There is no single best neobank in the USA; the right choice depends on whether you want a chartered bank account or a partner-bank app, and Chime, SoFi, Varo, Dave and Revolut each work differently. We do not rank providers or quote fees, because they change. This guide shows how each operates, who supervises it and how FDIC insurance applies, so you can match one to your needs.
Last reviewed: October 2026.
In the United States, most “neobanks” are not banks themselves. Many are technology companies that offer accounts through a partner bank, which changes how FDIC insurance works. A few have won their own bank charters, and more are applying. This overview covers the well-known providers as of October 2026, explains the structure behind each and shows how to verify FDIC coverage. It is general information for US consumers and is not a ranking or recommendation.
How US neobanks are built
Three structures dominate:
- Partner-bank model. The app is a front end; deposits sit at an FDIC-insured bank. Chime is the best-known example.
- Own national bank charter. The company owns an OCC-chartered bank. SoFi and Varo are examples.
- Applicants for a charter. Companies such as Revolut and Nubank have received conditional approval but are not yet open as US banks.
The structure matters because, as NerdWallet explains, FDIC insurance only helps if the partner bank fails, not if the neobank itself fails, and the neobank must keep accurate records for coverage to work. See What happens if a neobank fails. Our guide to are neobanks FDIC insured goes through the details.
Best neobank in the USA: providers at a glance
| Provider | Structure (as of Oct 2026) | Notable points |
|---|---|---|
| Chime | Fintech using partner banks, Stride Bank and The Bancorp Bank | Says it is not a bank; listed on Nasdaq in June 2025 |
| SoFi | SoFi Bank, N.A., a national bank | OCC conditional approval in January 2022 |
| Varo | Varo Bank, N.A., a national bank | First consumer fintech to obtain a national bank charter (2020) |
| Dave | Fintech using a partner bank | Reported move from Evolve to Coastal Community Bank |
| Revolut (US) | Partner banks today | OCC preliminary conditional approval announced 3 September 2026 |
| Nubank (US) | Not yet operating as a US bank | OCC conditional approval announced 29 January 2026 |
Providers change structures, so use this as a starting point and confirm each on its own legal page.
Chime: the largest partner-bank app
Chime was founded in San Francisco in 2012 and began service in 2014. According to its company profile, it went public on the Nasdaq on 12 June 2025 at a valuation of $18.4 billion. It offers accounts through Stride Bank and The Bancorp Bank and describes itself as not a bank. In 2021 it agreed with the California and Illinois regulators to stop calling itself a bank. In 2024, California fined it $2.5 million over complaint handling, and the CFPB assessed a $3.25 million penalty and at least $1.3 million in redress over delays in returning money from closed accounts. This record is useful context, though it does not by itself determine whether the product fits you.
SoFi and Varo: neobanks with their own charters
The OCC conditionally approved SoFi’s applications on 18 January 2022, allowing it to create SoFi Bank, N.A., headquartered in Utah and acquiring Golden Pacific Bank. Conditions included capital contributions and no crypto-asset activities, according to the OCC release. SoFi’s other products, such as investing, are not deposits.
Varo became the first consumer fintech to obtain a national bank charter in 2020. American Banker reported that Varo raised $123.9 million in a Series G round announced 2 February 2026, while its Q4 2025 net loss widened to $20.8 million and reported net deposits fell 37.2% year over year. A charter does not guarantee profitability, and a smaller, loss-making bank is a different risk profile from a large one, even though FDIC insurance still applies to its deposits.
Dave, Revolut and Nubank
Dave is a fintech that works with a partner bank. Banking Dive reported that it planned to switch from Evolve to Coastal Community Bank, so check which bank currently holds your deposits in its disclosures.
Revolut serves American customers through partner banks today. On 3 September 2026 it announced preliminary conditional OCC approval to form Revolut Bank US, National Association. It must still meet conditions, obtain FDIC deposit insurance and Federal Reserve approval and receive final OCC authorisation. Executives say they are on track for a launch in the first half of 2027, according to Crowdfund Insider. Nu announced conditional OCC approval for Nubank, N.A. on 29 January 2026, with a requirement to open within 18 months, per Nubank. Until these banks open, neither offers FDIC-insured deposits of its own.
Why the middleman layer matters
Some US apps do not even deal directly with a bank. They use a banking-as-a-service provider that sits between the app and the bank. The 2024 bankruptcy of one such provider, Synapse Financial Technologies, left customers of several apps unable to reach their money for a period while records were reconciled. The lesson is not that every app is risky, but that more links in the chain means more places where records can go wrong. When you read disclosures, look for how many parties handle your money and whether the bank keeps its own record of your balance.
Charter applications, such as those from Revolut and Nubank, are partly a response to this. Owning a bank shortens the chain, though it also brings tougher capital and compliance requirements, which is why approvals come with conditions and timelines.
Which is the best neobank in the USA for you?
- You want the simplest FDIC position: an account directly at a chartered bank, including those owned by neobanks such as SoFi or Varo, is easiest to verify.
- You want a particular feature set from an app: a partner-bank neobank can be fine for everyday spending if you understand the pass-through structure and keep balances modest.
- You hold large balances: check the $250,000 per depositor, per insured bank, per ownership category limit and consider multiple institutions.
- You are waiting on a new entrant: treat conditional approvals as unfinished business, not as a launch.
For broader safety questions see are neobanks safe, and for downsides see the disadvantages of neobanks.
What this means for you: verify FDIC coverage in five steps
- Read the app’s legal disclosures for the phrase “banking services provided by” and note the bank’s name.
- Search that bank in the FDIC’s BankFind tool at banks.data.fdic.gov to confirm it is insured.
