Digital banking is growing faster than ever. 🚀 So fast, in fact, that consumers and business owners are overwhelmed with choices — there are over 4,000 FDIC-insured commercial banks and dozens of neobanks in the United States alone. 🤯 But one thing’s certain — online banking is here to stay, and when it comes to banking, neobanks offer the best suite of digital banking services.
If you’re a small business looking for an online business checking account with minimal fees or you’re on the hunt for a better digital experience for your personal finances, then this guide is for you. We dive into the best neobanks — for both business and personal banking — to help you better understand how their fees, banking features, card services and money management options compare. 🙌🏻
THE BEST NEOBANKS: AT A GLANCE
🏢 Best for business banking
Here are the 8 most popular neobanks for businesses today:
🏠 Best for personal banking
Here are the 7 most popular neobanks for day-to-day, personal banking:
⭐️ Honorable mentions
In addition to the top 15, there were 5 other neobanks that — while providing great digital banking services in their own right — are tailored towards more niche audiences. We decided to include them at the end as honorable mentions. Here they are at a glance:
Before we dive in, let’s go over the basics of what a neobank is.
What is a neobank?
A neobank, or digital bank, is a bank without branches that operates completely online.
Neobanks have emerged in recent years as so-called “challenger banks” 👊🏻 🏦 to traditional brick-and-mortar financial institutions, like the Bank of Americas and Chases of the world. Unlike their traditional counterparts, neobanks offer a robust suite of online banking services to help you better manage and take control of your finances — often at a lower cost or even for free.
Despite the name, not all neobanks are actual banks. Some partner with traditional banks that already have pre-existing banking infrastructure in order to deliver an extra layer of frontend, digital services known as banking as a service (BaaS). Thus, neobanks can be categorized into two main types: full-stacked and frontend-focused.
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🆚 Full-stacked vs frontend-focused neobanks
The main difference between a full-stack and frontend-focused neobank is that a full-stacked neobank is a bank with its own banking license, whereas a frontend-focused neobank is not a bank, but rather a financial technology (fintech) company that partners with a traditional bank to offer FDIC-insured digital banking services.
Monzo (in the UK) and N26 are examples of full-stack neobanks whereas Relay and Mercury are examples of frontend-focused.
What should business owners look for in a digital bank account?
Before we dive into the top picks for the best neobanks, let’s first talk about the common challenges we face with traditional banking and what you should look for in a digital banking service.
Common challenges with traditional banking
💸 High fees or minimums just to hold a bank account. Many banks will charge monthly fees just to hold an account, require minimum balances to waive fees, and charge multiple fees for making payments such as ACH or wire transfers.
🏦 In-person branch visits for basic banking tasks. Many traditional banks still require you to visit the branch in order to do simple things like change signees on a business credit card or update your personal investment portfolio. Which, in today’s day and age, is quite tedious.
🐌 Slow and inconsistent customer service. Traditional banks are notorious for their poor customer service. I’m sure you’ve experienced waiting on hold on the phone — sometimes for hours — just to talk to someone at your bank. Or perhaps you’ve been given completely different information about the process of opening a bank account depending on which branch you go to.
📊 No real visibility into your day-to-day financials. Traditional banks tend to offer only one checking account when you open either a business or a personal account. This makes it difficult to compartmentalize cash into separate accounts, identify overspending or practice budgeting methods like the digital envelope system.
Benefits of a neobank
💰 Low fees and minimum balances. Since neobanks operate entirely online and have no physical branches to maintain, they are able to offer their customers no-fee account options with lower or no minimum balances.
📂 Multiple checking accounts. The cost-savings of low account fees allow neobanks to offer multiple checking accounts for free to customers, which is an advantage for those of you who like to compartmentalize money into different accounts.
⭐️ Opening an account is easy. With most neobanks, you can easily open an account in minutes in the comfort of your own home without having to visit a physical branch.
🏪 Convenience. According to research from Statista, the number one reason US consumers sign up for an online banking account is convenience. With neobanks, you can bank 24/7, online or via mobile app without the need to ever visit a physical branch. And should you have any support requests, neobanks have robust customer support teams that offer dedicated support when you need it.
