a variety of industries, ranging from health care to market research. She received a bachelor’s level degree in history from University of California, Berkeley. University of California, Berkeley as well as a master’s degree in social sciences from the University of Chicago. You can reach her by email at

. Many or all of the products we feature are made by our partners who compensate us. This influences which products we review as well as the place and way the product is featured on the page. However, this doesn’t influence our evaluations. Our opinions are our own. Here is a list of and . The investing information provided on this site is for solely educational purposes. NerdWallet is not a broker or advisor. or brokerage services and does not recommend or counsel investors to purchase or sell certain stocks, securities or other investment options. Jump to a specific neobank or category: For high-yield savings: widest range of accounts: For cheap overdraft: For | | Investor-friendly: Neobanks are financial technology — or fintech — companies that typically offer mobile-focused banking accounts with eye-catching features like low-cost cash-back rewards or credit. There are some established Neobanks that offer loans, credit cards or investing productsas well. They usually operate without branches and, as a majority of neobanks do not have banking licenses, they partner with banks in order to secure protection against their Federal Deposit Insurance Corp., among other things. 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 percent SoFi members who have direct deposit can earn up to 3.75% annually in percentage (APY) on savings balances (including vaults) and 2.50 percent APY on their checking balances. No minimum amount of direct deposit that is required to earn the 3.75% APY for savings, and 2.50% APY on checking balances. Members without direct deposit will get 1.20% APY on all account balances, including savings and checking (including Vaults). The rates of interest are variable 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 Min. balance for APY $0 Member FDIC Marcus by Goldman Sachs Online Savings account APR 3.50% 3.50% APR (annual percentage yield) with a minimum balance of $0 to earn the stated APY. Accounts must be in positive balance to remain open. APY is valid until 02/07/2023. Min. balance for APY $0 These cash accounts offer a variety of services and features comparable to checking, savings and/or investment accounts into one. The cash management account is usually provided by non-bank financial institutions. These accounts offer features and services that are similar to savings, checking and/or investment accounts in one product. These accounts for managing cash are generally offered by non-bank financial institutions. on Wealthfront’s website Wealthfront Cash Accounts APY 4.05% min. amount of APY $1 on the Betterment’s website. Betterment Cash Reserve Paid Non-Client Promotion APY 4.00% Annual percentage yield (variable) is at 02/06/2023. Min. balance for APY $0 CDs (certificates of deposit) are a kind of savings account that comes with a fixed rate and term generally, they come with higher interest rates than regular savings accounts. CDs (certificates of deposit) are a kind of savings account that comes with fixed rates and terms typically, and have more interest rates than regular savings accounts. CIT Bank CD Annual Percentage Yield 4.60% Term 1.5 year FDIC Marcus by Goldman Sachs High-Yield CD APY 4.4 FDIC Marcus by Goldman Sachs High-Yield CD APY 4.40% 4.40% The APY (annual percent yield) as of 01/25/2023 . 1-year Checking account are utilized for day-to-day cash deposits and withdrawals. Checking accounts are used to make cash deposits on a regular basis as well as withdrawals. Members FDIC SoFi Savings and Checking APY 2.50 Members of SoFi with direct deposit can get up to 3.75 percent annually in percentage return (APY) in savings account balances (including vaults) and 2.50% APY on checking balances. There is no minimum direct deposit amount that is required to be eligible for 3.75% APY for savings, or the 2.50 percent APY on checking balances. Direct deposit members will receive 1.20 percent interest on balances in checking and savings (including vaults). Interest rates are variable and could change at any point. These rates 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) Credit Card to make 10 transactions each month (min three dollars per purchase) or join Account Aggregation/Personal Financial Manager (PFM) in Online Banking to earn 0.30 percent APR. Keep an average daily balance of $2,500 within the Axos managed Portfolios Investment Account to earn 0.20% APR. Maintain a daily average balance of $2,500 per month in An Axos Self-Directed Trading Investment Account to earn 0.20 percent annual percentage yield. Use the Rewards checking account to pay your full month’s Axos consumer loan payment and earn 0.15% APY. Monthly fee of $0. Market accounts earn rates that are similar to savings accounts and include certain checking features. Money market accounts have rates that are similar to savings accounts and include some checking features. Members FDIC UFB’s best Money Market Rate APY 4.21% 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 companies that could be referred to as neobanks is growing. Between 2018 and 2020, neobanks skyrocketed between 60 and 256 worldwide, according to a report by the business strategy company Exton Consulting. With the rise of more players comes more competition, and some once-innovative