Digital-only banks and neobanks now collectively hold over $500 billion in customer deposits, capturing market share from traditional banks at an accelerating pace.
Market Leaders
- SoFi Bank: $62 billion in deposits
- Ally Bank: $145 billion
- Marcus by Goldman Sachs: $110 billion
- Chime: $38 billion
- Discover Bank: $90 billion
Why Customers Are Switching
Digital banks consistently offer higher interest rates (4.5-5% vs 0.5% at big banks), lower fees, and better mobile experiences. The average digital bank customer saves $240/year in avoided fees compared to traditional banks.
