Are Rising Interest Rates Going to Propel Neobanks?

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For two years between 2020 and 2022, the US Federal Funds rate was 0.25%.

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Neobanks are a fintech bank that focuses on its software and apps to streamline a more modern online banking experience. Average interest rates among high street banks in the US are around 3%. The last time the US Fed Funds Rate was this high was in 2008, a time when neobanks didn’t really exist. The search for “best savings account” has gone up by 300% in volume on Google in the U.S. Since then, they only have around 8% market share for current accounts in the UK.