Fewer product offerings: Neobanks usually have a smaller menu of services, so if you're looking for a mortgage or investment account, you'll probably have to go to a brick-and-mortar bank.Limited customer service: With no physical branches, there's no in-person customer support available.More financial tools: Neobanks offer in-app budgeting tools and real-time spending insight that traditional financial institutions may not have or charge extra for.Convenience: Users can make deposits and transfers anywhere at any time, with 24/7 online customer support.Early access to direct deposits: Fintechs frequently make payments available up to two days early - including payroll deposits, government benefits, tax refunds and pensions.Higher rates: That lower overhead also means neobanks usually offer savings accounts with higher interest rates.Lower fees: Since neobanks don't operate physical locations, they can pass on savings by reducing or eliminating common banking fees.So it's important to decide if they will fit your financial needs. Neobanks offer more flexibility than traditional banks, but there are drawbacks. Investing +More All Investing Best IRA Accounts Best Roth IRA Accounts Best Investing Apps Best Free Stock Trading Platforms Best Robo-Advisors Index Funds Mutual Funds ETFs Bonds Help for Low Credit Scores +More All Help for Low Credit Scores Best Credit Cards for Bad Credit Best Personal Loans for Bad Credit Best Debt Consolidation Loans for Bad Credit Personal Loans if You Don't Have Credit Best Credit Cards for Building Credit Personal Loans for 580 Credit Score Lower Personal Loans for 670 Credit Score or Lower Best Mortgages for Bad Credit Best Hardship Loans How to Boost Your Credit Score Taxes +More All Taxes Best Tax Software Best Tax Software for Small Businesses Tax Refunds

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