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19 Neobanks and what they offer Advertiser disclosure We consider you to be our first priority. Every time. We believe that every person should be able to make financial decisions without hesitation. While our website does not include every company or financial product available in the marketplace We’re pleased that the guidance we offer and the information we offer as well as the tools we design are independent, objective easy to use and completely free. So how do we earn money? Our partners compensate us. This could influence the types of products we write about (and where those products appear on the site) however it doesn’t affect our advice or suggestions that are based on thousands of hours of study. Our partners do not be paid to ensure positive ratings of their goods or services. . 19 Neobanks and what they offer Neobanks distinguish themselves by focusing on specific communities, and offering a variety of advantages and benefits. By Spencer Tierney Senior Writer | Certificates of deposit, ethical banking, banking deposits Spencer Tierney is a consumer banking writer at NerdWallet. He has covered 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 covered by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. He is located at Berkeley, California. Sep 23, 2021 Edited By Yuliya Goldshteyn Assistant Assigning Editor — Banking Yuliya Goldshteyn works as a banking editor at NerdWallet. She previously worked as an editor, writer and research analyst in various industries that range from healthcare as well as market research. She received a bachelor’s level degree in the field of 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. She can be reached via

. A majority or all of the products featured here are from our partners, who pay us. This impacts the types of products we feature and the location and manner in which the product appears on a page. However, this does not affect our opinions. Our views are our own. Here is a list of . The investing information provided on this page is for solely educational purposes. NerdWallet is not a broker or advisor. or brokerage services and does not recommend or suggest investors buy or sell certain stocks, securities or other investments. Jump to a specific neobank or category: For high yield savings: the most extensive variety of accounts: inexpensive overdrafts for credit development: For cash-back reward rewards:| | Investor-friendly: Freelancer-friendly: are financial technology — or fintech — companies which typically provide mobile-friendly accounts that have attractive features such as low-cost cash-back or credit card rewards. Some established neobanks offer loans, credit cards or investment products too. They usually have no branches, and, since the majority of them don’t have banking licenses, they collaborate with banks to provide security from The Federal Deposit Insurance Corp. Other things include. The neobanks listed on this list are insured by FDIC. Savings Cash Management CD Checking Money Market member FDIC SoFi Savings and Checking APY 3.75 percent SoFi members who have direct deposit have the opportunity to earn up to 3.75 percent annual percentage yield (APY) in savings account balances (including Vaults) and 2.50% APY on checking balances. There is no minimum amount of direct deposit that is required to earn the 3.75% APY for savings, and 2.50 percent APY on checking balances. Members without direct deposit will receive 1.20 percent interest on balances of savings and checking (including Vaults). Rates of interest are subject to change 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 $0 Member FDIC Marcus by Goldman Sachs Online Savings Bank APR 3.50% 3.50% APY (annual percentage yield) with a balance of zero to earn the stated APY. Accounts must be in positive balance to remain open. APY valid as of 02/07/2023. Min. balance for APY The cash accounts combine services and features similar to savings, checking and investment accounts into one. Cash management accounts are typically offered by non-bank financial establishments. They combine the services and features similar to savings, checking and/or investment accounts in one package. The cash management account is typically offered by non-bank financial establishments. on Wealthfront’s website Wealthfront Cash account APY 4.05% Min. amount for APY $1 on the Betterment’s website. Betterment Cash Reserve, Paid non-client promotions APY 4.00 percent annually percentage rate (variable) is as of 02/06/2023. Min. balance for APY $0 CDs (certificates of deposit) 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 has a fixed rate and term typically, and have higher interest rates than regular savings accounts. CIT Bank CD Annual Percentage Yield 4.60% Term 1.5 Years Members FDIC Marcus by Goldman Sachs High-Yield CD APY 4.40% 4.40% The APY (annual percent yield) at 01/25/2023. Term 1 year Checking accounts can be used for day-to-day cash deposits and withdrawals. Checking accounts are utilized to deposit cash on a daily basis and for withdrawals. Members FDIC SoFi Checking and Savings APY 2.50 Members of SoFi with direct deposit can earn up to 3.75 percent annually in percentage return (APY) on savings balances (including vaults) and 2.50% APY on check balances. No minimum amount for direct deposits required to qualify for the 3.75 percent APY on savings, or the 2.50 percent APY on checking balances. Direct deposit members will earn 1.20% APR on all balances of savings and checking (including Vaults). Interest rates are variable and 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) Credit Card for a total of 10 transactions per monthly (min three dollars per purchase) or sign up for Account Aggregation/Personal Financial Manager (PFM) within Online Banking to earn 0.30 percent annual percentage. Maintain an average