When was the last time you stepped foot into a bank? Today, many of us skip the branch — and bank on our phones using an app.
With this shift, there’s been a rapid rise in digital-only banking services.
We’ll share which banking apps you can bank on when you need them.
Depositing checks. Transferring funds. Paying bills. Gone are the days of having to go to a physical branch to do any of these chores. Now, they can be done anytime, anywhere, using an app.
In a recent survey, Consumer Reports found three out of four Americans use one or more banking apps. Which apps are the best?
“We evaluated these apps for safety, privacy, transparency, support for financial well-being, and accessibility,” said Lisa Gill, with Consumer Reports.
CR’s experts looked at the apps of five large traditional banks and five online-only digital banking providers.
If avoiding fees is essential to you when looking for a new banking service — a digital bank may be your best bet, but there is a tradeoff.
“We found that most of the digital banking providers offered consumers free checking and savings accounts and tended to provide higher interest rates,” said Gill. “On the other hand, we found traditional banks offered more features and tools to help you budget and save.”
When it comes to protecting your data — all the apps have flaws, some more serious than others.
“Most banking service providers tend to share more data than is needed, while only some banking apps allow you to opt out of targeted advertising,” said Gill.
No matter what app you choose, banking securely is important.
Use FaceID or a six-digit PIN to unlock your phone, and on the app itself, enable two-factor or multifactor authentication.
If you lose your phone, alert your bank right away.