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Tired of hidden fees, slow transfers, and limited banking hours? Neobanks are shaking up the financial industry with fee-free accounts, higher interest rates, and seamless mobile banking. Designed for a digital-first experience, they eliminate the overhead costs of traditional banks, passing the savings on to customers in the form of better perks.
With features like early direct deposit, no minimum balance requirements, and automatic savings tools, neobanks make managing money easier than ever. Whether you’re looking for a simple checking account, a high-yield savings option, or a digital bank built for freelancers, there’s a neobank that fits your needs.
15 Best Neobanks
The right neobank for you depends on how you bank. Some offer cash-back rewards, while others focus on high-interest savings or specialized accounts for small businesses and gig workers. To help you find the best fit, we’ve ranked the top neobanks based on fees, features, and overall value.
SoFi offers a full suite of financial services, including banking, loans, and investments. Its fee-free structure and high-yield savings make it a strong choice for those looking to manage their finances in one place.
APY & Fees:
Members can earn up to 3.80% APY on savings balances and 0.50% APY on checking balances when enrolled in SoFi Plus with direct deposit or qualifying deposits. There are no account, overdraft, or monthly fees.
Best Perks:
Early paycheck access: Customers with direct deposit can receive their paychecks up to two days early.
Extensive ATM network: Access to over 55,000 fee-free ATMs within the Allpoint® Network.
No-fee overdraft coverage: Qualifying accounts receive overdraft coverage up to $50 without fees.
Comprehensive financial services: SoFi offers loans, investments, and insurance, providing an all-in-one financial solution.
Limitations:
To earn the highest APY, customers must enroll in SoFi Plus with direct deposit or maintain qualifying deposits, which may not work for everyone.
Chime is a financial technology company offering user-friendly, fee-free mobile banking services through partnerships with Stride Bank and The Bancorp Bank.
APY & Fees:
Chime’s High Yield Savings Account offers a 2.00% APY. There are no monthly maintenance fees, overdraft fees, or minimum balance requirements.
Best Perks:
Early Direct Deposit: Receive your paycheck up to two days early with direct deposit2.
Fee-Free Overdraft: Eligible members can overdraw their accounts by up to $200 without incurring fees through Chime’s SpotMe feature.
Automatic Savings Features: Options like Round Ups and Save When I Get Paid help automate and boost your savings.
Extensive ATM Network: Access to over 60,000 fee-free ATMs1 nationwide.
Limitations:
Chime lacks physical branches, which may not suit customers who prefer in-person banking services. Additionally, while the 2.00% APY is competitive, some other online banks offer higher rates.
Upgrade offers a Rewards Checking Plus account that combines fee-free banking with attractive cash-back rewards, making it appealing for those seeking to maximize everyday spending benefits.
APY & Fees:
Checking Account: No monthly fees, overdraft fees, or transfer fees.
Savings Account: The Premier Savings account offers a 4.02% APY on balances of $1,000 or more. There are no monthly fees, overdraft fees, or transfer fees associated with this account.
Best Perks:
Cash-Back Rewards: Earn 2% cash back on purchases at convenience stores, drugstores, gas stations, restaurants, and on monthly subscriptions when you receive $1,000 or more in direct deposits each month; all other purchases earn 1% cash back.
Early Direct Deposit: Access your paycheck up to two days early with direct deposit.
ATM Fee Reimbursements: Receive reimbursements for ATM fees if you have monthly direct deposits totaling $1,000 or more.
Integrated Financial Products: Access to personal loans and credit lines directly through Upgrade, providing a seamless financial experience.
Limitations:
Direct Deposit Requirement for Full Benefits: To unlock the highest cash-back rates and ATM fee reimbursements, a monthly direct deposit of at least $1,000 is required.
Cash-Back Cap: There’s a $500 annual cap on the 2% cash-back earnings; after reaching this limit, all purchases earn 1% cash back.
Current is a fintech company offering mobile banking services through its partner bank, Choice Financial Group. It provides a user-friendly platform with features designed for modern banking needs.
APY & Fees:
Current offers a 4.00% APY on savings pods for balances up to $6,000. There are no annual or minimum balance fees.
Best Perks:
Fee-free overdraft: Eligible members can overdraw their accounts by up to $200 without incurring fees.
Early direct deposit: Access your paycheck up to two days early with direct deposit.
Cash-back rewards: Earn points redeemable for cash back on purchases at over 14,000 merchants nationwide.
Teen banking: Offers accounts designed for teens, allowing parental monitoring and financial education.
Limitations:
Current does not offer traditional banking products like loans or credit cards. Additionally, the 4.00% APY applies only to balances up to $6,000; amounts above this do not earn interest.
Step is a digital banking platform designed for teens and young adults, helping them build credit and develop good financial habits with parental oversight.
APY & Fees:
Step offers a free FDIC-insured account and Visa card with no monthly fees or minimum balance requirements.
Best Perks:
Credit-building feature allows users to establish a positive credit history with responsible card use.
Parental oversight tools help parents monitor and guide their teen’s financial activities.
