Best Neobanks [2026]: Online Banks for an Online Age
Neobanks typically offer competitive APY rates, low fees, simple online access, and other perks and features that make them a popular, modern-day choice.
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As our world's turned increasingly digital over the past several decades, it was only a matter of time before tech disruption came for the banking industry. Neobanks, as they've come to be known, are digital-only financial technology companies offering banking services that can forgo many of the fees traditional banks charge to cover the overhead costs of maintaining branches and other services.
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
Up to $400New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 0.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 9/23/26. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Minimum Opening Balance
$0
Monthly Fee
$0
Why We Like It
Earn a $50 or $400 bonus with eligible direct deposit1 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 0.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 9/23/26. Fees may reduce earnings. Additional information can be found at <a href="https://d32ijn7u0aqfv4.cloudfront.net/wp/wp-content/uploads/raw/SoFi-Bank-Rate-Sheet-September-23-2026.pdf">http://www.sofi.com/legal/banking-rate-sheet</a>.</p> and up to 4.40% APY2 <p>Earn up to 4.40% Annual Percentage Yield (APY) on one SoFi Savings account with a 1.10% APY Boost (added to the 3.30% APY as of 10/20/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/27. Rates are variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#4">sofi.com/banking#4</a>. SoFi Bank, N.A. Member FDIC.</p> on savings (3.30% APY1 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 0.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 9/23/26. Fees may reduce earnings. Additional information can be found at <a href="https://d32ijn7u0aqfv4.cloudfront.net/wp/wp-content/uploads/raw/SoFi-Bank-Rate-Sheet-September-23-2026.pdf">http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +1.10% APY Boost) for up to 6 months on new accounts
Limited-Time Offer: +1.10% Boost on Savings APY to up to 4.40% for up to 6 months on new accounts. Terms apply.2 <p>Earn up to 4.40% Annual Percentage Yield (APY) on one SoFi Savings account with a 1.10% APY Boost (added to the 3.30% APY as of 10/20/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/27. Rates are variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#4">sofi.com/banking#4</a>. SoFi Bank, N.A. Member FDIC.</p>
No account, overdraft, or monthly fees3 <p>We do not charge any account, service, or maintenance fees for SoFi Checking and Savings. We do charge transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a>.</p>
Get your paycheck up to two days early with direct deposit4 <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>
Access additional FDIC insurance up to $3 million5 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor 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 $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>
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.
Why use a neobank
There are many reasons to choose a neobank over a traditional bank. These fintechs typically charge fewer fees, have intuitive mobile apps, and offer more competitive APYs on savings — and sometimes even checking — than legacy banking institutions.
If you're a digital native who manages life through your phone, you'll likely find more to love using a neobank over a bank that focuses on in-person branch service. The convenience of a well-designed app goes a long way and the money you stand to save on fees makes these fintechs an appealing choice.
No monthly maintenance fees3 <p>We do not charge any account, service, or maintenance fees for SoFi Checking and Savings. We do charge transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a>.</p>
$0
Up to 4.40% on Savings (3.30% APY6 <p>Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 9/23/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at <a href="https://www.sofi.com/legal/banking-rate-sheet">https://www.sofi.com/legal/banking-rate-sheet</a></p> with +1.10% APY Boost; Terms apply) for up to 6 Months on new accounts2 <p>Earn up to 4.40% Annual Percentage Yield (APY) on one SoFi Savings account with a 1.10% APY Boost (added to the 3.30% APY as of 10/20/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/27. Rates are variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#4">sofi.com/banking#4</a>. SoFi Bank, N.A. Member FDIC.</p>
$0 7 <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>
Up to 3.00% APY on savings with Chime Plus8 <p>The disclosed Annual Percentage Yield (APY) is available only while you maintain Chime Plus status, otherwise the standard 1.00% APY for non-Chime Plus will apply. The APYs for the Chime Savings Account are effective as of 10/06/2026 and are variable and may change at any time. No minimum balance required. Must have $0.01 in savings to earn interest. See Chime Plus Terms and Conditions for more details.</p> (1.00% for non-Chime Plus members9 <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 10/6/26. No minimum balance required. Must have $0.01 in savings to earn interest. </p> )
