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19 Neobanks and What They Offer

 

 

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19 Neobanks and What They Offer

 

Neobanks stand out by focusing on specific communities, offering various perks and more.

 

by Spencer Tierney Senior Writer | Certificates of Deposit, ethical banking, banking deposit accounts Spencer Tierney is a consumer bank writer for NerdWallet. He has covered the personal financial sector since with a focus on certificate of deposit as well as other banking-related issues. 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 in Berkeley, California.

 

 

 

 

 

 

Updated on Sep 23, 2021

 

 

 

Written by Yuliya Goldshteyn, Assistant Assigning Banking Yuliya Goldshteyn is a bank editor at NerdWallet. She has previously worked as an editor, researcher, and writer across a range of industries from health care and market research. She earned a bachelor's degree in history from the University of California, Berkeley as well as a master's degree in social sciences from the University of Chicago, with the focus on Soviet culture and history. She lives at Portland, Oregon.

 

 

 

 

 

 

 

 

 

 

 

The majority or all of the items featured on this page are provided by our partners who compensate us. This influences which products we write about and where and how the product is featured on a page. However, this does not influence our evaluations. Our opinions are entirely our own. Here's a list of and .

 

 

 

 

The information on investing provided on this site is intended for solely educational purposes. NerdWallet does not offer advisory or brokerage services or advice or counsel investors to purchase or sell specific securities, stocks, or other investments.

 

 

 

Go to a particular category or neobank:

 

To save money on high yield savings:•

 

For the most extensive variety of accounts:

 

For a cheap overdraft

 

To build credit:

 

| || ||

 

Investor-friendly: || ||

 

Traveler-friendly: ||

 

Freelancer-friendly: ||

 

 

Neobanks refer to financial tech- or fintech -- companies that typically offer mobile-focused banking accounts with eye-catching features, such as credit cards with low costs or cash-back rewards. There are some established neobanks that offer loans, credit cards or investing products, too. They typically have no branches and because most neobanks do not have bank licenses, they work with banks to offer protection against their Federal Deposit Insurance Corp. In addition, they offer. The neobanks listed on this list are insured by FDIC.

 

Credit Card for Savings and Cash Management. Money Market

 

 

Member FDIC

 

 

 

 

SoFi Savings and Checking

 

The APY is 4.00% SoFi members who make direct deposit are eligible to get up to 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 1.20 percent APY on their checking balances. The minimum amount of direct deposit that is required to be eligible for 4.00 percent APY for savings. Direct deposit members will receive 1.20 percent APY on their total balances of their checking accounts and savings (including vaults). Rates of interest are subject to change and subject to change at any point. The rates listed are current as of 03/17/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet

 

Min. balance to APY $0

 

 

 

 

 

 

 

 

Member FDIC

 

 

 

 

Marcus from Goldman Sachs Online Savings Account

 

APY 3.75 percent 3.75% Annual percentage yield (annual per cent yield) with a minimum balance of $0 to earn the stated APY. Accounts must be in an open balance to stay open. APY valid as of 02/14/2023.

 

Min. balance to APY $0

 

 

 

 

 

 

 

 

Member FDIC

 

 

 

 

CIT Bank Platinum Savings

 

APY 4.75%

 

Min. balance for APY $5,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

These cash accounts combine features and services that are similar to savings, checking and/or investment accounts in one package. These accounts for managing cash are generally offered by non-bank financial institutions.

 

These cash accounts combine features and services similar to checking, savings or investment accounts into one account. These accounts for managing cash are generally offered by non-bank financial institutions.

 

 

on Wealthfront's site

 

 

 

 

Wealthfront Cash Account

 

APY 4.30%

 

Min. balance to APY $1

 

 

 

 

 

 

 

 

on the Betterment website.

 

 

 

 

Betterment Cash Reserve - Paid non-client promotion

 

APY 4.20% Annual percentage yield (variable) is as of 03/27/2023.

 

Min. balance to APY $0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CDs (certificates of deposit) are a type of savings account that comes with an interest rate fixed and a term generally, they offer higher rates of interest than standard savings accounts.

 

CDs (certificates of deposit) are a type of savings account that comes with an interest rate fixed and a term generally, they offer higher rates of interest than standard savings accounts.

