Embrace digital-only banks—or get left behind.

Technology has made many aspects of our lives easier, and banking is no different. 

One of the biggest game-changers in the financial world today is the rise of digital-only banks, also known as neobanks. These banks operate entirely online, making it simple to open an account and manage your money, right from your phone.

But beyond offering convenience, some neobanks are tackling deeper issues. They’re helping to close long-standing gaps in the financial system, especially for Black communities that have historically faced barriers to fair, affordable banking.

According to the Federal Deposit Insurance Corporation (FDIC), 10.6% of Black households were unbanked in 2023, compared to just 1.9% of White households. That means many Black individuals are left without access to traditional banking or are forced to turn to costly alternatives like payday loans.

Neobanks are stepping up with solutions to change this reality. Through the provision of features such as low-to-no-fee accounts, early direct deposit, and credit-building tools, they’re giving more Black individuals the financial tools they need to save, grow, and plan for the future.

Top 5 Digital-Only Banks Empowering Black Communities in 2025

Here are five neobanks that are making banking more accessible and equitable.

1. Greenwood

Founded: 2020

First on our list is Greenwood, a Black-owned, Black-led mobile financial platform that was created specifically to serve the financial needs of Black and Latino communities. 

This neobank empowers users to build wealth through smart saving, intentional investing, and access to essential banking tools.

Key features

• Savings & spending accounts with no hidden fees
• Access to 100,000+ fee-free ATMs
• Small business and personal loans, plus student loan refinancing (via Greenwood Marketplace)
• Investment options
• Early direct deposit
• Financial education resources

2. Current

Founded: 2015

Current aims to build a new kind of banking experience: one that’s affordable, accessible, and built for people who’ve been left behind by the traditional financial system.

Key features

• Fee-free overdraft
• Early direct deposit
• Offers a secured credit card (Build Card) for improving credit
• Up to 4.00% annual bonus on savings
• No-fee crypto trading
• Access to 40,000+ fee-free ATMs

3. MoCaFi (Mobility Capital Finance, Inc.) 

Founded: 2015 

MoCaFi is a fintech platform designed to close the racial wealth gap and nurture financial inclusion. In partnership with Sunrise Banks N.A., it offers mobile banking tailored for underserved communities.

Key features

• FDIC-insured deposit accounts
• Early direct deposit
• No-fee bill payments
• Delivers catalytic capital to underbanked communities through its economic empowerment platform, On Our Block® 
• No-fee cash withdrawals at 80,000+ ATMs

4. Chime

Founded: 2012

Chime partners with FDIC-insured banks to deliver simple, transparent, and fee-free financial services. It’s built for everyday consumers who want stress-free banking and tools to manage money wisely.

Key features

• FDIC-insured checking & high-yield savings accounts
• Cash back on everyday purchases such as gas and groceries
• Secured credit card to help build credit
• 100% free tax filing
• Access to 50,000+ fee-free ATMs
• In-app financial literacy resources

5. Varo Bank

Access to finance is a right, and digital banks are delivering it.

Founded: 2017 

In 2020, Varo Bank made history as the first consumer fintech granted a full-service national bank charter in the U.S. Its mission centers on making financial opportunity and inclusion possible for everyone.

Key features

• Savings & spending accounts with no hidden fees
• Access to 100,000+ fee-free ATMs
• Small business and personal loans, plus student loan refinancing (via Greenwood Marketplace)
• Investment options
• Early direct deposit
• Financial education resources