Up to 4.30% (0.65% intro offer for 3 months, plus 0.25% with qualifying activities) 10 <p>Earn up to 4.30% Annual Percentage Yield (APY) for your uninvested cash in a Wealthfront Cash Account: a 3.55% base APY (provided by program banks, as of 1/30/26) plus a 0.75% APY Boost for 3 months for new clients (on balances up to $150,000). Eligibility requirements must be met to earn the APY boost. Without the boosts, the base rate is 3.55% APY. Rates are variable, subject to change. The Cash Account is offered by Wealthfront Brokerage LLC, Member FINRA/SIPC, and is not a bank or deposit account. Wealthfront Brokerage LLC is not a bank. Funds are swept to program banks where they earn a variable APY and are eligible for FDIC insurance. See full terms at<a href="https://www.wealthfront.com/cash"> wealthfront.com/cash</a>.</p>
3.00% (as of 06/15/26)11 <p class="">The APY of 3.00% (as of 06/15/26) is accurate as of 10/01/25. Rates are subject to change and may vary by account type and financial institution. </p>
Current12 <p><b>Current is a financial technology company, not an FDIC-insured bank. FDIC insurance up to $250,000 only covers the failure of an FDIC-insured bank. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply. Banking services provided by Choice Financial Group, Member FDIC, and/or Cross River Bank, Member FDIC.</b> The Current Visa® Debit Card, which may be issued by Choice Financial Group and/or Cross River Bank, and the Current Visa® secured charge card, which is issued by Cross River Bank, are all issued pursuant to licenses from Visa U.S.A. Inc. and may be used everywhere Visa debit or credit cards are accepted. A Current deposit account is required to apply for the Current Visa® secured charge card. Independent approval required.</p>
Families with teens
$013 <p>Out of network cash withdrawal fees, third-party, and cash load fees may apply.</p>
Up to 4.00% APY on up to $6,00014 <p>Boost Bonuses are credited to your Savings Pods within 48 hours of enabling the Boost feature and on a daily basis thereafter, provided that the Savings Pod has accrued a Boost Bonus of at least $0.01. The Boost rate on Savings Pods is variable and may change at any time. The disclosed rate is effective as of August 1, 2023. Must have $0.01 in Savings Pods to earn a Boost rate of either 0.25% or 4.00% annually on the portion of balances up to $2000 per Savings Pod, up to $6000 total. The remaining balance earns 0.00%. A qualifying direct deposit of $200 or more is required for 4.00%. No minimum balance required. For more information, please refer to Current Boost Terms and Conditions.<br></p> 15 <p class="">The product and annual percentage yield (APY) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your area. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. Always verify account details and availability with the financial institution before opening an account.<br></p>
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
Earn a $50 or $400 bonus with eligible direct deposit1 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 0.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 9/23/26. Fees may reduce earnings. Additional information can be found at <a href="https://d32ijn7u0aqfv4.cloudfront.net/wp/wp-content/uploads/raw/SoFi-Bank-Rate-Sheet-September-23-2026.pdf">http://www.sofi.com/legal/banking-rate-sheet</a>.</p> and up to 4.40% APY2 <p>Earn up to 4.40% Annual Percentage Yield (APY) on one SoFi Savings account with a 1.10% APY Boost (added to the 3.30% APY as of 10/20/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/27. Rates are variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#4">sofi.com/banking#4</a>. SoFi Bank, N.A. Member FDIC.</p> on savings (3.30% APY1 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 0.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 9/23/26. Fees may reduce earnings. Additional information can be found at <a href="https://d32ijn7u0aqfv4.cloudfront.net/wp/wp-content/uploads/raw/SoFi-Bank-Rate-Sheet-September-23-2026.pdf">http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +1.10% APY Boost) for up to 6 months on new accounts
Limited-Time Offer: +1.10% Boost on Savings APY to up to 4.40% for up to 6 months on new accounts. Terms apply.2 <p>Earn up to 4.40% Annual Percentage Yield (APY) on one SoFi Savings account with a 1.10% APY Boost (added to the 3.30% APY as of 10/20/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/27. Rates are variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#4">sofi.com/banking#4</a>. SoFi Bank, N.A. Member FDIC.</p>
No account, overdraft, or monthly fees3 <p>We do not charge any account, service, or maintenance fees for SoFi Checking and Savings. We do charge transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a>.</p>
Get your paycheck up to two days early with direct deposit4 <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>
Access additional FDIC insurance up to $3 million5 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor 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 $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>
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 with its SoFi Checking and Savings product.
