Do digital banks live up to the hype?

Digital banks are as safe as traditional banks, with deposits protected up to €100,000 under European guarantee schemes. They also meet strict legal requirements and are supervised by European authorities. While digital banks may offer lower fees for services like currency exchange, they lack physical branches and personal customer interaction. Traditional banks provide more comprehensive product ranges and in-person support. Digital banks are entirely app-based, making them unsuitable for individuals uncomfortable with smartphones. Traditional banks are increasingly adopting digital services and reducing physical branches.