Best neobanks: Our top 20 picks
Now that we know what a neobank is and some of the pros and cons of online banking, let’s dive into our shortlist of the best neobanks for business banking, personal banking and some honorable mentions. 👇
🏢 Best neobanks for business banking
First up, we have the top business banking platforms. Keep in mind, not all businesses are the same, but the right banking partner should help you meet your business needs and set you up for financial success.
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Relay
Relay is an all-in-one banking and money management platform built top help America’s small businesses stay in top of their money. With banking services provided by Thread Bank, Members FDIC, Relay goes above and beyond the everyday banking basics with:
No account fees, overdraft fees or minimum balances
Up to 20 individual checking accounts
50 virtual or physical Visa® debit cards
Payments and deposits via ACH, wire and check
Free cash deposits and withdrawals at AllPoint+ ATMs
Deposits from payment processing providers like PayPal, Stripe, Square and more
Direct integrations with accounting software like QuickBooks Online and Xero
Relay makes it easy to control your cash flow and understand precisely what you’re earning, spending and saving so you can be on the money, all the time with your business.
Overview of Relay’s banking features
Banking Feature | |
|---|---|
Account Fees | $0 |
Minimum Balances | $0 |
Checking Accounts | Up to 20 |
Savings Accounts | None |
Transactions Fees | Payments • Unlimited transactions • Free ACH and check payments • Domestic outgoing wires: $5 • International outgoing wires: $10 Deposits • Unlimited transactions • Free ACH and check deposits • Free incoming domestic and international wires • Free cash deposits and withdrawals at AllPoint+ ATMs |
Advanced Features | Relay Pro for $30/month, you get: • Unlimited outgoing domestic and international wires • Same-day ACH transfers |
Cards | Up to 50 free virtual or physical Visa® debit cards |
Financing | None |
Accounting Integrations | QuickBooks Online, Xero and Gusto |
ATM Network | 55,000 Allpoint ATMs |
Customer Service | Dedicated customer support via email, chat or phone |
Digital Banking Experience | Bank from Web, iOS, or Android |
Verdict: Relay is best if you want crystal-clear visibility into cash flow
https://www.youtube.com/embed/6WPlGbIbjrQ
Relay is the perfect business banking platform for businesses that are super serious about taking control of their cash flow. With Relay, you can use up to 20 checking accounts to help compartmentalize income, organize cash into reserves and make more intelligent cash flow decisions for your business.
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Brex
Brex is an all-in-one financial management platform for enterprise companies and venture-backed startups. Founded in 2017, Brex offers business checking accounts, credit cards, employee expense management and reporting for scaling businesses.
As of 2022, they announced that they would focus on enterprise and venture-backed startups customers, leaving many small business clients scrambling to look for a Brex alternative. If your business falls under their qualification criteria, then Brex offers the most mature suite of banking features for medium to large businesses.
Overview of Brex’s banking features
Banking Feature | |
|---|---|
Account Fees | $0 |
Minimum Balances | $0 |
Checking Accounts | Up to 8 |
Savings Accounts | None |
Transactions Fees | Payments • Unlimited transactions • Free ACH and check payments • Free outgoing domestic and international wires Deposits • Unlimited transactions • Free ACH and check deposits • Free incoming domestic and international wires |
Cards | No debit cards Credit cards with cashback rewards available |
Financing | Startup funding available with certain requirements |
Accounting Integrations | QuickBooks Online, Xero, Sage, Netsuite |
ATM Network | No ATM access |
Customer Service | Customer support via email or phone |
Digital Banking Experience | Bank from Web, iOS, or Android |
Verdict: Brex is best for funded technology businesses
For businesses that qualify, Brex offers a ton of banking, expense management and cashback rewards on card spend, making them a great fit for enterprise businesses that spend a lot and require robust employee spend management.
Mercury
Mercury is an online banking solution for high-growth, digital-first technology startups. In addition to a suite of basic banking features, they also give founders access to a venture debt product that facilitates fundraising for seed, series A and DTC rounds through their investor network.
