If you’re ready to take your banking online, a digital banking account may be the best option for you. These accounts typically offer more competitive rates and fees than traditional banks, as well as many features to help you manage your finances.
Whether you’re looking for an account with higher interest rates, lower maintenance fees, or a simple checking or savings account that doesn’t have any minimum balance requirements, a digital bank can meet your needs. You’ll want to compare the benefits of each type of account against your own financial goals before making a decision.
A digital banking account combines the convenience of online banking with a personalized touch from a human being. You’ll be able to access your account anytime and anywhere, even when you’re traveling, and you can make deposits and withdrawals with a mobile app.
When you have a digital banking account, you’ll also be able to save money by using your account for bill pay and funds transfers between your own accounts or with other people’s accounts. Your bank may also provide you with alerts if any suspicious transactions occur on your account.
Your digital banking account will also be secure because you’ll have access to multiple forms of authentication, including biometric login options like fingerprint or voiceprint. This will make it easier to log in and out of your account, and keep your information safe.
You can also set up a number of alerts to keep you informed about your account, such as when your direct deposit is received or you’ve made a large payment. These features are designed to be easy to use and will save you time by helping you stay on top of your money.
The most valuable features to consumers who rely on their primary bank’s mobile app are those that allow them to complete basic daily banking tasks, according to Ipsos-Forbes Advisor research. These include viewing statements and account balances, transferring funds, paying bills, and mobile check deposit.
In addition, some mobile banking apps can help you save money by allowing you to set up automatic payments, which can reduce your need to write checks and make costly trips to the bank branch. Most banks also have an app that allows you to transfer money between accounts and even make payments to other users, such as a family member or a friend.
Some banks even use chatbots to answer questions or help you manage your money. These are becoming increasingly sophisticated, so they’ll be able to understand verbal requests and automatically handle your payments.
Digital banking accounts are popular with tech-savvy young adults who prefer to do everything digitally, and they’re also growing in popularity among older generations. They don’t require physical branches or customer service reps, and they’re usually easy to use, especially for those who have no experience with banking on the Internet.
Choosing the right digital bank is key to getting the most out of your financial services. In particular, you’ll want to find a bank that offers competitive rates and fees for savings and checking accounts. You’ll also want to look for a bank that offers convenient ATM access and has good security measures in place.