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19 Top Neobanks: Which Is Right for Me?

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Neobanks are banks or fintech companies that offer financial services like checking accounts and investment products entirely online, typically through mobile apps and website interfaces. 

They are a good option for people who want a more convenient and user-friendly banking experience, offering fast account opening and low fees. 

Top neobanks are emerging across various regions, offering a diverse range of financial services and catering to different customer needs.

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. 

What Is a Neobank?

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.

Top Neobanks Around The World

 Infographic called top neobanks around the world that features a list of top neobanks in their respective regions around the globe.
Cover image for neobanks in China and Southeast Asia

1

Statrys

Statrys logo on a white background.

Great for:

SMEs worldwide with companies in Hong Kong, Singapore, or the BVI who need a multi-currency business account in Hong Kong.

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.

Key Services

✔ Multi-currency business account supporting 11 currencies, including HKD, USD, RMB, and EUR.
✔ Foreign exchange services
✔ Virtual and physical prepaid Mastercard®

Fees

  • Monthly fee: Free (if 5 or more outgoing transfers are made per month)
  • Receiving HKD/CNY within Hong Kong: Free
  • Sending HKD/CNY within Hong Kong: HKD 5
  • Receiving international payments: HKD 60
  • Sending international payments: HKD 75

Other information

  • Only companies incorporated in Hong Kong, Singapore, and the BVI can open a Statrys business account.

2

WeBank

WeBank logo on a white background.

Great for:

Individuals and businesses in China seeking microloans and credit products online.

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.

Key Services

✔ Personal and SME loans
✔ Auto loans
✔ Wealth management services

Fees

Not available

Other information

WeBank primarily caters to the Chinese market, and the mobile app is mainly in Chinese.

3

MYBANK

MyBank logo on a white background.

Great for:

Small and micro enterprises (SMEs) in China.

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. 

Key Services

✔ Personal checking accounts
✔ Corporate accounts

✔ Online merchant loan

Fees

Not available

Other information

MYBank’s website is only in Chinese and seems to provide customer support only in Chinese. 

Map of North America with text that reads "neobanks in North America."

4

Chime

Chime logo on a white background.

Great for:

Tech-savvy users who are new to banking and have no credit history.

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. 

Key Services

✔ Checking accounts
✔ High-yield savings accounts
✔ Visa debit cards with real-time transaction alerts

Fees

Only an out-of-network ATM withdrawal fee of USD 2.50 per transaction

Other information

Chime offers FDIC-insured accounts through its partner banks, The Bancorp Bank and Stride Bank.

5

Varo

Varo logo on a white background.

Great for:

US residents who want to build their savings automatically, avoid bank fees, and improve their credit.

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.

Key Services

✔ Checking and savings accounts
✔ Savings account with up to 5% APY

✔ Early direct deposit

Fees

  • No monthly fees, overdraft fees, transaction fees, or ATM fees
  • USD 3.50 fee per cash withdrawal at non-Allpoint and international ATMs

Other information

As a licensed bank, deposits with Varo Bank are FDIC-insured.

6

Current

Current logo on a white background.

Great for:

People who want to save and invest in cryptocurrency

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.

Key Services

✔ Savings Pods to set aside your extra cash and rhea your savings goals
✔ Crypto investment
✔ Earn points and get cashback on card spending

Fees

  • No annual fees, in-network ATM fees, money transfer fees, and minimum balance fees
  • Out-of-network ATM withdrawals and late payments may incur fees

Other information/features

Current is not a bank but FDIC-insured through the Choice Financial Group partnership.

7

Aspiration

Aspiration logo on a white background.

Great for:

Eco-conscious people who want digital financial services that align with their values and offer a flexible fee structure.

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. 

Key Services

✔ Checking and savings accounts
✔ Sustainable investment services 
✔ Mastercard® debit card with an option to fund a tree planting with every purchase

Fees

  • Standard accounts: Free
  • Aspiration Plus accounts: USD 7.99 per month or $71.88 per year
  • Receiving domestic and international wire transfers: USD 2.06
  • Sending domestic wire transfers: USD 4.50
  • Sending international wire transfers: USD: 19.50

Other information

Aspiration accounts are FDIC insured up to USD 250,000 per depositor through its partner bank, Coastal Community Bank.

8

Acorns

Acorns logo on a white background.

Great for:

People new to saving or want to invest passively and parents who want to start investing for their children.

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.

Key Services

✔ Investment accounts
✔ Individual Retirement Accounts (IRAs)
✔ Custodial accounts to save for kids 

Fees

  • Acorns Personal: USD 3 per month
  • Acorns Personal Plus: USD 6 per month
  • Acorns Premium: USD 12 per month

Other information

Acorns debit cards, banking services, and FDIC protection are provided by Lincoln Savings Bank or NBKC bank. 

9

SoFi

SoFi logo on a white background.

Great for:

Young professionals with good credit, especially those looking for private student loans

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.  

Key Services

✔ Checking and savings accounts
✔ Private student loans, including for undergraduate and graduate students
✔ Auto, life, homeowners, renters, and cyber insurance

Fees

No fees for savings and checking accounts

Other information

FDIC-insured accounts and SIPC-insured investment accounts

Map of Europe with text that reads "neobanks in the EU and UK."

10

Revolut

Revolut logo on a white background.

