Best Neobanks [2024]: Banking Made Easy

Some of the best neobanks include Chime®¹ <p class="">Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank, N.A. or Stride Bank, N.A.; Members FDIC.&nbsp;<br></p> , SoFi®² <p><a href="https://www.sofi.com/legal/#money" target="_blank">View the Sofi Money terms.</a></p> , and Wealthfront³ <p>Wealthfront Cash account is offered by Wealthfront Brokerage LLC, Member of FINRA/SIPC. Wealthfront Brokerage is not a bank. We convey funds to partner banks who accept and maintain deposits, provide the interest rate, and provide FDIC insurance. Rate is subject to change.</p> . While some of these companies might not be actual banks, they work with partner banks to offer a simple yet excellent banking experience through your phone.

Besides being based online, neobanks also prioritize low-cost banking. This typically means low or no monthly maintenance fees. Top it off with decent interest rates on your money in the form of higher-than-average annual percentage yields (APYs), and it’s hard to see why someone might not like neobanks.

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Key takeaways

• Neobanks often operate without the help of physical branches and instead offer banking services through mobile apps or websites.
• Since they’re based online, neobanks focus on user experience by offering easy-to-use mobile apps with many useful features.
• Neobanks typically offer both checking and savings accounts, with some accounts operating as hybrid accounts.
• The best neobanks have no monthly maintenance fees or minimum balance requirements. They also typically offer competitive APY rates and unlimited withdrawals.

The best neobanks

1. Chime: Best for mobile banking
2. SoFi®: Best for no monthly maintenance fees  
   
3. Wealthfront: Best for banking and investing in one place
4. LendingClub: Best for checking account rewards
5. Varo: Best for high APY
6. Aspiration⁹ <p>The Aspiration Spend &amp; Save Accounts are cash management accounts offered through Aspiration Financial, LLC, a registered broker-dealer, Member FINRA/SIPC, a subsidiary of Aspiration Partners, Inc. (“Aspiration”). Aspiration is under separate ownership from any other named entity. The Aspiration Save Account’s up to 3.00% Annual Percentage Yield (“APY”) is variable, subject to change, and is only available to customers enrolled in Aspiration Plus after conditions are met. Aspiration’s Cash Back program is subject to change at any time and without notice, including reversal of rewards for abuse, fraud, and other illicit activity. Cash Back rewards are generally credited on the first day of each calendar month. Aspiration Standard customers receive up to 3-5% cash back while Aspiration Plus members receive up to 10% cash back. Everyday cashback is earned through Aspiration’s Impact Measurement Scores. Aspiration Debit Cards are issued by Coastal Community Bank, Member FDIC, pursuant to a license by Mastercard International Incorporated. Aspiration is under separate ownership from any other named entity. Aspiration is not a bank.</p> : Best for sustainable money management
7. Ally Bank: Best for saving for multiple goals

Comparison of the best neobanks

Bank	Best for	Monthly maintenance fees	Highest account APY
Chime®	Mobile banking	$0 10 <p>There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.</p>	2.00% (as of Sept. 9, 2024)11 <p class="">The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is accurate as of September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.&nbsp;</p>
SoFi®	No monthly maintenance fees6 <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p>	$0	Up to 4.00% with direct deposits5 <p>SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Dec. 3, 2024. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a></p>
Wealthfront	Banking and investing in one place	$0	5.00% 12 <p>Rate is current as of November 3, 2023.</p>
LendingClub	Checking account rewards	$0	Up to 4.75%13 <p>LevelUp Rate of 4.75% Annual Percentage Yield (“APY”) is applied to the full balance of LevelUp Savings accounts that receive a total of at least $250 in deposits during the Evaluation Period. Otherwise, accounts will earn the Standard Rate of 3.75% APY. Interest payments, account bonuses, account credits and reversals or refunds from the bank are not considered deposits for rate evaluation purposes. All LevelUp Savings accounts earn the LevelUp Rate at account opening and continue to earn the LevelUp Rate until the First Evaluation Period, to provide an opportunity to set up deposits. </p> <p>An Evaluation Period is a statement cycle. The First Evaluation Period will be the third statement cycle after you open your account, with any rate change becoming effective the next statement cycle. For example, if you open in August, the first Evaluation Period would be October with any rate change effective in November. Any rate changes will take place on the second business day and will be based on deposits in the previous statement cycle. </p> <p>APY accurate as of 11/25/2024. Rates are variable and subject to change at any time without notice, at the sole discretion of the bank. Fees may reduce earnings. $0 minimum opening deposit.</p>
Varo	High APY	$0	Up to 5.00% (as of 12/11/24) with direct deposits
Aspiration	Sustainable money management	$0 to $7.99	Up to 3.00% with $500 or more spent in a month14 <p>The Aspiration Save Account’s up to 3.00% Annual Percentage Yield (“APY”) is variable, subject to change, and is only available to customers enrolled in Aspiration Plus. APY Terms &amp; FAQ.</p>
Ally Bank	Saving for multiple goals	$0	4.00% (as of 10/28/24)

Chime®: Best for mobile banking

Who it’s best for: Customers who mostly bank from their phones.