 

 

Member FDIC

 

 

 

 

Marcus by Goldman Sachs High-Yield 10-Month CD

 

APY 5.05 percent 5.05 percent APY (annual percentage yield) as of 03/28/2023. Special Offer Ends 09/15/2023.

 

Term 10 months

 

 

 

 

 

 

 

 

CIT Bank No-Penalty CD

 

APY 4.80 percent

 

The term 11 months

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Checking accounts are utilized to deposit cash on a daily basis and for withdrawals.

 

Checking accounts can be used for day-to-day cash deposits and withdrawals.

 

 

Deposits are FDIC Insured

 

 

 

 

Current Account

 

APY N/A

 

Monthly fee of $0

 

 

 

 

 

 

 

 

Chime Checking Account

 

APY N/A

 

Monthly fee: $0

 

 

 

 

 

 

 

 

Member FDIC

 

 

 

 

Axos Bank(r) Rewards Checking

 

APY 3.30% The annual percentage yield could be up to 3.30% depending on the following combination rate rewards Direct deposits (not including inter-bank transfers from another account) totaling $1,500 or more each month will earn 0.40%. A direct deposit that is eligible for a qualifying amount is required for the other eligibility requirements for interest rates. Ten (10) points of sale transactions each month with your Rewards Checking Visa(r) debit card to make normal everyday purchases with the minimum amount of $3 per transaction, or enrolling in Account Aggregation/Personal Financial Manager (PFM) will earn 0.30 percent. Maintaining an average balance per day of $2,500 for the Axos Self Directed Trading Invest account earns 1.00 percent; and maintaining the average balance per day of $2,500 a month within the Axos Managed Portfolio Invest account will earn 1.00 percent; and making a monthly installment to an open Axos bank consumer loan (commercial or business loans excluded) by transfers from the rewards checking account can earn the maximum amount of 0.60%.

 

Monthly fee $0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market accounts pay rates that are comparable to savings accounts and have certain checking features.

 

The money market accounts have rates that are comparable to savings accounts, and come with certain checking features.

 

 

Member FDIC

 

 

 

 

Bank Money Market Account - Discover Bank Money Market Account

 

APY 3.50 percent

 

Min. balance required for APY $1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

>> Learn more:

 

There are a lot of Fintech firms that can be called Neobanks is growing. From 2018 to 2020, the number of Neobanks increased by 60-256 around the world in a report by the business strategy company Exton Consulting. With the rise of more players comes more competition. And some previously innovative services are becoming more standard for neobanks. These include two-day early access to direct deposit and free access to nationwide ATM networks. Some digital wallets, such as and are competing with neobanks by offering some of these same features.

 

Neobanks are trying to stand out by appealing to specific groups such as freelancers and international travelers, or by offering perks you might not find at traditional banks. Here's a look at the ways that some of the upcoming and current neobanks try to stand out.

 

>> Learn more:

 

For high-yield savings

 

Chime

 

Founded in 2013, Chime was established in 2013, and is among the largest neobanks, with more than 12 million customers. It is partnered with two banks, it provides savings and checking accounts, both without costs for monthly charges, 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 per cent annual percentage yield** with no minimum balance, no maximum limit for earning interest and no monthly charges. (The Chime Checking Account is required to open a savings account; the Savings Account is an option.) The spending account offers free access to more than 60,000 ATMs nationwide, and for customers with direct deposits, they can benefit from a cost-free overdraft program that covers up to $200. Cash deposits are offered at large retailers ****, and is not a feature that all neobanks provide. Sign-up procedures are more straightforward than with traditional banks as there's no credit check or previous banking records however, Chime has a .

 

Get more details from Chime

 

 

*Chime claims: "Chime is a financial technology company and not an institution of banking. Banking services provided through The Bancorp Bank, N.A. and Stride Bank, N.A. Member of the FDIC."

 

**" * The annual Percentage Yield ("APY") for the Chime Savings Account is variable and may alter at any moment. The APY disclosed is in effect on October 25, 2022. There is no minimum balance requirement. Must have $0.01 of savings in order to get interest. "

 

***"Out-of-network ATM withdrawal charges are applicable, excluding MoneyPass ATMs located in 7-Eleven, or any Allpoint and Visa Plus Alliance ATM."

