Sergio Flores with NBC 7 and Telemundo 20 Responds helps you decide which banking app is right for you.
When was the last time you stepped foot into a bank? Today, many of us skip the branch and instead, bank on our phones using an app.
With this shift, there’s been a rapid rise in digital-only banking services. Consumer Reports looked at which banking apps consumers can bank on when they need them, and in a recent survey, found that three out of four Americans use one or more banking apps.
Which apps are the best?
CR researched the apps of five large traditional banks and five online-only digital banking providers, and evaluated the apps for safety, privacy, transparency, support for financial well-being, and accessibility.
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If avoiding fees is important to you when looking for a new banking service, a digital bank may be your best bet, but there is a tradeoff: CR found that most digital banking providers offered consumers free checking and savings accounts and tended to provide higher interest rates. On the other hand, traditional banks offer more features and tools to help you budget and save.
When it comes to protecting your data, all the apps have flaws, some of which are 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.
NBC 7 Responds
No matter what app you choose, banking securely is important.
Use FaceID or a six-digit PIN to unlock your phone, and enable two-factor or multifactor authentication on the app itself.
If you lose your phone, alert your bank right away.
CR also recommends that you allow the app to send you notifications for every withdrawal or deposit made to your account so you can quickly spot potential fraud.
Click on this link for the complete banking-apps comparison report by Consumer Reports.
