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19 Neobanks and what they offer Advertiser disclosure You’re our first priority. Each day. We believe that everyone should be able to make sound financial decisions with confidence. While our website does not include every company or financial product in the marketplace however, we’re confident of the advice we offer as well as the advice we offer and the tools we develop are objective, independent simple, and free. So how do we make money? Our partners pay us. This could influence the types of products we write about (and the places they are featured on our website), but it does not affect our advice or suggestions, which are grounded in 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 stand out by focusing on certain communities, and offering a variety of perks and more. Written by Spencer Tierney Senior Writer | Certificates of Deposit bank accounts, ethical banking, deposit accounts Spencer Tierney is a consumer banker at NerdWallet. He has written about finances for individuals since the year 2013, with a particular focus on certificates of deposit and other banking-related subjects. The work he has written for him was featured on 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 is a banking editor with NerdWallet. She previously worked as an editor, writer and research analyst in industries ranging from health care and market research. She graduated with a bachelor’s degree in history at the University of California, Berkeley as well as a master’s degree of social science from University of Chicago. She can be reached at

. The majority of products featured here are from our partners who compensate us. This influences which products we feature and the location and manner in which the product appears on a page. However, this does not influence our evaluations. Our views are our own. Here is a listing of . The information about investing on this site is for solely educational purposes. NerdWallet does not provide advisory or brokerage services and does not recommend or counsel investors to purchase or sell particular securities, stocks or other investments. Jump to a specific neobank or category: For high yield savings: For the broadest selection of accounts: inexpensive overdrafts for Cash-back rewards:| | Investor-friendly: Traveler-friendly: Neobanks are freelancer-friendly. are financial technology — also known as fintech businesses that typically offer mobile-focused banking accounts with eye-catching features, such as no-cost cash-back rewards or credit. Some established neobanks offer loans and credit cards as well as investment products too. They typically have no branches and, since the majority of them lack banking licenses, partner with banks to offer protection against the Federal Deposit Insurance Corp., among other things. The neobanks listed on this list are insured by FDIC. Savings Cash Management CD-checking Money Market Members FDIC SoFi Checking and Savings APY 3.75% SoFi members with direct deposit have the opportunity to earn up to 3.75 percent annually in percentage (APY) on savings balances (including vaults) and 2.50 percent APY on checking balances. The minimum direct deposit amount needed to be eligible for 3.75 percent APY on savings and 2.50% APY on checking balances. Customers who do not deposit direct deposits will get 1.20% APR on all balances, including savings and checking (including vaults). Interest rates are variable and can 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 Goldman Sachs Online Savings Bank with APY 3.50% 3.50% APR (annual per cent yield) with a minimum balance of $0 to earn the APY stated. Accounts must be in positive balance in order to be open. APY valid as of 02/07/2023. Min. balance for APY Cash accounts are $0 and offer a variety of services and features comparable to checking, savings or investment accounts in one. The cash management account is generally offered by non-bank financial institutions. These accounts offer features and services similar to savings, checking or investment accounts into one product. These accounts for managing cash are generally offered by non-bank financial institutions. 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 Promotion 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 with fixed rates and terms typically, they have higher rates of interest than standard savings accounts. CDs (certificates of deposit) are a form of savings account with fixed rates and terms typically, and have higher rates of interest than traditional savings accounts. CIT Bank CD APR 4.60% 1.5% Term 1.5 year Members FDIC Marcus by Goldman Sachs High-Yield CD APY 4.40% 4.40% APR (annual percentage yield) as of 01/25/2023 Term 1 year Checking accounts are utilized for cash deposits on a regular basis as well as withdrawals. Checking accounts can be used to make cash deposits on a regular basis as well as withdrawals. Members FDIC SoFi Savings and Checking APY 2.50 percent SoFi members who have direct deposit are eligible to get up to 3.75 per cent annual percentage yield (APY) on savings balances (including vaults) and 2.50% APY on check balances. No minimum direct deposit amount needed to earn the 3.75% APY on savings, and 2.50% APY for checking balances. Customers who do not deposit direct deposits will get 1.20% interest on balances of savings and checking (including Vaults). Interest rates are variable and subject to change at any point. The rates listed are current as of 01/04/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet 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. Use the Axos Visa(r) Credit Card for a total of 10 transactions each monthly (min $3 per transaction) or enroll for Account Aggregation/Personal Finance Manager (PFM) through Online Banking to earn 0.30% annual percentage. Maintain an average daily balance of $2,500 on the Axos Managed Portfolios Invest Account in order to receive 0.20% annual