19 Neobanks and the Benefits They Provide Advertiser disclosure We consider you to be our first priority. Each day. We believe that every person should be able to make sound financial decisions without hesitation. And while our site does not include every company or financial product available on the market, we're proud of the advice we offer and the information we offer and the tools we develop are independent, objective simple, and free. So how do we earn money? Our partners pay us. This could influence the types of products we review and write about (and the way they appear on our website) However, it doesn't affect our advice or suggestions, which are grounded in many hours of study. Our partners cannot pay us to guarantee favorable ratings of their goods or services. . 19 Neobanks and what they offer Neobanks stand out by focusing on particular communities, offering various advantages and benefits. Written by Spencer Tierney Senior Writer | Certificates of deposit and ethical banking, as well as banking deposit accounts Spencer Tierney is a consumer banker at NerdWallet. He has covered the personal financial sector since, with a focus on certificate of deposit as well as other banking-related subjects. He has had his work covered on The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. He's based at Berkeley, California. Sep 23, 2021 Edited by Yuliya Goldshteyn Assistant Assigning editor Banking Yuliya Goldshteyn is a bank editor for NerdWallet. She previously worked as editor, writer and research analyst in various industries that range from healthcare and market research. She received a bachelor's level degree in history at University of California, Berkeley. University of California, Berkeley as well as a master's degree of social science from University of Chicago. She can be reached by email at
. Many or all of the products we feature are made by our partners who pay us. This influences which products we write about and the location and manner in which the product is featured on the page. However, this doesn't affect our opinions. Our views are our own. Here is a list of . The information on investing provided on this page is intended for educational purposes only. NerdWallet is not a broker or advisor. or brokerage services, nor does it recommend or suggest investors buy or sell certain securities, stocks or other investments. Navigate to a specific neobank or category for high-yielding savings: widest variety of accounts: cheap overdraft: For credit building: For cash-back reward rewards:| | Investor-friendly: Neobanks are freelancer-friendly. are financial technology also known as fintech businesses which typically provide mobile-friendly banking accounts with eye-catching features like low-cost credit or cash-back rewards. There are some established Neobanks that offer loans and credit cards, as well as investing productsas well. They typically have no branches and, since the majority of them lack banking licenses, partner with banks in order to secure security from the Federal Deposit Insurance Corp. In addition, they offer. The majority of the neobanks in this list have FDIC-insured accounts. Savings Cash Management CD checking Money Market Member FDIC SoFi Savings and Checking APY 3.75% SoFi members with direct deposit can get up to 3.75% per year in annual percentage return (APY) on savings balances (including vaults) and 2.50 percent APY on checking balances. There is no minimum direct deposit amount required to qualify for the 3.75 percent APY on savings, and 2.50% APY on checking balances. Direct deposit members will get 1.20% APY on all account balances of savings and checking (including Vaults). Interest rates are variable and subject to 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: $0 Member FDIC Marcus Online Savings by Goldman Sachs Account APY 3.50% 3.50% APR (annual per cent yield) with a balance of zero to earn the APY stated. Accounts must have a positive balance in order to be open. APY is valid until 02/07/2023. Min. balance for APY $0 These cash accounts offer a variety of services and features comparable to checking, savings or investment accounts in one. These accounts for managing cash are typically provided by non-bank financial institutions. These accounts offer services and features similar to savings, checking and investment accounts in one package. The cash management account is typically offered by non-bank financial institutions. On the website of Wealthfront, you can find Wealthfront Cash Accounts APY 4.05% Min. balance to APY $1 on Betterment's website Betterment Cash Reserve Paid non-client promotions APY 4.00% Annual percentage yield (variable) is at 02/06/2023. Min. balance for APY $0 CDs (certificates of deposit) are a kind of savings account that has a fixed rate and term, and usually have higher rates of interest than standard savings accounts. CDs (certificates of deposit) are a kind of savings account that comes with an unchanging rate and term, and usually have higher rates of interest than traditional savings accounts. CIT Bank CD APR 4.60% Term 1.5 Years Member FDIC Marcus by Goldman Sachs High-Yield CD APY 4.40% 4.40% APY (annual percentage yield) as of 01/25/2023 Term One year checking accounts are utilized to deposit cash on a daily basis and for withdrawals. Checking accounts can be used for day-to-day cash deposits and withdrawals. Member FDIC SoFi Savings and Checking APY 2.50% SoFi members with direct deposit can earn up to 3.75% annual percentage yield (APY) in savings account balances (including vaults) and 2.50% APY on check balances. The minimum direct deposit amount required to qualify for the 3.75 percent APY on savings, and 2.50% APY for checking balances. Direct deposit members will get 1.20% APY on all account balances, including savings and checking (including Vaults). Interest rates are variable and could change at any time. These rates are current at 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 Your Axos Visa(r) Debit Card for a total of 10 transactions each month (min three dollars per purchase) or enroll for Account Aggregation/Personal Finance Manager (PFM) within Online Banking to earn 0.30 percent APR. Keep an average daily balance of $2,500 on An Axos managed Portfolios Investment Account for 0.20 percent APR. Keep an average daily balance of $2,500 per month in An Axos Self-Directed Trading Invest Account in order to receive 0.20% annual percentage yield. Use your Rewards Checking account to pay the full monthly Axos customer loan payment and earn 0.15% APR. Monthly fee $0 Money market accounts have rates similar to savings accounts and include certain checking features. Market accounts earn rates comparable to savings accounts and have some 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 about: The number of fintech companies that could be called neobanks keeps growing.
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