You’re looking at the future, and honestly also the present of banking with our list of 5 best neobanks in 2024 (sometimes also referred to as "neo banks" or "digital banks"). Each of these digital platforms, from Revolut’s globally accessible services to Monzo’s focus on personal banking, is trying to shake up traditional banking with tech-driven efficiency and customer satisfaction.
Frankly, in the modern world, everyone should explore these neobanks further and perhaps reconsider where to keep their money.
Key highlights:
Revolut - A UK giant with unmatched convenience
N26 - No fee accounts with impressive user experience
Wise - Neobank for international business
Monzo - Catering to personal banking needs
Chime - American fintech giant with over 50,000 fee-free ATMs
The 5 best neobanks: Exploring top digital banking platforms for 2024
In the following sections, we will examine the best neobanks available right now and explore their key features.
1. Revolut - A UK giant with unmatched convenience
While you might recognize Revolut as a renowned neobank celebrated for its low fees and global services, what really stands out is its significant market growth and disruption it has caused in the traditional banking industry. Founded in 2015 and headquartered in London, UK and licensed by the Bank of Lithuania, Revolut achieved a staggering £1.80 billion ($2.33 billion) in revenue in 2023.
Revolut is deserving of the #1 spot on our list. Its consumer-friendly approach appeals to a broad user base, including cryptocurrency users. In fact, Revolut is probably one of the best banks for crypto users. We’ve already mentioned low fees, but it also offers convenience and the ability to save and earn APY on your assets.
Key features:
Multi-Currency Accounts: You can manage and exchange over 30 currencies at interbank rates
Savings and Budgeting:
Savings Vaults: Create dedicated spaces within your account to save for specific goals, and earn APY with paid plans
Budgeting Tools: Track spending, set budgets, and gain insights into your financial habits with detailed analytics
Investing and Trading:
Stock and ETF Investing: Buy fractional shares and invest in various stocks and ETFs
Cryptocurrency and Commodities: Trade cryptocurrencies and commodities like gold and silver directly within the app
Payment and Transfer Features:
Instant Transfers: Send money instantly to other Revolut users or to bank accounts around the world
Spare Change Round-Up: Automatically save the difference from rounded-up purchases into your Savings Vault
Travel Benefits:
Travel Insurance: Purchase travel insurance directly through the app
Airport Lounge Access: Discounted access to airport lounges with premium plans
Fee-Free International ATM Withdrawals: Withdraw cash abroad without fees up to a certain limit (based on your plan)
Security and Convenience:
Disposable Virtual Cards: Generate single-use virtual cards for secure online transactions
Card Freezing: Instantly lock your card if misplaced
Linked Accounts: Connect and manage multiple bank accounts from within the Revolut app
Additional Services:
Revolut for Teens: Prepaid cards with spending controls for teenagers
Group Payments: Easily split bills and collect money from friends
Salary Advance: Access a portion of your salary early, subject to eligibility
In-App Donations: Donate directly to charities through the app
Customer Service: Revolut offers multiple ways to get in touch with customer service, such as live chat in multiple languages and a detailed online help center
2. N26 - No fee accounts with impressive user experience
Founded in 2013, N26 is a German neobank that offers a user-friendly mobile app and no-fee accounts, while offering up to 10 different subaccounts for paid plans.
The app’s interface looks incredibly sleek and clean, and sends real-time notifications for accountability and transparency, making it one of the best Cash App alternatives. They’ve introduced a savings option, which shows they clearly understand their customer base.
Key features:
Multi-Currency Accounts: You can manage and exchange 35 currencies with your N26 app
Free Digital Bank Account: The N26 Standard account is free and allows users to manage their finances without monthly fees.
Expense Management:
Budgeting Tools: You can track spending, set limits, and receive real-time notifications.
Subaccounts: You’re able to create up to 10 subaccounts for better budgeting and goal setting (available only with paid plans)
Premium Accounts: N26 offers several premium accounts, including:
N26 Smart (€4.90/month): Features tools for spending and saving. This includes sub-accounts and insights on spending
N26 You (€9.90/month): Designed for travel and everyday needs. It offers travel insurance and no foreign transaction fees
N26 Metal (€16.90/month): A premium account with additional perks, such as a metal card, cashback on purchases, and exclusive partner offers
Investment Options: N26 lets you invest in stocks, ETFs, and cryptocurrencies directly through its app, with pretty competitive trading fees.
Travel and Insurance Benefits:
Travel Insurance: This covers medical expenses, flight delays, and lost luggage. But you must have either the You or Metal plan
Mobile Phone Insurance: You get reimbursed for stolen phones when purchased with N26 You or Metal cards.
