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Best Online Banks In The U.S. Chosen By Traders Union Analysts

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Online banking has grown very popular in the US since its introduction in the mid-1990s. The majority of Americans already use digital banking services, and that’s not a surprise: these services are cheap, convenient, and versatile. They offer all the traditional products and more, and they are just as secure and well-regulated as most common banks are. In this Traders Union article, we’re going to explain all the basic information about digital banks and tell you about several reputable neobanks working in the US.

What you should know about neobanks

Neobanks are digital banks that provide banking services through mobile apps. Instead of going to an office, you can take loans, invest in various assets, or transfer money with just a tap on your phone or tablet. That’s extremely quick and convenient, and it’s also very cheap: online banks don’t have to use a network of brick-and-mortar offices to work. That means they can cut these losses and make all the products a bit cheaper for their clients.

However, some people still don’t trust these banks: they claim neobanks are too ephemeral. But that’s not true: these services are regulated by the same official institutions and comply with all the common requirements. That makes them extremely secure and reliable, and most of them use advanced ways of protecting your data to make sure your money is safe. But each digital bank has its own conditions, bonuses, and additional features, so you should be very careful to choose only the best online banks in the U.S. And that’s where we’re going to help you: let’s take a look at several good options.


Launched in 2011, Wise is a widely known banking service that’s particularly popular in the US. It has a virtual card with the option of holding funds in about 60 currencies, quick and cheap transactions for many different countries, relatively low fees, and flexible conditions.


SoFi is mostly known for its extremely wide range of banking products and low fees. It has several tiny bonuses, several account types, and even insurance options. However, cash withdrawals can be quite expensive in some ATMs.


Created in 2015, Revolut is one of the leading neobanks in the US. It’s versatile, well-regulated, safe, and convenient: the bank features quick and cheap foreign transfers and many additional options, but the free account is rather limited.