Chime is a financial technology company that offers a refreshingly easy account sign-up process. In just a few minutes, you can complete and submit an application for a checking account. You can also choose to open an optional savings account. Both accounts have no monthly maintenance fees and no minimum balance requirements.

You can access over 60,000 ATMs fee-free with a debit card ¹⁸ <p class="">Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.<br></p> that connects to your Chime® Checking Account. You can also take advantage of Chime’s get paid early feature ¹⁹ <p> Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.</p> by receiving direct deposits to your account.

Chime Savings Account offers an annual percentage yield of 2.00% (as of Sept. 9, 2024). Plus, you can set up automatic savings where your debit card purchases get rounded up and added to your savings account.

Visit Chime

… Or learn more in our Chime review.

SoFi®: Best for no monthly maintenance fees

Who it’s best for: Customers who don’t want to pay monthly maintenance fees and still earn rewards.

SoFi® began as a student loan company but has since expanded into banking services. SoFi® automatically provides you with both checking and savings accounts when you sign up and qualify.

The SoFi savings account comes with a relatively high APY rate of up to 4.00% when you receive direct deposits, while the SoFi checking account earns an APY of 0.50% (as of 12/3/24) with direct deposits.⁵ <p>SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Dec. 3, 2024. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a></p>

SoFi® provides a slew of additional features when you bank with them. You’ll pay no monthly maintenance fees, no ATM fees for in-network withdrawals²⁰ <p>We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.</p> , and no overdraft fees²¹ <p>Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.</p> . SoFi is a Member, FDIC. ⁸ <p><b>SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/terms">SoFi.com/banking/fdic/terms</a> See list of participating banks at <a href="http://sofi.com/banking/fdic/receivingbanks">SoFi.com/banking/fdic/receivingbanks</a></b></p>

Visit SoFi®

… Or learn more in our SoFi® review.

Wealthfront: Best for banking and investing in one place

Who it’s best for: Customers who need a banking solution and an investment account in one place.

Wealthfront offers a high-yield Cash Account, offering an APY rate of 5.00%. The best part? You don’t need to meet any specific minimum to qualify for this rate.

On top of its high APY, Wealthfront has a few unique features that make it a unique option. For starters, you’ll get up to $5 million in FDIC coverage via a network of member-FDIC banking partners, substantially higher than the standard $250,000 that banks typically offer.

Wealthfront also conveniently offers banking and investing options in one place, making it a good option for people who don’t like to have their money spread between different platforms. While not as wide a range as other options, Wealthfront also gives you access to 19,000 fee-free ATMs. Finally, you’ll get these features and more with no monthly maintenance fees.

Visit Wealthfront

… Or learn more in our Wealthfront review.

LendingClub: Best for checking account rewards

Who it’s best for: Customers who want to earn rewards with their checking accounts.

LendingClub is one of the original peer-to-peer personal loan lenders that has grown to offer several products, including checking and savings accounts. LendingClub offers a High-Yield Savings Account that has an APY of up to 4.75%. This account has no monthly maintenance fees and offers unlimited withdrawals, compared to the six monthly withdrawals many savings accounts typically limit you to.

LendingClub also offers its Rewards Checking account, which helps you earn cash back on all qualifying purchases, with no limit on how much you can earn. Like its savings account, LendingClub’s Rewards Checking has no monthly maintenance fees. Additionally, it offers ATM rebates for out-of-network ATMs.

Visit LendingClub

… Or learn more in our LendingClub review.

Varo: Best for high APY

Who it’s best for: Customers who want a high APY rate.

Varo is a digital banking fintech company that offers online checking and savings accounts, both of which come with various useful features.

Varo offers modern-day conveniences, such as the ability to get paid early, a helpful mobile app, and an ATM network of over 40,000 fee-free ATMs. The Varo savings and checking accounts come with no monthly maintenance fees.