Lounge Access: You can access over 1,000 airport lounges worldwide with the Metal plan
Real-Time Notifications and Budgeting Tools: The app provides push notifications for transactions and insights into your spending habits
Security Features:
Biometric Authentication: You can secure account access with fingerprint or face recognition.
Card Control: If you lose your card, you can freeze and unfreeze it immediately, as well as disable online transactions directly through the app.
Deposit Protection: Your funds are insured up to €100,000
Additional Services:
CASH26: You can deposit and withdraw cash at partner retail stores using a barcode that’s generated inside the app
Overdraft Facility: This is available for business accounts at a competitive interest rate.
Integration with Wise: Benefit from low-cost international transfers at the mid-market rate.
Cryptocurrency Trading: You’re able to trade almost 200 cryptocurrencies directly through the N26 app
Customer Experience:
User-Friendly App: Highly rated for its intuitive design and real-time transaction notifications.
Customer Support: Access to support via live chat, with priority service for premium plans
3. Wise - Neobank for international business
Founded in 2013, Wise (formerly TransferWise) is a neobanking solution headquartered in London. It’s a great option if you’re looking for a neobank tailored for international business. It is considered one of the top free virtual credit cards overall.
Able to deal in over 40 currencies, Wise provides you with the flexibility to operate across borders without having to deal with (most of) the headaches of currency conversion.
We should also mention that Wise integrates seamlessly with accounting software such as QuickBooks and Xero. This streamlines your financial management, so you don’t have to worry about financial administration.
Key features:
Multi-Currency Accounts: Wise allows you to hold and manage over 40 currencies in a single account. This is great for travelers, expatriates, and businesses dealing in multiple currencies
Low-Cost International Transfers:
Transparent Fees: Wise uses the mid-market exchange rate with no hidden markups. You only pay a low, transparent fee that is clearly stated before confirming a transaction
Speed and Efficiency: Approximately 50% of transfers are instant, and 90% are completed within 24 hours
Wise Debit Card: This card allows you to spend in over 160 countries without additional transaction fees (assuming, of course, you have the local currency in your account). There are also two free ATM withdrawals per month. After that, a small fee applies
Business Accounts: Wise business accounts support batch payments through CSV file uploads, making it easy to pay multiple recipients at once. The Wise API can automate payouts and integrate with popular accounting software like Xero, QuickBooks, and FreeAgent
Investing Features - Wise Assets: Users can choose to hold their money as stocks through the Wise Assets feature, while still being able to spend
Security and Regulation: Wise is regulated by financial authorities in the countries it operates,
Customer Support and User Experience: Wise offers multiple customer support channels, including live chat, phone support, and a detailed online help center. The app and website are user-friendly, which makes it easy to manage accounts and transactions
Interest: Wise offers a competitive 4.85% APY on USD balance for business savings. There is interest for some other currencies as well, though it’s not as substantial
4. Monzo - Catering to personal banking needs
If you were feeling philosophical, you could call Monzo the Yang to Wise’s Yin. Just like Wise, Monzo is headquartered in the UK, but unlike Wise, Monzo is mostly focused on personal banking needs.
Monzo offers various account types, quite a lot actually, including both free and premium options, each tailored to meet different user needs.
Despite some limitations in lending products, as well as a weird £400 daily withdrawal limit on all types of accounts, Monzo’s neat “Flex” feature offers a unique BNPL (Buy Now, Pay Later) option, which gives a lot of flexibility to you as a user.
Key features:
Budgeting and Savings:
Savings Pots: Create separate pots for specific savings goals, which you can choose to lock or hide for disciplined saving
Salary Sorter: You can automatically allocate your salary into different categories like expenses, savings, and bills
Trends: This analytics feature that tracks spending patterns and provides insights into your financial habits
Round-Up Savings: Automatically rounds up transactions to the nearest pound and saves the spare change in a dedicated pot.
Account Types and Benefits:
Current Account (free): £250 in monthly withdrawal are free (in EEA), after that there’s a 3% fee
Monzo Plus (£5/Month): Monzo plus offers tools like credit tracking, auto-export transactions into Google Sheets, and overview of all bank accounts in the Monzo app. Monzo Plus is a golden standard for most users.
Monzo Premium (£15/Month): This includes travel and phone insurance, higher interest on savings, and advanced budgeting tools.
