Money gives us choices and minimizes financial stress. When People make and save more money, they can afford an extra vacation, pay debt quicker, and grow their portfolios faster. Given money’s importance in the world, it’s no wonder many people take it seriously.
However, many people don’t know how to optimize their money management. They aren’t aware of online apps that can help with their money. The best mobile banking app provides you with resources to manage and grow your money. These apps also let you borrow money at attractive rates.
Mobile banking apps are revolutionizing banking, but some are better than others. We will share some tips to guide you in choosing the best one.
What Is a Banking App?
Mobile banking apps put your bank account at your fingertips. You can view account balances, make transactions, pay bills, and check your history. It’s not hard to find an online banking app that offers these standard features. However, other mobile banking apps go the extra mile and provide several features to strengthen your finances, access loans, and build your credit score.
How Does a Banking App Work?
Banking apps get listed in app stores. Users must first download the app before using its features. Most downloads occur in the iOS App Store or Google Play Store, but you can also find banking apps in other app stores. You can then log into the app or create a new account to start using its features.
Should You Use a Banking App?
Money is a vital resource. Monitoring your funds through a banking app can keep you in line with your budget. Some banking apps let you invest funds into stocks. You can conduct these transactions anywhere in the world.
You may also need to make an emergency transfer or borrow funds. The best mobile banking apps will let you borrow some money without any questions asked. Some consumers need these funds for groceries, home appliances, and other costs. Banking apps can strengthen your financial outlook while making critical data easier to access. So it makes sense for most people to use a banking app.
Things to Consider When Choosing the Best Mobile Banking App
Consumers can select from numerous mobile banking apps. Some of these apps deliver significant features to consumers, while others stopped innovating years ago. We will share some things to consider before selecting an app for your finances.
Fees and ATM Network
Fees such as ATM transactions, overdrafts, and monthly fees can get frustrating for consumers. Consider which fees will impact you the most, and find mobile banking apps with low or no fees for those areas. Frequent ATM users should check an app’s ATM network and if they have nearby locations. ATM networks reduce or eliminate ATM fees, helping you save money from each transaction.
Mobile banking apps often establish minimum deposit and balance requirements. Unfortunately, some of these minimums are higher than people would prefer or can afford. Shortlist the mobile banking apps that provide minimums below what you can afford.
Products and Features
The products and features can make or break the mobile banking experience. Some mobile banking apps provide the minimum. They let users check funds, review transaction history, and transfer money. Some mobile banking apps are built on this foundation to provide their users with more capabilities. You may find mobile banking products and features around the following objectives:
- Increase your credit score
- Portfolio growth — stocks, crypto, CDs, and more
- Access to low or 0% APR loans — these funds help people pay utility bills and other emergency expenses
- Budgeting — automatic savings can leave more money in your account
- Buy now, pay later loans to make purchases more manageable
The app’s description will highlight top products and features. You can also visit their websites for more details on products and features.
You may come across issues and ask the mobile bank for assistance. Since most of these banks don’t have a physical location, you’ll have to rely on a virtual representative. Look for mobile banks that provide reliable customer service. Some banks will communicate via email, live chat, or another alternative.
A phone number or live chat feature is critical. These communication methods provide real-time customer support. Some consumers have urgent questions that need an answer right now instead of within 24 hours.
Mobile banks will boast about their customer satisfaction, but social media and online reviews from members provide the true story. If a mobile banking app has many 1-star reviews complaining about customer service, you should consider an alternative.
Digital Banking Experience
You don’t want to feel lost in a mobile banking app. Mobile apps should provide smooth interfaces that let you quickly find relevant information. Most mobile banking apps will include screenshots on their app store pages. Some banking apps also post video tutorials and provide product demos to familiarize you with their interfaces. MoneyLion offers a free demo to show how their app will look on your smartphone.
A mobile banking app should have safety features to protect you from hackers. Security protocols, such as Transport Layer Security (TLS), keep your funds safe, but selecting an FDIC-insured bank is the safest way to go. Insured banking apps provide you with up to $250,000 if the bank fails. Every dollar above $250,000 is uninsured, but this truth applies to any bank. You can spread your money across multiple accounts to insure more of it.
Features to Look For in a Banking App
What features make a great banking app? We’ve listed several features to look for when reviewing banking apps.
Can you quickly access critical details, or is it difficult to find your balance? The app should be easy for a new user to learn.
Financial Fitness and Budget Tracker
Keeping track of your finances helps you retire sooner. You’ll save money and invest more into your portfolio. You can track everything in a spreadsheet, but it’s not easy monitoring everything on your own. The best banking apps include financial fitness and budget trackers. These features let you grow your finances instead of only showing account balances.
Mobile Check Deposits
You can deposit a check without driving to a local branch, but some apps don’t have a physical presence. Mobile check deposits are the only way to deposit paychecks into mobile bank apps that don’t have local branches. Make sure you can make a direct deposit through the app.
Credit Builder Loans
Credit builder loans provide some funds and an easy path to on-time payments. These loan payments will build up your payment history and increase your credit score. A higher credit score unlocks benefits such as lower interest rates, approved loans, and higher loan amounts.
Instant Rewards and Cashback
Does your mobile banking app reward you for purchases? Your mobile bank should reward you for choosing them over competitors. You should receive rewards and cashback on qualifying purchases.
Auto Investing Accounts
Not everyone wants to do stock research, look at price fluctuations, and buy at strategic times. Some investors want to contribute some funds to their mutual funds each month without looking at their portfolios. Look for a mobile bank with auto investing accounts. These accounts let you make weekly, bi-weekly, or monthly investments in your portfolio. Since investments happen automatically, your portfolio’s growth doesn’t rely on you remembering to make deposits.
Emergency expenses come up. You’ll need funds to make important payments, but many cash advances carry excessive interest rates. Mobile banking apps should offer cash advances at low or 0% APR. Banks without this feature do a disservice to anyone in urgent need of funds without enough time to wait for the next paycheck.
How to Get Started with a Mobile Banking App
The best mobile banking app helps users control their finances and improve their outlook. Many banking apps are available in the iOS App Store and Google Play, but few come close to MoneyLion’s core offerings.
MoneyLion comes with several products and features designed to bolster your finances. We’ve compiled a list of the highlights:
- Instant cash advances at 0% APR
- Credit Builder Program to improve or restore your credit
- Auto investments to grow your portfolio
- Customized portfolios based on risk tolerance and asset themes
- Shake “n” Bank, which rewards you on every qualifying purchase
- MoneyLion Overtime which acts as a buy now, pay later loan
- Zero minimums or hidden fees
MoneyLion can take your financial health to the next level. The company’s suite of products and features provides an all-in-one stop for its users. Download the MoneyLion app on your mobile device to get started.