Varo’s online savings account allows you to earn an APY up to 5.00% (as of 12/11/24), but only on balances of $5,000 or less. Balances above that limit still earn interest but at a lower APY rate.

Varo’s savings account also offers you automatic round-ups. This feature automatically rounds up every debit card purchase you make to the nearest dollar and puts the difference into your savings account balance.

Visit Varo

… Or learn more in our Varo review.

Aspiration: Best for sustainable money management

Who it’s best for: Eco-conscious customers.

Aspiration offers a unique banking solution, being the only bank in our list of the top neobanks to put a sustainable twist on banking.

Aspiration’s Spend & Save account has two plans, Aspiration and Aspiration Plus, and comes with a debit card made from recycled plastic. This debit card offers up to 10% cash back on qualifying purchases you make with one of Aspiration's Conscience Coalition members, companies and retailers that focus on sustainability.

On top of that, a part of the monthly maintenance fee you pay goes towards charitable causes. As an Aspiration customer, you get to pick the fee you want to pay, even if it’s $0.

However, the Aspiration Plus account has a predefined $7.99 monthly maintenance fee. If you spend at least $500 on this account’s debit card each month, you’ll qualify for up to 3.00% APY.

Visit Aspiration

… Or learn more in our Aspiration review.

Ally Bank: Best for multiple savings goals

Who it’s best for: Customers with various personal finance goals they want to work toward.

Ally Bank is another one of the fintech companies that offer online banking. Ally offers a High-Yield Savings Account and an Interest Checking Account. Its savings account comes with features that every avid saver would love, including an APY of 4.00% (as of 10/28/24) on all balances and access to savings buckets. These buckets allow you to organize your money based on specific goals. Plus, Ally gives you personal suggestions to help you grow your savings.

Ally’s interest-bearing checking has no monthly maintenance fees while providing many useful features. This includes check deposits via its mobile app and access to money transfers via Zelle®. You can earn an APY of 0.25% (as of 10/28/24) on your checking account balance.

Visit Ally Bank

… Or learn more in our Ally Bank review.

How to choose the best neobanks

When looking for the best banks for your needs, you should narrow down your options based on the most important features you look for. Here are some of the main factors you should consider when picking the right option for you and your money:

• Higher interest rates: High interest in the form of a competitive APY rate can boost your savings. Many savings accounts offered by neobanks can help Americans benefit from APY rates that are well above the national average.
• Deposit and withdrawal features: You likely need a bank account that provides you with easy access to your cash through a debit card, ATMs, and checks. Make sure you find an account that offers these features and has a healthy network of available ATMs in your area. On the same note, if you need to move money to and from your savings account frequently, look for an account that has unlimited withdrawals.
• User-friendly banking app: Many neobanks and financial service companies have strong mobile apps. Still, some have certain features others don’t, like 24/7 customer support available in the app or the ability to lock and unlock your debit card right from the app.
• Monthly fees: There are plenty of banks that don’t require you to pay monthly service or maintenance fees, and the best features aren’t solely reserved for expensive banks anymore.
• Security: When you’re using a mostly online-based bank, you want to know your money is safe. Any neobank worth working with should provide strong security measures to protect its customers.
• Rewards: While rewards might not be at the top of your mind when looking for somewhere to store your money, they can be a bonus. These rewards often come in the form of cash back. Some accounts have certain limitations on these rewards, so make sure to dig deep during your research.

FAQ about the best neobanks

The best neobanks: bottom line

Neobanks provide many features that traditional banks offer, minus the brick-and-mortar locations. This helps neobanks offer higher APY rates, potential rewards, advanced mobile banking, and more.

Deciding which bank to choose can be overwhelming, but as long as you know what you’re looking for in a bank, there’s likely an option out there that will fit the bill. Explore more options in our list of the best online banks.

Methodology

To determine the best neobanks, we compiled a list of popular neobanks available in the market and looked at factors such as minimum balance requirements, APY rates, fees, security, customer service, and user experience. We also considered the unique benefits that some neobanks may offer, such as budgeting tools, cashback rewards, and more.

Then, we evaluated each neobank based on the factors above and selected ones that offer useful features and benefits. We aimed to provide a balanced and comprehensive overview of each neobank, highlighting its strengths and weaknesses.

Keep in mind that our list is not ranked in any particular order, and we encourage readers to compare different options and choose the one that best suits their needs and goals. Note that we did not review every neobank in the market, and our recommendations aim to help you make an informed decision when choosing a bank.