What Are the Best Mobile Banking Features to Look For?

Article summary

• Mobile banking apps go far beyond checking balances, letting users deposit checks, pay bills, transfer money and track spending from their phones, so it pays to compare app features before choosing a bank.
• Look for security and convenience features like biometric login, mobile check deposit, transaction alerts and card controls that let you lock a lost or stolen card instantly.
• Beyond the app, weigh factors like fees, interest rates, ATM access and customer service, since the best banking experience combines a strong app with solid overall service.

Quick answer: What are the best mobile banking features to look for?

When choosing a bank or evaluating your current app, look for these key features:

• Mobile check deposit
• Biometric authentication
• Bill pay
• Transaction alerts
• Easy transfers
• Card controls
• Digital statements and documents.
• Budgeting and spending tools

While a strong app can make everyday banking easier, remember to also weigh a bank's fees, interest rates and customer service before making your final decision.

Which mobile banking features make everyday banking easier?

Your bank may have once been a place you visited only to deposit a check or talk to a teller. Today, you can handle many of the same tasks from your phone, often in just a few taps.

But not all mobile banking apps offer the same capabilities. If you're opening a new account or considering switching banks, it's worth looking beyond the interest rates and monthly fees to see what the bank's mobile app can actually do.

The best mobile banking account for you will depend on how you manage your money. Here are some mobile banking features to look for and how they can make everyday banking easier. 

Can you deposit checks through the mobile app?

If you still receive paper checks, mobile check deposit can save you a trip to the bank. Most banks with mobile apps let you photograph the front and back of the check, enter the amount and submit it for deposit.

This can be particularly useful when you don't have a convenient bank location nearby. Before opening an account, find out if mobile check deposit is available and if there are daily or monthly limits on how much you can deposit this way.

You'll also want to understand when deposited funds become available. A convenient mobile deposit doesn't help much if you need the money immediately and the bank places a hold on the funds. 

Can you pay and manage bills through the app?

Online mobile banking can make it easier to keep up with recurring expenses without writing checks or visiting a bank. Look for an app that lets you schedule one-time and recurring payments, view upcoming bills and manage payment dates. Some banks also allow you to add companies and individuals as bill-pay recipients through the app. 

How easily can you transfer money?

Check what options the app provides if you regularly:

• Move money between checking and savings accounts
• Send money to other people
• Transfer funds between banks

A good mobile banking app should make real-time peer-to-peer transfers relatively straightforward by using Zelle or similar services. Check whether your bank charges a fee for these types of transfers or limits how much you can move at once. 

How easily can you transfer money?

Check what options the app provides if you regularly:

• Move money between checking and savings accounts
• Send money to other people
• Transfer funds between banks

A good mobile banking app should make real-time peer-to-peer transfers relatively straightforward by using Zelle or similar services. Check whether your bank charges a fee for these types of transfers or limits how much you can move at once. 

Which mobile banking security features should you look for?

Does the app support two-factor and biometric authentication?

Any mobile banking app you consider should include two-factor authentication. For an extra layer of security, look for mobile banking applications that support biometric authentication, such as facial recognition. This makes it faster to access your account while helping prevent others from accessing your banking app.

Can you customize transaction and balance alerts?

Depending on the bank, you may be able to receive a notification:

• Every time your debit card is used
• When your balance falls below a certain amount
• When a large transaction posts to your account

These alerts can help you keep a closer eye on your money without constantly checking your account. You'll get early warnings about potential fraudulent activity, so you can investigate while the transaction is still fresh.

Can you lock or manage your debit card from the app?

A lost or stolen debit card can quickly turn a good day into a frustrating one. Mobile banking applications may let you temporarily lock a debit card, unlock it later, report it lost or stolen, or turn certain types of transactions on or off. Some apps let you set spending limits or receive alerts when your card is used.

This feature can be useful when traveling, as you can lock your account if your card is missing, giving you some peace of mind while you figure out your next step.

Which app features can help you manage money?

Does the app include budgeting and spending tools?

Some mobile banking apps go beyond basic transactions by helping you understand where your money is going. You may be able to:

• Categorize purchases
• Track spending or set up a monthly budget
• Set savings goals
• View your spending over time

You may also be able to view your credit score through the mobile banking app.

Can you access statements and financial documents through the app?

Paperless statements may seem like a small convenience, but they can make it easier to keep your financial records organized. Look for an app that lets you view and download monthly statements, tax documents and other important records. Having documents available on your phone can be particularly convenient when you're traveling or need to find a transaction from several months ago. 

What else should you consider when choosing a bank?

A mobile banking account can make managing your money considerably easier, but the app shouldn't be the only thing you evaluate when choosing a bank. Also consider the bank's:

• Variety of savings accounts (high-yield, money market, CDs, etc.)
• Interest rates
• Fees
• ATM and branch locations
• Customer service
• Security features
• Recommendations from family and friends
• Online reviews

If you're considering an online-only bank, the quality of its mobile and online banking experience matters even more because you won't have a local branch as a backup.

Ultimately, the best mobile banking services fit how you actually manage your money.