Best US Digital Banks and Accounts

Last Updated on October 8, 2026 by Domenica

After researching dozens of mobile challenger banks, here are the best digital-only banks in the United States by category, followed by other notable options.

• Best for Everyday use – Current
• Best for its Variety of Services – SoFi
• Best for Savings Accounts – Varo
• Best for Convenience – PayPal 
• Best for Building Credit Score – Chime
• Best for Casual Use – Cash App
• Best for Metal Cards – Revolut
• Best for International use & Payments – Wise
• Best for Freelancers – Lili
• Best for Startups – Brex
• Best for Social Payments – Venmo
• Best for Cash Advances – MoneyLion
• Best Digital Wallet – Apple Pay
• More digital banks in the US

When choosing a bank, always make sure to check websites such as TrustPilot and the Better Business Bureau to see what the existing users are saying and note any pain points of these banking apps.

Also check whether the app is a bank or a fintech that partners with one. Fintech accounts are typically FDIC-insured only through their partner bank. When the middleman Synapse collapsed in 2024, customers of several apps lost access to their money.

Current – Best US Digital Banking Account for Everyday Use 

Pros	Cons
No monthly fees	$5 card replacement fee
Overdraft Protection up to $200	No joint accounts
4.00% APY on Savings Pods
Rewards program with cash back incentives
Gas hold refunds
Credit building

Founded more than seven years ago, Current has seen real growth once the company started working with influencers on YouTube and other social media sites. 

With more than 6 million members, Current is one of the biggest payment apps and most popular digital banking accounts in the US. 

Although it focuses on a younger demographic, Current does what it does very well, making it a strong pick for everyday use.

For example, you probably know those annoying gas holds. Current removes them instantly, making all the money available to spend again. 

Not only that, but you get to save some money as well with one of the biggest APY interest rates of all banks, period. 

If you’re not so good with money and you lose track of your spending, Current has one of the best money tracking and management tools, as well as spending insights right on the app’s homepage. 

To open an account, all you need is 5 minutes of your time and your basic details like your name, US address, and Social Security Number. Of course, you’ll need a smartphone. If you’re younger than 18, your parent or guardian can open an account for you.

Current Review

RELATED: Chime Vs. Current (Similar Accounts With a Few Differences)

Sofi – Best Digital Banking Account for its Variety of Services

Pros	Cons
No monthly fees	Pricey cash deposits
No overdraft fees	No standalone checking and savings accounts
Early payday	Highest APY only with direct deposit
High APY
Debit and credit cards
Investing
Loans

SoFi has made a major marketing push in recent years, and it has really paid off for the company as their user base has grown year-on-year. And once you look into their products, it’s easy to see why.

Not only does it have a free account coupled with a free debit card and money transfers, but it has a whole assortment of other financial products such as loans, credit cards, insurance, investments, and more. That’s something that most other digital banks don’t offer. 

It stands out for some of the highest interest rates on your balance, as well as up to 15% cash back at local establishments. 

Others might love it because it’s free and offers early payday, no-fee overdrafts, savings vaults, roundups, and more. 

But, most importantly, once you sign up for SoFi, you become a member of something bigger because the company organizes in-person and at-home events in which you can participate. 

These can be anything from financial webinars and simple social events to career networking. For example, past events have included wine tasting, meditation and yoga, cooking, crafting, and painting, or dinners and happy hours.

Varo – Best Digital Banking Account for Savings

Pros	Cons
No monthly fees	Limits on cash deposits
No overdraft or ATM fees
No transfer or debit card replacement fees
Overdraft protection
High-yield savings account
Highly-rated customer service

Varo is notable for being the first consumer fintech to get a national banking license, thus being able to offer more financial products and services on its own. No need to partner with a traditional bank to offer services anymore. 

For now, the bank is focusing on its core products: 

• Bank account
• Savings account
• Credit builder program (Varo Believe)
• Cash advances (Varo Advance)

 

As most other digital banks, Varo is also easy to sign up for as there are no credit checks and you only need to give the most basic information like SSN, name, and address. 

Now that it’s a fully-fledged bank, Varo uses Zelle for money transfers, and this works as intended.

