Compare digital bank accounts in the US for March 2023

Compare digital bank accounts

Use this table to compare accounts from digital banks, or neobanks, to find one that's right for you. Take it a step further by filtering accounts by interest, fees and ATM access.

1 - 5 of 16

Name	Product	Fee	Minimum deposit to open	Annual Percentage Yield (APY)	Offer
Novo Business Finder Rating: 4 / 5: ★★★★★ Novo Business Finder Rating: 4 / 5: ★★★★★		$0 per month	$0	N/A		Enjoy free workflow integrations for your business, such as invoicing and budgeting. Get free ACH and payment processing, as well as unlimited ATM fee reimbursements. Pay $0 monthly fees with a $0 minimum balance requirement. FDIC insured.	Go to site View details	Compare	loading Fetching your data...
Bonus US Bank Smartly Checking Finder Rating: 3.2 / 5: ★★★★★ US Bank Smartly Checking Finder Rating: 3.2 / 5: ★★★★★	Bonus	$6.95 per month	$25	N/A	New offer: Earn up to $600 when you open a new U.S. Bank Smartly™ checking account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through April 11, 2023. Member FDIC	Take control of your spending with integrated tools such as automated budgeting, upcoming due date alerts, low balance alerts and more, available in the US Bank Smartly Checking mobile app. Easily send and receive funds via Zelle. Waive overdraft fees by depositing money before the forgiveness deadline. Member FDIC.	Go to site View details	Compare	loading Fetching your data...
Chime Checking account Finder Rating: 4.7 / 5: ★★★★★ Chime Checking account Finder Rating: 4.7 / 5: ★★★★★		$0 per month	$0	N/A		Save easily and access your paycheck up to 2 days early with direct deposit. Pay $0 monthly fees, and no minimum balance is required. Access 24/7 support and get daily balance and transaction alerts. FDIC insured.	Go to site View details	Compare	loading Fetching your data...
Bonus Chase Total Checking Finder Rating: 3 / 5: ★★★★★ Chase Total Checking Finder Rating: 3 / 5: ★★★★★	Bonus	$12 per month	$0	N/A	New Chase checking customers enjoy a $200 bonus when you open a new Chase Total Checking® account and set up direct deposit.	Chase Total Checking is easy to use and gives you access to 16,000 ATMs and more than 4,700 branches. It offers a $200 signup bonus to new Chase customers. Member FDIC.	Go to site View details	Compare	loading Fetching your data...
GO2bank Finder Rating: 3.7 / 5: ★★★★★ GO2bank Finder Rating: 3.7 / 5: ★★★★★		$5 per month	$20	4.50% on balances of $0 to $5,000		Get your direct deposit up to 2 days before payday. $0 fees with eligible direct deposit. Otherwise $5 monthly fee. Earn 4.5% APY on savings balances. FDIC insured.	Go to site View details	Compare	loading Fetching your data...

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What is digital banking?

Digital banking refers to any bank that operates primarily online or through a mobile app. They don’t have physical locations, so all banking activities, such as depositing funds or speaking to customer service, is done online. Although not an actual bank, fintechs offer digital banking products by partnering with banks.

A few popular examples of digital banks include:

SoFi
Varo
Chime
Juno

What’s the difference between a digital bank and an online bank?

A digital bank, also called a neobank, is one that operates exclusively online without the use of any existing banking infrastructure. For example, while American Express doesn’t have a physical location, it still operates in the same way as a physical branch like Chase. These kind of offerings are considered online banks. Use this table to compare features across the two types.

Features	Digital bank	Online bank
Competitive interest rates
Low opening deposits
Few fees
Built-in budgeting & automated savings tools
Branch locations
More account options
Accepts cash deposits

What is the difference between mobile and digital banking?

Mobile banking refers to the ability to manage your finances through an app or smartphone-friendly website. Digital banking is a broader term that also encompasses the ability to manage your finances via a website. If a bank offers a top-notch mobile banking app, Internet banking services, cardless cash facilities and digital savings tools, this doesn’t automatically mean it’s a digital bank either.

