neobank noun [C]
UK /ˈniː.əʊˌbæŋk/ US /ˈniː.oʊˌbæŋk/
a type of bank that provides only online banking services and has no physical branches
Neobanks work similarly to traditional banks and offer the same types of services, yet they perform all available functions online or through a mobile app. Neobanks may also partner with chartered banks to offer their customers FDIC insurance and additional benefits, but those considering a neobank should check to make sure.
cnn.com, 4 March 2024
time bank noun [C]
/ˈtaɪm ˌbæŋk/
a system where the unit of currency is one hour of someone’s time, with the people using the bank exchanging services and skills
A time bank functions much like traditional currency but with a unique twist: it’s measured in hours, not dollars. Every hour spent helping others earns one credit – every hour holds equal value, irrespective of the service provided. It’s a system that stitches communities together by recognizing and honoring the contributions of all participants.
[givingtuesday.org, 5 November 2023]
multibank noun [C]
/ˈmʌl.tiˌbæŋk/
a place where essential items such as food, clothing, toiletries and household goods are given to people who don’t have enough money to buy them
First established 14 months ago in Scotland and since March in Manchester, four new multibanks are set to launch in 2024 including in London, the Midlands and Wales, with the idea that there will be multibanks in different parts of the country by the end of next year.
[standard.co.uk, 19 December 2023]