percentage yield. Keep an average daily balance of $2,500 in the Axos Self-Directed Trading Invest Account in order to receive 0.20 percent annual percentage yield. Make use of Your Rewards Checking Account for your full monthly Axos consumer loan payment to earn 0.15 percent APY. Monthly fee: $0. Money market accounts have rates similar to savings accounts and include some checking features. Money market accounts have rates comparable to savings accounts and include 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 0.20 % Min. Balance for APY $1 >> Learn more: The amount of fintech firms that can be termed neobanks continues to grow. Between 2018 and 2020, Neobanks have exploded between 60 and 256 worldwide, according to a report by the business strategy company Exton Consulting. With more players comes more competition. Some once-innovative services are becoming more common for neobanks. These include two-day early access to direct deposit as well as free access to national ATM networks. Digital wallets, such as and, are competing with neobanks by offering some of these same features. Neobanks are finding ways to differentiate themselves by appealing to particular people, like freelancers and tourists from other countries, as well as by offering advantages that you can’t find in traditional banks. Here’s a look at how some new and emerging Neobanks attempt to make themselves distinct. Find out more for high-yield savings Chime Founded in 2013, Chime is among the largest neobanks that has more than 12 million customers. It is partnered with two banks*, it provides checking and savings accounts, both with no monthly fees, and a secured credit card that you can use to establish credit. Chime’s savings accounts offer a competitive interest rate of 2.00% annual percent yield with zero minimum balances, there is no maximum amount to earn interest and no monthly charges. (The Chime Savings Account will be required in order to open a savings bank account; the Savings Account is available as an optional.) The spending account offers free access to over 60,000 ATMs*** nationwide as well as for customers who have direct deposits, there is a no-cost overdraft program covers as much as $200. Cash deposits are offered at major retailers ****, which is a benefit that not every neobank offers. The sign-up process can be easier than at traditional banks since there’s no verification of credit or bank records from the past however, Chime has a . Find more details from Chime *Chime states: «Chime is a financial technology firm, not a bank. Banking services provided via The Bancorp Bank, N.A. or Stride Bank, N.A. Member FDIC.» **» **»The annual Percentage Yield («APY») for the Chime Savings Account is variable and may be changed at any time. The disclosed APY is effective on October 25 2022. There is no minimum balance requirement. It is required to have $0.01 in savings to earn interest. » ***»Out-of-network ATM withdrawal charges may apply except at MoneyPass ATMs at 7-Eleven or an Allpoint and Visa Plus Alliance ATM.» ****»The retailer who accepts your cash is accountable for the transfer of the cash to Your Chime Checking Account. Cash deposit fees may apply if using a retailer other that Walgreens.» Read Chime reviews: Return to Top Varo Bank Varo Bank offers checking, savings in addition to cash advances. Established in 2015, and initially working with bank partnerships, it became an official national chartered bank in August 2020. This allowed it to provide the services of its own FDIC insurance. Per Varo its website, it had 6 million customers as of mid-2022. The checking account comes with free ATM access and no monthly fees, in addition to benefits like cash back at specific retailers and no foreign transaction fee. Its savings account has a couple requirements to earn the highest rate of 5.00% APY on the first $5,000 of savings, which includes the requirement of a minimum of $1,000 in monthly direct deposits, and maintaining an open checking and savings balance at the end of each month. Otherwise you earn 3.00 percent per annum. Read Varo review: Back to top For widest selection of accounts SoFi SoFi is abbreviation for «Social Finance» was founded as an student loan refinance company but recently received its own bank charter. SoFi Checking and Savings is their account that can be used to manage money for spending and saving. It has no account fees for overdrafts, ATM usage, or monthly maintenance (subject to change at any time). Some perks include earning interest, opening savings accounts as well as, for customers with the right direct deposit, free overdraft coverage for up to $50. SoFi also offers a range of loans, active and automated investing as well as cryptocurrency trading, credit cards, and retirement accounts. Review SoFi: Back to top For cheap overdraft One is owned by Walmart, One’s banking account offers a low overdraft program, customized budgeting and savings options. It offers customers the ability to organize their money into subaccounts called Pockets. The pockets that are dedicated to saving are rated at 1% of up to $5,500 per customer and 1% for up to $25,000 for those with direct deposit. One provides fee-free overdraft coverage of up to $200 for those who deposit direct at least $500 monthly. That’s cheaper than big banks charge for overdrafts which range from around 35 cents per transfer. Read One reviews: Back to top >> Learn more about For credit building GO2bank (and GoBank) Green Dot Corporation has been offering alternative banking products since 1999. Starting with prepaid debit cards and later expanding into GoBank, its very first bank online GoBank which was launched 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. In contrast to most neobanks that require an online sign-up, you can pick up GoBank or GO2bank credit cards from retailers like Walmart and activate them on the internet to use with a mobile app. The two brands are