Great for:

Frequent travelers and those who need multi-currency accounts

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. 

Key Services

✔ Current accounts for individuals and those under 18
✔ Multi-currency business accounts for companies and freelancers
✔ Customizable physical and virtual payment cards

Fees*

  • Personal accounts: From free to GBP 45 per month
  • Business accounts: From free to GBP 79 per month

Other information

Revolut currently holds a banking license for the EEA but is operating as a financial service provider in other regions. 

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

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Tip: Learn more about the Revolut Business Account in our review.

11

Starling

Starling Bank logo on a white background.

Great for:

UK residents looking for a fully digital banking experience

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.

Key Services

✔ Personal current accounts with 3.25% AER on balances up to GBP 5,000.
✔ Business and sole trader accounts
✔ Money transfers to bank accounts in 34 countries worldwide

Fees

  • Personal accounts: Free
  • Business accounts: Free, with an optional GBP 7 business toolkit add-on that includes features like invoicing, expense tracking, and VAT management

Other information

Starling Bank also offers US dollar and euro accounts but currently does not accept new applications.

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Interested in Starling Bank? Explore its account features in our Starling Bank business account review.

12

Monese

Monese logo on a white background.

Great for:

People in the U.K. who need an easy-to-use multicurrency account

Key Services

✔ Personal and joint accounts with contactless Mastercard® debit cards
✔ Business accounts
✔ International money transfers

Fees

  • Personal accounts: Free to GBP 14.95 per month
  • Business accounts: GBP 9.95

Other information

Monese offers customer support in 14 languages, including English, German, French, and most European languages

13

Anytime

Anytime logo on a white background.

Great for:

Business owners, companies, and employees who need powerful tools to run their business

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. 

Key Services

✔ Business accounts 

✔ Solutions for managing cash receipts, including SEPA Credit Transfer and mobile payment terminals

✔ Professional liability insurance

Fees

From EUR 9.50 to 249 per month

Other information

Anytime does not offer personal financial services

14

Monzo

Monzo logo on a white background.

Great for:

People who want to easily manage accounts from multiple banks easily.

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.

Key Services

✔ Personal current and savings accounts

✔ Business accounts for sole traders and small businesses
✔ Loans and overdrafts for eligible sole traders

Fees

Personal accounts: Free to GBP 17 per month

Business accounts: Free to GBP 5 per month

Other information

Monzo also offers services in the US, partnering with Ohio’s Sutton Bank to provide FDIC-insured products. 

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Tip: Discover Monzo’s business account fees and features in our detailed review.

15

Lunar

 Lunar logo on a white background.

Great for:

Scandinavian residents looking for affordable but heavy-featured banking services.

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.

Key Services

✔ Personal and business accounts

✔ SAS EuroBonus debit card

✔ Lunar AI personal financial assistant (Beta)

Fees

  • Personal accounts: Free to DKK 139 per month
  • Business accounts: DKK 240 to 490 per month (paid yearly)

Other information

Lunar also offers services to expats, non-citizens, and international students in Denmark, Sweden, and Norway.

16

N26

N26 logo on a white background.

Great for:

International and frequent travelers.

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.

Key Services

✔ Personal accounts
✔ Business accounts for freelancers
✔ Free cash withdrawals in the Eurozone

Fees

Free to EUR 16.90 per month

Other information

You cannot have a business account with N26 if you already have an existing account.

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Tip: Read our N26 business account review to learn more about its features, fees, and customer support ratings.

Map of Africa and the Middle East with text that reads "neobanks in Africa and the Middle East."

17

Ila

Ila logo on a white background.

Great for:

People who want to open an account quickly with foreign currency flexibility

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. 

Key Services

✔ Checking accounts with standard and premium plans
✔ Digital and physical payment
✔ Credit cards

Fees

  • Annual subscription fee: Free for standard accounts; BHD 55.000 for premium
  • RTGS within Bahrain: BHD 0.440
  • International SWIFT payments: BHD 5.500 for standard accounts; BHD 2.750 for premium

Other information

Ila provides 24/7 customer support, and you can easily make donations to charities through the app.

18

Hala

Hala logo on a white background.

Great for:

Merchants and SMEs looking for an easy POS system

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. 

Key Services

✔ Business accounts
✔ POS system
✔ Mobile app for making and tracking payments

Fees

  • Top Up Fee via Mada: 1%
  • Top Up Fee via Visa and Mastercard®: 2%

Other information

Hala is not a bank but is under the supervision and control of The Saudi Central Bank.

19

Kuda

Kuda logo on a white background.

Great for:

Nigerian residents looking for a fee-free digital banking experience

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. 

Key Services

✔ Personal and business accounts

✔ POS machine and mobile phone software

✔ Investment options in US stocks

Fees

  • NGN 100 per deposit or withdrawal
  • 2% commission on all trades made on the Kuda app

Other information

Deposits insured by the National Deposit Insurance Commission (NDIC)

How Do I Choose the Right Neobank?

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.
Statrys mobile application dashboard showing a total balance in a business account.

FAQs

What is the best neobank?

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The best neobank depends on your financial needs and region. For example, in the US, Chime is one of the leading neobanks, while in Europe, Revolut and N26 are more popular.

What is the difference between a neobank and a virtual bank?

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What is the largest neobank?

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Are neobanks real banks?

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Are neobanks safe?

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