Here are a few Neobanking apps I used.
- Credit Karma Savings
- Novo (Business Account)
While Novo is a business account, I’m putting it in here for comparing reasons.
What I like about SoFi is that I have free immediate ATM Refunds (I’m grandfathered into that. It’s not a current offering), cash deposits (but it’s a service fee), my investment portfolio is with them. The app is cluttered with promotion ads of their services, tho. While there is a “Relay” within the app that shows your connected accounts and the total balances of them and other useful tidbits, not all of my bank accounts are connected to it, making it somewhat a useless feature for me. Also, it’s hidden and requires you to go to the home page to see it. They also offer an APY of 0.25%. I’m locked into that APY even though I don’t have a lot of direct deposits into it. Also, there’s a “Vaults” feature where it works like Envelopes, but with limited control. Also, you can “Round Up” purchases and set money on the site. Lastly, there’s cashback offers.
Also, SoFi had some promotions that they keep engaging new and current customers, like if you use RoundUp, you’ll get a match for up to a certain dollar amount. I think this kept me in more. lol
Credit Karma is my one of my savings accounts. The only reason I signed up for it is to be part of sweepstakes. They actually over an APY that is LOWER than SoFi at 0.20%. Not a lot of features other than their main product, which has nothing to do with banking. Nothing exciting to talk about otherwise.
I could say the same for PrizePool, but the only exciting part is that it’s only recently starting to become a Savings account. It’s more of a random drawing app that is also a savings account with a “saving bonus” of 0.30%. You are entered into weekly drawings and win prizes. (If you want a referral, ask me. I’m not going to post a link here for reasons)
Novo is the other “true” banking app I got. While it’s business related, there are some noteworthy items.
- There are inspiring quotes. Not really a grand feature, but it helps to motivate you.
- A customized dashboard.
- A way to pay people or companies
- Mobile deposits.
- Invoices (with a way to charge a card on that end via Stripe)
- “Reserves” - like Envelopes, but even less static than SoFi’s offering.
- Integrations with Stripe, QuickBooks, Xero, Square, Wise, Shopify, Slack, and Zapier… for some reason.
- Perks… but all of them is business related.
I used to have Oxygen, but the service behind it is so far removed from SoFi and even Envel, that I dropped them quickly, like 2 months later. They have some unique features, such as receipt scanning and categories. The app is even got a “comical” mode, so it gets sassy at times. But all in all, the customer service wasn’t the best.