The SoFi savings account comes with a relatively high APY rate of up to 4.40% on Savings (3.30% APY with +1.10% APY Boost; Terms apply) for up to 6 Months on new accounts2 <p>Earn up to 4.40% Annual Percentage Yield (APY) on one SoFi Savings account with a 1.10% APY Boost (added to the 3.30% APY as of 10/20/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/27. Rates are variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#4">sofi.com/banking#4</a>. SoFi Bank, N.A. Member FDIC.</p> , while the SoFi checking account earns an APY of 0.50% with direct deposits.6 <p>Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 9/23/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at <a href="https://www.sofi.com/legal/banking-rate-sheet">https://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 withdrawals16 <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 may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.</p> , and no overdraft fees17 <p>Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at <a href="https://www.sofi.com/legal/banking-rate-sheet">https://www.sofi.com/legal/banking-rate-sheet</a>. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.</p> . SoFi is a Member, FDIC. 5 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor 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 $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>
Pros
Up to 4.40% on Savings (3.30% APY with +1.10% APY Boost; Terms apply) for up to 6 Months on new accounts2 <p>Earn up to 4.40% Annual Percentage Yield (APY) on one SoFi Savings account with a 1.10% APY Boost (added to the 3.30% APY as of 10/20/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/27. Rates are variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#4">sofi.com/banking#4</a>. SoFi Bank, N.A. Member FDIC.</p>
No monthly fees
Up to $3 million in FDIC insurance5 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor 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 $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>
Cons
No separate savings and checking options
Must activate direct deposit to earn the highest APY rate
2026 AWARD WINNERBest Checking for Bad or No Credit
4.9
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
No minimum balance, no monthly service fees
Get your paycheck up to 2 days earlier with direct deposit18 <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>
Eligible Members can access fee-free overdraft up to $20019 <p>SpotMe® on Credit is an optional, no interest / no fee overdraft line of credit tied to the Secured Deposit Account available to qualifying members with an active Chime Card Account. To qualify for the SpotMe on Chime Card service, you must receive $200 or more in qualifying direct deposits to your Chime® Checking Account each month and have activated your physical secured Chime Visa® Credit Card or Chime Visa® Debit Card.</p><br>
<p>Qualifying members will be allowed to overdraw their Secured Deposit Account up to $20, but may later be eligible for a higher limit of up to $200 or more based on Chime account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Chime Card Limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s or its banking partners’ discretion. Although Chime does not charge any overdraft fees for SpotMe on Chime Card, there may be out-of-network or third-party fees associated with ATM transactions and fees associated with OTC cash withdrawals. SpotMe on Chime Card won’t cover non-card transactions. <a href="https://www.chime.com/policies/" style="background-color: rgb(255, 255, 255);">SpotMe on Chime Card Terms and Conditions</a>.</p>
47K+ fee-free ATMs nationwide20 <p>Out-of-network ATM withdrawal and over the counter advance fees may apply except at FCTI® ATMs in a 7-Eleven® or Speedway, or any Allpoint® or Visa® Plus Alliance ATM participating in the Allpoint network.</p>
Automatic savings helps you grow your money faster21 <p>You can automatically transfer part of your direct deposits of $1 or more from your Checking Account into your selected Chime account(s).</p>
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 47,000 ATMs fee-free with a debit card 22 <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 could also take advantage of Chime's get paid early feature and get your paycheck up to 2 days earlier 18 <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 1.00% at the base tier. Plus, you can set up Round Ups where your debit card purchases get rounded up to the nearest dollar and added to your savings account.23 <p class="">Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account. <br></p>
Pros
An APY of 1.00% for the Chime® Savings Account at the base tier24 <p class="">Chime Checking Account is required to be eligible for a Savings Account.<br></p>
No monthly maintenance fees
Automatic saving options 21 <p>You can automatically transfer part of your direct deposits of $1 or more from your Checking Account into your selected Chime account(s).</p>
Large fee-free ATM network 20 <p>Out-of-network ATM withdrawal and over the counter advance fees may apply except at FCTI® ATMs in a 7-Eleven® or Speedway, or any Allpoint® or Visa® Plus Alliance ATM participating in the Allpoint network.</p>
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
Earn a competitive 3.55%+ variable APY10 <p>Earn up to 4.30% Annual Percentage Yield (APY) for your uninvested cash in a Wealthfront Cash Account: a 3.55% base APY (provided by program banks, as of 1/30/26) plus a 0.75% APY Boost for 3 months for new clients (on balances up to $150,000). Eligibility requirements must be met to earn the APY boost. Without the boosts, the base rate is 3.55% APY. Rates are variable, subject to change. The Cash Account is offered by Wealthfront Brokerage LLC, Member FINRA/SIPC, and is not a bank or deposit account. Wealthfront Brokerage LLC is not a bank. Funds are swept to program banks where they earn a variable APY and are eligible for FDIC insurance. See full terms at<a href="https://www.wealthfront.com/cash"> wealthfront.com/cash</a>.</p> on your cash. Terms and conditions apply. 3.55% base APY from program banks plus 3-month 0.75% APY boost for first-time Cash Account clients.
