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19 Neobanks and What They Have to Offer
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19 Neobanks and What They Have to Offer
Neobanks distinguish themselves by focusing on particular communities, offering various benefits and more.
by Spencer Tierney Senior Writer | Certificates of Deposit ethics, ethical banking, bank deposits Spencer Tierney is a consumer banker at NerdWallet. He has written about the personal financial sector since, with a particular focus on certificates of deposit as well as other banking-related subjects. The work he has written for him was highlighted in The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. He is located in Berkeley, California.
Updated September 23rd, 2021
Written by Yuliya Goldshteyn, Assistant Assigning Bank Yuliya Goldshteyn works as a banking editor with NerdWallet. She was previously an editor, researcher and writer across a range of industries from health care as well as market research. She earned a bachelor's degree in history from the University of California, Berkeley and a master's in sociology from University of Chicago, with an emphasis on Soviet cultural history. She lives in Portland, Oregon.
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You can jump to a specific category or neobank:
To save money on high yield savings:
For the most extensive variety of accounts:
To get a low-cost overdraft:
To earn cash-back rewards:| || ||
Investor-friendly: || ||
Traveler-friendly: ||
Freelancer-friendly: ||
Neobanks refer to financial tech- or fintech -- companies that typically offer mobile-focused banking accounts that are adorned with attractive features such as low-cost credit or cash-back rewards. There are some established neobanks that offer loans, credit cards or investing products, too. They usually operate without branches and, since most neobanks lack banking licenses, they partner with banks to provide protection against their Federal Deposit Insurance Corp., among other things. All neobanks on this list have FDIC-insured accounts.
Savings Cash Management CD Checking Money Market
Member FDIC
SoFi Savings and Checking
The APY is 4.00 Per cent SoFi Members who have direct deposit can earn up to 4.00 per cent annual percentage yield (APY) on savings balances (including Vaults) and 1.20 percent APY on checking balances. The minimum direct deposit amount needed to earn the 4.00% APY for savings. Members without direct deposit will receive 1.20% APY on all account balances in checking and savings (including vaults). Interest rates are variable and can change at any time. 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 is a product of Goldman Sachs Online Savings Account
APR 3.75 percentage 3.75% Annual percentage yield (annual percent yield) with a minimum balance of $0 to earn the APY stated. Accounts must have a positive balance to remain open. APY is valid until 02/14/2023.
Min. balance to APY $0
Member FDIC
CIT Bank Platinum Savings
APY 4.75%
Min. balance required for APY $5,000
They combine the services and features similar to checking, savings or investment accounts into one account. Cash management accounts are generally offered by non-bank financial institutions.
These cash accounts combine features and services similar to savings, checking and/or investment accounts in one product. Cash management accounts are usually provided by non-bank financial institutions.
on the Wealthfront website.
The Wealthfront Cash Account
APY 4.30%
Min. balance to APY $1
on the Betterment's website.
Betterment Cash Reserve - Paid non-client promotion
APY 4.20 Percentage of annual percentage yield (variable) is as of 03/27/2023.
Min. balance required for APY $0
CDs (certificates of deposit) are a form of savings account that comes with a fixed rate and term typically, they have higher rates of interest than traditional savings accounts.
CDs (certificates of deposit) are a form of savings account that has the option of a fixed rate and time generally, they offer higher rates of interest than traditional savings accounts.
Member FDIC
Marcus from Goldman Sachs High-Yield 10-Month CD
APY 5.05 percent 5.05% APY (annual percentage yield) as on 03/28/2023. Special Offer Expires 09/15/2023.
Ten months of term
CIT Bank CD with no penalty
APY 4.80 percent
Term 11 months
Checking accounts are used to make daily cash deposits as well as withdrawals.
Checking accounts are utilized to deposit cash on a daily basis and for withdrawals.
The deposits are FDIC Insured
Current Account
APY N/A
Monthly fee $0
Chime Checking Account
APR N/A
Monthly fee of $0
Member FDIC
Axos Bank(r) Rewards Checking
APY 3.30 percent The annual percentage yield could be as high as 3.30% depending on the following combination rate-rewards Direct deposits (not including intra-bank transfers from another account) with a total of $1,500 or more each month will earn 0.40 percent. A qualifying direct deposit is required for the remaining interest rate qualifications to apply. Ten (10) transactions at the point of sale each month with Your Rewards Visa(r) debit card for ordinary purchases that have at least $3 for each transaction, or enrolling in Account Aggregation/Personal Financial Manager (PFM) will earn 0.30 percent. Maintaining an average balance per day of at least $2,500 for the Axos self-directed trading Invest account earns 1.00%. Maintaining unbeatable balances of at least $2,500 a month on an Axos managed Portfolio Invest account earns 1.00%; and making a monthly payment for an existing Axos bank consumer loan (commercial as well as business loans excluded) through a the Rewards Checking Account can earn the maximum amount of 0.60%.