daily amount of $2,500 within an Axos Managed Portfolios Invest Account to earn 0.20% APR. Keep an average daily balance of $2,500 per month in the Axos Self Directed Trading Invest Account for 0.20% annual percentage yield. Utilize the Rewards checking account for your full each month Axos customer loan payment and earn 0.15 percent APY. Monthly fee $0 Market accounts earn rates that are similar to savings accounts, and come with some checking features. Money market accounts pay rates similar to savings accounts and include certain features for checking. Members FDIC UFB’s Best Money Market APR 4.21 Percentage Min. balance for APY $0 FDIC Discover Bank Money Market Account APY 3.20% Min. amount for APY $1. Read more: The amount of fintech firms that can be termed neobanks continues to grow. Between 2018 and 2020, Neobanks have exploded by 60-256 around the world, according to a report by the business strategy firm Exton Consulting. With increased competition comes greater competition. Some once-innovative services are now becoming common for neobanks. These include 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 by offering the same services. Neobanks are looking for ways to differentiate themselves by appealing to particular categories, such as freelancers or international travelers, or providing advantages that you can’t find at traditional banks. Here’s an overview of how some current and upcoming Neobanks are trying to distinguish themselves. Find out more about high-yielding savings Chime Founded in 2013, Chime is among the largest neobanks that has more than 12 million customers. With two banks, it offers checking and savings accounts, both with no costs for monthly charges, as well as secured credit cards that you can utilize to build credit. Chime’s savings account has an attractive interest rate of 2.00 percent annual percentage yield** , with zero minimum balances, no maximum amount for earning interest and no monthly fees. (The Chime Savings Account will be required in order to create a savings account, while The Savings Account is an option.) The account for spending gives free access to more than 60,000 ATMs nationwide as well as for customers who have direct deposits, there is a no-cost overdraft service that can cover as much as $200. Cash deposits can be made at big retailers ****, and is not a feature that all neobanks provide. The process of signing up can be easier than at traditional banks because there is no check on credit or prior bank records However, Chime is a . Find more details from Chime *Chime states: “Chime is a financial technology firm, not a bank. Banking services are offered via The Bancorp Bank, N.A. as well as Stride Bank, N.A. and Stride Bank, N.A. Members of the FDIC.” **” *The Annual Percentage Yield (“APY”) for Chime Savings Account is variable and can alter at any moment. The declared APY will be in effect on October 25, 2022. There is no minimum balance requirement. You must have $0.01 in savings to earn interest. ” ***”Out-of-network ATM withdrawal charges could apply, except for MoneyPass ATMs located in 7-Eleven or an Allpoint or Visa Plus Alliance ATM.” ****”The retailer who accepts your cash is accountable for the transfer of funds for deposit into Your Chime Account. Account. Cash deposit fees may apply if using a retailer other than Walgreens.” Review Chime reviews: Return to page Varo Bank Varo Bank offers checking, savings, in addition to cash advances. It was founded in 2015 and initially working with banking partnerships. It became an official national chartered bank in August 2020, which allowed it to provide its individual FDIC insurance. As per Varo the bank had a total of 6 million customers by mid-year 2022. The checking account is free ATM access, and there are no monthly fees, plus perks such as cash back at specific retailers and no foreign transaction fees. Its savings account has two requirements to earn an interest rate of 5.00% APY on the first $5,000, which includes a $1,000 minimum in monthly direct deposits and keeping a positive savings and checking balance at the end of the month. Otherwise it’s 3.00% APY. Read Varo review To the top the largest selection of accounts SoFi SoFi — which stands for “Social Finance” began as an student loan refinance business, but has recently obtained its own bank charter. SoFi checking and savings is its combination account that can handle the money to spend and save. It has no account fees for overdrafts, ATM usage, or monthly maintenance (subject to changing at any time). Some perks include earning interest, opening subaccounts for savings, and those who make qualified direct deposits, free overdraft protection of for up to $50. SoFi also offers many types of loans including active and automated investment as well as cryptocurrency trading as well as credit cards and retirement accounts. Review SoFi: Back to top One owned by Walmart One’s bank account offers a low overdraft program, customized savings and budgeting options. It offers customers the ability to divide their cash into subaccounts called Pockets. The pockets that are dedicated to saving have rates of 1.1% of up to $5,500 for every customer and 1% for up to $25,000 for those who have direct deposit. One provides fee-free overdraft coverage as high as $200 for customers with direct deposits of at least $500 per month. This is less expensive than banks with large branches with overdraft charges that can range from $35 per transaction. Read One reviews: > Learn more about For credit building GO2bank (and GoBank) Green Dot Corporation has offered different banking services since. From prepaid debit cards and later expanding into its first digital bank, 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 that require an online sign-up and registration, you can purchase GoBank or GO2bank credit cards from retailers like Walmart