 

****"The retailer who accepts your cash is responsible for transferring the cash to your Chime Checking Account. Cash deposit fees may apply for any retailer other that Walgreens."

 

 

 

 

 

 

 

 

Read Chime reviews: ||

 

From top to bottom

 

 

Varo Bank

 

Varo Bank offers checking, savings, and cash advances. Established in 2015, and initially operating with bank partnerships, it changed to an officially chartered bank in the month of August, 2020. This enabled it to offer its individual FDIC insurance. According to 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 certain stores 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 an annual minimum of $1,000 direct deposits as well as a positive checking and savings balance at the end of each month. Otherwise you earn 3.00 percent APR.

 

Read Varo review:

 

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For widest range of accounts

 

SoFi

 

SoFi -- short in the sense of "Social Finance" -- began as a student loan refinance business, but has recently received the charter of a bank on its own. SoFi Savings and Checking is a account combination that allows money for spending and saving. There are no charges for accounts for overdraft, ATM usage, or monthly maintenance (subject to changing at any time). There are perks like earning interest, establishing savings accounts and for customers who have qualified direct deposits, free overdraft coverage up to $50. SoFi also offers a range of loans including automated and active investing and trading in cryptocurrency, credit cards, and retirement accounts.

 

Read SoFi reviews: ||||

 

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To get a cheap overdraft

 

One

 

It is owned by Walmart, One's banking account has a cheap overdraft service, a custom-designed savings and budgeting options. It allows customers to divide their funds into subaccounts called Pockets. The Pockets dedicated to saving have rates of 1% of up to $5,500 for any customer and 1% for up to $25,000 for customers who deposit direct. One provides fee-free overdraft coverage as high as $200 for customers who make direct deposits of no less than $500 per month. This is less expensive than banks with large branches' overdraft fees, which are typically around $35 per transaction.

 

Review One's reviews|

 

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Learn more about

 

For credit building

 

GO2bank (and GoBank)

 

Green Dot Corporation has offered alternative banking products since 1999. It began with debit cards that are prepaid, it expanded into GoBank, its very first bank online GoBank, in 2013 and its second brand of bank, GO2bank, in 2021. Every one of the Green Dot deposit accounts are federally insured by Green Dot Bank. Contrary to many neobanks which require online registration, you can pick up GoBank and Go2bank debit cards at stores such as Walmart and then activate them online to use with a mobile app.

 

Between the two brand names, GO2bank is easily the better option with a smaller monthly cost and perks but not as numerous as other neobanks such as Chime as well as Varo. GoBank's monthly fee of $9 is waived with $500 direct deposits, whereas the $5 fee for GO2bank's monthly service is waived with direct deposits with no minimum amount. Alongside its bank account, GO2bank offers a secured credit card that can be used to improve credit scores and also a savings vault that earns 1% APY for as much as $5,000. In contrast, GoBank doesn't offer a credit card, and its savings vault doesn't generate interest.

 

Read the GoBank review:

 

Learn more about GO2bank:

 

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Sesame Cash

 

The credit firm Credit Sesame launched a free digital banking account in March 2020 that focuses on serving people living pay-to-pay. The account's features include direct deposit of paychecks up to two days earlier as well as mobile and cash deposits, a restricted cash-back on debit cards, and access to a free national ATM network. With the account, customers can access Credit Sesame's credit monitoring service for free and daily update of credit scores.

 

>> Compare the

 

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MoCaFi

 

MoCaFi, or Mobility Capital Finance, is an online platform owned by Blacks in 2016 and offers free checking to serve largely unbanked and underbanked communities with a primary focus on closing the racial wealth gap. It provides a bill pay feature that lets users report rent payments to the major credit bureaus in order to establish credit histories. It is a unique perk. MoCaFi cooperates with its third-party partners to offer free cash deposits at a variety of retailers and free mobile check deposits that allow for quick withdrawal of funds.

