Neobank Fee Comparison Calculator

Annual fee comparison across digital banking platforms.

Average balance ($)

Traditional monthly fee ($)

Neobank monthly fee ($)

Out-of-network ATM/mo

Traditional ATM fee ($)

Neobank ATM fee ($)

Overdrafts per year

Traditional overdraft ($)

Neobank overdraft ($)

Foreign tx amount ($/mo)

Traditional foreign tx (%)

Neobank foreign tx (%)

Traditional APY (%)

Neobank APY (%)

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Annual savings with neobank

$582.50

≈ 6 nice dinners out

5-year savings

$2,912.50

≈ 3 smartphones

Traditional bank annual cost$357.50

Neobank annual cost-$225.00

Annual fee savings$358.00

Extra interest earned$224.50

Traditional interest earned$0.50

Neobank interest earned$225.00

How to Use This Calculator

Enter Average balance ($), Traditional monthly fee ($), and Neobank monthly fee ($).
Set Out-of-network ATM/mo, Traditional ATM fee ($), and Neobank ATM fee ($).
Adjust Overdrafts per year, Traditional overdraft ($) as needed.
Review Annual savings with neobank ($) and 5-year savings ($).
Use Traditional bank annual cost ($) and Neobank annual cost ($) to inform your decision.

How the result changes with Neobank APY (%)

Average balance ($): Average checking/savings account balance.
Traditional monthly fee ($): Monthly maintenance fee at traditional bank (e.g., Chase: $12, BofA: $12, waivable with balance).
Neobank monthly fee ($): Monthly fee at neobank (most charge $0 — Chime, SoFi, Current).
Out-of-network ATM/mo: Number of out-of-network ATM withdrawals per month.
Traditional ATM fee ($): Out-of-network ATM fee at traditional bank (avg $2.50-3.50).
Neobank ATM fee ($): Out-of-network ATM fee at neobank. Many reimburse ATM fees (Chime, SoFi).
Overdrafts per year: Number of overdraft or NSF incidents per year.
Traditional overdraft ($): Overdraft fee at traditional bank (typically $34-36).
Neobank overdraft ($): Overdraft fee at neobank. Many offer fee-free overdraft up to $200 (Chime SpotMe).
Foreign tx amount ($/mo): Monthly spending in foreign currencies (travel, international purchases).
Traditional foreign tx (%): Foreign transaction fee at traditional bank (typically 3%).
Neobank foreign tx (%): Foreign transaction fee at neobank. Many charge 0% (SoFi, Wise).
Traditional APY (%): Annual percentage yield on deposits at traditional bank (national avg ~0.01%).
Neobank APY (%): Annual percentage yield at neobank (e.g., SoFi: 4.6%, Wealthfront: 5.0%).

Annual savings with neobank: Total annual savings from switching to a neobank (fees saved + extra interest earned).
5-year savings: Projected savings over 5 years.
Traditional bank annual cost: Net annual cost at traditional bank (fees minus interest earned). Negative means net income.
Neobank annual cost: Net annual cost at neobank (fees minus interest earned). Negative means net income.
Annual fee savings: Total fees saved per year (maintenance, ATM, overdraft, foreign tx).
Extra interest earned: Additional interest earned from higher neobank APY.
Traditional interest earned: Annual interest earned at the traditional bank's APY.
Neobank interest earned: Annual interest earned at the neobank's APY.

Identify Input Parameters
4 parameters
Average balance ($) = 5000, Traditional monthly fee ($) = 12, Neobank monthly fee ($) = 0, Out-of-network ATM/mo = 3 = 14 input(s) provided
Calculate Annual savings with neobank
Annual savings with neobank = totalCostTrad - totalCostNeo
582.5 = $582.5
Calculate 5-year savings
5-year savings = annualSavings * 5
2912.5 = $2,912.5
Calculate Traditional bank annual cost
Traditional bank annual cost = annualMaintenanceTrad + annualATMTrad + annualOverdraftTrad + annualForeignTr...
357.5 = $357.5
Calculate Neobank annual cost
Neobank annual cost = annualMaintenanceNeo + annualATMNeo + annualOverdraftNeo + annualForeignNeo -...
-225 = $-225