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NEOBANKS

If you are one those that can't stand the phrase "I'm not tech-savvy" then this is for you!


Technology has become a big part of our lives. Most of us, consider it a necessity. I mean, what would I do without the internet?


Technology has also transformed the way we bank. That era of going to a bank to deposit a check or to open an account has changed and that is thanks to neobanks and online banking.


A neobank is a financial technology firm that offers online financial services. In simple words, its an online bank with no branches, no tellers, no bankers. Everything is done through a mobile app. No wonder Millenials have gone crazy for this way of banking because with a simple click you send money to a friend using Zelle, with a picture you deposit your check and with a great debit card to make purchases you won't need to carry cash all around.


The pros of using a neobank as your primary bank are:

1 - Low cost: no maintenance fee and no minimum required at opening

2 - Useful technology: do more than just the basic tasks of banking. You can even predict certain activities that will help you prevent fraudulent activity.

3 - Fast loan approval: apply online for credit cards and personal loans with a short form instead of spending hours with a banker.


I think being able to transact mostly online is very important nowadays especially because we are restricted to go out due to COVID19. Most banks are now having mobile apps to compete with neobanks so i encourage you to download your bank's app, set up Zelle, use the mobile deposit option and choose to carry your debit card instead of cash because cash carries a lot of germs!


Here are some neobanks that I recommend:

  • CHIME

  • SIMPLE BANK

  • ALLY

Some "regular" banks that also offer online services and great digital products:

  • Chase

  • Bank of America

  • Capital One







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