Top Neobanks and Online Banks (Worldwide Lists)

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Everything You Need to Know About Neobanks + Neobank Comparisons

Traditional banking is all too often filled with nontransparent fees, long waits at your local branch, and overly complex finance talk. Even the most basic financial services, such as bank transfers and direct deposits, work on slow legacy systems.

However, the neobank industry has grown rapidly to disrupt and compete with traditional high-street bank services.

With Monito, you can take advantage of the best neobank comparisons and recommendations to find the best-rated, cheapest, most user-friendly, and most secure choice.

In this neobank guide, you'll learn exactly what they are, how they work, whether they are worth it, how they compare, and how you can transition away from big banks.

What Is a Neobank?

In this guide, we do a dive into neobanks, their digital apps on your desktop or smartphone device, and how to take advantage over their services and low fees.

We cover our in-depth neobank comparisons, digital business banks, if premium membership is worth it, foreign currency accounts, as well as regional industries, such as neobanks in the United States. Read on to learn about this new cohort of bank and bank-like financial services that are competing with traditional high street banking: —

How Safe Are Online Banks?

All legit neobanks will be registered and regulated by the competent financial regulation authorities of their home country so be sure to check where it is headquartered and under which legal jurisdiction it operates.

For example, as a company founded in London, Starling Bank is regulated by the UK's FCA. Similarly, as an American company, Chime®'s checking accounts are insured by the FDIC.

It's also important to note that many neobanks are not licensed banks, and instead are fintech platforms that offer digital banking services. These kinds of neobanks partner with banks, so make certain that their partner banks are insured with government deposit protection (such as the FSCS in the UK and the FDIC in the US).

If a neobank company does not have evidence of registration with the competent finance authorities, then take serious caution.

Best Rated Global Neobanks and Fintech Apps

In this category, we list powerful neobanks that offer their financial services in several regions around the world. To learn more, click on the product's unique Monito score to read our in-depth review of each provider:

Top UK Digital Accounts List

Have a look at some of the best UK accounts eligible to UK residents and citizens:

Top Neobanks in the EU & EEA

The European Union and the wider European Economic Area arguably has the most advanced neobank industry in the world. Citizens and residents from these areas benefit from a variety of high-quality fintech choices:

Top Neobanks and Fintech Apps in the US

Along with Europe, the United States has a well-developed fintech industry. Innovative newcomers are always entering the scene at an impressive pace:

Neobanks in Switzerland

Open to citizens and eligible residents, Swiss neobanks and fintech apps are on the rise too:

Best Online Banks in Canada

The neobank industry in Canada is still in its early stages, but it is growing:

Pros and Cons of Neobanks & Online Banks Versus Traditional Banks

In recent years, digital neobanks have been fast on the rise in many countries across the globe. With traditional banks having little competitive incentive to reduce their fees, neobanks disrupted the industry by offering innovative financial solutions to customers at a reduced cost.

Thanks to this new competition and the post-pandemic digital transition, big banks have begun investing in financial technology and even partnering with neobank companies.

As a customer, this is great news. You have a plethora of choice ranging from tech-saavy big banks to fully-licensed digital banks to secondary finance apps. Here at Monito, we are committed to helping you find the best solution for you.

Pros of Neobanks

What makes them different from big high-street banks is their approach to their service, which includes the following:

  • Cheap: A lower cost structure than high-street banks means that users benefit from lower fees all-round.
  • Accessible: There's often less emphasis on being a resident of a particular country, and cross-border accounts are common.
  • Savvy: Services are conveniently online, with online and mobile banking generally being well-designed and easy to navigate.
  • Transparent: Communication and consumer-facing language tend to be more straightforward, conversational, and transparent.
  • Global: Many (although not all) neobanks tend to emphasize cross-border payments, international money transfers, and favourable exchange rates as part of their service package.

Cons of Neobanks

On the other hand, the following drawbacks mean that neobanks may not be cut out for everybody:

  • Branchless: Neobanks rarely, if ever, have any physical branches of their own, meaning that face-to-face consultation isn't an option for those customers who value it.
  • Limited: High-street banks offer a wide range of financial services, while neobanks tend to be considerably more restricted in terms of their scope of service.
  • Non-banks: Some (although not all) neobanks aren't, in fact, banks at all in the strict sense because they're organised as different legal entities entirely.

