Online, digital and app-based banks offer most of the services that traditional banks provide, but are entirely based online, meaning there are no in-person branches. Instead, you can apply to open an account online or via an app, and customer service and support is available over the internet or by phone.
A big advantage of online and app-based banks is that they offer many built-in budgeting features, including notifications on your spending, the ability to set savings goals and a personal budget, as well as easy money transfer and “split-the-bill” options.