19 Top Neobanks: Which Is Right for Me?

What is a neobank, and what options are out there? Designed with the power of technology, these financial institutions are meeting the evolving needs of modern individuals and businesses worldwide with their innovative features and streamlined services. 

With over 300 million users worldwide, neobanks are more than just a passing trend. They’re transforming the global financial landscape, offering a wide range of services from fee-free checking accounts to multi-currency business accounts. 

If you are switching to neobanks, you might feel overwhelmed by the amount of choices to choose from. That’s why we have curated the top neobanks from different regions around the world, each with its unique strength, to help you navigate the options. But first, let’s begin with what a neobank is. 

Neobanks are financial institutions operating entirely online. They provide services like personal and business accounts, money transfers, and investment products through platforms like mobile apps and website portals. 

Their users can easily access financial tools and features digitally from their phones at any time without needing to visit a branch, also because there are no branches to visit. 

It’s important to note that while neobanks may be referred to as virtual banks, they are not the same. “Virtual bank” has a specific regulatory meaning in some jurisdictions, referring only to licensed digital banks.

Statrys is an alternative to traditional banks. It is a fintech company in Hong Kong specializing in multi-currency accounts for companies of all sizes, particularly SMEs and international businesses trading in or within the APAC region. Statrys prioritizes transparency, and convenience, offering customer support with real people through multiple channels, including phone, WeChat, and WhatsApp. 

When you sign up for an account with Statrys, you’ll choose a dedicated account manager who can assist with using your business account. Statrys also makes it easy to create invoices and register your company in Hong Kong and Singapore.

WeBank, founded in 2014, is the first digital-only bank in mainland China. It offers various financial services online through its mobile app and website. WeBank’s microloans are available from RMB 100 to RMB 200,000, and loan approvals are made quickly using technology. 

Although it operates digitally without physical branches, WeBank has over 360 million users at the end of 2022, making it one of the largest banks in China in terms of customer base.

MYbank is a leading online private commercial bank in China, operating as a subsidiary of Abibaba’s Group’s Ant Financial Services. It specializes in providing digital banking services to SMEs and farmers, with a focus on financial inclusion, especially for female entrepreneurs. 

Chime is a financial technology company based in the USA. It focuses on providing checking accounts with no minimum balance requirements, no monthly fees, and no overdraft fees.

Chime also offers credit builder Visa credit cards that do not require a credit check to apply. 

Varo is an American neobank headquartered in San Francisco. It is licensed as a national bank in the US and offers online banking experience to over 3 million customers.

Varo customers can benefit from competitive interest rates on savings accounts and a mobile banking app to manage their finances. With Varo’s automatic savings tools, leftover change from purchases or a percentage of direct deposits can be deposited into savings, helping customers save more effortlessly.

Current is a financial services and software development company based in New York City. Current offers. It offers various digital financial services designed to help grow your money, including credit-building payment cards and high-yield Savings Pods.

Moreover, Current offers fee-free cryptocurrency trading, allowing users to buy and sell popular coins like Bitcoin, Ethereum, and Tether.

Aspiration is one of the unique neobanks in the US, offering financial services to help its customers save, spend, and invest money while minimizing their environmental impact.

Aspiration does not charge a monthly account fee on standard checking and savings accounts. However, customers can make an optional Pay What is Fair contribution, where they can decide how much they want to pay, and 10% of these contributions are donated to climate action non-profits. Aspiration also does not invest in or fund projects involving fossil fuels. 

Acorns is an American financial technology company that specializes in micro-investing and automated savings. Its core feature is to round up spare changes from purchases and invest them automatically for users. Acorns’ mobile app also offers an easy user experience for beginners to start saving and investing towards their financial goals.

SoFi is an online bank that offers a wide range of financial products, including personal loans, private student loans, mortgages, and credit cards. It has over 8 million members and provides services through a mobile banking platform.

In addition to checking and savings accounts, SoFi also offers membership programs with benefits and perks like referral bonuses, member rate discounts, and financial planning consultations.  

Revolut started in London but has grown into other markets beyond the United Kingdom, including the United States and several European countries. It has gained over 40 million users since its launch in 2015. 

With free and paid account plans available for individuals and businesses, Revolut offers the ability to send and spend money in many different currencies from one account. 

*Revolut’s fees vary across regions, currencies, account types, and specific services. We recommend checking their pricing page from your location for accuracy. 

