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Compare digital bank accounts in the US

Browse digital accounts, discover the benefits of digital banking and learn how you can open an account today.

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 11
Name Product Fee Minimum deposit to open Annual Percentage Yield (APY) Offer
PSECU checking account
Finder Rating: 4.4 / 5: ★★★★★
Bonus
PSECU checking account
$0 per month
$0
0.20%
Earn up to $300: $100 when you get a savings and checking account and activate your debit card with digital banking within 30 days. $100 with monthly payroll direct deposit of $200+ within 90 days. $100 when you maintain direct deposits for an additional 90 days. Select Level Up Your Banking to see terms and get the promo.
Earn a bonus and 5 or 10 cents in rewards on all eligible purchases. Pay $0 in monthly fees, no overdraft fees and get ATM fee reimbursements.
Upgrade Rewards Checking
Finder Rating: 4.3 / 5: ★★★★★
Upgrade Rewards Checking
$0 per month
$0
N/A
Earn up to 2% cashback rewards on everyday purchases. Pay $0 fees for overdraft, domestic wire transfer and monthly maintenance. Pair with Upgrade’s savings account to earn 3.75% APY. Get up to 20% discounts on Upgrade loans and credit lines.
Chime Checking account
Finder Rating: 4.7 / 5: ★★★★★
Chime Checking account
$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.
Varo
Finder Rating: 4.7 / 5: ★★★★★
Bonus
Varo
$0 per month
$0
5.00% on balances of $0 to $5,000
3.00% on balances of $5,000+
Earn $30 bonuses every time a friend signs up for an account and spends at least $20 within 30 days
A digital account with a $0 monthly fee, access to 55,000+ free Allpoint ATMs and no minimum balance required. This account gives you access to an optional savings account with yields as high as 5% APY.
Lili
Finder Rating: 4.6 / 5: ★★★★★
Lili
From $0 per month
$0
1.50%
Designed for freelancers, Lili offers a suite of tools including invoicing software, expense reports, write-off tracker, and automated tax savings. Get paid up to two days early with direct deposit and no monthly fees. Lili Pro account holders get cashback rewards, 1.5% APY for savings.
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Compare up to 4 providers

The 4 best digital bank accounts

The best digital bank accounts offer savings or budgeting features, low fees and 24/7 customer support. We researched more than 20 digital banks and compared each of their offerings. We weighed their fees, deposit requirements and features such as cash-back deposits, automated savings, rewards, interest rates, etc. Among all the digital banking providers we’ve reviewed, these four come out on top.

Varo

Finder Rating: 4.7 / 5 ★★★★★

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on Varo's secure site
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Chime Checking account

Finder Rating: 4.7 / 5 ★★★★★

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on Chime's secure site
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Chime says:

Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa cards are accepted.

The retailer that receives you cash will be responsible for transferring the funds for deposit into you Chime Checking Account. Cash deposit fees may apply if using a retailer other than Walgreens.

Chime Checking Account is required to be eligible for a Savings Account.

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.

Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each month. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member's Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime's discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won't cover non-debit card transactions, including ACH transfers, Pay Friends transfers, or Chime Checkbook transactions. See Terms and Conditions.

Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.

Mobile Check Deposit eligibility is determined by Chime in its sole discretion and may be granted based on various factors including, but not limited to, a member's direct deposit enrollment status.

FDIC deposit insurance limit to $250,000 per depositor, per insured bank, per ownership category. For Stride Savings Account depositors, funds are eligible for FDIC insurance when it arrives at the bank. Please visit the Chime site for more details on FDIC insurance.

SoFi Checking and Savings

Finder Rating: 4.6 / 5 ★★★★★

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on SoFi's secure site
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Juno

Finder Rating: 4.8 / 5 ★★★★★

What is digital banking?

Digital banking refers to the management of finances through apps or websites rather than through human interaction at physical banks. The term is loosely defined, and many companies that exclusively specialize in digital banking are known as neobanks.A neobank is a digital bank that doesn’t use any existing legacy systems to operate. This means the bank doesn’t use any physical infrastructure or digital operating systems that are already being used by existing financial institutions. The technology used by these fully digital banks is developed from scratch.

What other digital banks have launched in the US?

There are a number of digital banks operating overseas that plan to launch in the US in the future, including:

  • Revolut. This UK-based bank was created with travelers in mind, offering low fees for international purchases, withdrawals and money transfers.Revolut launched in the US in March 2020.
  • Glint.This UK-based banks brings an old concept into the digital age. Glint lets you store your money as gold so that it’s less vulnerable to the economic factors than can impact a country’s currency. US customers can already use the app to buy gold, but Glint plans to launch a debit card that allows you to spend your gold or exchange it for US currency at an ATM in the near future.

What are the benefits of a digital bank?

There are several perks of using a digital bank. Among them:

  • They understand your habits. Digital banking apps have spending analysis features that evaluate where your cash is going. Look for automatic spending categorization, notifications, alerts and monthly reports.
  • You can sync them with your budget. Use the spending analysis to set up budgets and track progress. The app may allow you to set goals and spend limits to make veering off course more difficult.
  • Traveling perks. Some digital banks can 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.
  • Automated savings. Some digital banks prioritize stashing cash away. For instance, rounding transactions to the nearest dollar and sending the difference to your savings account.

What are the drawbacks of a digital bank?

Digital banks won’t suit everyone’s tastes. Before opening an account, consider these potential pitfalls:

  • 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 whichever 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:

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

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

Many banks in the US appear to be digital banks they don’t have branches and customers use mobile banking apps to control their money — but that doesn’t mean they are. This table breaks down the difference between digital banks and online banks:

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

Online banks aren’t 100% digital banks

Many people refer to American Express and Discover as digital banks because they don’t have any physical branches. However, these banks aren’t neobanks because they rely on existing banking infrastructure and operate like a traditional bank.

Can a digital bank really replace my traditional bank account?

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 does not affect your credit score.

Must read: A bank offering Apple Pay isn’t necessarily a digital bank.

Many banks offer contactless payments via digital wallets like Apple Pay, Google Pay and Samsung Pay, but offering a digital feature doesn’t make them digital banks.

Similarly, 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. Remember, a 100% digital neobank is one that doesn’t use any existing banking systems or infrastructure.

Are digital banks safe?

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 new banks will be 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 some of the digital banks mentioned in this guide are not yet considered banks and haven’t yet been licensed or FDIC-insured.

How do I sign up for a digital bank?

The sign-up process varies between providers. You can generally 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.

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. 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

Bottom line

Digital banks are getting a lot of hype right now, and for good reason. They often cater to specific niches and groups and they’re known for offering innovative apps. But before you ditch your current bank, take the time to read through all of the fine print to make sure the bank you’re interested in is as good as it sounds.

Frequently asked questions

Read more on this topic

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  • Extra debit card review

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    HMBradley is a hybrid checking and savings account that earns up to 3.0% APY.

  • Stash debit card review

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  • Gusto Wallet review

    Get paid through Gusto? This new checking and savings account combo might be for you.

  • One Finance review

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  • Wirex debit card review

    The Wirex prepaid debit card lets you spend crypto, but customer reviews raise red flags.

  • Green Dot Unlimited review

    A digital bank account featuring 2% cash back on purchases, 2% APY on savings and free cash deposits.

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