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19 Neobanks and What They Offer Advertiser disclosure You’re our first priority. Every every time. We believe everyone should be able to make financial decisions with confidence. Although our site does not include every company or financial product available on the market We’re pleased that the guidance we offer, the information we provide and the tools we create are impartial, independent easy to use and cost-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 our website), but it doesn’t affect our advice or suggestions, which are grounded in thousands of hours of research. Our partners cannot be paid to ensure positive ratings of their goods or services. . 19 Neobanks and What They Offer Neobanks differentiate themselves by focusing on particular communities, and offering a variety of benefits and more. Written by Spencer Tierney Senior Writer | Certificates of deposit and ethical banking, as well as banking deposits Spencer Tierney is a consumer banking writer for NerdWallet. He has written about personal finance since 2013 with a focus on certificate of deposit as well as other banking-related topics. The work he has written for him was covered in The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. He is located at Berkeley, California. Sep 23rd, 2021 Edited by Yuliya Goldshteyn, Assistant Assigning Editor — Banking Yuliya Goldshteyn is a banking editor at NerdWallet. She was previously editor, writer and research analyst in a variety of industries, ranging from healthcare to market research. She graduated with a bachelor’s degree in the field of history from the University of California, Berkeley as well as a master’s degree in social sciences from the University of Chicago. You can reach her via

. A majority or all of the items featured here come from our partners who compensate us. This affects the products we write about and where and how the product appears on a page. However, this doesn’t affect our opinions. Our opinions are our own. Here is a list of . The information on investing provided on this page is for informational purposes only. NerdWallet does not provide advisory or brokerage services, nor does it recommend or advise investors to buy or sell specific securities, stocks or other investment options. Navigate to a specific neobank or category for high-yielding savings: For broadest selection of accounts: inexpensive overdrafts for For cash-back rewards: | | Investor-friendly: Neobanks are financial technology also known as fintech firms that usually offer mobile-oriented accounts that are brimming with attractive features, such as no-cost cash-back or credit card rewards. Certain established neobanks provide loans, credit cards or investing products, too. They generally have no branches, and, since most neobanks lack banking licenses, partner with banks to offer security from their Federal Deposit Insurance Corp. Other things include. The neobanks listed on this list are insured by FDIC. Saves Cash Management CD checking Money Market member FDIC SoFi Checking and Savings APY 3.75 percent SoFi members who have direct deposit have the opportunity to receive up 3.75 percent annual percentage yield (APY) in savings account balances (including vaults) and 2.50 percent APY on their checking balances. The minimum direct deposit amount that is required to earn the 3.75 percent APY on savings, and 2.50% APY for checking balances. Members without direct deposit will receive 1.20% APR on all balances, including savings and checking (including vaults). The rates of interest are variable and can change at any time. The rates listed 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 Online Savings by Goldman Sachs Account APR 3.50% 3.50% APR (annual per cent yield) with $0 minimum balance to earn stated APY. Accounts must be in positive balance in order to be open. APY is valid until 02/07/2023. Min. balance for APY Cash accounts are $0 and provide a range of services and features similar to savings, checking and investment accounts in one. These accounts for managing cash are generally offered by non-bank financial establishments. These cash accounts combine features and services similar to savings, checking and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial establishments. On the website of Wealthfront, you can find Wealthfront Cash account APY 4.05 percent min. balance for APY $1 on the Betterment website. Betterment Cash Reserve, Paid Non-Client Promotion APY 4.00 percent annually percentage return (variable) is at 02/06/2023. Min. balance for APY $0 CDs (certificates of deposit) are a type of savings account that has a fixed rate and term typically, they have higher interest rates than regular savings accounts. CDs (certificates of deposit) are a type of savings account with fixed rates and terms, and usually have higher rates of interest than standard savings accounts. CIT Bank CD Annual Percentage