Varo’s standout feature is its savings rate: up to 3.75% APY on balances up to $5,000 when you receive $1,000+ in monthly direct deposits and keep a positive balance.

With this savings account, customers are allowed up to six withdrawals for every statement cycle to maintain the APY earnings. 

Unlike some traditional banks, there is no minimum balance required for a Varo Savings Account. You need just $0.01 to start earning interest.

Varo’s APY is one of the highest of its kind, making this an excellent option for savers who meet the criteria.

READ ALSO: Varo Vs. Chime (Fully-Fledged Bank Vs. Fintech Company)

PayPal – Best Digital Banking Account for Convenience  

Pros	Cons
Widely accepted	Many fees
Free for many domestic transactions	High international costs
Convenient and easy to use	Expensive foreign exchange fees
Multi-currency accounts available	Some transfers take time
Instant credit options	Scammers love it
Secure

PayPal needs little introduction. The company has been around for around a quarter of a century. After all, you probably have an account and the app installed on your phone. 

PayPal is an international powerhouse with around 430 million users and counting! In the US, it offers both personal and business accounts and debit and credit cards, as well as Buy Now, Pay Later. It also offers a high interest rate without fees and minimum balances. 

The company also ventured into the crypto market and offers a platform to buy and sell Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. 

And even though PayPal is so international, it’s not inherently great for travelers because of its high foreign transaction and exchange fees as well as out-of-network ATM fees. 

But if you’re going to use it for shopping in the States, it’s still one of the best options. 

Chime – Best Digital Banking Account for Building Credit Score

Pros	Cons
No monthly fees	Limited features
Overdraft protection up to $200	Limited cash deposit locations
Prime Tier: 3.75% APY on savings accounts Plus Tier: 2.75% APY on savings accounts Standard Tier: 0.75% APY on savings accounts	No joint accounts
Peer-to-peer transfers to anybody
Credit Builder Card

Chime is one of our favorite digital banking accounts and mobile payment apps and one that we’ve written extensively about. With approximately 10.4 million active US members as of 2026, it’s one of the top contenders among digital banks.

Pay Anyone is a standout feature that’s similar to Zelle but much more secure and less prone to scammers and hackers. You can send money to any debit card or bank account for free, no matter if the recipient is a Chime member or not. 

Apart from sending money and making payments online and in-store, Chime also offers fee-free overdrafts, a high-yield savings account, free ATM withdrawals at 60,000 ATMs, as well as a free credit builder card. 

This secure credit card can help you rebuild your poor credit score without negatively affecting it when signing up. 

Chime is perhaps best known for having almost no fees. This makes it easy to do your everyday banking without worrying about the consequences. 

RELATED: 10 Biggest Mobile Payment Apps Dominating in the US

Cash App – Best Digital Banking Account for Casual Use 

Pros	Cons
No monthly fees	Spending limits
No transaction fees	Withdrawal limits
No FX fees	Bitcoin fees
Free tax returns	Limited functionality
Free debit card	Scammers use it
Stock and Bitcoin trading

Cash App  has approximately 57 million monthly active users.

But what’s so appealing in this app that it’s now one of two or three most popular mobile payment apps and digital banking accounts? 

For one, it’s free. It’s also easy to use, and everyone has it installed already, making it extremely easy to split bills or send cash. Additionally, any person above 13 can now have Cash App and a personalized debit card. This includes the UK as well! 

Then there’s also the Bitcoin and stock investing side of the app. In recent years we have seen an incredible surge in investing in crypto and fractional shares of companies listed on stock exchanges. 

Not only can you invest with as little as $1, but you can sell and transfer stocks and Bitcoin just as easily. 

It seems like Block (formerly Square, Cash App’s parent company) nailed the formula and is reaping the benefits.  

