Traders Union experts selected 10 Best Digital Banks in the U.S. that have earned the trust of clients, offering reliable, accessible service at low fees.
What is a digital bank?
A digital bank operates online and has no physical branches. To become a client of a digital bank, you need to download its app and sign up. Identity verification is required, same as at traditional banks, but scanned copies of documents are accepted. As soon as your identity is verified, you will be granted access to all services of the digital bank:
- Storing funds;
- Earning passive income through investing;
- Storing financial documents and personal information;
- Transfers and payments (for example, Wise offers a plan that include processing of up to 1,000 payments);
- Financial reporting, etc.
10 Best Digital Banks
The list of the best digital banks in the U.S. compiled by Traders Union features the following:
- Wise;
- Revolut;
- SoFi;
- Ally;
- Curve;
- Axos;
- Chime;
- Varo;
- Aspiration;
- N26.
As a part of the analysis and selection process for the rating, experts evaluated digital banks by such criteria as monthly/annual fee (service fee), interest rates on loans, investment options, etc. All of the above companies offer attractive conditions for their clients. For example, Ally offers interest rate payments on checking accounts as well as many educational resources for investors.
How to choose a digital bank in the USA?
Services of digital banks are quite popular in the U.S. So, how does one choose a suitable option? Traders Union experts suggest taking the following steps:
- Check the bank’s legal documents and the banking license;
- See how convenient it is to use the bank’s services. Discover user interface or read reviews of real clients;
- Review the fees. All banks have their own fees. Some charge monthly fees and some don’t;
- Evaluate quality of the support service. A serious bank usually offers many ways to contact the support to enable users to resolve their issues quickly
- Check if the bank works with other payment systems, particularly those you use;
- Availability 24/7/365. Make sure the company operates around the clock, not just during certain hours;
- Review banking fees: for registering in the bank’s mobile app, performance of transactions (acceptance and withdrawal of funds) overdraft, service fees.
Once you’ve chosen a reliable digital bank, Traders Union experts recommend reviewing the list of available services, and investment programs for passive income to help you make an informed decision.
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