As a banking services platform for startups, Mercury also offers resources such as a curated investor list, a networking program that connects founders with investors and tech perks like Amazon Web Service, Hubspot and QuickBooks Online discounts.
Overview of Mercury’s banking features
Banking Feature | |
|---|---|
Account Fees | $0 |
Minimum Balances | $0 |
Checking Accounts | Up to 15 |
Savings Accounts | 1 saving account per business with 0.001% interest |
Transactions Fees | Payments • Unlimited transactions • Free ACH and check payments • Free outgoing domestic • Free USD international wires, otherwise 1% FX fee is applied Deposits • Unlimited transactions • Free ACH and check deposits • Free incoming domestic and international wires |
Cards | 1 physical debit card per user, unlimited virtual cards |
Financing | Startup funding available with certain requirements |
Accounting Integrations | QuickBooks Online and Xero |
ATM Network | 55,000+ Allpoint ATMs |
Customer Service | Customer support via email or phone |
Digital Banking Experience | Bank from Web, iOS, or Android |
Verdict: Mercury is best for tech startup community perks
Mercury offers all the essential banking features you’d need, but many of their bells and whistles are geared towards startups. If that’s you, then Mercury’s strong startup community, basic banking features and low fees make it a great fit for your business.
Novo
Novo offers “powerfully, simple business banking” without monthly fees. However, what really makes it stand out is the library of integrations built directly into the banking platform.
If you own an e-commerce business, integrations with Etsy and Shopify enable users to see revenue held in online storefronts. Invoices can be created directly in Novo and sent to customers for ACH or Stripe payment, streamlining your business workflows.
Overview of Novo’s banking features
Banking Feature | |
|---|---|
Account Fees | $0 |
Minimum Balances | $50 to start |
Checking Accounts | 1 checking account, plus 5 envelopes |
Savings Accounts | None |
Transactions Fees | Payments • Unlimited transactions • Free ACH and check payments • Free outgoing domestic • Free outgoing international wires • 1.5% transaction fee for Express ACH Deposits • Unlimited transactions • Free ACH and check deposits • Free incoming domestic and international wires |
Cards | 1 physical card per business, additional cards can be requested Virtual cards only available for LLCs |
Financing | None |
Accounting Integrations | QuickBooks Online and Xero |
ATM Network | Any ATM (including international), ATM fees are refunded at the end of the month |
Customer Service | Customer support via email or phone |
Digital Banking Experience | Bank from Web, iOS, or Android |
Verdict: Novo offers the best suite of app integrations
With over 5000+ apps available in their integrations library, Novo is a great choice for small businesses that want to automate their business workflow with banking. Seamlessly connect your Novo account with Slack, Gmail, QuickBooks Online (just to name a few) through Zapier as the data connector to free up valuable time.
Bluevine
Bluevine is an online banking platform for small businesses that streamlines checking, lending and accounts payable features all into one product. For businesses looking to grow, they offer business loans like a revolving line of credit so you can borrow, repay and access more funds as you scale.
Overview of Bluevine’s banking features
Banking Feature | |
|---|---|
Account Fees | $0 |
Minimum Balances | $50 to start |
Checking Accounts | 1 checking account, 2 sub-accounts 1.2% interest on checking account balance up to $100,000 (conditions apply) |
Savings Accounts | None |
Transactions Fees | Payments • Unlimited transactions • Free ACH and check payments • $15 outgoing domestic wires • No international wires Deposits • Unlimited transactions • Free ACH and check deposits • Free incoming domestic wires • No international wires |
Cards | 1 physical debit card per business |
Financing | Line of credit available up to $250,000 |
Accounting Integrations | QuickBooks Online |
ATM Network | 90,000+ Green Dot ATMs |
Customer Service | Customer support via email or phone |
Digital Banking Experience | Bank from Web, iOS, or Android |
Verdict: Bluevine is best for small business financing
Bluevine is the best banking option for small businesses looking for flexible and fast funding via a line of credit. Line of credits are available up to $250,000 with a low interest rate of 4.8%. The best part — you can get approved in as fast as 5 minutes.
Explore the best bluevine alternatives here.
