In today’s digital age, banking has become more convenient and accessible than ever before. With the rise of digital banks, people can now manage their finances from anywhere in the world with just a few clicks on their smartphones. The best part is that digital banks offer a range of benefits, including no hidden fees, higher interest rates, and 24/7 customer support. In this article, we will explore the top digital banks in the market that are worth considering.
1. Chime
Chime is a popular digital bank that offers a range of features, including a no-fee checking account, savings account, and debit card. It also offers early direct deposit, which means that you can access your paycheck up to two days early. Additionally, Chime has a feature called “Save When I Get Paid,” which automatically transfers 10% of your paycheck to your savings account. Chime also offers a cashback program that rewards you for making purchases with your debit card.
2. Ally Bank
Ally Bank is another popular digital bank that offers a range of features, including no monthly maintenance fees, no minimum balance requirements, and 24/7 customer support. It also offers high-interest savings and checking accounts, as well as a range of CDs and money market accounts. Ally Bank also has a mobile app that allows you to deposit checks, pay bills, and transfer money.
3. Varo
Varo is a digital bank that offers a range of features, including a no-fee checking account, savings account, and debit card. It also offers early direct deposit, which means that you can access your paycheck up to two days early. Additionally, Varo has a feature called “Save Your Change,” which rounds up your purchases to the nearest dollar and transfers the difference to your savings account. Varo also offers a cashback program that rewards you for making purchases with your debit card.
4. Simple
Simple is a digital bank that offers a range of features, including a no-fee checking account, savings account, and debit card. It also offers budgeting tools that allow you to set financial goals and track your spending. Additionally, Simple has a feature called “Safe-to-Spend,” which shows you how much money you have left after taking into account your upcoming bills and savings goals. Simple also offers a cashback program that rewards you for making purchases with your debit card.
5. Capital One 360
Capital One 360 is a digital bank that offers a range of features, including no monthly maintenance fees, no minimum balance requirements, and 24/7 customer support. It also offers high-interest savings and checking accounts, as well as a range of CDs and money market accounts. Capital One 360 also has a mobile app that allows you to deposit checks, pay bills, and transfer money.
6. Marcus by Goldman Sachs
Marcus by Goldman Sachs is a digital bank that offers high-yield savings accounts and no-fee personal loans. It also offers a range of CDs and retirement accounts. Additionally, Marcus has a mobile app that allows you to manage your accounts and track your spending. Marcus by Goldman Sachs is known for its excellent customer service and competitive interest rates.
7. Axos Bank
Axos Bank is a digital bank that offers a range of features, including no monthly maintenance fees, no ATM fees, and no overdraft fees. It also offers high-yield savings and checking accounts, as well as a range of CDs and money market accounts. Additionally, Axos Bank has a mobile app that allows you to deposit checks, pay bills, and transfer money. Axos Bank is known for its excellent customer service and competitive interest rates.
8. Discover Bank
Discover Bank is a digital bank that offers a range of features, including no monthly maintenance fees, no minimum balance requirements, and 24/7 customer support. It also offers high-interest savings and checking accounts, as well as a range of CDs and money market accounts. Additionally, Discover Bank has a mobile app that allows you to deposit checks, pay bills, and transfer money.
9. SoFi Money
SoFi Money is a digital bank that offers a range of features, including a no-fee checking account, savings account, and debit card. It also offers early direct deposit, which means that you can access your paycheck up to two days early. Additionally, SoFi Money offers a cashback program that rewards you for making purchases with your debit card. SoFi Money also has a mobile app that allows you to manage your accounts and track your spending.
10. Aspiration
Aspiration is a digital bank that offers a range of features, including a no-fee checking account, savings account, and debit card. It also offers high-interest savings accounts and a cashback program that rewards you for making purchases with your debit card. Additionally, Aspiration has a feature called “Plant Your Change,” which rounds up your purchases to the nearest dollar and plants a tree for every roundup. Aspiration also donates a portion of its profits to charities.
Conclusion
Digital banks offer a range of benefits, including no hidden fees, higher interest rates, and 24/7 customer support. The above-listed digital banks are some of the best in the market that offer a range of features and benefits. Before choosing a digital bank, it is important to consider your financial needs and goals. It is also advisable to compare the features and benefits of different digital banks to find one that meets your needs. With the right digital bank, managing your finances can be simple, convenient, and rewarding.