services are becoming more common among neobanks, such as two-day early access to direct deposit and access to free nationwide ATM networks. Some digital wallets, such as and , are competing with neobanks by offering some of the same services. Neobanks are looking for ways to distinguish themselves by appealing to certain categories, such as freelancers or international travelers, or by offering benefits that aren’t available at traditional banks. Here’s a look at the ways that some of the upcoming and current Neobanks attempt to make themselves distinct. More information about high-yielding savings Chime was founded in 2013. Chime is one of the largest neobanks, with more than 12 million customers. It is partnered with two banks*, it offers checking and savings accounts that are both free of monthly fees, and a secured credit card that you can use to build credit. Chime’s savings account has 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 charges. (The Chime Savings Account must be opened to open a savings account; the Savings Account is optional.) The spending account offers free access to more than 60,000 ATMs*** across the country as well as for customers who have direct deposits, they can benefit from a cost-free overdraft program covers up to $200. Cash deposits are available at big retailers ****, which is a benefit that not every neobank offers. The process of signing up can be easier than at traditional banks because there is no check on credit or bank records from the past however, Chime is a . Learn more about Chime *Chime says: “Chime is a financial technology company, not a bank. Banking services are offered via The Bancorp Bank, N.A. and Stride Bank, N.A. and Stride Bank, N.A. Members of the FDIC.” **” The Annual Percentage Yield (“APY”) for Chime Savings Account is variable and can be changed at any time. The declared APY will be in effect on October 25, 2022. No minimum balance is required. You must have $0.01 saved to get interest. ” ***”Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.” ****”The retailer who receives your cash will be accountable for the transfer of the cash to deposit into the Chime checking Account. Cash deposit fees may apply when you use a different retailer that Walgreens.” Read Chime reviews: To the page Varo Bank Varo Bank offers savings, checking, in addition to cash advances. It was founded in 2015 and initially using banking partnerships. It changed to an officially chartered bank in August 2020, which allowed it to offer its own FDIC insurance. Per Varo its website, it had a total of 6 million customers at mid-2022. The checking account is access to a free ATM access, as well as no monthly charges, as well as advantages like cash back at specific retailers with no transaction fees. The savings account comes with some requirements for earning the highest rate of 5.00 percent APY on the first $5,000 of savings, which includes a $1,000 minimum in monthly direct deposits, and maintaining an active checking and savings balance at the end of each month. Otherwise it’s 3.00 percent APY. Read Varo review To the top widest selection of account types SoFi SoFi — which stands for “Social Finance” began as an student loan refinance business, but has recently gained the charter of a bank owned by SoFi. SoFi Checking and Savings is its 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). Certain benefits include earning interest, establishing subaccounts to save, and for customers who have qualifying direct deposits, no-fee overdraft coverage up to $50. SoFi also provides a variety of loans that are active and automated investing, cryptocurrency trading as well as credit cards and retirement accounts. to top One owned by Walmart One’s bank account comes with a low-cost overdraft program, custom-designed budgeting and savings options. It offers customers the ability to divide their cash into pockets, which are subaccounts that can be referred to as Pockets. The pockets that are dedicated to saving offer rates of 1.1% of up to $5,500 for every customer, and 1% on up to $25,000 for those who have direct deposit. One gives free overdraft coverage of up to $200 for those who deposit direct minimum $500 per month. This is less expensive than banks with large branches with overdraft charges which range from around $35 per transaction. Read one reviews:Previous pageFind out more about credit building GO2bank (and GoBank) Green Dot Corporation has offered different banking services since. Beginning with debit cards for prepaid, it expanded into GoBank, its very first bank online GoBank In 2013, before launching its second brand of bank, GO2bank, in 2021. Every one of the Green Dot deposit accounts are federally insured by Green Dot Bank. Unlike nearly all neobanks, which require online signup and registration, you can purchase GoBank and GO2bank debit cards from retailers like Walmart and then activate them online to use with an app for mobile devices. Between the two brands, GO2bank is the best choice, with a lower monthly fee and more perks however less than other neobanks, such as Chime and Varo. GoBank’s monthly fee of $9 is waived when you make $500 direct deposits. the GO2bank’s fee of $5 per month is waived when you deposit direct without a specified minimum. Alongside its bank account GO2bank provides a secured credit card to improve credit scores and also savings vaults that earn 1percent APY up to $5,000. Contrary to this, GoBank doesn’t offer a credit card and its savings vault doesn’t generate interest. Check out the GoBank