We’ve written many useful guides about using Cash App:

• 4 Steps to Mobile Deposit a Paper Check on Cash App
• Cash App Bank Name and Address (Direct Deposit Form)
• Don’t Fall for It: The Top 13 Cash App Scams
• 3 Easy Ways to Transfer Money from Chime to Cash App
• How to Transfer Money From Gift Card to Cash App
• 6 Possible Reasons Why Cash App Transfer Failed (How to Fix)
• How to Use and Pay With Cash App Without a Card

 

Revolut – Best Digital Banking Account for Metal Cards

Pros	Cons
Exclusive 18G solid steel metal card	Expensive
High APY	Poor customer support
	No overdraft
Purchase protection	No credit cards
Travel insurance
Commission-free stock trading
Up to 5 Junior accounts

UK’s Revolut has made a big splash this side of the Atlantic as well. It’s also one of the pioneers when it comes to metal debit cards. 

For a relatively high monthly fee of $16.99, you get plenty of perks. Will they absorb this monthly cost depends mostly on you. 

Apart from getting a cool metal card, you’ll get the most out of this account if you’re a frequent traveler, as the perks pertain mostly to domestic and international travel. 

To illustrate this, you get free lounge access, lost or damaged baggage protection, trip delay coverage, trip cancelation and interruption protection, and primary accidental medical insurance. 

Read Also: Best Metal Cards by Digital Banks

Wise – Best Digital Banking Account for International use & Payments  

Pros	Cons
Fees as low as possible	Fees on ATM withdrawals above $250/month (US)
Transparent, cheap, and fast money transfers	Debit card not free and not available in many countries
International debit cards available	Deposits not insured (but safeguarded)
Spend in any currency
Easy to signup
Great for travelers

Wise is the best payment app for international transfers. It has an almost cult-like following among frequent travelers, people that are relocating to a different country, and those that are often sending money abroad. 

The reasons for that are that you can hold 50 currencies in one account and transfer funds to 175 countries. They also have some of the best foreign transaction fees and a fair exchange rate without hidden fees. 

It also has an excellent business account for freelancers, SMEs, and big companies alike. With the advent of e-commerce and sourcing products and services around the world, you can’t afford to lose money on currency conversion.

Wise simply uses the best exchange rate that you can get and adds a really small fee on top. This is in stark contrast to big banks and other money transfer services like PayPal that add a huge markup to their supposedly “free” transfers.

Wise use its technology to link its bank accounts all over the world. In practice, that means that you’re not sending money directly to the recipient but to a Wise account that then transfers money in local currency to its destination. 

The sender saves on fees, and the recipient gets the money for free in their local currency.

READ ALSO: 30 Biggest Digital Banks in the World (Customers and Valuation)

Lili – Best Digital Banking Account for Freelancers 

Pros	Cons
No monthly fees	Mobile transfer limits
One-stop shop for small businesses	Fees for certain features
Write-Off Tracker
Invoicing Software
All-inclusive tools for taxes and expenses

Lili offers an impressive set of benefits and features. The free account has features such as essential tax planning tools, an easy “swipe left or right” expense management process, and an extensive ATM network. 

Lili has all the tools you’ll need as a freelancer and is an excellent “beginner” program for those looking to get on the right track.

Apart from the simple sign-up process, no hidden fees, and helpful financial resources, there are many other reasons why Lili Bank stands out. 

Brex – Best Digital Banking Account for Startups

Pros	Cons
No monthly or annual fee	No Intro APR
New cardholder bonus offer	No revolving balances
No need for good credit	Convoluted rewards
No foreign transaction fees
No need for personal guarantee

Brex is an incredibly successful digital bank from San Francisco that is focused mostly on startups but also scaled companies, e-commerce businesses, and similar entities. As it’s a startup itself, the firm is incredibly successful in attracting funding. 

Its offering includes business accounts, corporate cards, rewards, and, most importantly, venture debt. This product isn’t for everyone, as it was developed for early-stage yet venture-backed tech companies that have a product market fit and a recurring revenue base.

The firm took a big reputation hit in 2022 when it decided to sever itself from tens of thousands of smaller businesses that were its clients as the company started focusing on bigger, venture-backed startups.    

 

Venmo – Best for Digital Banking Account for Social Payments 

Pros	Cons
No monthly fees	Public payments by default
Free transactions from bank account or debit card	No ability to cancel payments
Social element	Scammers love it
Instant payments	No international transactions
Cashback	No FDIC insurance

Venmo and Cash App are close competitors. Although Venmo was founded in 2009, the mobile payments app got famous after PayPal acquired it in 2013. The app is now one of the most-used payment platforms, with around 90 to 95 million users. 