NorthOne
NorthOne offers online banking with low fees and unlimited envelopes. They also offer a free invoice maker, which makes them a good fit for independent freelancers who value invoice creation integrated into banking.
However, a lack of basic banking features like check payments and international wire could be a big gap for some businesses.
Overview of NorthOne’s banking features
Banking Feature | |
|---|---|
Account Fees | $10 |
Minimum Balances | $50 to start |
Checking Accounts | 1 checking account, unlimited envelopes |
Savings Accounts | None |
Transactions Fees | Payments • Unlimited transactions • Free ACH • $15 outgoing domestic wires • No international wires or checks Deposits • Unlimited transactions • Free ACH and check deposits • $15 incoming domestic wires • No international wires |
Cards | 1 physical debit card per business |
Financing | None |
Accounting Integrations | QuickBooks Online, Wave, Freshbooks |
ATM Network | 90,000+ Green Dot ATMs |
Customer Service | Customer support via email or phone |
Digital Banking Experience | Bank from Web, iOS, or Android |
Verdict: NorthOne is best for invoice creation integrated into banking
NorthOne is best for businesses that deal with a lot of cash. With a free invoice maker, they’re a perfect fit for businesses looking to integrate their invoicing with banking.
Learn about the best NorthOne alternatives here.
Lili
Lili offers business banking for freelancers, contractors, sole proprietors and single-member LLCs, complete with a business debit card, a write off tracker and a tax bucket so you can set aside money for taxes. Lili also offers a Pro account for $4.99/month that offers additional features such as invoicing software, a savings account and fee-free overdraft.
Overview of Lili’s banking features
Banking Feature | |
|---|---|
Account Fees | $0 |
Minimum Balances | $0 |
Checking Accounts | 1 |
Savings Accounts | Available with Lili Pro |
Transactions Fees | Payments • Free ACH and check payments • No outgoing domestic and international wires • Transfer limit of $1000 to external bank accounts monthly Deposits • Free ACH • Limit of $6,000 in monthly check deposits • Direct deposits via CashApp, Venmo, Stripe • $4.95 cash deposit fee at ATM • No incoming domestic and international wires |
Cards | 1 Visa debit card per business (cashback available with Lili Pro) |
Financing | None |
Accounting Integrations | QuickBooks Online, Freshbooks |
ATM Network | 38,000+ Green Dot ATMs |
Customer Service | Customer support via email or phone |
Digital Banking Experience | Mobile banking on iOS or Android |
Verdict: Lili is best for freelancers, contractors and side hustlers
With limited business banking features and low monthly limits for check deposits and external transfers, Lili is best suited for freelancers, contractors and side hustles. With Lili Basic, businesses are limited to $1,000/month in external transfers and $500/day. With Lili Pro, the monthly limit is $5,000 and the daily limit is $1,000 — still a big gap compared to many other business banks.
Statrys
Stratrys is a neobank that offers multi-currency business accounts for businesses registered in Hong Kong, Singapore or the British Virgin Islands. With over 11 currencies supported and competitive exchange rates, Statrys is truly built for international businesses that need to pay and receive payments globally.
Overview of Statrys’ banking features
Banking Feature | |
|---|---|
Account Fees | $88 HKD (~$11 USD) |
Minimum Balances | $0 |
Checking Accounts | 1 |
Savings Accounts | None |
Transactions Fees | Payments • Unlimited transactions • $5 HKD (~$0.60 USD) for outgoing domestic and international wire payments in HKD • $115 HKD (~$14 USD) for domestic and international wire payments in other currencies Deposits • Unlimited transactions • Free incoming domestic and international wires in HKD • $70 HKD (~$8 USD) for domestic and international wire deposits in other currencies |
Cards | 1 physical and virtual card per business, additional physical cards are $48 HKD (~$6 USD) |
Financing | None |
Accounting Integrations | None |
ATM Network | 55,000+ Allpoint ATMs |
Customer Service | Customer service via email, phone, WhatsApp and WeChat |
Digital Banking Experience | Mobile banking on iOS or Android |
Verdict: Statrys is best for businesses that send and receive money globally
As one of the largest neobanks in Asia, Statrys is best suited for heavy-transactions global businesses that deal with multiple currencies. Businesses can protect margins with competitive FX rates and manage payments 24/7 via Statrys’ mobile app.