Monzo for 16-17-year-olds (free) : As the name suggests, this is for older teenagers. It’s almost the same as the adult ones, with one key difference - Monzo restricts transactions it deems unsafe automatically
Monzo Lite (Free): A basic business account with basic features suitable for sole traders and contractors
Monzo Business Pro (£5/Month): This account provides tools helpful for business, such as invoicing tools, digital receipts, budgeting tools, international outbound payments and integration with accounting software like Xero and QuickBooks
Travel and Overseas Usage:
Fee-Free Spending Abroad: No extra fees on Mastercard’s exchange rate. This Is great for travelers
ATM Withdrawals: Free withdrawals up to £250 per 30 days (3% charge after) for the free account, £400 for Plus, and £600 for Premium users.
Security and Usability:
Biometric Authentication: Secure access using fingerprint or face recognition.
Virtual Cards: Available for Plus and Premium users for safer online transactions.
Customer Support: It’s accessible through the app, with a 24/7 live chat option for urgent matters.
5. Chime - American fintech giant with over 50,000 fee-free ATMs
Our first American entry on this list, Chime, is a fintech company (technically not a bank) that has significantly affected the American online banking landscape since its inception in 2013. Headquartered in San Francisco, Chime partners with Bancorp Bank, N.A., and Stride Bank, N.A., both FDIC members, to provide banking services.
Chime’s focus on a user-friendly, fee-free banking experience has garnered it 13 million customers (as of 2023). It’s ideal for people who prefer banking entirely online, with no physical branch access required. They offer plenty of features that simplify personal banking, including early direct deposit, fee-free overdraft protection up to $200 with SpotMe®, and an extensive network of over 50,000 fee-free ATMs.
Bear in mind, you need to be a U.S. Citizen or legal resident of the United States who’s 18 years and older to use Chime.
Key features:
Chime® Checking Account:
No Monthly Fees: There are no maintenance fees or minimum balance requirements
Early Direct Deposit: You can receive direct deposits up to two days early
SpotMe® Overdraft Protection: Chime offers a fee-free overdraft service called SpotMe, which allows eligible users to overdraw their accounts by up to $200 on debit card purchases without incurring overdraft fees, assuming they receive a qualifying direct deposit of at least $200 each month
Fee-Free ATMs: Access to over 50,000 fee-free ATMs nationwide
Pay Anyone: You’re able to send money instantly to friends and family without fees, up to a $5,000 monthly limit.
Mobile Check Deposit: Available if you receive direct deposits.
Security Features: You can disable transactions if your card is lost or stolen, you get free debit card replacement, and it’s compatible with Google Pay and Apple Pay.
Chime® Savings Account:
Competitive APY: You earn 2.00% annual percentage yield (APY) with no cap on the amount of interest you can earn.
No Fees: There are no monthly fees or minimum balance requirements.
Automated Savings Tools:
Round Ups: It automatically rounds up debit card transactions to the nearest dollar and transfers the difference to your savings account.
Save When I Get Paid: It automatically transfers 10% of direct deposit paychecks of $500 or more into your savings account.
Chime Credit Builder Visa® Credit Card:
Build Credit: This card could arguably be considered the best neobank credit card for those looking to improve their credit score without being burdened by fees
No Fees: No annual fee or minimum security deposit is required
Reporting to Credit Bureaus: Payments are reported to major credit bureaus to help improve your credit score.
Customer Experience:
24/7 Customer Support: Available through phone or live chat
Mobile App: The app is highly rated for both Android and iOS devices. It provides daily balance notifications, transaction alerts, and the ability to disable transactions directly through the app.
Cash Deposits: You can make cash deposits at over 85,000 retail locations, including Walgreens, Walmart, and 7-Eleven.
The bottom line
Revolut stands out as a leading neobank, backed by $1.7 billion in funding. It offers low fees and a wide range of global services, making it an excellent choice for users seeking international banking solutions. N26, a user-friendly German neobank, provides no-fee accounts with global reach and real-time notifications, ensuring a seamless banking experience for its customers.
Wise is particularly beneficial for international businesses, offering multi-currency accounts that integrate effortlessly with accounting software. This makes managing finances across different currencies straightforward and efficient.
In the UK, Monzo caters to personal banking needs with its flexible, no-fee accounts, providing users with a versatile banking solution. On the other side of the Atlantic, US-based Chime offers over 50,000 fee-free ATMs nationwide, along with no maintenance fees or minimum balance requirements, making it a convenient and cost-effective option for everyday banking.
Each of these neobanks brings unique strengths to the table, catering to various needs and preferences in the modern banking landscape.
If you want to bring more utility to your crypto assets and actually be able to spend digital assets for everyday purchases, make sure to check out our list of the best crypto credit cards with spending rewards.