No minimum balance required to open your account
Zero account fees25 <p class="">Fees and Eligibility requirements may apply to certain checking features, please see the Customer Debit Agreement at <a href="https://wealthfront.com/deposit-agreement">wealthfront.com/deposit-agreement</a> for details.</p> so your money stays where it belongs
Free 24/7 instant withdrawals to eligible accounts, even on weekends and holidays26 <p class="">Instant and same-day withdrawals use the Real-Time Payments (RTP) network or FedNow service. Transfers may be limited by your receiving institution, daily caps, or participating entities. New Cash Account deposits have a 2–4 day hold before transfer. Wealthfront does not charge fees for these services, but receiving institutions may impose an RTP or FedNow Fee. Processing times may vary.</p>
Up to $8M in FDIC insurance eligibility through program banks27 <p class="">The Cash Account, which is not a deposit account, is offered by Wealthfront Brokerage LLC ("Wealthfront Brokerage"), Member FINRA/SIPC. <b>Wealthfront Brokerage is not a bank. The Annual Percentage Yield ("APY") on cash deposits as of January 30, 2026, is representative, requires no minimum, and may change at any time.</b> References to the APY for the Wealthfront Cash Account, including any APY increase, are to the APY paid by insured depository institutions that participate in our cash sweep program (the "Program Banks”). Wealthfront Brokerage does not pay interest. Funds in the Cash Account are swept to Program Banks where they earn a variable APY and are eligible for FDIC insurance. Conditions apply. For a list of Program Banks, see: <a href="https://www.wealthfront.com/programbanks">www.wealthfront.com/programbanks</a>. FDIC pass-through insurance, which protects against the failure of Program Banks, not Wealthfront, is not provided until the funds arrive at the Program Banks. While funds are at Wealthfront Brokerage, and while they are transitioning to and/or from Wealthfront Brokerage to the Program Banks, the funds are eligible for SIPC protection up to the $250,000 limit for cash. FDIC insurance is limited to $250,000 per customer, per bank, regardless of whether those deposits are placed through Wealthfront Brokerage. You are responsible for monitoring your total deposits at each Program Bank to stay within FDIC limits. Wealthfront works with multiple Program Banks to make available up to $8 million of pass-through FDIC coverage for your cash deposits. For more info on FDIC insurance coverage, visit www.FDIC.gov.</p>
Wealthfront offers a high-yield Cash Account, offering an APY rate of 3.55%. 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 $8 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.
Pros
An APY of 3.55%
No monthly maintenance fees
Up to $8 million in FDIC insurance through partner banks
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 3.75% (as of 07/15/26), 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.
Pros
Up to 3.75% (as of 07/15/26) APY with direct deposits
No monthly maintenance fees
Automatic round-ups available
Early payday options
Cons
The highest APY tier is limited to balances of $5,000 or less
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 3.00% (as of 06/15/26) 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 0.10% (as of 06/29/26) on your checking account balance.
Current is a mobile-first fintech platform that offers checking accounts, savings tools, credit-building features, and teen banking through its banking partners.12 <p><b>Current is a financial technology company, not an FDIC-insured bank. FDIC insurance up to $250,000 only covers the failure of an FDIC-insured bank. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply. Banking services provided by Choice Financial Group, Member FDIC, and/or Cross River Bank, Member FDIC.</b> The Current Visa® Debit Card, which may be issued by Choice Financial Group and/or Cross River Bank, and the Current Visa® secured charge card, which is issued by Cross River Bank, are all issued pursuant to licenses from Visa U.S.A. Inc. and may be used everywhere Visa debit or credit cards are accepted. A Current deposit account is required to apply for the Current Visa® secured charge card. Independent approval required.</p>
It's a popular choice for families thanks to its Teen Account. Parents can monitor spending in real time, set limits and controls, send money instantly, and receive transaction alerts. Teens get hands-on experience managing money with features that encourage saving, budgeting, and responsible spending, while parents can guide and support them along the way.
It also stands out for its easy-to-use budgeting tools, automated savings features, paycheck advances, and family-focused banking options.
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.