🏠 Best neobanks for personal banking
Next up, we have the top neobanks for personal banking. Live’s dive right in! 👇
Chime
Chime is one of the largest neobanks in the US, offering personal banking to over 13 million users. Chime makes managing money, paying friends and saving easy and empowering with their mobile banking app.
Their Early Direct Deposit feature also allows you to access funds two days early for any direct deposits set up to your checking account.
Overview of Chime’s banking features
Banking Feature | |
|---|---|
Account Fees | $0 |
Minimum Balances | $0 |
Checking Accounts | 1 |
Savings Accounts | High Yield Chime Savings Account with 1.00% APY |
Transactions Fees | Payments • Unlimited transactions • No foreign transactions fees • Free payments with “Pay Anyone” feature to Chime accounts and other bank accounts Deposits • Unlimited transactions • Free deposit with “Pay Anyone” • Free cash deposits ATMs |
Cards | 1 debit card and credit card per account |
Financing | None |
Accounting Integrations | None |
ATM Network | MoneyPass, Allpoint and Visa Plus Alliance ATMs |
Customer Service | Customer support via email or phone |
Digital Banking Experience | Bank from Web, iOS, or Android |
Verdict: Chime is the #1 most used personal neobank
With their basic banking features, debit and credit card options and easy to use app, Chime is the best neobank for your personal banking needs. With Chime, you can access essential banking feature with no-fees while building your credit and saving for the future.
Varo
Varo offers online, personal banking complete with a checking account, a high APY savings account and debit and credit card services. In addition to offering some of the highest APYs on the market, Varo stands out as a digital bank with the best savings tools. With their Save Your Pay feature, you can automatically transfer a percentage of your direct deposits into your savings account.
Overview of Varo’s banking features
Banking Feature | |
|---|---|
Account Fees | $0 |
Minimum Balances | $0 |
Checking Accounts | 1 |
Savings Accounts | First earn 1.20% APY for balances up to $5,000, then you can qualify to earn 5.00% APY (certain conditions required) |
Transactions Fees | Payments • Unlimited transactions • Free ACH payments and Varo Bank transfers • No foreign transaction fees Deposits • Unlimited transactions • Free ACH and check deposits • Free incoming domestic and international wires |
Cards | 1 Visa debit and credit card per account — earn up to 6% cashback on select brands for both cards |
Financing | Get up to $100 in cash advance with Varo Advance |
Accounting Integrations | None |
ATM Network | 55,000+ Allpoint ATMs |
Customer Service | Customer support via email or phone |
Digital Banking Experience | Bank from Web, iOS, or Android |
Verdict: Varo is best for high annual percentage yields on saving accounts
If you’re looking for a neobank with a high APY on their savings accounts, then Varo is the best option. Not only do they offer a 1.20% APY for balances up to $5,000, but you can qualify to earn 5.00% APY (certain conditions required).
Ally
Ally is an online bank that offers a number of checking, savings and retirement accounts for personal banking. They’ve also branched into home loans and investments with Ally Home and Ally Invest, but what sets Ally apart from other neobanks is that they’re one of the few that offers cryptocurrency investing through crypto-specific funds, trusts and stocks.
Overview of Ally’s banking features
Banking Feature | |
|---|---|
Account Fees | $0 |
Minimum Balances | $0 |
Checking Accounts | Interest Checking Account with 0.25% APY |
Savings Accounts | Online savings account with up to 10 buckets and a 1.25% APY Various Certificate of Deposit (CD) accounts |
Transactions Fees | Payments • Free ACH and check payments • $15 expedited ACH • $20 outgoing domestic wires • No international wires Deposits • Free ACH and check deposits • Free incoming domestic and international wires |
Cards | 1 debit card |
Financing | Mortgage, loans and financing available |
Accounting Integrations | None |
ATM Network | 55,000+ Allpoint ATMs |
Customer Service | Customer support via email or phone |
Digital Banking Experience | Bank from Web, iOS, or Android |
Verdict: Ally is best for investors that want to dabble in crypto
Ally offers a wider range of savings, CD and investment accounts but as one of the few neobanks that support crypto investments, they’re best suited for the ambitious investor who wants to dabble into crypto.
