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19 Neobanks and the Benefits They Provide Advertiser disclosure: We make you our top priority. Every every time. We believe that everyone should be able make financial decisions without hesitation. While our website doesn’t include every business or financial product that is available on the market We’re pleased that the advice we provide as well as the advice we offer and the tools we develop are impartial, independent simple, and free. So how do we make money? Our partners pay us. This could influence the types of products we review and write about (and the places they are featured on the site) however it does not affect our suggestions or recommendations that are based on hundreds of hours of study. Our partners do not be paid to ensure positive review of their services or products. . 19 Neobanks and the Benefits They Provide Neobanks differentiate themselves by focusing on certain communities, providing perks and more. By Spencer Tierney Senior Writer | Certificates of deposit, ethical banking, banking deposits Spencer Tierney is a consumer banker at NerdWallet. He has been writing about personal finance since 2013 with a focus on certificate of deposit and other banking-related topics. His work has been featured in The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. He is located within Berkeley, California. Sep 23, 2021 Edited by Yuliya Goldshteyn, Assistant Assigning Editor for Banking Yuliya Goldshteyn is a bank editor at NerdWallet. She previously worked as editor, writer and research analyst in industries ranging from healthcare to market research. She earned a bachelor’s degree in history at Berkeley at the University of California, Berkeley and a master’s degree in social sciences from the University of Chicago. You can reach her by email at

. A majority or all of the products we feature are made by our partners who compensate us. This affects the 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 site is for educational purposes only. NerdWallet is not a broker or advisor. or brokerage services or advice or counsel investors to purchase or sell specific stocks, securities or other investment options. Jump to a specific neobank or category for high-yielding savings: For the widest selection of accounts: low-cost overdrafts: for credit-building: | | Investor-friendly: Neobanks are freelancer-friendly. are financial technology — also known as fintech companies which typically provide mobile-friendly banking accounts with eye-catching features like low-cost cash-back or credit card rewards. Certain established neobanks provide loans, credit cards or investing products, too. They generally operate without branches and, as a majority of neobanks don’t have banking licenses, they collaborate with banks in order to secure security from the Federal Deposit Insurance Corp., among other things. 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 percent SoFi members who have direct deposit are eligible to receive up 3.75 per cent per year in annual percentage return (APY) for savings accounts (including Vaults) and 2.50 percent APY on checking balances. No minimum amount of direct deposit needed to be eligible for 3.75% APY for savings and 2.50 percent APY on checking balances. Members without direct deposit will earn 1.20 percent APY on all account balances, including savings and checking (including Vaults). Rates of interest are subject to change and subject to change at any point. These rates are current as of 01/04/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet Min. balance for APY Member $0 FDIC Marcus by Goldman Sachs Online Savings account with APY 3.50% 3.50% Annual Percentage Yield (annual percentage yield) with a balance of zero to earn stated APY. Accounts must have a healthy balance to continue to operate. APY is valid until 02/07/2023. Min. balance for APY $0 These cash accounts combine services and features similar to checking, savings or investment accounts in one product. The cash management account is generally provided by non-bank financial institutions. They combine the services and features that are similar to savings, checking or investment accounts into one account. The cash management account is generally provided by non-bank financial institutions. On the website of Wealthfront, you can find Wealthfront Cash Account APY 4.05% min. amount to APY $1 on Betterment’s website Betterment Cash Reserve Paid non-client promotions APY 4.00 Percent Annual percent yield (variable) is as of 02/06/2023. Min. balance for APY $0 CDs (certificates of deposit) are a kind of savings account that comes with fixed rates and terms typically, they have higher rates of interest than regular savings accounts. CDs (certificates of deposit) are a type of savings account with fixed rates and terms which usually come with higher rates of interest than regular savings accounts. CIT Bank CD APY 4.60% 1.5 years Term 1.5 Years Member FDIC Marcus by Goldman Sachs High-Yield CD APY 4.40 percent 4.40% APY (annual percent yield) as of 01/25/2023 . 