No fees for account maintenance, overdrafts, or ATM withdrawals within the network.
Limitations:
Step is primarily designed for teens and young adults, making it less suitable for older customers. As an online-only platform, it does not offer in-person banking services.
GO2bank is a digital banking platform designed for those seeking a low-cost, convenient alternative to traditional banking. It offers competitive savings rates and features that help users build credit and access their money faster.
APY & Fees:
GO2bank offers a 4.50% APY on savings balances up to $5,000, with interest paid quarterly. A $5 monthly fee applies but is waived with eligible direct deposits. Cash deposits at participating retailers may incur fees up to $4.95.
Best Perks:
Overdraft protection for qualifying direct deposits up to $200.
Early paycheck access up to two days early and government benefits up to four days early with direct deposit.
Cash back on eGift cards, earning up to 7% when purchasing from nearly 100 merchants in the app.
Limitations:
The $5 monthly fee applies if direct deposit requirements aren’t met. Cash deposits at retailers can incur additional fees. Some users have reported issues with customer service responsiveness.
Quontic Bank is a digital bank offering competitive interest rates and innovative banking features. It provides checking, savings, money market accounts, and CDs.
APY & Fees:
The high-yield savings account offers a 3.85% APY, while the money market account provides a 4.75% APY.
The high-interest checking account earns up to 1.10% APY, and the cash rewards checking account offers 1.5% cash back. A $100 minimum opening deposit is required for all accounts, with no monthly service fees.
Best Perks:
Access to over 90,000 surcharge-free ATMs nationwide.
No overdraft or foreign transaction fees.
Quontic Pay Ring, a wearable contactless payment device for checking account holders.
Limitations:
Quontic Bank is an online-only bank with no physical branches. Early withdrawal penalties on CDs can be as high as two years’ worth of interest.
Sesame Cash, offered by Credit Sesame in partnership with Community Federal Savings Bank, is a digital banking service designed to help users manage their finances and build credit.
APY & Fees:
Sesame Cash does not offer interest on account balances. A $9.99 monthly fee applies but can be waived with a $500 direct deposit or $1,000 in monthly spending. An inactivity fee of $3 applies if there is no account activity within 30 days.
Best Perks:
Credit builder allows users to allocate funds to a virtual secured line of credit to improve their credit score.
Early payday provides access to direct deposits up to two days early.
Cash back rewards on purchases made with the Sesame Cash debit card at select merchants.
No minimum balance requirement, allowing users to open and maintain an account without penalties.
Fee-free ATM access at over 55,000 Allpoint ATMs worldwide.
Limitations:
Sesame Cash does not offer interest on balances, making it less appealing for those looking to grow their savings. While the monthly fee can be waived, it requires meeting specific deposit or spending thresholds.
Novo is a digital banking platform designed for small business owners, freelancers, and entrepreneurs, offering an easy-to-use online banking experience.
APY & Fees:
Novo does not offer interest on account balances but has no monthly fees, minimum balance requirements, or transaction fees.
Best Perks:
Unlimited ATM fee refunds, allowing users to withdraw cash anywhere without extra costs.
Seamless integration with business tools like Stripe, Shopify, and QuickBooks for streamlined financial management.
Built-in invoicing feature to create and send invoices directly from the Novo app.
Limitations:
Novo does not support cash deposits or wire transfers, which may be limiting for some businesses. Customer support is only available through email and the app, with no phone support option.
Betterment, known for its robo-advisory services, also offers cash management solutions, including a high-yield savings account and a fee-free checking account.
APY & Fees:
The Cash Reserve account offers a 4.00% APY with no monthly fees or minimum balance requirements. The Checking account does not earn interest but has no monthly fees.
Best Perks:
Cash Reserve:
FDIC insurance up to $2 million through program banks.
Unlimited withdrawals without penalties.
No minimum balance requirement, with just a $10 minimum deposit to start earning interest.
Checking:
Unlimited global ATM fee reimbursements.
No foreign transaction fees on purchases abroad.
Integration with peer-to-peer payment platforms like Zelle, Venmo, and Cash App.
Limitations:
The APY on the Cash Reserve account is variable and subject to change. The Checking account does not earn interest, and there are no physical branch locations.
Varo Bank offers a mobile-first banking experience with fee-free checking and high-yield savings, making it a strong choice for those looking to avoid traditional bank fees.
APY & Fees:
The savings account earns 2.50% APY, with a 5.00% APY available on balances up to $5,000 for customers who receive at least $1,000 in direct deposits per month and maintain a positive balance. There are no monthly fees or minimum balance requirements.
Best Perks:
Early direct deposit gives customers access to their paycheck up to two days early.
No overdraft fees, foreign transaction fees, or minimum balance requirements.
Access to over 55,000 fee-free Allpoint ATMs nationwide.
Automated savings tools, including round-ups on debit card purchases and automatic transfers from direct deposits.
Credit-building program with the Varo Believe secured credit card.
Limitations:
The highest 5.00% APY applies only to balances up to $5,000, with the remainder earning 2.50% APY. As an online-only bank, Varo does not have physical branches, and cash deposits can incur fees up to $5.95, depending on the retailer.