 

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Dave

 

Dave began in 2017 as a paycheck advance firm, and later it later expanded to provide a full-service checking account. As of mid-2021, it had around 10 million customers. It is possible to get a modest cash advance from your next paycheck without interest or a credit check, and 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 option to search for side jobs on its mobile application. There are no fees for overdrafts , or when using ATMs that are part of the national MoneyPass network. There are also there is no minimum balance requirement.

 

Read the Dave review:

 

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Cash-back rewards for cash

 

Current

 

Current Established in 2015, Current, offers free and premium checking options, including cash back at some merchants, two-day earlier direct deposit, as well as fast reimbursements for gas station holds on debit cards. The latter two perks are only available to premium accounts, which charge an annual fee of $5. Premium accounts that have direct deposits can also have up to $100 of overdrafts covered free.

 

Read Current review:

 

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Upgrade

 

The personal loan company Upgrade was founded in 2017 and launched a no-cost checking account in 2021 that offers cash-back rewards more extensive than Current's. The primary benefits of Upgrade's customers with a checking account are 2% cash back on everyday purchases such as at drugstores and restaurants and 20 percent rate discounts on personal loans. Customers can also see their credit scores free and summaries of their credit reports through Upgrade's Credit Health service.

 

Read Upgrade reviews: |

 

From top to bottom

 

 

Bella

 

Bella's approach to banking is, in the words of its website, "built on love." That translates to a checking account rewards program that gives a random amount of cash back anywhere from 5% to 200%, on randomly selected purchases. Launched in 2020, Bella does not charge monthly, overdraft or ATM fees. In the moment, Bella also covers fees for out-of-network ATM operators. There is also a no-fee savings account, which has minimal interest rates, and an optional "karma account" which is a fund to cover other customers' small purchases or as a beneficiary of another's karma account generosity.

 

Check out our list of

 

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Cheese

 

The program was launched in March 2021. Cheese tailors its digital banking platform to the immigrant and Asian American communities by offering up 10% cashback at 10,000 businesses, including restaurants and businesses owned by Asians. Support for customers is offered to customers in English and Chinese as well as other languages coming soon. Accounts accrue interest and don't incur monthly charges or ATM fees for the nationwide MoneyPass ATM network.

 

>> Learn more about

 

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Investor-friendly

 

Acorns

 

Although the microinvesting application Acorns' core product is their automated investing service for investors who don't have hands The company expanded its banking offerings in 2018 with Acorns Checking. It comes with the debit card as well as a rewards program. It is offered only as a bundle that includes a taxable investment account and an account with a retirement plan for an individual, all for $3 per month (or $5 for a family-friendly version). Customers are able to opt into a "round-up" feature in which each purchase is rounded by a certain amount and that change is then invested. The rewards program allows customers to receive some percentage or amount of money back for purchases made at more than 300 companies, and that can also be invested.

 

Read Acorns review:

 

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Aspiration

 

Aspiration is an internet-based brokerage company that has an account for cash management, known as Spend & Save, that functions as a hybrid checking and savings account. There are two different versions that the accounts are available. The basic Spend & Save account has the potential to earn up to 3.00 percent APY on savings, with up to 5 percent cash back and an optional monthly fee -- customers pay what they believe is fair from $0 on up. The premium Aspiration Plus plan comes with an almost-$72 annual fee, as high as 10% cash back and up to 5.00 percent annual percentage yield. There are two accounts available too, meaning you can invest in businesses that are sustainable businesses and social causes. As a certified B Corp company, Aspiration is committed to being an environmentally and socially conscious firm and offers customers customized sustainability scores that are based on which businesses they invest in.

 

Review of Aspiration:

 

The Aspiration Spend & Save Accounts provide cash management accounts offered through Aspiration Financial, LLC, a registered broker-dealer as well as a Member of FINRA/SIPC. an affiliate of Aspiration Partners, Inc. ("Aspiration"). Aspiration is not a financial institution."

 

Its Aspiration Save Account's 5.00 percent Annual Percentage Yield ("APY") with up to 83x the average national interest rate can be variable, subject to change, and is only available to those who are enrolled in Aspiration Plus when conditions are fulfilled. Customers not enrolled in Aspiration Plus get 3.00% APY when conditions are satisfied.