Betterment
Betterment offers online checking, savings and investment accounts to help individuals better manage their cash, plan for the future and grow their investments. Basic banking features with Betterment including the checking account, savings account and retirement planning tools are free, but an annual fee is applied for investing and retirement accounts to cover trading, transfer and management costs.
Overview of Betterment’s banking features
Banking Feature | |
|---|---|
Account Fees | Varies depending on the account type |
Minimum Balances | $0 |
Checking Accounts | 1 |
Savings Accounts | Betterment Cash Reserve with a variable 1.10% APY |
Transactions Fees | Payments • Unlimited transactions • Free ACH • No cash or wires payments • No foreign transaction fees Deposits • Unlimited transactions • Free ACH • No cash or wire deposits • No foreign transaction fees |
Cards | 1 Visa debit card per checking account, cashback rewards available |
Financing | None |
Accounting Integrations | None |
ATM Network | No ATM access |
Customer Service | Customer support via email or phone |
Digital Banking Experience | Bank from Web, iOS, or Android |
Verdict: Betterment is best for the investor looking to diversify their portfolio
With their wide range of investing accounts that includes curated portfolios, IRAs, 401Ks, socially responsible investment options and crypto investments, Betterment is the best neobank for the savvy investor looking to diversify their portfolios and grow wealth.
Revolut
UK-based Revolut was founded in 2015 and offers personal and business banking services in over 34 countries around the world. In the United States, Revolut offers three tiers of personal banking plans and 7 tiers of business plans.
Overview of Revolut’s US banking features
Banking Feature | |
|---|---|
Account Fees | Personal Banking • Free Standard plan • $9.99 Premium plan • $16.99 Metal plan Business Banking - Freelancer • Free plan • $9.99 Professional plan • $39.99 Ultimate plan Business Banking - Company • Free plan • $39.99 Grow plan • $149.99 Scale plan • Custom Enterprise plan |
Minimum Balances | $0 |
Checking Accounts | 1 per personal account (delivery fees may apply) and free virtual cards Up to 200 per business account |
Savings Accounts | Saving Vaults available for personal banking, APY determined by account tier |
Transactions Fees | Payments options and fees vary based on plan type and tier. |
Cards | Personal: 1 physical debit card per account Business: 3 physical debit cards and up to 200 virtual cards |
Financing | None |
Accounting Integrations | QuickBooks Online, Xero, Sage |
ATM Network | 55,000 ATMs |
Customer Service | Customer support via email or chat |
Digital Banking Experience | Bank from Web, iOS, or Android |
Verdict: Revolut offers the best combo personal and business banking for global citizens
Revolut is best for bank loyalists who prefer to stick to the same bank for both personal and business banking. While they do charge transaction fees depending your account tier, Revolut offers free transfers between their own accounts. If your entire family uses Revolut and lives across multiple countries, it’s easy to send and request money across the globe while saving on international fees.
Monzo
Founded in 2015, Monzo is another popular UK-based neobank that offers both personal and business banking.
In 2022, after 18 months of beta testing, they expanded into the US market with personal bank accounts. Monzo is considered a regulated bank in the UK with it’s own license, but in the US, they partner with Sutton Bank to deliver banking services.
Overview of Monzo’s US banking features
Banking Feature | |
|---|---|
Account Fees | $0 |
Minimum Balances | $0 |
Checking Accounts | Up to 8 |
Savings Accounts | None |
Transactions Fees | Payments • Unlimited transactions • Free ACH but $5 ACH return fee • No foreign transactions • No cash, check deposits or domestic and international wires Deposits • Unlimited transactions • Free ACH • No foreign transactions • No cash, check deposits or domestic and international wires |
Cards | 1 physical Mastercard card available |
Financing | None |
Accounting Integrations | QuickBooks Online, Xero, FreeAgent |
ATM Network | 37,000 MoneyPass ATMs |
Customer Service | Customer support via email or chat |
Digital Banking Experience | Mobile banking via iOS or Android |
Verdict: Monzo is the best full-stacked neobank in the UK
Despite the lack of US banking features, Monzo had over 4 millions users in the UK and is one of the few neobanks there with their own banking license.