Comparing the Best Neobanks

In each dedicated guide, we compare relevant competitors one-on-one according to their level of security, fees, service quality, and customer satisfaction. Whether you a British citizen debating between Starling Bank and Wise or an EU resident deciding between N26 and Revolut, we have the comparison guide for you.

Our Monito experts dive into the legal background of each provider and read the fine print of each neobank's fee schedule to bring you the best and most in-depth analysis out there.

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Visit our official YouTube channel for even more guidance on the neobank industry and how to choose the best neobank for you.

How to Set Up a Business Bank Account Online

Neobanks are not only making it easier for retail bank customers to open accounts virtually. Small business owners around the world are also benefitting from tech savvy and user friendly platforms to manage their business finances.

The process for opening a business bank account with a neobank will vary by country because each country will have its own tax reporting procedures and other corporate laws.

Have a look at our guides below to learn more about the options available to small business owners and international business alike:

Is Neobank Premium Membership Worth It?

One of the greatest draws to neobanks is their access to basic banking services for zero monthly fees. However, most neobanks offer advanced services to customers who pay a premium.

Companies like Majority in the United States have opted for a monthly fee model. Most others, such as Revolut, N26, and Monzo, tier their services. They may set monthly allowances for free ATM withdrawals or free international money transfers. Others send beautifully engraved custom cards to paying members.

To lift these allowances and access more services, you may have to pay into higher tiers. In the following guides, we walk through what premium products you get and if they are worth the price tag:

What Neobank Is Best For Foreign Currency Accounts?

There are many reasons why you might need a bank account that holds foreign currency.

Perhaps you are an EU citizen preparing to move to the UK and want to begin holding pound sterling. If you are a non-US business who has American customers and makes frequent business trips to the US, then doing business in US dollars will save you a lot of money. Or perhaps you simply want to hold safe haven currencies like the US dollar, Swiss franc, and British pound.

Whatever your reason, you will want a bank account that allows you to hold foreign-denominated currency. In the following guides, we walk through neobanks that offer foreign currency solutions and show you how to open an account:

Our List of the Best Neobanks and Online Accounts in 2022 by Monito Score

How We Rate Neobanks

In addition to comparing the fees and safety of neobanks, we try to review as many providers as possible in detail, to help you make the best decision when picking a new digital bank.

We developed the Monito Score, an evaluation based on 50+ criteria from how easy to how secure & transparent a neobank is.

Learn more about the Monito score

Frequently Asked Questions About the Best Online Banks and Neobanks


Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank, N.A. or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.

¹ Out-of-network ATM withdrawal and over-the-counter advance fees may apply. See here for details.

² To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.

³ The Annual Percentage Yield ("APY") for the Chime Savings Account is variable and may change anytime. The disclosed APY is effective as of September 20, 2023. No minimum balance is required. Must have $0.01 in savings to earn interest.

⁴ On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score. Results may vary.

⁵ SpotMe® on Credit is an optional, no-interest/no-fee overdraft line of credit tied to the Secured Deposit Account available to qualifying members with an active Chime Credit Builder Account. SpotMe on Debit is an optional, no-fee overdraft service attached to the Chime Checking Account available to qualifying members after Visa debit card activation. Both SpotMe on Credit and SpotMe on Debit are sometimes collectively referred to as "SpotMe" or, if you have signed up to use SpotMe with only one account, "SpotMe" means the elected service. To qualify for SpotMe, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account monthly. Qualifying members will be allowed to overdraw their Chime Checking Account and/or Secured Deposit Account (associated with your Chime Credit Builder credit card) up to $20 but may be later eligible for a higher limit of up to $200 or more based on Chime account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s sole discretion. Although Chime does not charge any overdraft fees for SpotMe, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe Debit Terms and Conditions and SpotMe on Credit Terms and Conditions.

Why Trust Monito?

You’re probably all too familiar with the often outrageous cost of sending money abroad. After facing this frustration themselves back in 2013, co-founders François, Laurent, and Pascal launched a real-time comparison engine to compare the best money transfer services across the globe. Today, Monito’s award-winning comparisons, reviews, and guides are trusted by around 8 million people each year and our recommendations are backed by millions of pricing data points and dozens of expert tests — all allowing you to make the savviest decisions with confidence.

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