review: Read more about GO2bank: Return to the top Sesame Cash Credit company Credit Sesame launched a free digital bank account in March of 2020. It focuses on serving people living pay-to-pay. The account’s benefits include access to direct-deposited paychecks up to two days early, cash and mobile check deposits, a limited cash-back program for debit cards and access to a free nationwide ATM network. With the account, customers have access to Credit Sesame’s free monitoring of credit scores and daily updates to credit scores. Check the Top to Back MoCaFi MoCaFi, or Mobility Capital Finance is black-owned digital platform that was launched in 2016 that provides free checking to serve the majority of communities that are unbanked or underbanked with a primary focus on closing the racial wealth gap. It also offers a bill pay feature that allows users to report rent payments to major credit bureaus to establish credit histories. It is a unique perk. MoCaFi collaborates with third-party partners to provide free cash deposits at various 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 an entire checking account. By mid-2021, the company had more than 10 , million users. You can get a small cash advance from your next paycheck without any interest or credit check, and those with at least $1,000 in direct deposit each month can build credit history through rent payments. Dave also offers budgeting tools that factors in upcoming bills and the ability to search for side-jobs on its mobile application. There are no fees to use overdrafts or ATMs in the national MoneyPass network, and there aren’t any minimum balance requirements. Read the Dave review Return to top Cash-back Rewards Current Current, founded in 2015, offers free and premium options for checking with cash-back at certain merchants, two days of early direct deposit, as well as quick refunds on gas station hold on cards. The two other perks are only available for premium accounts, which have the cost of $5 per month. Premium accounts that make direct deposits also come with up to $100 in overdrafts backed up for free. Check out the Current review: Return to the top Upgrade Personal loan company Upgrade, started in 2017, introduced a free checking account in 2021 with cash-back benefits that are greater than Current’s. The primary benefits of Upgrade’s checking customers include the cash back of 2% on everyday purchases such as in restaurants and drugstores and 20 percent rate reductions for personal loans. Customers can also see their credit scores for free , as well as a summary of their credit history by using Upgrade’s Credit Health service. Review Upgrade’s reviews:Return to top of the page Bella Bella’s banking strategy is, in its words, “built on love.” That translates to a checking account rewards program that gives a random amount of cash back, between 5% and 200 percent, on selected purchases. Launched in 2020, Bella doesn’t 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, though it offers low interest rates and an optional “karma account,” which can be used to cover other customers’ small purchases or to be a recipient of another’s generosity with karma accounts. Check out our complete list below of Back to top Cheese Started in March 2021. Cheese customizes its online banking platform to the immigrant and Asian American communities by offering up 10% cashback on 10,000 businesses, including Asian-owned restaurants and businesses. Customer support is available in English and Chinese, with more languages to come. Accounts accrue interest and don’t incur monthly charges or ATM fees within the national MoneyPass ATM network. Find out More about Back to top Investor-friendly Acorns Although the microinvesting application Acorns’ core product is automated investing for investors who don’t have hands It expanded to banking in 2018 with Acorns Checking. The account comes with a debit card and limited rewards program, and is available only as a package that includes a taxable investment account and an account for retirement that is individual each month for just $3 (or five dollars for the family version). Customers can choose to participate in an “round-up” feature in which each purchase is rounded up by some amount and the change gets invested. The rewards program offers an amount or a portion back from purchases at over 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, known as Spend & Save, that functions as the hybrid savings and checking account. There are two different versions that the accounts are available. The standard Spend & Save account has the possibility of 3.00 percent APR on savings, up to 5% cashback and an optional monthly fee that customers pay the amount they believe is fair from beginning at $0 and up. The more expensive Aspiration Plus plan has an almost-$72 annual fee, as high as 10% cash back as well as up to 5.00 percent APY. There are two accounts to choose from also, which allows you to invest in companies with sustainable business practices and social causes. As an official B Corp company, Aspiration is committed to being an environmentally and socially conscious company and provides customers with personalized sustainability scores based on which businesses they invest in. Check out the Aspiration review: The Aspiration Spend & Save accounts are cash-management account that are available by Aspiration Financial, LLC, registered broker-dealer, member FINRA/SIPC, and a subsidiary 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”) that can be up to 83x the average