Starling Bank is one of the UK’s fast-growing challenger banks, offering personal, business, and joint accounts with no monthly fees. Starling Bank’s users can access their accounts, as well as benefit from budgeting tools and 24/7 customer support all through the mobile app. 

Starling’s business and sole trader bank accounts allow for easy management of incoming and outgoing funds for modern business owners and freelancers. Because Starling is a fully regulated bank, your money is protected by the Financial Services Compensation Scheme. Starling Bank also offers business loans.

Anytime is a French neobank that is a subsidiary of Orange Bank. It was designed to give businesses the tools they need to manage their funds, including business accounts with French, English, and Belgian IBANS, payment terminals, and insurance. 

If you’re just starting your business, the Anytime team can help you determine your options to set you up with the right type of business account for your goals. Its full-featured app allows for expense tracking, budget adjustments, and automated tax provisioning. 

Monzo is a British digital bank that offers financial services for individuals and small businesses in the UK. Its products include current accounts, overdrafts, loans, and Monzo Flex credit cards. 

With Monzo, customers can combine and manage a number of different bank accounts in one simple app. Monzo’s system allows customers to move money into separate “pots” in order to save and make bill pay easier.

Lunar is a Denmark-based digital bank designed to streamline money management for individuals and businesses in the Nordic region (Denmark, Sweden, and Norway). It offers various financial products, such as virtual and physical payment cards, personal loans, travel insurance, and competitive interest rates on savings accounts.

The business banking account options at Lunar are similar to the personal accounts but are designed to provide options for businesses so customers won’t have to pay for features until they need them. Lunar protects business account holders from negative interest rates and offers easy, automatic payments with direct debit.

N26 is a fully licensed digital bank headquartered in Germany. It offers a wide range of banking products and services completely online, including current accounts, international money transfers, and investment options in stocks, ETFs, and crypto.

Focusing on daily lifestyle and traveling, N26 offers account plans with features like travel insurance and discounts from many brands and services. It currently has over 8 million users across Europe.

Ila is a neobank headquartered in Bahrain and part of Bank ABC. When you open a personal account with Ila, you’ll be able to fund it from another account, with a transfer, or with a check. Then you’ll have an instant digital payment card that you can use around the world. Ila also makes it easy to link bank accounts with different currencies or open foreign currency accounts in its app to further streamline payments. 

Ila’s fixed payment savings accounts have interest rates as high as 5.9%, depending on your chosen account tier, and you can save in BHD or USD for more growth options. 

Hala is a fintech company offering financial tools to SMEs and freelancers in the UAE and Saudi Arabia. Hala offers an easy-to-use payment platform that combines the best features of a digital wallet with a standalone POS system that works in contact with the Hala app.

With a Hala account, businesses can accept payments and quickly access the funds through their online bank account or a Hala debit card. 

Kuda is a Nigerian neobank licensed and regulated by the Central Bank of Nigeria. It offers personal and business virtual bank accounts, as well as CAC registration documents and Tax Identification Number (TIN) registration via the app.  

Kuda offers personal account holders the opportunity to earn competitive interest rates on their savings, with up to 15% per annum on select savings plans. Merchants and retailers can also benefit from a suite of financial tools, including a mobile POS system. 

Now that we’ve explored the top neobanks worldwide, you might be wondering: which one is right for me?

Choosing the best neobank depends on your individual or business needs and priorities. Here are some factors to consider when making your decision:

• Fees: Neobanks and fintech institutions are known to offer lower fee structures compared to traditional banks. However, you should still compare fees for services that you will use often, like ATM withdrawals, international transfers, account maintenance, and card replacements. 
• Location and Availability: Although neobanks operate entirely online, they still have to follow the regulations of specific countries. Ensure your chosen neobank operates in your country and supports your local currency. 
• Account Types and Features: Consider the specific types of accounts you need (personal, business, joint) and the features you prioritize (budgeting tools, early direct deposit, cashback rewards, virtual cards, etc.). Choose a neobank that offers the right mix for you.
• Customer Support: Good customer support is essential, especially for online-only banks. Check for availability of live chat, phone support, or email assistance and consider their response time and helpfulness. Also, make sure they offer support in the language you speak.
• Security and Regulation: Ensure the neobank is properly licensed and regulated in your country. Protect your financial data by looking for features like two-factor authentication, biometric login, and encryption.
• Reviews and Reputation: Research the neobank's reputation by reading online reviews and testimonials from other users. This can give you insights into their strengths and weaknesses.