In the digital age, consumers have shifted away from traditional banking systems and embraced digital banks. By 2025, it is estimated that approximately 216.8 million people will be using digital banks. With numerous digital banking options in the US, finding a safe one for your money is easy, but choosing the right bank for your specific needs can be challenging. To help you in your decision-making process, Traders Union experts have compiled a list of the top 10 best digital banks in the US.
What is a Digital Bank?
A digital bank operates entirely online, without any physical branches. To become a client, TU experts suggest individuals to download the mobile application and go through a virtual registration process. Similar to traditional banks, customer identification is necessary, but instead of submitting physical copies of documents, users can simply scan and send them through the app for approval. Once accepted, the account will be verified, granting access to all the services and features offered by the digital bank. The absence of branches is possible because the essential banking functions can be efficiently performed over the internet.
List of the Best US Digital Banks
Traders Union experts have reviewed several US Digital Banks. Here are the top 10 banks from TU’s list of digital banks in the USA:
Wise: Founded in 2011, Wise provides affordable and seamless international money transfers in over 50 currencies, catering to both individuals and businesses.
Revolut: Originally launched as a travel card with reasonable banking services in 2015, Revolut has evolved to become a major player in the digital banking industry.
Curve: Starting as a fintech company in 2015, Curve enables users to manage multiple bank cards on a single platform, streamlining financial management.
Axos: As one of the pioneer digital banks in the US, established in 2000, Axos offers convenient money access and diverse investment opportunities.
So-Fi: Traders Union praises So-Fi as an outstanding pick for investors all around the world, citing its extensive investment choices and exceptional customer support as key factors that set it apart.
Ally: Gaining popularity in recent years, Ally not only provides stellar banking services but also offers high-quality financial products for saving and investing.
Chime: A pioneer in the industry since 2012, Chime facilitates free money transfers by partnering with third-party financial firms.
Varo: Holding the title of America’s first digital bank and possessing a national banking charter, Varo offers free checking and secured savings accounts.
Aspiration: As a digital financial firm, Aspiration allows account holders to save and conduct financial transactions while offering special offers for ethical purchases.
N26: Awarded the best digital bank by Forbes in 2021, N26 stands out as a comprehensive digital banking option.
Tips for Choosing a Digital Bank in the US
In the US, consumers have a wide array of digital banks to choose from, which is undoubtedly advantageous. Nevertheless, the abundance of options can make it challenging to select the most suitable one to meet individual needs. TU analysts offer some valuable tips to assist in making the best decision when choosing a digital bank.
- Check Service Charges: Different digital banks may have varying fees for their services, including account opening and transactions. Choose a bank with reasonable fees or consider a completely free option while considering other factors.
- Verify Bank’s Versatility: Ensure that the bank accepts payments on multiple digital platforms or the ones you frequently use to make transactions.
- Consider User-Friendliness: Evaluate the bank’s user interface and read customer reviews to ensure smooth and hassle-free banking activities.
- 24/7 Availability: Opt for a digital bank that operates 24/7, including customer service, to accommodate different time zones and regions.
Conclusion
Digital banks are the future of banking, and the top 10 options in the US provide diverse features and services for users. Wise, with its international money transfers, stands as a leading choice. However, other banks like Axos and Vivid offer strong competition. When selecting a digital bank, thoroughly research supported currencies, investment options, and other critical factors to make an informed decision. Open a digital banking account today and embrace the convenience of modern banking.
Disclaimer: The content of this partner post is provided by Traders Union. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of NewsBTC. NewsBTC does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.
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