Although Venmo is often “dismissed” as an app for Gen Z, the truth is that all demographics use it, as well as all ethnicities and income levels. 

Venmo is most known for its social aspects, where you send money to friends and family and can add a short message coupled with emojis. But the app has transformed far beyond that.

With added features like a Venmo credit card with up to 3% cash back, crypto investing, the ability to pay at major online retailers like Shopify and Amazon, PayPal-like purchase protection, and Venmo business accounts, it is appealing to a wide range of people that are done with traditional banking. 

The app is completely free to use except for a 1.75% fee for instant withdrawals, a 3% fee for sending money to other people with your credit card, and small fees for buying and selling crypto. 

READ NEXT: 19 Biggest Fintech Companies in the World

MoneyLion – Best Digital Banking Account for Cash Advances 

Pros	Cons
Cashbacks and other rewards	$1 monthly fee
Zero-interest short-term cash advances. •Up to $500 for standard users • Up to $1000 for qualifying account holders	$19.99/m for Credit Builder Plus
Fee-free 55,000+ ATMs
Great for beginner investors
Finance tracker
Helps your credit score

MoneyLion is a popular digital banking app known for cash advances. Cash advances are part of the so-called Instacash program and can be up to $1000. This comes without interest, credit checks, or additional monthly fees.  

Although you start at only a $25 cash advance, you can unlock higher amounts with recurring deposits but also by signing up for the Credit Builder membership or by completing certain tasks in the App. 

If you do all of these, your cash advance will be up to a maximum of $1,000. Alternative cash advance banking apps are also Varo and Chime, as they offer them as well.

Apple Pay – Best Digital Wallet 

Pros	Cons
No monthly fees	Works only with Apple devices
No transaction fees	Limited features
No internet connection required	Instant transfer fee of 1.5%
Easy to use with an Apple Watch
Excellent privacy

If you live in the States, you probably have an iPhone, iPad, iMac, or iWatch. There’s no denying that Apple and its iOS managed to infiltrate the lives of most of us. 

Apple Pay is their way of capturing our financial lives as well, and it’s one of the most widely used digital wallets in the US.

So, what does Apple Pay do that it’s so popular? First of all, we don’t have to carry our physical cards around anymore or even apply for them in our banks. It’s also an easy way to pay online.

Setup is also incredibly easy if you have iOS, as the app is already on your device. You simply have to take a photo of your bank card, and you’re on your way. 

Of course, you can also add your boarding passes, loyalty cards, tickets of all sorts, driver’s licenses, IDs, keys, and more. 

Alternatives to Apple Pay are Google Pay and Samsung Pay if you have Android or Samsung devices, respectively. 

READ NEXT: Cash App Vs. Apple Pay (There Is a Significant Difference)

Other Notable Digital Banks and Digital Banking Accounts in the US

Axos Bank  

Benefits: 

• Free to sign up
• Current account
• Savings account
• Business account
• Commercial account
• Mortgages and loans
• Investing

Axos Bank is a pioneer of digital banking as it launched in 2000. The bank has low to no fees and offers okay interest rates and easy access to their personal accounts, as well as accounts for SMEs. 

Axos is indeed like a traditional bank in digital clothing. But, as they’re mobile-only, you won’t have to pay fees for everything. 

Ally Bank 

Benefits: 

• Free online sign-up
• Checking and Savings accounts
• Stocks & ETFs investing
• Mortgage
• Vehicle financing
• Personal loans

 

Ally stands out for its range of financial products. The bank has been around for a really long time (since 1919) but has transformed into an online-only bank in the last decade. 

It’s also renowned for being one of the biggest car finance companies, because it provides car financing and leasing for 4.5 million clients and originates 1.4 million car loans per year.

The bank offers, besides loans, checking and savings accounts, credit cards, investment and savings products, mortgages, and personal loans.

 

Cred.ai

Benefits: 

• No fees and interest rates
• The credit card is a solid metal card
• Early access to paycheck
• They have stealth cards for protection
• You can build your credit
• Access to 55,000 free ATMs

Cred is a relatively new digital banking app focusing on Gen Z and Millennials. It’s most notable for black metal credit cards that act as both debit and credit cards. 

