Top 10 Digital Banks in America and Their CEO

Top 10 Digital Banks in America: The banking sector has not been exempt from technology. Actually, it is experiencing profound digital disruption at every level, from the front to the back. Mobile apps, internet deposits, e-bill payments, and other forms of digitization are included.

These digital revolutions are made possible by a technology called artificial intelligence (AI). Customers are also very interested in banking services that have gone digital. As a matter of fact, at least three out of every four Americans have used a bank’s mobile app to conduct their routine banking activities.

We have compiled a list of the top digital-only banks in America after studying dozens of mobile challenger banks from the US and other countries. The client is now king in the banking industry because there is so much competition. We are free to select the options that best fit us.

Always be sure to examine websites like TrustPilot and the Better Banking Bureau when selecting a mobile bank to see what current users are saying and what the drawbacks of these banking apps are.

READ MORE: Top 10 Investment Banks in The World and Their Assets

Top 10 Digital Banks in America and Their CEO

1. Axos Bank

Founded: 4 July 2000

Founders:

CEO: Gregory Garrabrants

Best For Investing.

Axos Bank is a good option if you want all the bells and whistles of the best digital banks in America but don’t want to pay all the fees they impose. It functions as a full-fledged bank with no branches and high fees.

Axos Bank provides quick access to its personal, small company, and commercial banking accounts, competitive interest rates, low to no fees, and commercial financing.

Axos offer five checking accounts:

• checking first
• checking for cashback
• checking the gold
• essential check
• Rewards checking

The best checking account is the Rewards Checking one. It offers up to 1.25% APY, no monthly fees, no monthly minimum amount, no overdraft and NSF penalties, and ATM cost reimbursements.

This is a sizable bank without the usual banks’ extravagant fees or branches. It functions as a full-fledged bank with attractive interest rates, easy access, and minimal costs. Customers have access to financing options, small business accounts, personal banking accounts, and commercial banking accounts. The ideal online bank for checking accounts is Axos.

2. Ally Bank

Top 10 Digital Banks in America

Founded: 2009

Founders:

CEO: Jeffrey J. Brown

Best For Trading and Investing

The US’s most well-known and established online bank. Along with various different CD kinds, the bank provides a wide array of free savings, checking, and money market accounts. No minimum balance requirements, minimal deposits, or maintenance fees apply to its extensive selection of deposit accounts. On every balance in an account, Ally Bank offers high-yield savings.

Features:

• Free online registration
• Savings and checking accounts
• Purchasing stocks and ETFs
• Mortgage
• Personal loans
• funding vehicles

We appreciate that Ally did away with overdraft fees, and we have no doubt that ultimately the major banks will be forced to follow suit. However, given that those fees are a big source of pure profit for them, it might take some time.

If you previously banked with a conventional main street bank, Ally offers a dependable option to minimize account fees and raise the interest rates on your accounts. The features on the Ally app can be quite useful if you are a trader or an investor because they let you consolidate more of your income and outgoing controls in one location.

3. Chime

Founded: 2012

Founders:

CEO: Chris Britt

Best For low-maintenance bank account

The online bank prioritized its customers and became well-known for its guarantee of an early payout. For daily expenses or recurrent bills, Chime offers to check accounts or spending accounts. Customers can use the Chime Visa Debit Card to make transactions. Its savings account enables users to retain money they don’t now require or save for a specified objective.

Features:

• Free registration
• No ongoing charges
• Get paid sooner (paycheck)
• $100 overdrawn without fines
• Chime to Chime payments is free.
• Credit card builds
• Savings kitty

Chime offers a comprehensive, user-friendly banking platform that enables you to regain control over your finances. Chime Bank is the greatest option for people looking for a straightforward, fully mobile, low-maintenance bank account. This is in contrast to big banks, which demand in-person consultations, minimum deposits, and other repetitious procedures and complexities.

You will be charged by large banks if you overdraw your account. These fees might add up to a lot and have a bad effect on your credit history. Chime avoids doing this. Chime doesn’t charge you if you overdraw your account by up to $100; instead, you can do so without incurring fees.

4. SoFi

Top 10 Digital Banks in America

Founded: August 2011

Founders:

CEO: Anthony Noto

Best For Credit Cards

There is no annual fee for this digital bank. Account holders receive an infinite 2% cash back, which they can use to buy stocks, pay off a SoFi loan, or redeem for cryptocurrencies. Your APR is reduced by 1% if you continue to make the minimum payment due on time for 12 consecutive months.