Yield 4.60% 1.5 years Term 1.5 years FDIC Marcus by Goldman Sachs High-Yield CD APY 4.4 FDIC Marcus by Goldman Sachs High-Yield CD APY 4.40 percent 4.40% APY (annual percentage yield) as of 01/25/2023 . One year checking accounts can be used to deposit cash on a daily basis and for withdrawals. Checking accounts are used to deposit cash on a daily basis and for withdrawals. Members FDIC SoFi Checking and Savings APY 2.50% SoFi members with direct deposit have the opportunity to earn up to 3.75% per year in annual percentage returns (APY) for savings accounts (including Vaults) and 2.50% APY on check balances. The minimum amount for direct deposits required to qualify for the 3.75% APY on savings, and 2.50 percent APY on checking balances. Members without direct deposit will receive 1.20% APR on all balances in checking and savings (including vaults). The rates of interest are subject to fluctuation and are can change at any point. 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. Make use of the Axos Visa(r) Debit Card to make 10 transactions each calendar month (min 3 cents per transaction) or sign up for Account Aggregation/Personal Finance Manager (PFM) in Online Banking to earn 0.30 percent APR. Keep an average daily balance of $2,500 per month within An Axos Managed Portfolios Invest Account to earn 0.20 percent APY. Keep an average daily balance of $2,500 per month within an Axos Self Directed Trading Investment Account for 0.20% APR. Make use of Your Rewards Checking Account for the full each month Axos consumer loan payment to earn 0.15 percent APY. Monthly fee of $0. Market accounts earn rates that are similar to savings accounts and include certain checking features. Money market accounts pay rates that are similar to savings accounts, and come with certain checking features. Member FDIC UFB’s best Money Market Rate APY 4.21 Percentage Min. balance for APY $0 FDIC Discover Bank Money Market Account APY 3.20 percent Min. Balance for APY $1. Read more: The number of fintech firms that can be referred to as neobanks is growing. From 2018 to 2020 Neobanks have exploded from 60 to 256 worldwide according to a study by the business strategy company Exton Consulting. With more players comes more competition. And some previously innovative services are becoming more common in neobanks, like two-day early access to direct deposits and access to free nationwide ATM networks. Some digital wallets, like 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 people, like freelancers and travellers from abroad, and offering perks you might not find in traditional banks. Here’s a look at the ways that some of the upcoming and current neobanks try to stand out. More information: For high-yield savings Chime was founded in 2013. Chime is among the largest neobanks, with more than 12 million customers. It is partnered with two banks*, it provides checking and savings accounts, both without charges for monthly usage, as well as a secured credit card you can use to establish credit. Chime’s savings account offers an interest rate that is competitive at 2.00 per cent annual percent yield with zero minimum balances, no maximum amount for earning interest and no monthly fees. (The Chime Savings Account must be opened to open a savings account; the Savings Account is available as an optional.) The spending account offers access to more than 60,000 ATMs throughout the nation and, for customers who make direct deposits, there is a no-cost overdraft service that can cover up to $200. Cash deposits can be made at large retailers ****, which is a benefit that not all Neobanks offer. The process of signing up can be more straightforward than with traditional banks because there is no verification of credit or prior bank records however, Chime is a . Find more details from Chime Chime: «Chime is a financial technology company, not a banking institution. Services for banking are provided by The Bancorp Bank, N.A. as well as Stride Bank, N.A. and Stride Bank, N.A. Members of the FDIC.» «**» **»The annual Percentage Yield («APY») for Chime Savings Account is subject to change and could alter at any moment. The declared APY will be in effect as of October 25 2022. No minimum balance is required. You must be in possession of $0.01 in savings to earn interest. » ***»Out-of-network ATM withdrawal charges may apply except at MoneyPass ATMs at 7-Eleven, or any Allpoint and Visa Plus Alliance ATM.» ****»The retailer that receives your cash will be accountable for the transfer of funds for deposit into your Chime Account. Account. Cash deposit fees may apply if using a retailer other that Walgreens.» Check out Chime reviews: Back to page Varo Bank Varo Bank offers savings, checking, as well as cash advances. It was founded in 2015 and initially working with partnership with banks, the bank became a nationally chartered bank in the month of August, 2020, allowing it to offer their own FDIC insurance. Per Varo, it