Best Neobanks for Business and Personal Banking: Top 20 List

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:

• Relay

• Brex

• Mercury

• Novo

• Bluevine

• NorthOne

• Lili 

• Statrys

🏠 Best for personal banking

Here are the 7 most popular neobanks for day-to-day, personal banking:

• Chime

• Varo

• Ally 

• Betterment

• Revolut

• Monzo

• SoFi

⭐️ 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:

• Aspiration

• Acorns

• Current

• Moves Financial

• N26

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. 

🆚 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 

1. 💸 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. 

2. 🏦 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. 

3. 🐌 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.   

4. 📊 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 

1. 💰 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. 

2. 📂 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.   

3. ⭐️ 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.

4. 🏪 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. 

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

Verdict: Relay is best if you want crystal-clear visibility into cash flow

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.

Banking Built for Business Owners

No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.

Learn more

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

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

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.

Compare Relay vs. Mercury here

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

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

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

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

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

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

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

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

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

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

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

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

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.

⭐️ 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. 

Business Banking That Keeps You On The Money

No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.

Try Relay

🌎 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.