Neobanks & Banking Apps Compared
A side-by-side look at 9 neobanks and banking apps. Most charge no monthly fee and pay you early, so the numbers that separate them are the savings APY (and its conditions) and the extras like credit-building or investing. Filter and sort to find the one that fits how you bank.
Rates checked October 19, 2026
A neobank is a mobile-first bank (or banking app) that skips branches to offer no-fee accounts, early direct deposit, and often a higher savings rate. Which fits depends on whether you want the top APY, credit-building, investing in the same app, or a big established bank behind it. The table below compares 9 options on APY, fees, and features. APYs change with the rate cycle and often carry conditions. Always confirm the current rate and its requirements on the provider's site. Nothing here is financial advice.
Compare neobanks & banking apps
| Bank / app | Type | Savings APY | Monthly fee | Early direct deposit | Best for |
|---|---|---|---|---|---|
| SoFiSoFi Bank, N.A.High APY | Banking + investing | 3.30% APY with direct deposit (0.80% without); new accounts can add 0.90% for up to 6 months | $0 (SoFi Plus optional, $10/mo) | Yes | People who get paid by direct deposit and want checking, savings, investing and loans with one bank |
| ChimeChime Financial, Inc.High APY | Neobank | 1.00% APY standard; 3.00% Chime Plus ($200+ direct deposit); 4.00% Chime Prime ($3,000+ in 34 days) | $0 | Yes | People with $3,000+ a month in direct deposits who want fee-free banking and SpotMe overdraft coverage |
| Ally BankAlly FinancialHigh APY | Online bank | 3.10% APY on all balances, no conditions | $0 | Yes | People who want a savings rate with no direct-deposit conditions from a long-running online bank |
| Capital One 360Capital One, N.A.High APY | Online bank | 3.10% APY on all balances (360 Performance Savings) | $0 | Yes | People who want online savings plus branches and Capital One Cafes for cash |
| VaroVaro Bank, N.A.High APY | Neobank | 3.75% APY on the first $5,000 with $800+ monthly direct deposit and positive balances; 1.00% otherwise | $0 | Yes | People with $800+ a month in direct deposits and savings under $5,000 |
| CurrentFinco Services, Inc. (Current) | Neobank | No APY: Savings Pods earn a "Boost Bonus" up to 4.00% on $6,000 with a $200+ payroll deposit | $0 (optional paid tier in the app) | Yes | People paid by direct deposit who want early pay, Paycheck Advance and small savings pods |
| DaveDave Inc. | Neobank | None (0% on Checking and Goals) | Up to $5/mo membership | Yes | People who need a small, short-term cash buffer and accept a fee for it |
| Cash AppBlock, Inc. | Cash app | Up to 3.5% interest (not stated as APY) with $500/mo card spending or $300/mo deposits; 1.5% otherwise | $0 | Yes | Cash App users who already spend or get paid through it and want savings in the same app |
| OnePayOne Finance, Inc. (Walmart-backed)High APY | Neobank | 3.35% APY on Savings, no conditions or cap | $0 | Yes | Walmart shoppers who want a no-fee account with savings at 3.35% APY and no direct-deposit condition |
No banking apps match those filters.
Who actually holds your money
Some of these apps are banks; the rest are technology companies whose accounts sit at partner banks, insured by the FDIC through "pass-through" coverage only if certain conditions are met. The FDIC says FDIC deposit insurance does not protect against the insolvency or bankruptcy of a nonbank company
(FDIC). Banks and certificates below are from each app's own disclosures and FDIC BankFind.
| App | A bank? | Deposits held at |
|---|---|---|
| SoFi | Yes | SoFi Bank, National Association (FDIC cert 26881) |
| Chime | No | The Bancorp Bank, N.A. (FDIC cert 35444); Stride Bank, N.A. (FDIC cert 4091) |
| Ally Bank | Yes | Ally Bank (FDIC cert 57803) |
| Capital One 360 | Yes | Capital One, National Association (FDIC cert 4297) |
| Varo | Yes | Varo Bank, National Association (FDIC cert 59190) |
| Current | No | Choice Financial Group (FDIC cert 9423); Cross River Bank (FDIC cert 58410) |
| Dave | No | Coastal Community Bank (FDIC cert 34403); Evolve Bank & Trust (FDIC cert 1299) |
| Cash App | No | Wells Fargo Bank, N.A. (FDIC cert 3511); Sutton Bank (FDIC cert 5962); The Bancorp Bank, N.A. (FDIC cert 35444) |
| OnePay | No | Lead Bank (FDIC cert 8283); Coastal Community Bank (FDIC cert 34403) |
How to choose a banking app
- A savings rate with no conditions? OnePay pays 3.35% APY on Savings with no direct-deposit condition; Ally and Capital One 360 pay 3.10% APY on all balances.
- Paid by direct deposit? Chime pays 4.00% APY with $3,000+ in deposits in 34 days (3.00% with $200+); Varo 3.75% on the first $5,000 with $800+ a month; SoFi 3.30% with any direct deposit.
- A bank, not an app on top of one? SoFi, Varo, Ally and Capital One 360 hold their own charters.
- Need a small advance before payday? Compare the fees: Dave's ExtraCash is an overdraft costing the greater of $5 or 5%; Chime's SpotMe and Ally's CoverDraft charge no fee but have limits.
- Read the label on the rate: Cash App pays "interest" up to 3.5% for Green members, and Current's 4.00% is a bonus it pays itself, not an APY.
Ready to put idle cash to work elsewhere too? See where to invest it in our online brokers comparison and robo-advisors comparison, and project savings growth with the free compound interest calculator.
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How we compare
We read each app's own rate and fee pages, deposit agreements and disclosures, FDIC BankFind and regulator records (CFPB, FTC, OCC, state), quote every fact from those sources and link them in each review. We did not open accounts or run hands-on tests, and we do not score apps with stars. We re-check rates about once a month. We do not earn a commission from any app on this page. Nothing here is financial advice.