comparable, but GO2bank is the best choice, with a lower monthly fee and more perks but less than other neobanks such as Chime or Varo. GoBank’s monthly fee of $9 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 provides a secured credit card to build credit and has an account for savings that earns an APY of 1% for as much as $5,000. However, GoBank doesn’t offer a credit card, and its savings vault doesn’t earn interest. Read GoBank review: Learn more about GO2bank: Return to top Sesame Cash The credit company Credit Sesame launched a free digital banking account in March 2020 . The account is geared towards helping people live pay-to-pay. The account’s features include direct deposit of paychecks up to two days earlier as well as mobile and cash deposits as well as a restricted debit card cash-back program, and access to a free all-encompassing ATM network. The account’s users get access to Credit Sesame’s free credit monitoring and regular updates to credit scores. Check 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 largely unbanked and underbanked communities, with a focus on closing the racial wealth gap. The platform offers a bill-pay feature that lets customers report rent payments to the major credit bureaus in order to build credit history. A rare perk, MoCaFi works with its third-party partners to provide free cash deposits at various merchants and also free mobile check deposits with fast release of funds. Back to top Dave Dave started in 2017 as a company that offered a pay advance and later expanded to provide an entire checking account. In mid-2021, the company had more than 1 million clients. You can get a small cash advance from your next salary without interest or a credit check. Customers who have at least $1,000 in monthly direct deposits can build credit history through rent payments. Dave also offers budgeting tools that includes upcoming expenses and the option to search for side jobs on its mobile application. There are no charges to use overdrafts or ATMs that are part of the nationwide MoneyPass network, and there are no minimum requirement for balance. Read Dave review Return to top reward cash back Current Current, founded in 2015, provides free and premium checking options that include cash-back at certain merchants, two days of early direct deposit, as well as quick refunds on gas station hold on cards. These two benefits are only available to premium accounts, which charge the cost of $5 per month. Premium accounts that have direct deposits also come with up to $100 in overdrafts covered for free. Check out the Current review: Return to the top Upgrade The 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. The primary benefits of Upgrade’s checking customers include cash-back of 2% on everyday purchases such as at drugstores and restaurants as well as the possibility of 20% rate reductions on the company’s personal loans. Customers are also able to view their credit scores for no cost and a summary of their credit reports via their Credit Health service. Check out the reviews of Upgrade: Bella Bella’s banking strategy is, as it says, «built on love.» That translates to the rewards program for checking accounts that offers a random percentage of cash back, between 5% and 200%, on randomly selected purchases. Launched in 2020, Bella doesn’t charge monthly, overdraft or ATM fees. Currently, Bella also covers fees charged by out-of-network ATM operators. Also, there is a free savings account, which has low interest rates and an additional «karma account,» which is a fund to cover the small purchases of other customers or as a beneficiary of another’s generosity with karma accounts. Check out this list for the Back to top Cheese Started in March 2021, Cheese customizes its online banking platform to the immigrants and Asian American communities by offering up to 10% cash back at 10,000 businesses, including Asian-owned restaurants and businesses. Support is provided in English and Chinese as well as other languages to come. Accounts accrue interest and don’t incur monthly fees or ATM fees in the national MoneyPass ATM network. Find out More about Back to top Investor-friendly Acorns Although the microinvesting application Acorns’ core product is an automated investment for investors who don’t have hands, it expanded into banking in 2018 with Acorns Checking. The account comes with a debit card and limited rewards program, and is available only in a package with a taxable investment account and an individual retirement account each month for just $3 (or $5 for a family version). Customers can choose to participate in a «round-up» option where every purchase is rounded by some amount and the change gets invested. The rewards program allows customers to receive some percentage or amount of money back on purchases made by more than 300 companies, and that also gets invested. Read Acorns review: Back to the top Aspiration Aspiration can be described as an online broker firm with a cash management account, named Spend & Save, that functions as a hybrid checking and savings account. There are two different versions of the account. The basic Spend & Save account has up to 3.00 percent interest on savings, and up to 5% cashback and a monthly fee that is optional — customers pay what they believe is fair from $0 on up. The premium Aspiration Plus plan has an annual cost of just over $72 and up to 10% cash back in addition to 5.00 percent APR. There are two accounts to choose from as well, which means you can invest in sustainable businesses and social causes. As an accredited B Corp company, Aspiration is committed to being an environmentally responsible and socially conscious company and provides customers with personalized sustainability scores based on which businesses they spend money at. Read Aspiration review: The Aspiration Spend and Save Accounts manage cash accounts that are offered through Aspiration Financial, LLC, registered