5.0
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
AWARD WINNERBest Online Checking
SoFi Checking & Savings - Earn Up to $400 When You Set Up Direct Deposit
Limited-Time Offer: Earn a $50 or $400 bonus with eligible direct deposit and up to 4.40% APY on Savings (3.30% APY1 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 0.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 9/23/26. Fees may reduce earnings. Additional information can be found at <a href="https://d32ijn7u0aqfv4.cloudfront.net/wp/wp-content/uploads/raw/SoFi-Bank-Rate-Sheet-September-23-2026.pdf">http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +1.10% APY Boost) for up to 6 Months on new accounts. Terms Apply.2 <p>Earn up to 4.40% Annual Percentage Yield (APY) on one SoFi Savings account with a 1.10% APY Boost (added to the 3.30% APY as of 10/20/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/27. Rates are variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#4">sofi.com/banking#4</a>. SoFi Bank, N.A. Member FDIC.</p> FDIC Insured.5 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor 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 $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
2026 AWARD WINNERBest Checking for Bad or No Credit
Chime® Checking28 <p class="">Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. The secured Chime Visa® Credit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A., pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your Card for its issuing bank.<br></p> - No Monthly Fees7 <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> + Get paid up to 2 days early with direct deposit18 <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>
Checking Account. No minimum balance. FDIC Insured through The Bank Corp Bank, N.A. or Stride Bank, N.A.
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
CIT Bank Platinum Savings - up to 4.25% APY29 <p>Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs — Annual Percentage Yields are accurate as of July 1, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.</p>
Earn up to 4.25% APY on balances of $5,000 or more for up to 6 months.30 <p>*This is a limited time offer available to New and Existing customers who meet the Platinum Savings APY Boost promotion criteria. Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.50% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate. The Promotion begins on September 29, 2026, and ends December 15, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6-month period outlined in the terms and conditions. The promotion can end at any time without notice.</p> Enter code Boost50 to qualify. $100 minimum opening deposit.31 <p class="">For complete list of account details and fees, see our <a href="https://www.cit.com/cit-bank/resources/forms">Personal Account disclosures</a>.</p>
While no bank or platform is 100% safe, neobanks typically offer a high level of security measures that can help put your mind to ease. Neobanks, just like other traditional banks, typically offer FDIC insurance on your deposits. Neobanks also use measures such as encryption, two-factor authentication, and biometric authentication to protect your personal and financial information.
Are neobank accounts real bank accounts?
Neobank accounts are typically real bank accounts that are easy to open online, although they may be offered by a partner bank that works with the platform you use. For example, Chime itself is not a bank but partners with The Bancorp Bank, N.A. and Stride Bank, N.A. to offer its checking and savings accounts.
What is the downside of a neobank?
The major downside of neobanks is that they don't have physical locations. For those looking for a personal touch to their banking, neobanks might not be the answer. Additionally, not all neobanks offer a full range of financial products and services that traditional banks provide, such as loans or mortgages. But for someone looking for banking services, this may not be a problem.
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.
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
AWARD WINNERBest Online Checking
High APY of up to 4.40% on Savings (3.30% APY1 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 0.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 9/23/26. Fees may reduce earnings. Additional information can be found at <a href="https://d32ijn7u0aqfv4.cloudfront.net/wp/wp-content/uploads/raw/SoFi-Bank-Rate-Sheet-September-23-2026.pdf">http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +1.10% APY Boost) for up to 6 Months on new accounts. Terms Apply.2 <p>Earn up to 4.40% Annual Percentage Yield (APY) on one SoFi Savings account with a 1.10% APY Boost (added to the 3.30% APY as of 10/20/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/27. Rates are variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#4">sofi.com/banking#4</a>. SoFi Bank, N.A. Member FDIC.</p>
Paycheck access up to 2 days early with direct deposit4 <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>
No monthly maintenance or overdraft fees3 <p>We do not charge any account, service, or maintenance fees for SoFi Checking and Savings. We do charge transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a>.</p>
Streamlined savings and savings goals with Vaults
Access to a large ATM network16 <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 may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.</p>
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Current12 <p><b>Current is a financial technology company, not an FDIC-insured bank. FDIC insurance up to $250,000 only covers the failure of an FDIC-insured bank. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply. Banking services provided by Choice Financial Group, Member FDIC, and/or Cross River Bank, Member FDIC.</b> The Current Visa® Debit Card, which may be issued by Choice Financial Group and/or Cross River Bank, and the Current Visa® secured charge card, which is issued by Cross River Bank, are all issued pursuant to licenses from Visa U.S.A. Inc. and may be used everywhere Visa debit or credit cards are accepted. A Current deposit account is required to apply for the Current Visa® secured charge card. Independent approval required.</p>
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