You’ll get more convenience with Mobile banking because you don’t need a traditional desktop or laptop computer to access your account. There are several advantages to mobile banking:

Banking access in your pocket
Many companies offer 24/7 access to banking support

Instant spending notifications
Many banking apps offer ways to automatically save money

Can a digital bank replace traditional banking?

It depends on your personal needs. Banking apps let you fully manage your accounts — savings, checking and more — through your smartphone or computer. If you’ve never stepped into a branch location and don’t plan to anytime soon, switching over might make sense.

But remember that you don’t have to cancel your traditional bank account to use a digital bank. Having multiple bank accounts doesn’t affect your credit score.

Expert insight: Digital banks offer more features but complicate verification.

While digital banks offer better rates and features, they won't completely replace traditional banks unless we become a cashless society. As long as there's physical cash and people need to make cash deposits, traditional banks are here to stay.
Also, digital banking complicates identity verification, especially with the rise in deepfake technology. Frontline staff at traditional banks have the upper hand in identifying red flags.

— Alexa Cruz, Editor

4 benefits of a digital bank

High interest rates. Digital banks offer higher interest rates than brick-and-mortar banks thanks to the lower overhead costs.
Budgeting tools. Their apps often include spending analysis features that evaluate where your cash is going. Look for automatic spending categorization, roundups and limits, notifications, alerts and monthly reports.
Traveling perks. Some make traveling easier by holding multiple currencies at once, skipping international ATM or foreign currency fees and locking or unlocking your card if it gets lost or stolen.
Convenience. Manage all of your account needs from your mobile device or computer.

Potential drawbacks

Cash deposits limited. Most don’t allow for cash deposits so you’ll need to rely on direct deposits and transfers.
No in-person help. If you’re looking to navigate a complex financial plan with the aid of a professional, you might want to stick with a more traditional setup.
Smaller product offerings. While industry giants also offer loans, mortgages and investment accounts, digital banks tend to specialize in checking and savings.
Compatibility may be limited. Make sure your smartphone can handle the digital bank you choose — not all operating systems may be supported.
Technical reliance. Technical difficulties could derail your ability to access and manage personal finances, which might present too big a risk for some.

6 common support options for digital banks

Digital banks offer a wide range of customer service outlets:

Live chat. Speak to a representative in real-time on your computer or smartphone.
Contact form. Send a secure message through its website or app.
Email. Get help with your account by initiating an email correspondence.
Phone. Call customer service during its business hours.
Mobile app chat. Some digital banks let you chat with a rep right from the mobile app.
Social media. Reach out through various social media platforms, including Twitter, Facebook and Instagram.

Are digital banks safe?

Yes. Digital banks need to have the same banking licenses and approvals as existing US banks before they’re able to offer products and services to consumers. These banks are regulated by the Federal Deposit Insurance Corporation (FDIC) and the US Securities and Exchange Commission (SEC) in the same way that existing banks are regulated.

Your deposit of up to $250,000 with an FDIC-insured bank is protected by the US government. This means if something were to happen to the bank, your money (up to this amount) would be safe. Note that although fintechs aren’t actual banks, they offer digital banking products and are FDIC insured through their partnering banks.

Start by downloading the provider’s app to your smartphone. Then, verify your identity by providing an ID such as your driver’s license or passport. You’ll also need to send personal details such as name, address and contact information. Some apps will send you a physical card, while others allow you to start spending instantly with a virtual debit card.

For new digital banks, you may need to join their waitlist by visiting their website. Once their product launches they’ll send an announcement to those on the waitlist first.

Bottom line

Digital banks offer a lot to love for consumers, including higher interest rates, fewer fees and innovative apps. But before you ditch your current bank, take the time to compare your options make sure the bank you’re interested offers all of the financial tools you need to supplement or replace your existing banking option.

FDIC Consumer News: Is Digital Banking for Me? April 2020

Thank you for your feedback!

Alison Banney

Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years, with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business. She has previously worked at Westpac, and has written for several other major banks including BCU, Greater Bank and Gateway Credit Union. Alison has a Bachelor of Communications from Newcastle University, with a double major in Journalism and Public Relations. She has ASIC RG146 compliance certificates for Financial Advice, Securities and Managed Investments and Superannuation. Outside of Finder, you’ll likely find her somewhere near the ocean.

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Compare digital bank accounts in the US

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