 

From top to bottom

 

 

Albert

 

Albert began in 2016 as a money management app and launched a personalized banking service known as Albert Cash on August 20, 2021. It currently has more than 6 million customers. Albert Cash is a banking account that earns cash back and includes the following benefits including cash advances with no interest that can be up to $225 as well as integrated budgeting and savings tools as well as annual savings bonuses of up to 0.10 percent. For access to Albert's investing features, get the savings rate to 0.25 percent and avail the personalized support for customers, called Genius There is an annual minimum fee of $4. It is required to have an external bank account to open an account with Albert.

 

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Traveler-friendly

 

Revolut

 

Since its launch in 2015, the UK-based Revolut has a range of appealing features for travellers from abroad who are looking for an exchange rate that is competitive and cards that allow you to be used to spend in more than 150 currencies. Customers can transfer funds internationally with other Revolut users, and withdraw as much as $300 monthly at ATMs without fees, and get an interest rate on their savings. That's all with the free account. For additional benefits, like medical insurance abroad, Revolut offers two accounts that charge a monthly fee of between $10 and $17.

 

Read Revolut reviews: ||

 

From top to bottom

 

 

Wise

 

The U.K.-based money transfer company Wise was previously called TransferWise established a multicurrency account that rolled into U.S. customers in 2017. Although there's an initial $9 cost for the debit card, Wise isn't liable for monthly account charges and also converts currencies at an affordable exchange rate, with only a small initial fee. Converting a balance of $1,000 U.S. dollars to euros is, for instance, around $4.20, or 0.42 percent, which is cheaper than institutions' foreign-transaction costs that range from 1% to three percent. An account can have multiple balances, containing up to 54 currencies simultaneously, and converting may take only just a few seconds.

 

Read Wise review:

 

From top to bottom

 

 

Freelancer-friendly

 

Oxygen

 

In the first quarter of 2020, Oxygen's digital banking account aims to assist freelancers and self-employed workers control their money flow. Oxygen doesn't have monthly or ACH or overdraft fees There are however four pricing tiers available for the account, which range from free to $200 annually. All levels offer travel benefits, such as lost luggage and hotel theft protection. higher levels have more perks such as more savings rates, higher cash back, and a variety of virtual cards. A unique perk is the possibility to use the Oxygen application to incorporate or legally establish a business after which it can be incorporated .

 

Read Oxygen review:

 

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Lili

 

Launched in 2019, Lili is a smartphone bank account designed specifically with freelancers and contractors in mind. With Lili you can organize your expenses by simply swiping left for "life," or personal and then right for "work," or business. Lili offers tools that help freelancers save for taxes, and an emergency savings account. In addition, if you use Lili's account to deposit your earnings from websites and payment apps, you can receive your funds up to two days earlier. This last feature is common for a variety of neobanks.

 

Read Lili review:

 

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Neobanks coming soon

 

Keep an eye out for the debuts of these four Neobanks within the next few months:

 

Daylight was formerly known as the company Be Money, Daylight plans to launch the first mobile bank account focusing on the LGBT+ community with features including access to financial experts and accounts under a user's chosen name, rather than their legal name.

 

Greenwood: The Black-owned digital banking company already has half a million customers who are waiting on their list to open savings and spending accounts that are geared towards reinvesting their wealth in Black or Latinx communities. (See this list for forthcoming and active .)

 

First Boulevard The Black-owned bank platform focuses on low-cost bank, with cash back at Black-owned businesses, combined with short videos on financial education. Its aim is to create the wealth of generations to Black Americans.

 

Purple: Purple plans to provide mobile banking designed specifically for people with disabilities, including an account for checking and a tax-advantaged savings account called ABLE accounts. These accounts allow people with disabilities save money, without the loss of any government benefits. There will also be a debit card that sends a portion of Purple's revenue towards Special Olympics. Special Olympics.

 

 

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From credit tracking tools to travel perks Modern checking accounts provide more than their predecessors did. Before you open one, verify whether the fintech firm is a bank or partners with a bank, and see which features would best suit your needs in the financial realm.

 

 

 

About the author: Spencer Tierney is a writer and NerdWallet's authority on certificates of deposit. His work has been featured in USA Today and the Los Angeles Times.

 

 

 

 

 

 

 

 

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