broker-dealer, member FINRA/SIPC, and a subsidiary of Aspiration Partners, Inc. («Aspiration»). Aspiration Financial is not a bank.» Aspiration is not a bank. Aspiration Save Account’s up to 5.00% Annual Percentage Yield («APY») with up to 83x the average national interest rate is subject to change, subject to change, and is only offered to customers who have enrolled in Aspiration Plus after conditions are satisfied. Customers who aren’t enrolled in Aspiration Plus receive 3.00% APY when conditions are met. Return to top Albert Albert started in 2016 as a financial management app and later launched a customized banking service named Albert Cash in August 2021. The company has more than 6 million customers. Albert Cash is a banking account that pays cash back and includes the following benefits that include no-interest cash advances up to $250 with integrated budgeting and saving tools, and 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 and there is the minimum monthly cost of $4. It is required to have an external bank account for an account at Albert. Recommendations for Travelers Revolut was launched in the year 2015, the United Kingdom-based Revolut offers attractive features for travellers from abroad who are looking for affordable exchange rates and a debit card that can spend in over 150 currencies. Customers can transfer funds abroad together with other Revolut customers, make withdrawals of up to $300 monthly from ATMs at no cost and earn an interest rate on their savings. All this is included with the account for free. For additional benefits, like international medical insurance, Revolut offers two accounts with monthly fees of between $10 and $17. Review Revolut reviews: Revolut reviews: Wise The U.K.-based money transfer company Wise, formerly called TransferWise, created an account with multicurrencies that was rolled into U.S. customers in 2017. Although there’s an initial $9 fee to use the card as a debit, Wise does not charge monthly charges for account usage and can convert currencies at a competitive exchange rate for a minimal upfront fee. Converting a balance of $1,000 U.S. dollars to euros, for example, costs around $4.20 or 0.42% that’s less expensive than institutions’ foreign-transaction fees that range from 1% to 3%. A bank account can hold multiple balances and hold as many as 54 different currencies simultaneously and converting could take just a few minutes. Check out Wise review: Back to the top of Freelancer-friendly Oxygen launched in the early part of 2020 The digital bank account of Oxygen aims to help freelancers and self-employed workers control their cash flow. Oxygen doesn’t cost monthly fees, ACH as well as overdraft costs, but there are four pricing levels that can be used for the account. They range from free to $200 annually. All levels offer advantages for travel, including lost luggage and hotel theft protection. higher levels have more perks that include greater savings rates, cash back and numbers of virtual cards. One unique benefit is the ability to use the Oxygen application to incorporate or legally become a company in the future, and later . Read Oxygen review: Back to top Lili launched in the year 2019. Lili is a mobile banking account specifically designed for freelancers and contractors in mind. With Lili you can organize your expenses by simply tapping left for «life,» or personal or personal expenses, and then right for «work,» or business. Lili also includes tools to help freelancers save to pay taxes as well as an emergency savings account. Additionally, if you make use of Lili’s account to deposit your earnings from websites and payment apps, you can receive your funds for up to 2 days prior. This feature is standard among many neobanks. Read Lili review Return to the top Neobanks to come soon Keep on your watch for the emergence of these four Neobanks in the near future. Daylight: Formerly called the Be Money, Daylight plans to open a mobile banking account that focuses on members of the LGBT+ community with features like access to financial coaches and accounts that are based on a person’s preferred name, not its legal title. Greenwood: The Black-owned digital banking company already has half a million clients on its waitlist for savings and spending accounts which focus on reinvesting money in Black as well as Latinx communities. (See the list below of the upcoming and current .) First Boulevard is a Black-owned banking platform focuses on low-cost banking and cash-back at Black-owned businesses, combined with short videos on financial education. The goal of the platform is to create the wealth of generations that is accessible to Black Americans. Purple: Purple plans to offer mobile banking specifically designed for the disability community with an account for checking and an account that is tax-advantaged, a savings account known as ABLE accounts, which lets people with disabilities save money without losing any government benefits. Also, there will be a debit card that sends some of the money earned by Purple to the Special Olympics. Back to top From credit tracking tools to travel perks, modern checking accounts offer more than their predecessors had. Before you sign up, make sure to check whether the fintech company is a bank, or is in partnership with a bank. You can also consider which features best serve your financial life. Author bio Spencer Tierney is an expert in deposits and certificates at NerdWallet. His work has been featured on USA Today and the Los Angeles Times. Similar to… Find the best savings account NerdWallet’s recommendations for the top high-yield savings accounts on the internet. Explore Banking further Find more money-saving strategies — straight to your inbox Sign up and we’ll send you Nerdy posts on the topics in finance that matter most to you along with other ways to help you get more value from your savings.

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