NASHVILLE, Tenn. (WTVF) — When was the last time you actually walked into a bank?
Gone are the days when you had to go to a bank branch to say deposit a check. Instead a lot of people are doing their banking on their phones using an app.
And there’s been a rapid rise in digital-only banking services. But not all banking apps out there are created equal.
In a recent survey, Consumer Reports found three out of four Americans use one or more banking apps. Which apps are the best?
“We evaluated these apps for safety, privacy, transparency, support for financial well-being, and accessibility,” said Lisa Gill.
Consumer Reports experts looked at the apps of five large traditional banks and five online-only digital banking providers.
If avoiding fees is essential to you when looking for a new banking service, a digital bank may be your best bet, but there is a trade off.
“We found that most of the digital banking providers offered consumers free checking and savings accounts and tended to provide higher interest rates," Gill said. "On the other hand, we found traditional banks offered more features and tools to help you budget and save.”
When it comes to protecting your data - all the apps have flaws, some 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,” she added.
No matter what app you choose, banking securely is important. Use FaceID or a six-digit PIN to unlock your phone, and on the app itself, enable
two-factor or multifactor authentication.
If you lose your phone, alert your bank right away.
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