Monthly fee of $0
Market accounts for money pay interest rates that are similar to savings accounts. They also have certain features for checking.
Market accounts for money pay interest rates that are similar to savings accounts. They also have some checking features.
Member FDIC
Discover Bank Money Market Account
APY 3.50%
Min. balance required for APY $1
>> Learn more:
A growing number of fintech companies that could be referred to as Neobanks continues to grow. Between the years of 2018 and 2020, the number of neobanks jumped from 60 to 256 worldwide, according to a report by the business strategy firm Exton Consulting. With the rise of more players comes more competition, and some once-innovative services are becoming more common in neobanks, like two-day early access to direct deposit and access to free nationwide ATM networks. Some digital wallets, including and, are competing with Neobanks, offering the same features.
Neobanks are finding ways to stand out by appealing to certain groups, like freelancers or travelers from abroad, or providing advantages that aren't available in traditional banks. This article will provide an overview of the ways that some of the upcoming and current Neobanks are trying to make themselves stand out.
>> Learn more:
For high-yield savings
Chime
Founded in 2013, Chime was founded in 2013 and is one of the largest neobanks, with more than 12 million users. It is partnered with two banks, it provides savings and checking accounts, both with no charges for monthly usage, as well as a secured credit card that you can use to create credit. Chime's savings account offers an attractive interest rate of 2.00 per cent annual percent yield**, with zero minimum balances, no maximum amount for earning interest, and no monthly costs. (The Chime Checking Account will be required in order to open a savings bank account; savings Account is an optional.) The spending account gives you free access to more than 60,000 ATMs*** throughout the nation, and for customers with direct deposits, there is a no-cost overdraft program that covers the amount of $200. Cash deposits are offered at big retailers ****, which is a benefit that not every neobank offers. Sign-up procedures are easier than at traditional banks because there is no credit check or previous banking records however, Chime has an .
Get more details from Chime
*Chime says: "Chime is a financial technology company and not an institution of banking. Services in banking offered via 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 subject to change and could be changed at any time. The disclosed APY is effective from October 25, 2022. There is no minimum balance requirement. You must be able to keep $0.01 saved to be able to make interest. "
***"Out-of-network ATM withdrawal charges may apply except at MoneyPass ATMs at 7-Eleven store, or at any Allpoint or the Visa Plus Alliance ATM."
****"The retailer that accepts your cash is responsible for transferring the cash for deposit into Your Chime Checking Account. Cash deposit fees may apply if using a retailer other than Walgreens."
Read Chime reviews: ||
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Varo Bank
Varo Bank offers checking, savings, and cash advances. Established in 2015, and initially working with banking partnerships. It was made an officially chartered bank in August 2020, allowing it to provide its individual FDIC insurance. Per Varo, it had a total of 6 million customers by mid-2022. The checking account comes with free ATM access, as well as no monthly fees, in addition to advantages like cash-back at certain stores with no transaction fees. Its savings account has some requirements for earning the highest rate of 5.00% APY on the first $5,000 of savings, which includes a $1,000 minimum in monthly direct deposits, and maintaining an open checking and savings balance at the end of the month. In other cases, you earn 3.00% per annum.
Read Varo review:
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To offer the broadest range of accounts
SoFi
SoFi -- which stands to mean "Social Finance" -- began as an student loan refinance business, but has recently obtained its own bank charter. SoFi Savings and Checking is its account that is a combination of the money to spend and save. 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 subaccounts for savings, and, for customers with the right direct deposit, no-fee overdraft coverage up to $50. SoFi also provides a variety of loans, active and automated investing as well as cryptocurrency trading credit cards, 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 arrange their money into pockets, or subaccounts. The Pockets dedicated to saving are rated at 1% of up to $5,500 for every customer, and 1% on up to $25,000 for those who deposit direct. One offers free overdraft protection up to $200 for customers who make direct deposits of at least $500 per month. It's less expensive than the big banks charges for overdrafts. These could be as high as $35 per transaction.
Reviews of Read One: |
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Learn more about
For building credit
GO2bank (and GoBank)
Green Dot Corporation has offered alternative banking products since 1999. It began with debit cards that are prepaid and later expanding into its first digital bank, GoBank In 2013, before launching its new brand of bank, GO2bank, in 2021. The majority of Green Dot deposit accounts are federally insured by Green Dot Bank. In contrast to most neobanks which require online signup, you can pick up GoBank and GO2bank debit cards from retailers such as Walmart and then activate them online using a mobile app.
