Once upon a time, people had to fit their schedules around the limited “bankers’ hours” of bank branches. Today, it’s easy to take care of almost all of your banking needs without ever stepping inside a physical branch. As long as you have your smartphone and a wifi connection, you’re good to go.
The rise of mobile banking has boosted convenience without sacrificing the features you come to expect with a bank account. It’s no wonder that one recent survey found that 78% of respondents use their bank’s mobile app weekly and 62% said they couldn’t live without it. Read on to learn more about what’s available in the world of mobile banking — and what’s ahead.
Key Features of Mobile Banking Apps
Mobile banking apps offer tools that are increasingly becoming more personalized and sophisticated. While nearly every major bank allows customers to do some business on their website and/or through their mobile app, the exact mobile banking features will vary depending on the bank.
Here are a few of the most common mobile banking app features:
• Account opening and closing
• Bill pay, including instant payments
• Low balance notifications
• Transaction history
• Budgeting and planning tools
Check your bank or credit union’s app or website to see what mobile banking features are available to you.
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How Mobile Banking Simplifies Your Finances
Mobile banking can truly makes it much easier to monitor your checking account and other account balances so that you can keep your budget on track. You can quickly transfer money from your checking to your savings account to meet your financial goals, for example, or potentially automate that process so that a portion of your paycheck is funneled to your savings. You can also set up recurring payments to make sure bills are automatically handled on time.
As mentioned above, some mobile banking platforms include budgeting tools you can use to plan your spending and saving. Some also include the ability to save money in vaults, or subaccounts, that earmark funds for specific goals, such as vacations, holiday spending, or emergency funds.
Many banks have mobile banking account alerts that will notify you if your balance drops below a certain threshold. (This can help you avoid pricey overdraft fees.) You can generally customize these alerts, both by setting the amount that triggers the alert as well as indicating how you want to be notified.
You can also typically access options for sending money quickly to others, whether through an integrated payment platform or possibly via a wire transfer that is initiated on your phone.
There are, of course, both mobile banking pros and cons, but most people find that the benefits of using mobile banking apps outweigh any potential negatives.
Mobile Banking & Security
One of the biggest questions that many people have about mobile banking is whether mobile banking is safe.
It’s reassuring to know that most major banks and financial institutions follow state-of-the-art encryption, security, and fraud protection best practices, such as SSL (secure sockets layer) encryption and two-factor authentication (2FA). Additionally, many banks have a no-fault policy that says that you won’t be held liable for unauthorized transactions.
Also worth noting: Not all of the ways your account could be vulnerable are under the bank’s control. For example, hackers and scammers can be relentless when trying to gain access to checking and savings accounts. It’s smart to acquaint yourself with their latest ruses and follow best practices, like having a strong password that you don’t use for other sites as well as enabling 2FA.
Innovation & the Future of Mobile Banking
Mobile banking continues to evolve and innovate. Over the past decade, many people have adopted mobile wallets that allow them to store and access banking and credit card information instead of carrying around a physical card. You also are probably familiar with new forms of biometric authentication that are gaining ground, such as using facial or voice recognition to unlock your mobile account.
Cardless ATM withdrawals, which involve using your phone at a terminal vs. a card, is another new direction, and a growing number of banks are incorporating the latest AI and chatbot technologies to offer more personalized customer service while clients use their app.
Recommended: How Long Does It Take for a Mobile Deposit to Clear?
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The Takeaway
Mobile banking provides convenience and security for bank users. It can simplify and speed up such banking tasks as depositing checks, bill payments, checking account balances, and receiving account alerts. The features of a mobile banking app will vary somewhat depending on the financial institution, so check with your bank or credit union to see what mobile banking features are available to you.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
FAQ
What are the key features of mobile banking apps?
Most mobile banking apps have a core set of features, such as account management, bill pay, account alerts, and mobile check deposits. Some banks may offer additional features, such as dashboards that track your earnings, spending, and savings, as well as vault bank accounts, which allow users to bucket their money into subaccounts.
