How Do Digital Banks Make Money?



Banks make the majority of their profit from lending. The money that you, and others, deposit is loaned to those who need a loan but, the borrower pays the bank a fee. Many digital banks also make a huge profit from charging their customers fees. Plus, they save a fortune from not maintaining physical locations, and operating only online.


Today, the fees digital banks charge are pretty much the same as old-fashioned banks. These fees have one goal: to maximize profits. Overdraft fees make up the highest proportion, but they may also charge checking fees, minimum balance fees, monthly maintenance fees, and business service fees.

FLYP: A Digital Banking App Dedicated to YOU

We have a simple mission: to bring no-fee digital banking services to those who are traditionally underbanked. We take the savings that come from being a digital banking app and pass them on to you.

Choose a bank that has low or no fees

We have no hidden fees or low-balance fees. We make our money from a small cut of the merchant fee when you use your Flyp card. There’s never any cost to you on our accounts when you stay in-network. And we use this money to create a great rewards program, so we can give it back to you!

Our goal is to provide a community banking app feeling without—paying for outdated branches.

Flyp is not a bank.  Banking services provided by Sutton Bank, Member FDIC.