If you’re tired of traditional banking practices and want to switch to a more modern and convenient option, then digital-only banks might be the right choice for you. These banks offer all the services that traditional banks do, but with the added benefits of online banking and mobile apps. In this article, we’ll take a look at some of the best digital-only banks available in the market today.
1. Chime
Chime is a digital-only bank that offers fee-free checking and savings accounts. With Chime, you can get paid up to two days early with direct deposit, and there are no hidden fees or minimum balance requirements. Chime also offers an optional savings account that allows you to save money automatically.
2. Ally Bank
Ally Bank is another popular digital-only bank that offers high-interest savings accounts and fee-free checking accounts. With Ally, you can also get access to over 43,000 ATMs across the country. The bank also offers 24/7 customer support through phone, email, and chat.
3. Simple
Simple is a digital-only bank that offers a fee-free checking account with a Visa debit card. Simple also offers built-in budgeting and saving tools, making it easy to manage your finances. The bank has a mobile app that allows you to deposit checks, pay bills, and transfer money.
4. Varo
Varo is a digital-only bank that offers a fee-free checking account and high-yield savings account. With Varo, you can get early access to your paycheck with direct deposit, and you can also use the app to set up automatic savings. The bank also offers free ATM withdrawals at over 55,000 locations nationwide.
5. Capital One 360
Capital One 360 is the digital-only arm of Capital One Bank. The bank offers fee-free checking and savings accounts, as well as CDs and credit cards. Capital One 360 also has a mobile app that allows you to manage your accounts, deposit checks, and pay bills.
6. Axos Bank
Axos Bank is a digital-only bank that offers a variety of banking products, including checking and savings accounts, CDs, and loans. The bank also offers a rewards checking account that gives you cashback on your purchases. Axos Bank has a mobile app that allows you to deposit checks, transfer money, and manage your accounts.
7. Aspiration
Aspiration is a digital-only bank that offers a fee-free checking account and a high-yield savings account. The bank also offers investment products that allow you to invest in socially responsible companies. Aspiration has a mobile app that allows you to track your spending and manage your accounts.
8. Discover Bank
Discover Bank is primarily known for its credit card offerings, but it also has a digital-only banking division that offers checking and savings accounts. Discover Bank’s checking account offers cashback rewards on debit card purchases, and the bank also offers free ATM withdrawals at over 60,000 locations.
9. N26
N26 is a digital-only bank that is based in Germany but has expanded to other countries, including the United States. The bank offers a fee-free checking account and a premium account that comes with added perks like travel insurance and cashback rewards. N26 also has a mobile app that allows you to manage your accounts and make payments.
10. Revolut
Revolut is a digital-only bank that is based in the UK but has expanded to other countries, including the United States. The bank offers a fee-free checking account and a premium account that comes with added perks like travel insurance and cashback rewards. Revolut also offers a mobile app that allows you to manage your accounts and make payments.
Conclusion
These are some of the best digital-only banks available in the market today. Each bank offers unique features and benefits, so be sure to choose the one that best fits your needs. With digital-only banks, you can enjoy the convenience of online banking and mobile apps, while avoiding the fees and hassle of traditional banks.