Looking for the best digital bank or financial platform is a noble endeavor for any consumer. You can break free of traditional bank and banking branches by using all-in-one apps that deliver a whole experience to your phone or tablet. Learning what to look for in these banks and how they deliver their services is an important part of the process. When a digital bank checks all the boxes for you, it provides a level of freedom that other banks cannot.
But finding the right bank is key. Benzinga went to work and did the research for you to help ensure that you select the right one. Below, you will find a list of the best digital banks out there.
What is a Digital Bank?
A digital bank is nothing more than a bank that sets up shop online using a website, mobile app or both. These banks often partner with traditional banks, allowing them to provide banking services and the safety net that the partner bank provides.
Mobile banking simply streamlines these services, bringing everything together in one, easy-to-use package. On top of the convenience of these banks, you often get services that are fairly uncommon among traditional banks.
Digital banks tend to break with tradition by offering services that you cannot get anywhere else. For example, a digital bank might waive all ATM fees or offer fee-free transactions use within an ATM network.
Who Should Try a Digital Bank?
Digital, all-in-one banking can serve anyone, from any walk of life. No matter your situation or job status, you can make the most of a digital bank.
A digital bank works well for anyone who travels, moves often or has a fast-paced job. You don’t have time to make friends with the tellers at the bank. You don’t stay in one place long enough to keep the same bank, and you likely don’t have time during the day for errands, long phone calls with customer service or confusion over your account balance, fees or debit card.
What if you’re a parent? You don’t have time to run to the bank in between dealing with the kids and keeping your home in good shape. Checking everything in an all-in-one mobile banking app is much easier than wasting time driving to the bank.
Trying a digital bank is the perfect idea for students. Young people are connected to the world at large through their mobile devices, and it only stands to reason that they would bank in the same way. A beautifully designed mobile app provides all the functionality customers need without the confusing terminology associated with traditional banks.
Digital banks also serve business owners well. A manager or owner can quickly access their accounts, review ledgers, manage credit cards, debit cards and more.
Advantages of Using a Digital Bank
Digital banks also offer a connection with additional services that are not generally available inside a traditional bank. Investments, cryptocurrencies, cash advances and credit-building loans are perfect ways to help consumers manage their money with wisdom.
You have instant access, all the time. While the bank stores your money and offers access to a range of services, it empowers you to do what you need when you need to do it.
What to Look for in a Digital Bank
As you hunt for a digital bank, you may well search for the service and features listed above. However, you should also review things like:
- Security: Does the app use multifactor authentication and offer contactless payment options?
- Quality interface: A good interface makes the app easier to use. Plus, a nice user experience prevents confusion while reviewing your accounts.
- Federal Deposit Insurance Corp. (FDIC) protection: Generally, accounts should be insured through a partner bank for up to $250,000.
Additional services you might look for include the get paid early feature that allows you to receive your paycheck a few days before it’s deposited. Some digital banks allow you to round up your purchases to add to your savings or investments. Additionally, you might look into banks that offer rewards when using your debit card.
MoneyLion is a financial platform providing a range of services that help ordinary consumers get more out of their banking experiences.
With MoneyLion, you can avail yourself of an array of products and services like:
- Mobile banking
- Cashback rewards
- No hidden fees
- Financial tracking
- Buy-now, pay-later options
- Get paid early
- Investment services
- Crypto accounts
- Cash advances
- Credit builder loans
Learn More About Digital Banks
Learning more about digital banks helps you take control of your finances and find the most beneficial services. After finding the best digital bank, return to Benzinga often for additional financial information, stock data and much more.
Frequently Asked Questions
What bank partners with MoneyLion RoarMoney?
MoneyLion partners with MetaBank to provide services to customers.
Is MoneyLion a challenger bank?
MoneyLion is a challenger financial platform, elevating traditional banking services and offering an all-mobile experience.
How do I put money on MoneyLion?
To put money in a MoneyLion account, you can visit one of the 100,000 locations that accept deposits such as WalMart, Dollar General, or 7-Eleven. You hand the cash to the cashier, swipe your MoneyLion Debit Mastercard, and the money will show up in your account in about ten minutes.
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