Between the two companies, GO2bank is easily the better option with a smaller monthly fee and more perks, though not as many as other neobanks like Chime and Varo. GoBank's almost $9 monthly fee is waived with $500 direct deposits, while the GO2bank's fee of $5 per month is waived with direct deposits without a minimum. In addition to the bank account, GO2bank offers a secured credit card that can be used to increase credit score and an account for savings that is rewarded with 1% APY on the amount of up to $5, 000. Contrary to this, GoBank doesn't offer a credit card or a savings vault doesn't earn interest.
Read about GoBank's review. GoBank review:
Learn further about GO2bank:
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Sesame Cash
The credit-related company Credit Sesame launched a free digital banking account in March 2020 that is designed to serve people who live paycheck to paycheck. The account's features include direct-deposited pay checks up to 2 days in advance in advance, mobile and cash deposits, a restricted cash-back program for debit cards and access to a free national ATM network. The account's users can access Credit Sesame's free credit monitoring and regular update of credit scores.
• Compare the
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MoCaFi
MoCaFi is also known as Mobility Capital Finance, is a Black-owned digital platform started in 2016 and offers free checking to serve largely unbanked and underbanked communities, with a focus on closing the racial wealth gap. MoCaFi offers a bill pay feature that lets customers make rent payments available to the major credit bureaus in order to establish credit histories. As a rare perk, MoCaFi works with its third-party partners to provide free cash deposits at a variety of stores and mobile check deposit with quick withdrawal of funds.
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Dave
Dave started the company in 2017, as a pay advance business, but later began to expand to include a full-service checking account. As of mid-2021, it had more than 10 million customers. You can get a small advance on your next salary without interest or a credit check. Customers with at least $1,000 in direct deposits per month are able to build credit history by making rent payments. Dave also offers budgeting tools that incorporates upcoming expenses as well as the ability to search for side jobs through its mobile app. There are no fees to use overdrafts or ATMs in the nationwide MoneyPass network, and there are no minimum balance requirements.
Read the Dave review:
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Rewards for cash-back
Current
Current was founded in the year 2015, offers free and premium checking options that include cash back on certain merchants, two-day earlier direct deposit, as well as fast refunds on gas station debit card holds. The latter two perks are only available to premium accounts, which have a $5 monthly fee. Premium accounts with direct deposits are also able to have up to $100 of overdrafts covered no cost.
Read Current review:
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Upgrade
A personal loan company Upgrade, started 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 checking customers include the cash back of 2% on everyday purchases such as in restaurants and drugstores and the possibility of 20% rate discounts for personal loans. Customers can also see their credit scores for free and summaries of their credit report via their Credit Health service.
Read the reviews of Upgrade:|
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Bella
Bella's banking approach is, in the words of its website, "built on love." This translates into an account reward program that offers a random percentage of cash back, anywhere from 5% to 200 percent, on randomly chosen purchases. The program was introduced in 2020. Bella doesn't have to pay monthly fees, or any overdraft or ATM charges. At present, Bella also covers fees charged by out-of-network ATM operators. Also, there is a free savings account, though it has minimal interest rates, as well as an alternative "karma account" which can be used as a reserve to pay for other customers' small purchases or as a beneficiary of a person's karma account generosity.
Check out our list of the
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Cheese
In March 2021, the company launched its first program. Cheese tailors its digital banking platform for immigrants as well as Asian American communities, offering up to 10% cash back at 10,000 businesses, including restaurants and Asian-owned businesses. Customer support is available in English and Chinese, with more languages to come. Accounts are able to earn interest and do not have monthly charges or ATM fees in the national MoneyPass ATM network.
>> Learn more about
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Investor-friendly
Acorns
While the microinvesting app Acorns' core product is its automated investing service for investors who don't have hands, it expanded into banking in the year 2018 with Acorns Checking. The account includes the debit card as well as a rewards program and is available only as 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 choose to participate in an "round-up" feature where each purchase is rounded by an amount of a specific amount, and the amount is invested. The rewards program allows customers to receive a small percentage or amount of money back for purchases made at more than 300 companies, and that also gets invested.
Read Acorns review:
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Aspiration
Aspiration can be described as an online broker firm that offers a cash management account, known as Spend & Save, that is a hybrid checking and savings account. There are two different versions of this account. The basic Spend & Save account has up to 3.00% APY on savings, with up to 5 percent cashback and an optional monthly fee which customers pay as they think is fair from beginning at $0 and up. The more expensive Aspiration Plus plan has an almost-$72 annual fee, as high as 10% cashback and up to 5.00 percent APR. Two accounts are available as well, which means you can invest in sustainability and social cause. As an accredited B Corp company, Aspiration is committed to being an environmentally responsible and socially conscious business that gives customers customized sustainability scores that are based on which businesses they make their purchases at.