How does mobile banking make saving easier?
Mobile banking makes saving easier in a number of different ways. You’re able to have more insight into your finances just by glancing at your smartphone. You can also set up automatic transfers from checking to savings on payday and often track your spending via the app’s dashboard. Establishing low balance alerts can also help you avoid pricey overdraft fees, which is another way to save money.
What security measures are in place with mobile banking?
Most major banks use industry-standard security best practices involving encryption, continuous authentication, and other features. It’s also wise to follow such security measures as not reusing your password, regularly monitoring your account, and setting up 2FA on your account.
How does mobile banking offer clarity about financial data?
Mobile banking lets you check your account balances, allowing you to get a better picture of your overall financial health, anytime and anywhere. Many mobile banking apps also allow you to track your spending and will alert you of upcoming payments that are due, which can also offer greater control and clarity.
Photo credit: iStock/whitebalance.oatt Who is eligible for a Direct Deposit Bonus? New and existing SoFi members who have never set up direct deposit with SoFi are eligible for the Direct Deposit Bonus. Bonuses are limited to one bonus per SoFi member. In the case of a joint account, direct deposit activity will only be counted towards the primary account holder’s eligibility for the bonus (the primary account holder is the member who opened the joint account first). How do I earn the Direct Deposit Bonus? 1. Set up your first Eligible Direct Deposit. SoFi must receive it on or before 1/31/26. 2. Once SoFi receives and recognizes your first Eligible Direct Deposit, we will add up the Total Eligible Direct Deposits received over the next 25 calendar days. This total will determine the bonus amount. 3. You will receive the bonus amount in your SoFi Checking account within 7 business days of completing all requirements listed above. You are only eligible to receive one bonus amount. You must have an open SoFi Checking account in good standing at the time of the bonus payment.
What is an Eligible Direct Deposit? Eligible: Recurring ACH deposit of regular income to your SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by your employer, payroll or benefits provider or government agency ("Eligible Direct Deposit") Not Eligible: Deposits that are not from an employer, payroll or benefits provider or government agency and deposits that are non-recurring in nature are not eligible. Examples of deposits that are not eligible include check deposits, peer-to-peer transfers (e.g., transfers from Zelle®, PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), bank ACH funds transfers, wire transfers from external accounts, and IRS tax refunds. SoFi Bank shall, in its sole discretion, assess your Eligible Direct Deposit activity to determine eligibility and may require additional documentation to complete this verification. Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your initial Eligible Direct Deposit. After SoFi validates the details of your Eligible Direct Deposit, your Direct Deposit Bonus will be based on the date we received your initial Eligible Direct Deposit. What else is important to know? • This promotion is available between 12/7/2023 at 12:01AM ET and 1/31/2026 at 11:59PM ET. SoFi reserves the right to modify or end the promotion at any time without notice. The terms of this promotion take precedence over the terms of any prior Direct Deposit promotion. • SoFi reserves the right to exclude any members from participating in this promotion for any reason, such as suspected fraud, misuse, or suspicious activity. • SoFi members with Eligible Direct Deposit activity can earn 3.60% annual percentage yield (APY) on savings balances. Interest rates are variable and subject to change at any time. These rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet. • Bonuses are considered miscellaneous income, and may be reportable to the IRS on Form 1099-MISC (or Form 1042-S, if applicable). SoFi is required to do this reporting in compliance with the applicable federal and state reporting requirements. Recipient is responsible for any applicable federal, state or local taxes associated with receiving the bonus offer; consult with your tax advisor to determine applicable tax consequences. • This promotion is offered by SoFi Bank, N.A, Member FDIC ("SoFi").
SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet
Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.
Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.
Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.
See additional details at https://www.sofi.com/legal/banking-rate-sheet.
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Total Eligible Direct Deposit
Bonus Amount
Timing
$1.00 - $999.99
$0
To determine your bonus amount, SoFi will add up all your Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit.
$1,000.00 - $4,999.99
$50
$5,000.00 or more
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