There are no fees or interest, and you build your credit on autopilot by using the card. If you’re looking for a disruptive bank with the latest technology that comes with a solid metal credit card, cred.ai might be for you. You also won’t pay any fees for all transactions.

 

Dave

Benefits: 

• Up to $500 cash advance
• Credit builder
• Connects to digital banks
• Early payday
• No interest
• No credit check
• FDIC insured

Dave is an extremely popular mobile banking app. Its fee-free checking account is easy to open. In return, it also enables effortless money saving, coupled with budgeting and cash advances. 

Of course, as with most similar digital banking apps, you will get paid up to two days early once you set up direct deposits. 

Apart from these, Dave is notable for giving up to $500 cash advances that get deposited instantly if you have their checking account too. 

And lastly, Dave helps you find side hustles directly from the app allowing you to find flexible and local jobs that suit you.  

Majority 

Benefits: 

• 30-day free trial
• Get paid early
• FDIC insured
• Discounts
• Free phone calls
• Multilanguage live support

 

Majority is “the first-ever financial membership built by migrants, for migrants.” Founded by Swedes that know how difficult it is to be a migrant in America, this young fintech startup will make waves in the immigrant community.

This fintech company is offering an all-in-one account with banking and, surprisingly, telecommunication in the form of in-app phone calls to cell phones and landlines in 35+ countries.

Majority’s monthly membership fee is $5.99, and you get a Visa debit card for that with local discounts, no minimum balance or deposit requirements, no overdraft or foreign transaction fees, and free international money transfers (that are somewhat limited).

 

READ ALSO: 10 Biggest Mobile Payment Apps Dominating in the US

Mercury 

Benefits:

• Digital banking for startups
• For US registered companies
• No minimum deposit to open an account
• Virtual cards
• Mercury Raise program
• API access

 

Mercury offers digital banking services aimed at start-ups and tech-based businesses. It has all the usual digital banking services, including a checking account and savings account, various financial tools, and full developer API access to customize their account.

Mercury’s banking model includes that most account transactions are entirely free, so start-ups can focus on building their business. 

This no-fee model translates to a physical Mastercard debit card for every user, allowing access to withdraw cash from the Allpoint network of ATMs with no additional transaction fees.

 

One 

Benefits: 

• No monthly fees
• High APY
• Early payday
• No ATM fees
• No minimum deposit
• Savings pockets
• Credit line

 

One was founded in 2019 by Bill Harris and Brian Hamilton, the company CEO. It is a strong contender in the neobanking world with a simple structure that contains a single account for checking and saving. 

You’ll benefit the most with their account if you set up a direct deposit which opens up benefits and raises the limits.

One’s card acts like both a debit card and a credit card. And your One account can therefore give you access to low-cost credit through Credit Line. You can enable it straight from your Spending Pocket.

 

Payoneer 

Benefits:

• Easy to sign up online
• Good choice for SMEs and freelancers
• Free prepaid Mastercard
• Connects to a wide range of marketplaces
• Flexible withdrawal options
• No account fees if used fairly regularly

 

Payoneer was founded in 2005 by Yuval Tal, who was also the company CEO until 2020 when he stepped down to join an Israeli cyber-security think tank.

The company headquarters are in New York, but they also have 24 offices worldwide. Their team is getting bigger every day, and as of now, it’s 2,000 people big. More than 5 million customers have used Payoneer’s services.

Payoneer has a wide range of payment services and solutions that make it easy to pay and get paid. Unfortunately, this comes at a cost, as some fees can quickly add up and eat a part of your profit.

 

Quontic 

Benefits: 

• Free online sign-up
• High APYs on savings accounts
• Bitcoin rewards checking
• Community Development Loans
• Interest compounded daily
• 90k+ ATMs

Quontic Bank has been around since 2009 and is proud to be a Community Development Financial Institution (CDFI) accredited by the US Treasury for its ongoing work on advancing the financial power and stability of low-income people. 

It has high-interest savings and checking accounts but also lends to economically disadvantaged people and their communities, as well as gig workers and disenfranchised small business owners.

Disclaimer