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Neobanks in Savings category
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Blackcatcard
Blackcatcard is a neobank that provides an EU bank account and a Mastercard that is accepted globally.
Allica Bank
A specialised UK-based digital bank for SMEs offering business loans, savings accounts and business accounts.
Neobanks' savings accounts
One of the most attractive offerings by neobanks is their savings accounts which provide customers with competitive interest rates and flexible account options.
Similar to traditional banks, neobanks offer savings accounts that allow customers to earn interest on their deposits. However, neobanks often offer higher interest rates than old-school legacy banks due to their lower overhead costs and digital infrastructure. Additionally, many digital banks offer no minimum balance requirements and charge no fees, making their savings accounts more accessible and transparent.
Savings goals accounts
Another type of savings product offered by digital banks is the so-called savings goals account. This type of account enables clients to set savings goals and track their progress towards achieving them. Savings goals accounts typically offer much higher interest rates than traditional savings accounts and often come with additional features, such as automatic savings transfers (or rounding up and transferring the residual to the savings account) and helping clients gain spending insights to help customers achieve their goals.
Bank deposits and other savings products
Some online banks offer certificates of deposit or so-called CDs as savings products. CDs typically pay higher interest rates than savings accounts but require customers to commit to a minimum holding term. Neobanks may offer these deposit accounts with shorter term lengths than traditional banks, sometimes as short as one day. Such innovative savings apps are extremely attractive to those who don't want to lock up their hard-earned cash for a long time but still wish to earn higher interest rates on their savings.