Read Aspiration review:
The Aspiration Spend and Save Accounts are cash management accounts offered by Aspiration Financial, LLC, a broker-dealer registered with the FDIC, a member of FINRA/SIPC and an affiliate to Aspiration Partners, Inc. ("Aspiration"). Aspiration isn't a bank."
Its Aspiration Save Account's up to 5.00% annual percentage yield ("APY") that can be up to 83x the national interest rate can be variable, subject to change, and only available to customers who are enrolled in Aspiration Plus after conditions are met. Customers not enrolled in Aspiration Plus receive 3.00% APY when conditions are met.
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Albert
Albert was launched in the year 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 offers cash back , and comes with the following benefits: no-interest cash advances in excess of $250 with integrated budgeting and saving tools and annual savings bonus that can reach 0.10 percent. To access Albert's investing feature and earn the savings rate to 0.25% and use its personalized customer support, known as Genius There is the minimum monthly cost of $4. It is required to be a member of an additional bank account to open an account with Albert.
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Traveler-friendly
Revolut
Started in 2015, the United Kingdom-based Revolut has a range of appealing features for international travelers who want competitive exchange rates and cards that allow you to be used to spend in more than 150 currencies. Customers can transfer funds abroad together with other Revolut customers, make withdrawals of up to $300 per month from ATMs with no fees, and get an interest rate on their savings. This is all included in the free account. For additional benefits, like medical insurance for overseas patients, Revolut offers two accounts with monthly fees of between $10 and $17.
Read Revolut reviews: ||
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Wise
The U.K.-based money transfer firm Wise, formerly known as TransferWise established the multicurrency account which was released into U.S. customers in 2017. There is an initial $9 fee for the debit card, Wise doesn't charge monthly account charges and also converts currencies at an affordable exchange rate for a minimal upfront cost. Converting a balance of $1,000 U.S. dollars to euros as an example, will cost around $4.20 which is 0.42 percent less than many banks' foreign transaction fees that range from 1% to three percent. A bank account can hold multiple balances, holding as many as 54 different currencies simultaneously, and converting may take just a few just a few seconds.
Read Wise review:
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Freelancer-friendly
Oxygen
Launched in early 2020, Oxygen's digital banking account aims to help self-employed and freelance workers manage their money flow. Oxygen does not have monthly or ACH as well as overdraft costs, but there are four pricing tiers available for the account, which range from zero to $200 per year. All levels offer advantages for traveling, like lost luggage and hotel theft protection, and higher levels offer more benefits such as higher savings rates, cash back and numbers of virtual cards. A unique perk is the option to utilize the Oxygen app to incorporate, or legally become a company in the future, and later .
Read Oxygen review:
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Lili
Launched in 2019, Lili is a no-cost mobile bank account designed specifically with freelancers and contractors in mind. With Lili, you can categorize your expenses by simply swiping left to indicate "life," or personal or personal, and the right side for "work," or business. Lili also has tools to aid freelancers in saving for taxes, and an emergency account. Additionally, if you make use of Lili's account to pay your earnings through websites and payment apps, you'll be able to get your money for up to 2 days earlier. This last feature is common among many neobanks.
Review Lili: Lili review:
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Neobanks to be announced very soon
Keep an eye on the debuts of these four Neobanks within the next few months:
Daylight: Formerly called the company Be Money, Daylight plans to introduce a mobile bank account focusing on the LGBT+ community with features such as access to financial experts and accounts with a person's preferred name, not their legal name.
Greenwood The Black-owned digital bank has already half a million clients who are waiting on their list to open spending and savings accounts that emphasize reinvesting wealth into Black as well as Latinx communities. (See this list for forthcoming and active .)
First Boulevard: The Black-owned banking platform focuses on low-cost banking, with cash back at Black-owned businesses, combined with short financial education videos. The goal of the platform is to create the wealth of generations to Black Americans.
Purple: Purple plans to offer mobile banking specifically for people with disabilities, including the option of a checking account as well as an account for savings that is tax-advantaged called ABLE accounts. These accounts let disabled people save money, without the forfeiture of government assistance. Also, there will be a debit card that sends some of the money earned by Purple for the Special Olympics.
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From credit monitoring tools to travel benefits Checking accounts today offer more features than the old ones did. Before getting one, check whether the fintech business is a bank or has a partnership with a bank, and see which features would best suit your needs in the financial realm.
The author's bio: Spencer Tierney is a writer, and NerdWallet's expert on deposit certificates. The work of Spencer Tierney has been highlighted by USA Today and the Los Angeles Times.
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