Bluevine offers a high-yield business checking account designed for small businesses looking to earn interest while keeping fees low.
APY & Fees:
The standard plan earns 1.5% APY on balances up to $250,000 with qualifying activity. The plus plan offers 2.7% APY with a $30 fee, waived with a $20,000 balance or $2,000 in spending.
The premier plan provides 3.7% APY with a $95 fee, waived with a $100,000 balance or $5,000 in spending.
Best Perks:
Unlimited fee-free transactions, including ACH transfers and incoming wires.
Sub-accounts for better budgeting, with up to 20 available on higher-tier plans.
Cashback rewards through the Bluevine Business Cashback Mastercard.
Fee-free ATM access at over 37,000 MoneyPass ATMs nationwide.
Seamless integration with QuickBooks and Xero for bookkeeping.
Limitations:
Cash deposits are only available through Green Dot locations and incur a $4.95 fee per deposit. Out-of-network ATM withdrawals cost $2.50 per transaction. Joint accounts are not available, which may limit flexibility for some business owners.
One, backed by Walmart, is a digital banking platform that combines spending, saving, and borrowing in a single app, making money management more convenient.
APY & Fees:
The savings account earns 3.75% APY on balances up to $250,000 when receiving $500 in monthly direct deposits or maintaining a $5,000 daily balance. Balances above $250,000 earn 1.00% APY. There are no monthly fees or minimum balance requirements.
Best Perks:
3% cash back on Walmart purchases, up to $50 annually, with eligible deposits.
Early paycheck access up to two days early with direct deposit.
Credit Builder program helps improve credit with no fees or interest.
Free cash deposits and withdrawals at Walmart locations.
Limitations:
The 3% cash back is limited to $50 per year. Higher APY and rewards require meeting deposit or balance requirements. Some users have reported issues with customer support and account security.
Lili is a digital banking platform designed for freelancers and small business owners, offering tools to manage expenses, save for taxes, and streamline finances.
APY & Fees:
Lili Basic has no monthly fees or minimum balance requirements. Lili Pro costs $9 per month and includes a savings account with a 3.00% APY on balances up to $1,000,000.
Best Perks:
Automatic expense categorization and real-time tracking.
Tax tools to set aside funds and generate expense reports.
Early direct deposit, giving access to funds up to two days early.
Fee-free overdraft coverage up to $200 for eligible accounts.
Limitations:
Lili is a mobile-only platform with no desktop banking or physical branches. Cash deposits are available but may incur fees and require visiting partner retailers.
Often called a challenger bank, a neobank is a digital-only bank with no physical branches. It offers checking, savings, and other financial services through a mobile app, often with lower fees and higher interest rates than traditional banks. Neobanks focus on convenience, automation, and innovative features like early direct deposit and budgeting tools.
Are neobanks safe?
Most neobanks are safe because they partner with FDIC-insured banks, which protect deposits up to $250,000. While neobanks themselves don’t hold banking charters, their partnerships ensure the same level of security as traditional banks. To verify a neobank’s safety, check if its partner bank is FDIC-insured and review customer feedback on reliability and account security.
Neobanks provide a digital-first banking experience with lower fees and higher savings rates. However, they may not offer the full range of services found at traditional banks.
Pros:
No monthly fees – Most neobanks eliminate account maintenance and overdraft fees.
Higher APYs – Savings accounts often earn better interest rates than traditional banks.
24/7 access – Mobile apps provide easy account management and financial automation.
Early direct deposit – Many neobanks allow users to access their paychecks up to two days early.
Cons:
Limited services – Many neobanks don’t offer loans, mortgages, or business banking.
No physical branches – Customer support is typically online-only, which may not suit everyone.
Deposit restrictions – Some neobanks don’t allow cash deposits or charge fees for them.
Final Thoughts
Neobanks offer a modern, mobile-first approach to banking with fewer fees, higher interest rates, and convenient features like early direct deposit. They can be a great choice for those who prefer digital banking and don’t need in-person services.
However, neobanks may not be the best fit for everyone, especially if you need cash deposits, lending options, or in-branch support. Before opening an account, consider your financial needs and whether a neobank provides the features that matter most to you.
Frequently Asked Questions
Do neobanks offer loans?
Most neobanks don’t offer loans, but some provide credit-building tools or partner with lenders.
Can I open a joint account with a neobank?
Some neobanks allow joint accounts, but many are designed for individual users. Check with the specific neobank for availability.
How do neobanks make money?
Neobanks earn revenue through interchange fees on debit card transactions, premium account upgrades, and partnerships with financial service providers.
Can I deposit cash into a neobank?
Some neobanks allow cash deposits through partner retailers, but this may come with fees. Others do not accept cash deposits at all.
Do neobanks have customer service?
Yes, but most neobanks offer support only through mobile apps, chat, or email. Phone support and in-person assistance are rare.
What happens if a neobank shuts down?
If a neobank shuts down, your funds remain safe as long as they are held by an FDIC-insured partner bank. You will be able to withdraw or transfer your money.