1-year Checking account can be used to deposit cash on a daily basis and for withdrawals. Checking accounts can be used for day-to-day cash deposits and withdrawals. Member FDIC SoFi Savings and Checking APY 2.50 percent SoFi members who have direct deposit can get up to 3.75 per cent annual percentage yield (APY) for savings accounts (including vaults) and 2.50% APY on checking balances. There is 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. Members without direct deposit will get 1.20 percent APR on all balances of savings and checking (including Vaults). The rates of interest are subject to fluctuation and are can change at any time. These rates are current at 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 a maximum of 10 transactions per monthly (min $3 per transaction) or sign up for Account Aggregation/Personal Financial Manager (PFM) through Online Banking to earn 0.30% annual percentage. Keep an average daily balance of $2,500 per month within the Axos Managed Portfolios Invest Account for 0.20% annual percentage yield. Maintain an average daily amount of $2,500 within an Axos Self Directed Trading Investment Account in order to receive 0.20% APR. Utilize your Rewards Checking account to make your entire each month Axos customer loan payment to earn 0.15 percent APY. Monthly fee of $0. Money market accounts have rates comparable to savings accounts and have certain checking features. Market accounts earn rates comparable to savings accounts, and come with certain checking features. FDIC UFB Best Money Market Member FDIC UFB’s best Money Market Rate APY 4.21% 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 referred to as neobanks is growing. From 2018 to 2020, Neobanks grew between 60 and 256 across the globe, according to a report by the business strategy firm Exton Consulting. With more players comes more competition. And some previously innovative services are now becoming common in neobanks, like two-day early access to direct deposits and access to free nationwide ATM networks. Some digital wallets, including and , are competing with neobanks by offering some of the same services. Neobanks are looking for ways to differentiate their offerings by appealing to specific groups, like freelancers or tourists from other countries, as well as providing benefits that aren’t available at traditional banks. Here’s a look at how some new and emerging Neobanks are trying to distinguish themselves. More information for high-yield savings Chime Founded in 2013, Chime is among the biggest neobanks with over twelve million clients. With two banks, it offers savings and checking accounts, both with no charges for monthly usage, as well as a secured credit card that you can utilize to build credit. Chime’s savings account has an attractive interest rate of 2.00% annual percent yield with zero minimum balances, no maximum amount for earning interest, and no monthly costs. (The Chime Savings Account is required to create a savings account, while savings Account is an option.) The spending account gives you free access to over 60,000 ATMs nationwide, and for customers with direct deposits, a fee-free overdraft program that covers the amount of $200. Cash deposits are offered at large retailers ****, a service not every neobank offers. The process of signing up can be simpler than traditional banks as there’s no credit check or bank records from the past, but Chime offers an . See more information from Chime *Chime says: “Chime is a financial technology firm, not a bank. Banking services are offered through The Bancorp Bank, N.A. and Stride Bank, N.A., Members FDIC.” **” The Annual Percentage Yield (“APY”) for Chime Savings Account is variable and may be changed at any time. The disclosed APY is effective from October 25 2022. No minimum balance required. It is required to have $0.01 in savings to earn interest. ” ***”Out-of-network ATM withdrawal charges are applicable, 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 the cash for deposit into Your Chime checking Account. Cash deposit fees may apply when you use a different retailer that Walgreens.” Read Chime reviews: To the top Varo Bank Varo Bank offers savings, checking, in addition to cash advances. Established in 2015, and initially operating with bank partnerships, it became an officially chartered bank in the month of August, 2020, which allowed it to provide its own FDIC insurance. According to Varo its website, it had a total of 6 million customers by the middle of 2022. The checking account is free ATM access, and there are no monthly fees, plus benefits like cash back from certain retailers with no transaction charges. The savings account comes with some requirements for earning a top rate of 5.00 percent APY for the first $5,000, including a $1,000 minimum in monthly direct deposits, and maintaining an open savings and checking balance at the close of the month. In other cases, the rate is 3.00 percent APR. Read Varo review: Back to top For the most extensive selection of accounts SoFi SoFi — abbreviation to mean “Social Finance” was founded as an student loan refinance company but recently received the charter of a bank owned by SoFi. SoFi checking and savings is a 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). Certain benefits include earning interest, opening subaccounts for savings as well as, for customers with qualifying direct deposits, no-fee overdraft protection of up to $50. SoFi also offers many types of loans, active and automated investment, cryptocurrency trading, credit cards, and retirement accounts. Check out SoFi reviews: to top for a low-cost overdraft One Owned by Walmart One’s bank account comes with a low-cost overdraft program, custom-designed savings and budgeting options. Customers can choose to organize their money into subaccounts called Pockets. The pockets that are dedicated to saving are rated at 1% on up to $5,000 per customer, and 1% on up to $25,000 in the case of customers with direct deposit. One provides fee-free overdraft coverage up to $200 for customers who make direct deposits of minimum $500 per month. It’s less expensive than the big banks’ overdraft fees which range from around $35 per transaction. Read > Learn more about For credit building GO2bank (and GoBank) Green Dot Corporation has been offering different banking services since. From prepaid debit cards It expanded to 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. In contrast to most neobanks that require an online sign-up and registration, you can purchase GoBank as well as GO2bank cards at retailers such as Walmart and sign them up online to use with a mobile app. Between the two brands, GO2bank