Additional perks include free access to spending and budgeting tools, protection against MasterCard ID theft, and cell phone insurance up to $1,000. An online bank for credit cards is SoFi.

5. One Finance

Founded: 2019

Founders:

CEO: Douglas Shulman

Best For Combined Checking and Savings

One is making an effort to stand apart from the crowd of large banks and digital banks in America by offering you more for your income.

It offers interest rates that are uncommon today, and because your money isn’t locked away in a savings account for months or years, you may access it whenever you want.

A deposit or checking account and a credit line are the two sorts of accounts that one owns. Savings accounts may resemble Save and Auto-Save pockets. They still offer you a stunning 3.00% APY, making them technically high-interest checking accounts.

6. MoneyLion

Top 10 Digital Banks in America

Founded: 2013

Founders:

CEO: Dee Choubey

Best For Cash Advances

Customers can open a bank account with MoneyLion without any difficulty because this online bank is not concerned with your credit history or score. Nevertheless, it won’t be impacted if they apply for a RoarMoney account.

Furthermore, you can acquire a loan of up to $1,000 repayable in 12 months through their loan or Credit Builder Program, which helps you establish a credit history each time you make an on-time payment.

Due to its monthly reporting of all on-time payments to the three credit agencies, MoneyLion is the best digital bank in America for second-chance banking and credit building. Its clients’ credit ratings are raised as a result.

7. Discover Bank

Founded: 1985

Founders:

CEO: Roger C Hochschild

Best For Cashback

The bank’s extensive selection of deposit accounts offers attractive returns. It boasts a sizable network of fee-free ATMs, no monthly maintenance fees, and checking accounts with no yield but 1% cashback debit on up to $3,000 in purchases. There is no opening amount requirement or maintenance fee, and the savings account offers a high interest on all balances.

8. Varo Bank

Founded: 2015

Founders:

CEO: Colin Walsh

Best For an online alternative to traditional banks

Varo offers a savings account in addition to their checking account, which is great for people who prefer to have their checking and savings accounts in the same location. The savings account is famous for its high APY and lack of fees.

Only individuals with savings under $50,000 are eligible for their top APY of 3%. Customers must also fulfill a few other conditions in order to qualify for that particular APY. Customers may withdraw up to six times every statement cycle from this savings account in order to keep the APY earnings.

There is no minimum balance requirement for a Varo Savings Account, in contrast to several traditional banks. To begin earning interest, all you need is $0.01. If you match the requirements, Varo is a great alternative because it offers one of the highest APYs in its category.

9. Cogni

Top 10 Digital Banks in America

Founded: 2018

Founders:

CEO: Archie Ravishankar

Best For Payments and Transfers

Cogni is a digital bank in America that is situated in the US that was just launched in March 2020 with the goal of providing a people-driven service. Cogni, one of the newest generations of online-only banking solutions, aims to give a bank-level service without charging extra fees to its consumers. It offers flexible, efficient, and convenient payments and transfers.

Within the app, users may send money instantly to other Cogni accounts, make deposits utilizing Visa ReadyLink terminals, and even print checks using the digital checkbook service.

Features:

• Quickly open a new account online
• Consider Pay (instant internal transfers)
• Card Single-Use
• Free withdrawals from ATMs
• Stores accept deposits

10. Lili bank

Founded: 2019

Founders:

CEO: Lilac Bar David

Best For Best for freelancers

The advantages and services that Lili users enjoy astound us. The free account offers helpful tax planning tools, a simple cost management method that only requires a “swipe left or right,” and a wide array of ATMs. The bank is a great “beginning” application for independent contractors wishing to get started, even though it lacks invoicing facilities.

There are other factors that make Lili Bank unique, in addition to the straightforward sign-up process, no additional fees, and useful financial tools.

Features:

• Free registration
• There are no fees.
• There are no initial deposits or balance minimums.
• Comprehensive tax and expenditure tools
• Access to ATMs and cash deposits
• 38k+ ATMs
• No change in the foreign exchange rate

SUMMARY

Here is a summary list of the Top 10 Digital Banks in America

1. Axos Bank
2. Ally Bank
3. Chime
4. SoFi
5. One Finance
6. MoneyLion
7. Discover Bank
8. Varo Bank
9. Cogni
10. Lili bank