Apart from the convenience of banking on the go, mobile banking stands out for its cost-effectiveness. While this banking option usually costs less, it doesn’t mean that it comes with limited services. Features of mobile banking include account balance and account statement inquiries, fund transfers, checkbook requests, credit and debit card alerts, bill payment, minimum balance alerts, and so on. Also, the most generous digital banks offer up to 2% more in APY than you'll earn on accounts at branch banks.