A neobank is a financial institution that does not have any physical branches. Instead, it only provides online services.
Since neobanks do not have to pay for physical branches, they are able to offer bank accounts with no fees and allow you to earn higher interest rates on your money.
Neobanks are perfect for people with lower incomes, as they often do not charge fees and do not require you to have a minimum Your balance is how much you still owe your credit card provider for things you've charged... in your account. While most neobanks will require its customers to have a social security number, there are a few that don’t, which we have listed below:
Sable is a neobank, which was founded by immigrants. It wants to help empower immigrants by allowing them access to a bank account using only a passport and a U.S. Visa is a large credit card payments processor.. In addition, Sable’s website is available in Spanish. To learn more or apply for a bank account, you can go directly to the website here.
Varo is another neobank that also offers zero fees. While you do not need a social security number to open an account, you will need an ITIN. If you do not have an ITIN, you can learn how to apply for one here. To learn more about Varo or apply for a bank account, you can click here to go to the website.
Zenus is a new neobank based in Puerto Rico that allows its customers to open bank accounts with no citizenship or residency required. It had to delay its launch due to the pandemic, but you can join the waitlist here to find out when you will be able to apply for a bank account.