Are neobanks FDIC insured?

Most neobanks partner with FDIC-insured banks to protect your deposits up to $250,000. For example, Chime partners with Stride Bank, SoFi is a bank holding company with its own FDIC insurance, and Varo has a full bank charter. Always verify FDIC insurance on the FDIC BankFind tool. Some fintech apps use multiple partner banks to provide insurance beyond $250,000.

Can I get my paycheck early with a neobank?

Yes, many neobanks offer early direct deposit, typically 1-2 days before your scheduled payday. Chime offers up to 2 days early, SoFi up to 2 days early, Varo up to 2 days early, and Dave up to 2 days early. This works because they make your funds available as soon as they receive the ACH notification from your employer, rather than waiting for the official settlement date.

Can I deposit cash at a neobank?

Since neobanks do not have physical branches, cash deposits work differently. Many neobanks partner with retail networks: Chime uses Walgreens, CVS, and 7-Eleven (via Green Dot); SoFi uses Allpoint ATMs; and Current partners with Green Dot locations. Fees vary from free to $4.95 per deposit. Some neobanks do not support cash deposits at all, so check before signing up.

What are the best neobanks in the US?

The top neobanks include: SoFi (high-yield savings up to 4.00% APY, no fees, FDIC insured), Chime (early paycheck, no fees, SpotMe overdraft), Varo (early paycheck, high-yield savings, full bank charter), and Current (teen accounts, instant gas hold refunds). The best choice depends on your priorities like savings rate, fee structure, or specific features.

Best Neobanks & Digital Banks 2026

Compare digital-first banks with no fees, early direct deposit, and innovative features.

Top Neobanks Compared

Neobank	Savings APY	Early DD	ATM Network	Best For
Chime	2.00%	Up to 2 days	60,000+ free	Most popular
SoFi	4.00%	Up to 2 days	55,000+ free	Best APY + full suite
Current	4.00%	Up to 2 days	40,000+ free	Teens & families
Varo	3.00%	Up to 2 days	55,000+ free	Actual bank charter
One	3.00%	Up to 2 days	55,000+ free	Auto-save features
Revolut	1.50%	No	ATM fees vary	International

Neobank Profiles

Chime

14+ million customers. No fees, no minimum balance. SpotMe overdraft up to $200. Build credit with Credit Builder card.

SoFi

4% APY on savings. Full financial suite: loans, investing, crypto. $250 bonus with direct deposit. Best overall.

Current

4% APY with direct deposit. Teen accounts available. Gas station savings. Points on debit purchases.

Varo

Actual bank (not just fintech). Up to 5% APY with requirements. Varo Advance up to $250. No minimum balance.

Neobanks vs Traditional Banks

Advantages of Neobanks

No monthly fees or minimum balance requirements
Higher savings APY than traditional banks
Get paid up to 2 days early with direct deposit
Better mobile app experience
Instant notifications and spending insights

Limitations

No physical branches
Limited or no cash deposit options
Some are not actual banks (partner with banks for FDIC)
Customer service can be slower

Is My Money Safe?

Most neobanks partner with FDIC-insured banks, so your deposits are protected up to $250,000. Varo is a rare neobank with its own bank charter.

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