is easily the better choice, with a lower monthly cost and perks but not as many as other neobanks, such as Chime and Varo. GoBank’s monthly fee of $9 is waived with $500 in direct deposits. the GO2bank’s fee of $5 per month is waived with direct deposits without a minimum. In addition to its bank account, GO2bank provides a secured credit card that can be used to improve credit scores and also savings vaults that earn 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 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 2020 that concentrates on helping those who live paycheck to paycheck. The account’s benefits include direct deposit of pay checks up to 2 days in advance as well as mobile and cash deposits and a limited debit card cash-back program, and free access to a nationwide ATM network. With the account, customers have access to Credit Sesame’s free credit monitoring and regular updates to credit scores. >> Compare the Top to Back MoCaFi MoCaFi, also known as Mobility Capital Finance. It’s a black-owned digital platform launched in the year 2016 that provides free checking services to people who are largely unbanked and unbanked, with a focus on closing the wealth gap between racial groups. The platform offers a bill-pay feature that allows customers to submit rent payments to the major credit bureaus in order to establish credit histories. A rare perk, MoCaFi collaborates with third-party partners to provide free cash deposits at various merchants and also free mobile check deposits with fast release of funds. Return to the top Dave Dave started in 2017 as a paycheck advance company and expanded to offer an entire checking account. In the middle of 2021, it had around 10 , million users. It is possible to get a modest credit on the next paycheck without interest or a credit check. Customers with at least $1,000 in monthly direct deposits can establish credit histories through rent payments. Dave also provides budgeting services that factors in upcoming bills and the ability to search for side-jobs in its mobile app. There are no charges for overdrafts , or using ATMs that are part of the nationwide MoneyPass network, and there are no minimum balance requirements. Read the Dave review Return to top for Cash-back Rewards Current Current, founded in 2015, provides free and premium options for checking with cash back at some merchants, two days of early direct deposit, and fast reimbursements for gas station debit card holds. The two other perks are only available for premium accounts, which have an annual fee of $5. Premium accounts that have direct deposit can also have up to $100 of overdrafts protected at no cost. Review Current review: Revert to the top Upgrade Personal loan company Upgrade, started in 2017 and launched a no-cost checking account for customers in 2021, with cash-back rewards that are more generous than Current’s. The primary benefits of Upgrade’s checking customers include cash-back of 2% for everyday purchases, like in the restaurants and pharmacies as well as up to 20% rate reductions on the company’s personal loans. Customers can also see their credit scores for free , as well as a summary of their credit history by using the Upgrade Credit Health service. Bella Bella’s approach to banking is, as it says, “built on love.” It’s an account reward program for checking accounts which offers a variable percentage of cash back, anywhere from 5% to 200 percent, on randomly chosen purchases. It was launched in 2020. Bella doesn’t charge monthly ATM, overdraft, or ATM charges. In the moment, Bella also covers fees charged by out-of-network ATM operators. Also, there is a free savings account, though it has low interest rates and an additional “karma account,” that is a savings account to help pay for the small purchases of other customers or to be a recipient of another’s karma account generosity. Click here to see this list for the Back to top Cheese Started in March 2021, Cheese customizes its online banking platform to the immigrant as well as Asian American communities with up 10% cashback on 10,000 businesses, including Asian-owned businesses and restaurants. Support for customers is offered in English as well as Chinese as well as other languages to come. Accounts are able to earn interest and do not have monthly charges or ATM fees for the nationwide MoneyPass ATM network. Learn the details about Back to top Investor-friendly Acorns Although the microinvesting application Acorns main product is automated investing for hands-off investors The company expanded its banking offerings in 2018 by introducing Acorns Checking. The account comes with a debit card and limited rewards program and is available only in a package with an investment account that is tax deductible as well as an individual retirement account, all for $3 per month (or the equivalent of $5 per month for a family-friendly version). Customers can opt in to the “round-up” feature where each purchase is rounded by some amount and the amount is invested. The rewards program involves receiving some percentage or amount back from purchases at over 300 companies, and that can also be invested. Read Acorns review: Back to the top Aspiration Aspiration is an online brokerage company with a cash management account, called Spend & Save, that is a hybrid checking and savings account. There are two types of this account. The basic Spend & Save account has the potential to earn up to 3.00 percent APY on savings, as high as 5% cash back and an optional monthly fee which customers pay as they believe is fair from the point of zero up to. The more expensive Aspiration Plus plan comes with an annual fee of almost $72 and as high as 10% cashback in addition to 5.00 percent annual percentage yield. There are two accounts to choose from too, meaning you can invest in sustainable businesses and social causes. As a