had 6 million customers by mid-2022. The checking account comes with free ATM access, and there are no monthly fees, in addition to perks such as cash back at specific retailers and no foreign transaction fee. The savings account is subject to two requirements to earn a top rate of 5.00% APY on the first $5,000, including the requirement of a minimum of $1,000 in monthly direct deposits as well as a positive savings and checking balance at the close of the month. In other cases, the rate is 3.00 percent APR. Read Varo review To the top the largest variety of account types SoFi SoFi is which stands to mean «Social Finance» — started out as an student loan refinance company but recently gained the charter of a bank owned by SoFi. SoFi Checking and Savings is its combination account that can handle funds for saving and spending. There are no fees for account usage, for overdrafts, ATM usage, or monthly maintenance (subject to changing at any time). Some perks include earning interest, opening subaccounts for savings as well as, for customers with the right direct deposit, free overdraft protection of for up to $50. SoFi also offers many types of loans, automatic and active investing and trading in cryptocurrency as well as credit cards and retirement accounts. Check out SoFi reviews: Back to top One Owned by Walmart One’s bank account offers a low overdraft program, customized budgeting and savings options. Customers are able to arrange their funds into pocket-sized accounts, also known as subaccounts. Pockets that are devoted to saving offer rates of 1percent for up to $5,000 for every customer, and 1% on up to $25,000 in the case of customers who deposit direct. One offers free overdraft protection of up to $200 for those who deposit direct minimum $500 per month. That’s cheaper than big banks charge for overdrafts which range from around 35 cents per transfer. Read Previous page> Learn more about For the credit-building GO2bank (and GoBank) Green Dot Corporation has offered alternatives to banking since. Starting with prepaid debit cards, it expanded into GoBank, its very first bank online GoBank, in 2013 and later its second bank brand, GO2bank, in 2021. Every one of the Green Dot deposit accounts are federally insured by Green Dot Bank. In contrast to most neobanks which require online registration for customers, you can get GoBank and GO2bank debit cards from retailers such as Walmart and activate them online using the mobile application. The two brands are comparable, but GO2bank is by far the more preferred choice, with a lower monthly cost and more benefits, though not as numerous as other neobanks like Chime or Varo. GoBank’s almost $9 monthly fee is waived when you make $500 direct deposits. GO2bank’s $5 monthly fee is waived when you deposit direct without a specified minimum. Alongside the bank account, GO2bank provides an unsecured credit card to increase credit score and a savings vault that earns 1percent APY the amount of up to $5, 000. However, GoBank doesn’t offer a credit card, and its savings vault does not generate interest. Check out the GoBank review: Read more about GO2bank. Return to top Sesame Cash The credit firm Credit Sesame launched a free digital bank account in March of 2020. It concentrates on helping those who live from paycheck to paycheck. The account’s features include direct-deposited pay checks up to 2 days in advance in advance, mobile check and cash deposits as well as a restricted cash-back program for debit cards and free access to a nationwide ATM network. The account’s users get access to Credit Sesame’s credit monitoring service for free and regular updates to credit scores. >> Compare the top to the back MoCaFi MoCaFi, also known as Mobility Capital Finance, is a Black-owned digital platform started in 2016 that offers free checking services to people who are largely unbanked and unbanked and focuses on closing the racial wealth gap. The platform offers a bill-pay feature that lets customers make rent payments available to major credit bureaus to establish credit histories. As a rare perk, MoCaFi works with its third-party partners to give free cash deposits at many stores and mobile check deposits with fast withdrawal of funds. Then back to the top Dave Dave started in 2017 as a company that offered a pay advance and grew to include a full-fledged checking account. In mid-2021, the company had more than 10 million customers. You can get a small credit on the next paycheck without any interest or credit check. Customers who have at least $1,000 in direct deposit each month 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 aren’t any fees for overdrafts or for using ATMs within the nationwide MoneyPass network and no minimum balance requirements. Read the Dave review: Back to top For cash-back rewards Current Current, founded in 2015, offers no-cost and premium checking options with cash-back at certain merchants, two days of early