national interest rate is subject to change, subject to change and is only available to customers who are members of Aspiration Plus after the conditions are satisfied. Customers who aren’t enrolled in Aspiration Plus get 3.00 percent APY once the conditions are satisfied. Then they can go back to the top. Albert Albert started in 2016 as a mobile app for managing money and then launched a personal banking service known as Albert Cash in August 2021. It has over six million customers. Albert Cash is a banking account that pays cash back and includes the following benefits that include no-interest cash advances of up to $250 as well as integrated budgeting and savings tools and annual savings bonus up to 0.10 percent. For access to Albert’s investing features, get an interest rate of 0.25 percent and avail its personal customer service known as Genius and there is the minimum monthly cost of $4. It is required to have an external bank account to open an account with Albert. Recommendations for Travelers Revolut Started in 2015 the UK-based Revolut offers appealing features to international travelers who want an exchange rate that is competitive and a debit card that can use more than 150 currencies. Customers can make international transfers together with other Revolut users, and withdraw up to $300 monthly at ATMs without fees, and get 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 that charge monthly fees of $10 and $17. Read Revolut reviews: Return to top Wise Revolut U.K.-based money transfer company Wise, formerly known as TransferWise has created a multicurrency account that rolled across to U.S. customers in 2017. Although there’s an initial $9 cost for the debit card, Wise isn’t affianced of monthly charges and also converts currencies at a fair exchange rate, with only a small upfront fee. For converting a balance of $1,000 U.S. dollars to euros as an example, will cost about $4.20, or 0.42%, which is cheaper than banks’ foreign transaction charges that range from 1% to 3%. The account can contain multiple balances, holding as many as 54 different currencies at once and the conversion process could take only seconds. Check out Wise review: Return to top Freelancer-friendly Oxygen Launched in early 2020, Oxygen’s digital banking account will help freelancers as well as self-employed workers manage the flow of cash. Oxygen does not cost monthly fees, ACH or overdraft fees There are however four pricing tiers that can be used for the account. They range from zero to $200 per year. All levels provide travel benefitslike the loss of luggage as well as hotel theft protection, and higher levels offer more benefits that include higher savings rates, cash back and numbers of virtual cards. One unusual perk is the ability to make use of the Oxygen application to incorporate, or legally establish a business after which you can after that . Review Oxygen review: Return to top Lili Launched in 2019, Lili is a mobile bank account designed specifically for freelancers as well as independent contractors in mind. With Lili you can organize your expenses simply by swiping left for “life,” or personal or personal expenses, and then right to indicate “work,” or business. Lili offers tools that aid freelancers in saving for taxes, and also an emergency fund. Additionally, if you make use of Lili’s account to transfer the earnings you earn from online platforms and payment applications You can get the funds as early as two days earlier. This last feature is common across a variety of neobanks. Read Lili review The top Neobanks to come soon Keep an eye on these four neobanks’ debuts in near future: Daylight: Previously dubbed be Money, Daylight plans to launch a mobile bank account focusing on people in the LGBT+ community with features such as access to financial coaches and accounts with a person’s preferred name, not their legal name. Greenwood: A Black-owned digital banking company already has half a million customers waiting on its list for savings and spending accounts that emphasize reinvesting wealth in Black as well as Latinx communities. (See our list of upcoming and current .) 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. The goal of the platform is to create generations of wealth to Black Americans. Purple: Purple plans to provide mobile banking designed specifically for people with disabilities, including a checking account and savings accounts that are tax-advantaged. These accounts are known as ABLE accounts, which lets people with disabilities save money without the loss of any government assistance. There will also be an account that can be used to donate some of the money earned by Purple for the Special Olympics. To the top: From credit monitoring tools to travel benefits modern checking accounts offer more features than their predecessors had. Before getting one, check whether the fintech firm is a bank or partners with a bank, and see which features would best serve your financial life. Author bio Spencer Tierney is an expert on certificates of deposit at NerdWallet. The work of Spencer Tierney has been featured on USA Today and the Los Angeles Times. Similar to… Get the best savings account NerdWallet’s top picks for high-yielding savings accounts on the internet. Go deeper into Banking Make smarter money decisions delivered straight to your inbox. Sign up and we’ll send you Nerdy articles about the money topics that matter most to you along with other ways to help you get more out of your savings.

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