and activate them on the internet to use with the mobile application. The two brands are comparable, but GO2bank is by far the more preferred alternative, as it has a lower monthly cost and perks, though less than other neobanks, such as Chime or Varo. GoBank’s $9 per month fee is waived when you make $500 direct deposits, while GO2bank’s $5 monthly fee is waived with direct deposits with no minimum amount. Alongside its bank account GO2bank offers a secured credit card that can be used to build credit and has a savings vault 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 does not earn interest. Read GoBank review: Learn more about GO2bank: Back to top Sesame Cash The credit company Credit Sesame launched a free digital bank account in March 2020 that is geared towards helping people live paycheck to paycheck. The account’s features include direct-deposited pay checks up to 2 days early, cash and mobile check deposits as well as a restricted cash-back on debit cards, and free access to a national ATM network. With the account, customers are able to access Credit Sesame’s credit monitoring service for free and daily updates to credit scores. Check the top to the back MoCaFi MoCaFi or Mobility Capital Finance, is a Black-owned digital platform launched in the year 2016 that 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 lets customers make rent payments available to major credit bureaus to build credit history. As a rare perk, MoCaFi works with its third-party partners to give free cash deposits at various stores and mobile check deposits that allow for quick cash out. Return to top Dave Dave started in 2017 as a company that offered a pay advance and grew to include a full-fledged checking account. As of mid-2021, the company had more than 10 million customers. You can receive a small advance on your next salary without interest or a credit check, and customers with at least $1000 in direct deposit each month are able to build credit history by making rent payments. Dave also offers budgeting tools that factors in upcoming bills and the ability to search for side-jobs in its mobile app. There aren’t any fees for overdrafts , or using ATMs in the national MoneyPass network and no minimum amount of balance required. Read Dave review Return to top Cash-back Rewards Current Current, founded in 2015, offers no-cost and premium options for checking with cash back on certain merchants, two-day early direct deposit, as well as quick refunds on gas station card holds. The two other perks are only available for premium accounts, which have an annual fee of $5. Premium accounts that make direct deposits also come with up to $100 in overdrafts covered 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 with cash-back benefits that are greater than Current’s. Upgrade’s main perks for their checking customers include the cash back of 2% on purchases made every day, such as in the restaurants and pharmacies, and up to 20% rate reductions on personal loans. Customers are also able to view their credit scores for no cost and a summary of their credit report via the Upgrade Credit Health service. Refresh Bella Bella’s banking strategy is, in its words, “built on love.” It’s the rewards program for checking accounts that offers a random amount 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 that are charged by non-network ATM operators. There is also a no-fee savings account, but it has low interest rates and an optional “karma account” that is a savings account to cover the small purchases of other customers or to be a recipient of another’s karma account generosity. Check out 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 and Asian American communities with up to 10% cash back for 10,000 businesses, which includes restaurants and Asian-owned businesses. Support is provided in English as well as Chinese and will be available in more languages coming soon. Accounts earn interest and don’t have monthly charges or ATM fees within the national MoneyPass ATM network. Find out the details about Back to top Investor-friendly Acorns Although the microinvesting application Acorns’ core product is automated investing for hands-off investors, it expanded into banking in the year 2018 with Acorns Checking. The account comes with the debit card as well as a limited rewards program and is available in a bundle that includes a taxable investment account and an individual retirement account at a cost of $3 per month (or five dollars for the family-friendly version). Customers can opt in to a “round-up” option where every purchase is rounded up by an amount, and the change gets invested. The rewards program allows customers to receive an amount or a portion returned from purchases made at more than 300 businesses, and it is also invested. Read Acorns review: Back to top Aspiration Aspiration is an online brokerage firm with the cash management account named Spend & Save, that functions as an hybrid savings and checking account. There are two different versions of the account. The standard Spend & Save account has the possibility of 3.00% interest on savings, and as high as 5% cashback and a monthly charge that can be negotiated which customers pay as they think is fair from $0 on up. The higher-end Aspiration Plus plan has an almost-$72 annual fee, as high as 10% cash back as well as up to 5.00 percent annual percentage yield. There are two accounts to choose from too, meaning you can invest in companies with sustainability and social cause. As a certified B Corp company, Aspiration is committed to being a socially responsible and environmentally conscious company and provides customers with individual sustainability scores that are based on which businesses they invest in. Read Aspiration review: The Aspiration Spend and Save accounts are cash-management account that are available by Aspiration Financial, LLC, an authorized broker-dealer, Member FINRA/SIPC, and an affiliate to Aspiration Partners, Inc. (“Aspiration”). Aspiration is not a bank.” Its Aspiration Save Account’s 5.00 percent Annual Percentage Yield (“APY”) that can be up to 83x the average national interest rate is variableand subject to change, and is only available to customers who are enrolled in Aspiration Plus once the conditions are satisfied. 