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Digital banking features are no longer just a nice-to-have but essential for effective money management. Whether you’re considering an online-only bank or a traditional bank with a strong digital presence, it’s important to understand what mobile and online features are available, and how they can benefit your financial life.
From peer-to-peer transfers and mobile check deposit to budgeting tools and early access to direct deposits, the right features can add real value and convenience to your financial life. Depending on your needs, some tools may matter more than others. Here’s a closer look at key mobile and online banking features that can add value, convenience, and peace of mind to your daily money management.
Key Points
• Digital banking platforms provide 24/7 access to accounts, allowing users to manage finances anytime and anywhere.
• Safety and security features, such as encryption and fraud alerts, protect user transactions and data.
• Customizable alerts inform users about account activity, including low balances and unusual transactions.
• Mobile check deposit enables users to deposit checks remotely, enhancing convenience.
• Personal finance management tools, including budgeting and savings trackers, help users manage their money effectively.
The Benefits of Having a Good Banking Website and Mobile App
These days, the digital tools offered by online banks and many traditional institutions allow you to do a lot more than just check your balance. The best banking platforms and apps make managing money smoother, safer, and more convenient. Here’s how they can simplify your financial life:
• Convenience and accessibility: Online banking gives you 24/7 access to your accounts and allows you to do essential tasks — such as transferring money, paying bills, or depositing checks — without ever stepping foot into a physical branch.
• Real-time monitoring: Digital banking allows you to receive instant notifications about account activity, such as deposits, withdrawals, and potential fraud, enhancing security and allowing for quick action.
• Improved financial management: Digital platforms and banking apps often include features like budgeting tools, spending trackers, and credit score monitoring, making it easier to manage your money and make informed decisions.
• Enhanced security: With features like biometric authentication, two-factor verification, and encrypted transactions, mobile and online banking can be even more secure compared to traditional banking methods.
12 Must-Have Features of Online and Mobile Banking
So what are the top features of online banking to consider when looking for a new bank account? We’ve rounded up 12 mobile and online tools and services that can significantly improve your financial experience, whether you’re just opening your first checking account or have been banking for years.
1. Highly Rated Mobile App
Unless you spend a lot of your free time at a desk, you’ll likely be doing much (or most) of your banking on your smartphone. That’s why a well-reviewed, intuitive mobile app is a must. When shopping for a new bank account, it’s a good idea to check app store ratings and read customer reviews from users that have the same type of phone (e.g., iOS or Android) to get a sense of other customers’ experiences.
2. Safety and Security Features
Mobile banking can be very safe, provided the right protections are in place. You’ll want to make sure a bank offers:
• Multi-factor or biometric authentication (fingerprint or facial recognition)
• Real-time fraud alerts
• Debit card freezes
• Automatic timeouts and logout
• FDIC or NCUA insurance (depending on the type of institution).
3. Customizable Account Alerts
Online banking alerts help you stay informed without having to constantly log into your account. Look for institutions that allow you to set up notifications for:
• Low balances
• Direct deposits
• Unusual activity on your account
• New log-ins
• Large transactions
• Overdrafts
• Username and password changes
Alerts can typically be sent by text, email, or push notification, and make it easy to monitor your accounts in real time.
4. Robust Self-Service Options
If you’re interested in managing your account without having to wait on hold or visit a branch, you’ll want to find a bank that allows you to manage a wide variety of tasks from their app or website, including:
• Resetting your PIN
• Ordering a replacement debit/ATM card
• Managing overdraft settings
• Updating personal information
• Convenience is a major advantage of digital-first banking.
5. Early Direct Deposit
Some banks allow you to access your paycheck up to two days earlier than your scheduled payday. How can they do this? When the bank receives notification of an upcoming deposit from your employer, they will make the funds available before they officially arrive in your account as a courtesy. This feature is generally free (and automatic) for eligible customers. If you like the idea of an early payday, consider prioritizing a bank account with this unique online banking feature.
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6. Mobile Check Deposit
If you still occasionally receive paper checks, you’ll likely want a way to deposit those checks without going to a physical branch or ATM.