direct deposit, as well as quick refunds on gas station debit hold on cards. These two benefits are only available to premium accounts that have an annual fee of $5. Premium accounts that make direct deposits can also have the possibility of having up to $100 worth of overdrafts protected for free. Review Current review: Back to top Upgrade A personal loan company Upgrade began operations in the year 2017 and launched a no-cost checking account in 2021 that offers cash-back rewards that are more generous than Current’s. The main benefits offered by Upgrade to their checking customers include the cash back of 2% for everyday purchases, like in the restaurants and pharmacies, and 20 percent rate discounts for personal loans. Customers can also see their credit scores no cost and a summary of their credit reports via their Credit Health service. Review Upgrade’s reviews: Back to top Bella Bella’s bank approach is, as it says, «built on love.» That translates to a checking account rewards program which offers a variable amount of cash back, in the range of 5% to 200%, on randomly selected purchases. It was launched in 2020. Bella doesn’t charge monthly ATM, overdraft or other fees. At present, Bella also covers fees that are charged by non-network ATM operators. Additionally, they offer a fee-free savings account, but it offers low interest rates and an optional «karma account,» that is a savings account to help pay for smaller purchases made by other customers or as a beneficiary of a karma account’s generosity. Check out this list for the Back to top Cheese Started in March 2021, Cheese is able to tailor its digital banking platform to the immigrant and Asian American communities by offering up to 10% cash back for 10,000 businesses, which includes Asian-owned restaurants and businesses. Support for customers is offered in English as well as Chinese and will be available in more languages coming soon. Accounts are able to earn interest and do not have monthly fees or ATM charges for the nationwide MoneyPass ATM network. Learn more about Back to top Investor-friendly Acorns The microinvesting app Acorns principal product is its automated investing for investors who don’t have hands It expanded to banking in 2018 with Acorns Checking. The account includes an ATM card, a debit card and a rewards program. It is offered only in a package with an investment account that is tax deductible as well as an account for retirement that is individual at a cost of $3 per month (or the equivalent of $5 per month for a family-friendly version). Customers can choose to participate in a «round-up» feature in which each purchase is rounded by a certain amount and that change is then invested. The rewards program offers an amount or a portion of money back on purchases made by more than 300 companies. The money can also be invested. Read Acorns review: Back to top Aspiration Aspiration is an internet-based brokerage company that has the cash management account called Spend & Save, that works like an hybrid savings and checking account. There are two different versions that the accounts are available. The standard Spend & Save account has the potential to earn 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 beginning at $0 and up. The higher-end Aspiration Plus plan comes with an annual cost of just over $72 and with up to 10 percent cash back and up to 5.00 percent APR. There are two accounts to choose from also, which allows you to invest in businesses that are sustainable business practices and social causes. As an official B Corp company, Aspiration is committed to being an environmentally and socially conscious business that offers its customers customized sustainability scores that are based on the businesses they invest in. Check out the Aspiration review: Aspiration Spend and Save Accounts manage cash accounts that are offered through Aspiration Financial, LLC, a registered broker-dealer, Member of FINRA/SIPC. It is also a subsidiary to Aspiration Partners, Inc. («Aspiration»). Aspiration is not a bank.» The Aspiration Save Account’s up to 5.00 percent annual percentage yield («APY») that can be up to 83x of the national interest rate is variable, subject to change, and is only offered to customers who have enrolled in Aspiration Plus once conditions are satisfied. Customers who aren’t enrolled in Aspiration Plus get 3.00 percent APY once conditions are met. Then they can go back to the top. Albert Albert started in 2016 as a money management app and later launched a customized banking service known as Albert Cash in August 2021. It currently has more than six million customers. Albert Cash is a banking account that pays cash back and includes the following benefits including cash advances with no interest of up to $250 as well as integrated budgeting and savings tools as well as annual savings bonuses up to 0.10%. To use Albert’s investment feature you can get an interest rate of 0.25 