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 money management app and launched a personalized banking service called Albert Cash in August 2021. It has over six million customers. Albert Cash is a banking account that offers cash-back and offers the following advantages including cash advances with no interest of up to $250, integrated budgeting and savings tools, and annual savings bonuses that can reach 0.10%. For access to Albert’s investing features and earn an interest rate of 0.25% and use its personalized customer support known as Genius There is an annual minimum fee of $4. You must have an external bank account to open an account with Albert. Return to top Traveler-friendly Revolut Started in 2015 The United Kingdom-based Revolut offers appealing features to international travelers looking for competitive exchange rates and a debit card that can spend in over 150 currencies. Customers can make international transfers with other Revolut users, and withdraw up to $300 monthly from ATMs at no cost, and earn the interest from savings. That’s all with the free account. For more perks, including overseas medical insurance, Revolut offers two accounts with monthly charges of between $10 and $17. Review Revolut reviews: Back to top Wise Revolut U.K.-based money transfer business Wise which was previously called TransferWise, created a multicurrency account that rolled into U.S. customers in 2017. Although there’s an initial $9 cost to use the card as a debit, Wise does not charge monthly charges and also converts currencies at an affordable exchange rate for a minimal initial fee. Converting a balance of $1,000 U.S. dollars to euros, for example, costs about $4.20 which is 0.42% that’s less expensive than most bank foreign transactions costs of 1% to 3percent. An account can have multiple balances, holding as many as 54 different currencies simultaneously, and converting may take only minutes. Check out Wise review: Back to top Freelancer-friendly Oxygen Launched in early 2020 The digital bank account of Oxygen is designed to assist freelancers and self-employed people control the flow of cash. Oxygen does not have monthly or ACH or overdraft fees, but there are four pricing levels available that can be used for the account. They range from free to $200 annually. Each level offers travel benefits, such as loss of luggage and hotel theft protection, and higher levels come with more benefits, including greater savings rates, cash back, and a variety of virtual cards. A unique perk is the ability to use the Oxygen application to incorporate, or legally become a company after which you can after that . Check out the Oxygen review: Return to the top Lili launched in the year 2019. Lili is a free mobile banking account specifically designed with freelancers and independent contractors in mind. With Lili you can organize your expenses by simply swiping left to indicate “life,” or personal, and right for “work,” or business. Lili also includes tools that assist freelancers to save money for taxes, and also an emergency savings account. In addition, if you use Lili’s account to deposit the earnings you earn from websites and payment apps, you can receive your money for up to 2 days earlier. This is a common feature across a variety of neobanks. Check out Lili review The top Neobanks to come soon Keep on your watch for these four new neobanks’ launches in near future: Daylight: Formerly called the Be Money, Daylight plans to open a mobile banking account specifically targeting the LGBT+ community with features like access to financial experts and accounts that use a user’s chosen nameinstead of its legal title. Greenwood: A Black-owned digital banking firm currently has around half million customers on its waitlist for savings and spending accounts which focus on reinvesting money in Black or Latinx communities. (See our complete list of forthcoming and ongoing .) First Boulevard is a Black-owned banking platform focuses on low-cost banking that offers cash back to businesses owned by Blacks, as well as short financial education videos. The goal of the platform is to create generations of wealth to Black Americans. Purple: Purple plans to offer mobile banking specifically designed specifically for those with disabilities. It will include a checking account and a tax-advantaged savings account called ABLE accounts, which lets people with disabilities save money without risking the loss of any government assistance. Additionally, there will be an account that can be used to donate part of the profits for the Special Olympics. Return to top From credit monitoring tools to travel perks Modern checking accounts provide more features than their predecessors offered. Before signing up for one, verify whether the fintech company is a bank, or is in partnership with a bank. Also, see which features would most benefit your financial needs. About the author: Spencer Tierney is an expert in certificates of deposit on NerdWallet. Its work was highlighted on USA Today and the Los Angeles Times. Similar to… Discover a better savings account See NerdWallet’s top picks for high-yield savings accounts on the internet. Go deeper into Banking Make smarter money decisions – straight to your inbox Sign up and we’ll send you Nerdy articles on money-related topics that are important to you and other strategies to help you get more value from your money.

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