Many online and traditional banks allow you to deposit a check whenever you want, wherever you are, using your mobile phone. With mobile deposit, you simply snap a photo of your endorsed check to deposit via the bank’s smartphone app.
7. Seamless Transfers and P2P Payments
Whether you’re moving money between your own accounts or paying a friend back for lunch, transfers should be fast and easy. Top mobile banking apps and platforms support:
• Internal transfers (checking to savings, etc.)
• Peer-to-peer (P2P) payments via an integrated platform
• Third party payment apps
These features eliminate the need to write checks or even carry cash.
Recommended: How to Send Money to Friends and Family
8. Easy ATM Access
Even if you do most of your banking online, ATM access still matters. Whether you’re considering an online-only or traditional bank, you’ll want to make sure it not only offers a large network of fee-free ATMs, but makes them easy to find.
For example, some mobile banking apps have a built-in ATM finder that can help you navigate to the closest ATM from your current location. Bonus points if your bank reimburses out-of-network ATM fees.
9. Automatic Savings Tools
Some banks offer online and app-based tools that make it easy to build your savings. These include automated recurring transfers from your checking account to a high-yield savings account, “round-up” savings programs (which automatically round up your debit card purchases to the nearest dollar and transfer the difference into savings), and split direct deposit (when the bank automatically moves a percentage of your direct deposit to savings).
10. Online Bill Pay
Online bill pay is a service offered by some banks that allows you to set up automatic payments to multiple service providers all in one place, saving you the hassle of setting up autopay for each company individually. Often, you can customize this tool so that it either pays your bills automatically or alerts you that a bill is due, then allows you to decide if you want to pay it in full, pay the minimum amount due, or pay a different amount.
Recommended: Pros and Cons of Automatic Bill Payment
11. Great Customer Support
Even the best app or online banking platform likely can’t solve every issue. As a result, you’ll want to make sure that your bank offers reliable and responsive customer support via phone, live chat, and/or secure messages. This is particularly important if your bank doesn’t have physical locations. Be sure to check the support hours and read reviews of the bank’s service qualifications before you commit to switching banks.
12. Built-In Personal Finance Management Tools
One of the most powerful additions to modern digital banking is access to personal finance management tools. These features go beyond basic account services, and help you actively plan, budget, and understand your financial habits — all within your banking app or online dashboard.
Instead of needing multiple apps to manage your spending and goals, look for banks that provide tools like:
• Spending trackers (which automatically add up and categorize your weekly and monthly spending)
• Budgeting tools (with visual charts and monthly spending limits)
• Savings goals trackers (to help you visualize your progress)
• Subscription tracking (to help you identify and, if possible, cancel recurring charges)
The Takeaway
Banking is no longer limited by business hours or branch locations. Whether you’re considered an online-only bank or a traditional one with strong digital tools, the right features can make a world of difference.
From mobile check deposits to smart alerts and early direct deposit, modern mobile and online banking platforms offer powerful ways to manage your money more efficiently. The key is finding a financial partner with the online and mobile banking tools that meet your needs and mesh with your lifestyle.
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 features and benefits of online banking?
The key feature of online banking is that it offers 24/7 access to your accounts, allowing you to check balances, transfer funds, pay bills, and manage your finances from anywhere with an internet connection. Online banking also provides real-time updates and convenient tools like mobile check deposit and automated alerts. The benefits include time savings, reduced need to visit branches, and often lower fees. Many platforms also offer budgeting tools and financial insights, making money management easier and more efficient.
Is mobile banking safe?
Yes, mobile banking is generally safe. Banks use encryption, multi-factor authentication, biometric login options (like fingerprint or face recognition), and automatic logout features to protect your information. Users can enhance safety by updating apps regularly, using strong passwords, avoiding public wifi for transactions, and enabling device security features. While no system is 100% risk-free, mobile banking is secure enough for daily use as long as you follow proper security practices.
What are the pros and cons of online banks?
Online banks offer advantages such as higher interest rates on savings, fewer fees, and robust mobile banking tools. However, these banks do not have in-person banking, may not always offer live assistance, and might have a more limited roster of banking services. While ideal for tech-savvy users seeking convenience and better returns, online banks may not suit those who prefer face-to-face assistance or frequently need to deposit cash.
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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.
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