certified B Corp company, Aspiration is committed to being an environmentally responsible and socially conscious business that offers its customers customized sustainability scores based on which businesses they spend money at. Check out the Aspiration review: Aspiration Spend and Save Accounts manage cash accounts offered through Aspiration Financial, LLC, a registered broker-dealer, Member of FINRA/SIPC and a subsidiary to Aspiration Partners, Inc. (“Aspiration”). Aspiration is not a financial institution.” Aspiration is not a bank. Aspiration Save Account’s 5.00 percent Annual Percentage Yield (“APY”) that can be up to 83x of the national interest rate is subject to change, subject to change, and is only available to customers who are members of Aspiration Plus once the conditions are satisfied. Customers not enrolled in Aspiration Plus get 3.00% APY when the conditions are satisfied. Then they can go back to the top. Albert Albert started in 2016 as a money management app and launched a personalized banking service named Albert Cash in August 2021. It currently has more than 6 million customers. Albert Cash is a banking account that offers cash back and includes the following benefits including cash advances with no interest up to $250 as well as integrated budgeting and savings tools as well as annual savings bonuses up to 0.10%. For access to Albert’s investing features you can get a savings rate up to 0.25 percent, and take advantage of its personal customer service, called Genius There is a minimum monthly fee of $4. You must have an external bank account to open an account with Albert. Return to top Traveler-friendly Revolut In its first year of operation the UK-based Revolut provides attractive features to international travelers who want affordable exchange rates and the ability to spend in over 150 currencies. Customers can transfer funds abroad to other Revolut users, and withdraw up to $300 per month from ATMs with no fees, and get the interest from savings. This is all included in the account that is free. For additional benefits, like overseas medical insurance, Revolut offers two accounts that charge monthly fees of $10 and $17. Review Revolut reviews: Revolut reviews: Wise Review: U.K.-based money transfer business Wise, formerly called TransferWise has created a multicurrency account that rolled across to U.S. customers in 2017. While there’s a $9 initial fee for the debit card, Wise does not charge monthly charges for account usage and can convert currencies at a competitive exchange rate, with only a small upfront fee. Converting a balance of $1,000 U.S. dollars to euros is, for instance, around $4.20 or 0.42% less than most banks’ foreign transaction fees that range from 1% to 3%. An account can have multiple balances and hold at least 54 foreign currencies simultaneously and the conversion process could take only two seconds. Check out Wise review: Return to top of the list Freelancer-friendly Oxygen It was launched in the first quarter of 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 for the account, ranging from zero to $200 per year. Each level offers travel benefits, such as lost luggage and hotel theft protection, and higher levels offer more benefits such as greater savings rates, cash back and more virtual cards. One unique benefit is the option to utilize the Oxygen application to incorporate or legally establish a business after which you can later . Check out the Oxygen review: Back to top Lili Launched in 2019, Lili is a 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 expenses, and then right for “work,” or business. Lili offers tools to help freelancers save for taxes, as well as an emergency fund. Plus, if you use Lili’s account to transfer your earnings through online platforms and payment applications You can get the funds as early as two days before the due date. This is a common feature across a variety of neobanks. Read Lili review: Back to top Neobanks coming soon Keep an eye on these four neobanks’ debuts in the near future. Daylight: Previously dubbed Be Money, Daylight plans to create a mobile bank account focusing on people in the LGBT+ community with features such as access to financial experts and accounts that use a user’s chosen name, rather than their legal name. Greenwood: A Black-owned digital banking company is already home to half-a-million people on its waitlist for savings and credit cards which are geared towards reinvesting their wealth into Black as well as Latinx communities. (See the list below of the upcoming and ongoing .) First Boulevard is a Black-owned banking platform focuses on low-cost bank, with cash back at Black-owned businesses, combined with brief financial education videos. Its goal is to build generations of wealth to Black Americans. Purple: Purple plans to offer mobile banking specifically designed specifically for people with disabilities, including 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 risking the loss of any government assistance. Additionally, there will be a debit card that sends some of the money earned by Purple for the Special Olympics. Back to top From credit tracking tools to travel perks, modern checking accounts offer more features than their predecessors offered. Before you sign up, make sure to check whether the fintech business is a bank or a partner with a bank. Also, determine which features will best serve your financial life. About the author: Spencer Tierney is an expert on certificates of deposit at NerdWallet. Its work was highlighted in USA Today and the Los Angeles Times. In a similar vein… Get an alternative savings account NerdWallet’s top picks for high-yielding online savings accounts. Explore Banking further 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 along with other ways to get more from your savings.

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