percent, and take advantage of its personal customer service, called Genius, there’s a minimum monthly fee of $4. You need to have an account with a bank outside of the United Kingdom to establish an account with Albert. Return to top Traveler-friendly Revolut was launched in the year 2015 The United Kingdom-based Revolut offers appealing features to international travelers looking for an exchange rate that is competitive and the ability to spend in over 150 currencies. Customers can make international transfers with other Revolut customers, make withdrawals of up to $300 monthly from ATMs at no cost and earn an interest rate on their savings. That’s all with the account that is free. For additional benefits, like overseas medical insurance, Revolut offers two accounts that charge monthly fees of between $10 and $17. Read Revolut reviews: Back to top Wise Revolut U.K.-based money transfer company Wise was previously known as TransferWise, created a multicurrency account that rolled across to U.S. customers in 2017. While there’s a $9 initial fee on the credit card Wise doesn’t charge monthly account fees and converts currencies at a fair exchange rate for a minimal upfront fee. Converting a balance of $1,000 U.S. dollars to euros, for example, costs approximately $4.20 which is 0.42% that’s less expensive than most institutions’ foreign-transaction charges of 1% to 3%. A bank account can hold multiple balances, storing at least 54 foreign currencies at once, and converting may take only two seconds. Read Wise review: Return to top Freelancer-friendly Oxygen Launched in early 2020 the Oxygen digital banking account aims to help freelancers and self-employed employees manage the flow of cash. Oxygen does not have monthly or ACH and overdraft charges, but there are four pricing levels available that can be used for the account. They range from zero to $200 per year. All levels provide advantages for travel, including loss of luggage and hotel theft protection, and higher levels have more perks that include more savings rates, higher cash back and numbers of virtual cards. One unusual perk is the ability to use the Oxygen app to incorporate, or legally become a company after which you can later . Read Oxygen review: Back to top Lili It was launched in 2019. Lili is a mobile banking account specifically designed with freelancers and independent contractors in mind. With Lili, you can categorize your expenses simply by swiping left to indicate «life,» or personal, and right to indicate «work,» or business. Lili offers tools that assist freelancers to save money for taxes, and also an emergency account. Additionally, if you make use of Lili’s account to deposit the earnings you earn from online platforms and payment applications You can get the funds up to two days earlier. This last feature is common among many neobanks. Read Lili review The top Neobanks coming soon Keep on your watch for the emergence of these four Neobanks in the near future: Daylight: Previously known as be Money, Daylight plans to launch a mobile bank account specifically targeting members of the LGBT+ community with features such as access to financial coaches and accounts with a person’s chosen nameinstead of its legal title. Greenwood is a Black-owned digital banking company is already home to half-a-million people on its waitlist for savings and spending accounts which focus on reinvesting money in Black and Latinx communities. (See our complete list of forthcoming and ongoing .) First Boulevard: The Black-owned banking platform is focused on low-cost banking, with cash back at Black-owned businesses, combined with short financial education videos. Its aim is to create generations of wealth that is accessible to Black Americans. Purple: Purple plans to offer mobile banking specifically designed specifically for those with disabilities. It will include a checking account and an account that is tax-advantaged, a savings account known as ABLE accounts, which lets people with disabilities save money without risking losing any government aid. There will also be an account that can be used to donate a portion of Purple’s revenue 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 getting one, check whether the fintech company is a bank, or is in partnership with a bank. You can also consider which features most benefit your financial needs. The author’s bio: Spencer Tierney is an expert in the field of certificates of deposit on NerdWallet. The work of Spencer Tierney has been highlighted on USA Today and the Los Angeles Times. In a similar vein… Get the best savings account NerdWallet’s picks for the best high-yield online savings accounts. Go deeper into Banking Find more money-saving strategies right to your inbox. Sign-up and we’ll send you Nerdy posts about the money topics which matter to you the most as well as other methods to help you get more out of your money.

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