SoFi
Social Finance Inc, better known as SoFi is a financial services and brokerage company that operates as a one-stop shop for your finances. They offer a variety of services including private student loans, personal loans, loan refinancing, mortgages, insurance and recently, personal banking.
While SoFi’s banking product is still in its early stages and lackluster compared to other neobanks, they have a long history as a brokerage offering a variety of loans and financing options.
Best Overview of SoFi’s banking features
Banking Feature | |
|---|---|
Account Fees | $0 |
Minimum Balances | $0, with cash bonus of $50 to $300 depending on starting deposit |
Checking Accounts | 1 |
Savings Accounts | 1.80% APY savings account |
Transactions Fees | Payments • Unlimited transactions • Free ACH • Outgoing wires must be approved by SoFi Deposits • Unlimited transactions • Free ACH, mobile check deposits and international wires • No international wires • $4.95 per cash deposit at Green Dot ATMs |
Cards | 1 debit per account, cashback rewards available |
Financing | Various personal loans and financing options |
Accounting Integrations | None |
ATM Network | 55,000+ Allpoint ATMs |
Customer Service | Customer support via email or chat |
Digital Banking Experience | Bank from Web, iOS, or Android |
Verdict: SoFi offers the best selection of loan and financing services
If your top priority is access to personal loans and financing, then SoFi is your best bet. Though their banking features are basic at best, SoFi’s app makes it easy to move money from their checking and savings accounts into other investing accounts or to pay off loans and mortgages.
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⭐️ Best Neobanks: Honorable Mentions
And finally, we have our top five honorable mentions — these neobanks offer digital banking services to niche audiences, including: travellers, teens, gig workers and sustainable investors.
🌲 Aspiration: Best for eco-conscious banking
Aspiration is a neobank that offers personal checking and savings accounts, debit and credit cards and green investment opportunities. As a certified B Corporation (B-Corp) that puts people and planet over profits, Aspiration is committed to helping customers spend, save and invest consciously. They donate 10% of profits to American environmental charities and invest in planet-saving projects like renewable energy or reforestation initiatives.
🐿 Acorns: For family-friendly investing
Acorns offers personal banking, investment and retirement accounts through Lincoln Savings Bank, Members FDIC, that focuses on helping you and your family invest, grow and save for the future. They have two types of accounts: Personal, which costs $3/month and Family, at $5/month, which includes early investment accounts for your children.
👨👩👧👦 Current: Banking for teens
Current is designed to provide teens with the financial independence they crave without sacrificing the security parents want. Teens can learn to manage their own money with a dedicated checking account and Visa debit card, and start saving early with a high-yield savings account. Parents get peace of mind with features that allow them set limits on spending, automate allowance payments and block certain merchants.
🚖 Moves Financial: Best for gig workers
Moves is online banking designed and built for gig workers. Using the Moves app, gig workers can view past and future earnings across all gig apps, along with spending, all in one easy spot. And since gig work can be unpredictable, Moves offers up to $1,000 in interest-free Cash Advances to help with those low periods.
🌎 N26: Best for travellers and globetrotters
Founded in 2013, N26 is a European neobank that offers both personal and business banking to over seven million customers in 24 different countries. N26 offers flexible banking packages — six in total — for businesses of all sizes and to meet all types of consumer needs. Their top tier of accounts offer travel and lifestyle insurance that covers: loss luggage, flight cancellations, flight delays, phone theft and winter sports accidents.
Consider Relay for your business checking account
If you’re ready to make the switch to a neobank and open a new business bank account, consider the benefits of choosing Relay. We know entrepreneurs put everything on the line to start and grow their companies — that’s why we’ve built a business banking platform to help you carry the load.
With Relay, spend, save and plan more efficiently with unparalleled clarity into operating expenses, cash flow and accounts payable. Make the switch today.