- Confirm whether your product is a deposit account, or an investing, crypto or loan product.
- Check how the app records your balance with the bank; the FDIC recommends understanding that structure before depositing, as in its guidance on third-party apps.
- Keep a backup account at a separate institution in case of freezes or outages.
Best neobank in the USA: a worked example of FDIC cover
The structure behind an app decides what happens when something goes wrong. The following example uses made-up, rounded numbers to show the mechanics. It is not a description of any named provider.
Imagine two savers who each hold $40,000. The first keeps it at a neobank that owns a national bank charter. Her money is a deposit at that bank, in her name, and FDIC insurance covers it up to the standard limit per depositor, per insured bank, per ownership category. If she also had $220,000 at the same bank in the same ownership category, the total would exceed the limit and the excess would be uninsured.
The second saver uses a partner-bank app. His $40,000 sits in a pooled custodial account at an insured bank, with the app’s ledger recording his share. FDIC pass-through coverage can protect him, but only if the records clearly identify him as the owner and the partner bank is the one that fails. If the app or a middleware company fails while the bank survives, FDIC insurance does not apply, and getting money back depends on the quality of those records.
Both savers may use similar-looking apps. However, the first can confirm her protection with one bank name. The second needs to know the partner bank, check that his balance is held there, and understand that the app itself is not insured. That difference matters more than any feature when you decide on the best neobank in the USA for savings.
Checklist for choosing the best neobank in the USA
- Find the bank behind the app. The app’s terms or FDIC disclosure name either its own charter or its partner bank. Write that name down.
- Verify the bank on BankFind. Use the FDIC’s BankFind Suite to confirm the institution is insured and active.
- Understand the account type. Ask whether the balance is a deposit in your name or a share of a custodial account. The disclosure usually says which.
- Check who holds the records. With partner-bank apps, ask whether the bank or a third-party program manager keeps the customer ledger.
- Plan for an outage. Keep a second account elsewhere so a frozen app does not cut off rent or groceries.
- Keep balances within limits. Spread larger sums across separately insured banks or ownership categories.
For the deeper question of pass-through coverage, read are neobanks FDIC insured. If you are weighing safety more broadly, our guide to whether neobanks are safe covers the main risks.
Common mistakes when comparing US neobanks
- Treating the app brand as the bank. Many well-known apps are not banks. The insured institution is the one named in the fine print.
- Assuming FDIC covers every failure. Deposit insurance responds when an insured bank fails, not when an app, a payments processor or a ledger provider fails.
- Chasing a headline yield. Promotional rates change often and sometimes depend on direct deposit or balance conditions. A rate is not a reason to ignore the structure.
- Ignoring cash access. Some apps rely on third-party ATM networks and retail cash-deposit partners. Check how you would deposit or withdraw cash before you switch your salary.
- Keeping everything in one app. Even the best neobank in the USA can suffer an outage or an account freeze. A backup account at a traditional bank is cheap insurance.
- Confusing the US and global picture. Rules differ abroad; see our guides to the best neobank in Europe and the best neobank in Switzerland if you bank in more than one country.
Sources and further reading
- Chime company profile (Wikipedia)
- OCC: conditional approval for SoFi Bank, N.A. (2022)
- American Banker: Varo funding and call report
- Crowdfund Insider: Revolut conditional OCC approval (September 2026)
- Nubank: approval to establish a US national bank
- Banking Dive: Dave and Coastal Community Bank
- NerdWallet: what happens if a neobank fails
- FDIC: banking with third-party apps
Frequently asked questions
What is the best neobank in the USA?
There is no single best option. The right pick depends on whether you value a chartered bank account, particular features or a specific bank partner. Verify the FDIC position of any provider you consider.
Are US neobanks FDIC insured?
Deposits are insured when held at an FDIC-insured bank, up to $250,000 per depositor, per bank, per ownership category. For partner-bank neobanks, insurance runs through the partner and not the app.
Is Chime a real bank?
Chime says it is not a bank. Accounts are held at its partner banks, Stride Bank and The Bancorp Bank, according to its company profile.
Is SoFi a bank?
SoFi Bank, N.A. is a national bank. The OCC conditionally approved it in January 2022. Some SoFi products, such as investing, are not bank deposits.
Does Revolut have a US bank?
Not yet. It announced preliminary conditional OCC approval on 3 September 2026 and has further approvals to obtain before it can operate as Revolut Bank US.
More questions about the best neobank in the USA
What happens if a neobank fails?
FDIC insurance covers failure of an insured partner bank. If the neobank itself fails, customers usually recover funds through bankruptcy processes with no guarantee of speed, per NerdWallet.
Can I trust a neobank with large savings?
Keep amounts within insurance limits per bank, and prefer direct accounts at chartered banks for large balances. Consider spreading funds across institutions.
Do neobanks charge fees?
Fee schedules change and vary by plan. Review each provider’s current fee page before opening an account.
Is there a best neobank in the USA for savings?
Not a single one. For savings, the simplest option is an account held directly at a chartered, FDIC-insured bank, whether that bank is owned by a neobank or a traditional institution. Compare rates after you have confirmed the structure.
Which US neobanks have their own bank charter?
SoFi and Varo each operate through a chartered bank they own. Chime, Dave and Revolut in the United States work through partner banks. Check each provider’s current disclosures, because structures can change.
How do I check whether a neobank is FDIC insured?
Find the name of the insured bank in the app’s terms, then look it up on the FDIC BankFind Suite. If the app uses a partner bank, confirm that your balance is held at that bank under your name.
This article is general information, not financial advice. Products, licences and availability change, so check the provider and the relevant regulator or deposit-protection scheme before you open an account or move money.