Neobanks sit at the intersection between technology and banking, offering banking services through simple-to-use apps and websites. Account holders at neobanks can do many of the same things they could do at a traditional bank, including cash checks, transfer money and pay bills.

While neobanks in the US all offer different benefits based on their services, you can generally expect most of the following benefits:

• No monthly maintenance checking account fees?

• No minimum balance requirements

• Early direct deposit, meaning getting a paycheck up to two days early

• Fee-free overdraft

• Competitive savings account annual percentage rates (APRs)

Neobanks also offer alternative benefits to traditional banks. But they aren’t all built with the same benefits. There are many different features across different neobanks and the top choice for you may be different for someone else — and reviews can be a big help in this process.

Need more guidance? Keeping in mind there are tons of neobanks out there, here are just a few examples of neobanks in the US and the different features they offer their customers.

Chime is one of the top neobanks in the US, with more than 12 million users. While some neobanks offer plenty of features, Chime keeps things simple, offering limited services with low to no fees.?

Chime offers its customers a few special features. If you’re early on your credit-building journey or looking for a way to boost savings, Chime may offer the tools you need.?

For people who want to start passively saving more, Chime offers “Round Ups.” Whenever an account holder uses their Chime debit card, the transaction rounds up to the nearest dollar, depositing the difference in a high-yield savings account.?

Similarly, Chime offers recurring transfer features for direct deposits and paydays.?

If you’re trying to build credit responsibly, Chime offers a secured credit card. For those who qualify, the secured credit card works similarly to a traditional credit card, as long as the cardholder adds money to the credit-builder card.?

Varo Bank started as a neobank, but in 2020, it received a national banking charter, making it a traditional bank. This makes it a unique blend of conventional banking benefits, with the ease of online banking tools from a neobank.?

Varo has the benefit of traditional bank-backing, and if you regularly make purchases with a debit card, Varo Bank may be a good fit. ?

Varo Bank has almost no fees for its users, and there’s no overdraft, minimum balance or monthly maintenance fee.?

The bank charges a few fees associated with out-of-network ATMs ($2.50 per transaction) and using the bank’s cash advance tool, Varo Advance.?

Varo Bank offers cash-back benefits for its debit card and secured credit card. When you purchase using your Varo Bank card with a participating brand, you earn cash back in your checking account every time you reach $5 in transactions.?

Current is making waves for blending the benefits of a neobank with the functionality of a crypto wallet.

Current offers some features you won’t find at every neobank, including crypto and cash back.

With Current, you can bank and buy and sell crypto in the same app. Users can access their assets all in one place and instantly cash out their crypto sales into their checking accounts with no trading fees.

You can earn points toward cash back each time you use Current’s debit card. Some retail partners or transaction categories offer up to 15x points. You can use the points for cash or purchase other items in Current’s online shop.?

ONE offers simple online banking solutions with a no-frills approach to neobanking.

ONE might appeal to you if you’re looking for a way to customize savings goals and get rewarded for everyday purchases.

ONE’s app makes it simple to set up multiple savings “Pockets.” Account holders can create up to three separate "Pockets" within their savings accounts to save for certain expenses.?

When ONE account holders shop at Walmart and other select retailers (including drugstores and gas stations), they’ll receive 2% cash back for their purchases.

Offering everything from student loan refinancing to banking, SoFi has a comprehensive array of services. Its banking benefits include those standard to a neobank. However, its portfolio of other financial tools may appeal to some.?

SoFi offers some features and services you may not find at other neobanks, rolling multiple financial services into one.?

In addition to checking and savings, SoFi offers student loan refinancing, private student loans, mortgages and personal loans. For those seeking a neobank, in addition to other financial services, rolling them all into one product might be a good fit.

SoFi also offers investing, including stocks, ETFs, crypto and other assets. If you prefer to bank and invest all in the same place, SoFi makes it simple through its app and site.

In general, neobanks offer low-to-no fees and higher-than-average APRs on savings accounts. However, each neobank in the US offers its particular perks, and there are always emerging banks popping up with exciting features. While many of them might sound enticing, consider what feature most speaks to your financial needs, and check user reviews before signing up with any neobank.

If you're looking for more information on the safety of neobanking and how to choose the right one for you, check out our neobank guide.

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