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What Attributes Make Up A Good Mobile Bank

Alexis Raskin

If you’re looking to change your current bank, or to try mobile banking for the first time, here are some defining attributes of what makes up a good mobile bank, like MoneyLion.

It Should be Easily Available

An attribute of a good mobile bank is the ability to access online banking easily and from anywhere. Long gone are the days where you’re on your bank’s clock, waiting for opening hours or being unable to look at your accounts after work. This availability puts the power in the bankers’ hands, instead of waiting for a teller to be on the job. A good mobile bank should be available for the user at all hours of the day, accessible on an app or website that does not crash easily.

It Should be Cheap

Another attribute that makes up a good mobile bank is being cheap - it shouldn’t be costly to maintain an account with their service. Look for a mobile bank that avoids maintenance fees and ATM fees. With free online banking, there are several financial services that offer accounts with zero ATM fees.

For example, MoneyLion is a fantastic way to keep your money in your account. MoneyLion is available through 55,000 fee-free ATM’s across the globe, meaning no ATM fees. This is the sign of a reliable online banking service, as most will be part of an ATM network with thousands of easily acceptable ATMs across the globe. These ATMS can also be located through your mobile device.

It Should be Accepting

When we say we look for a mobile bank that is accepting, we’re referring to a financial service that has no minimum requirements and doesn’t discriminate against low FICO (NYSE: FICO) credit scores. Having a no minimum requirement for your balance takes the pressure off having to worry about making enough direct deposits into your account. There are no real requirements for most online banks, making it much easier for users who often don’t have a steady current income.

If you’re looking to take out a loan while improving your credit score simultaneously, then try using MoneyLion for your online banking. All users, even those with low credit-scores, can receive a low-interest 5.99% APR loan to keep their savings progress on track. These loans are accessible at any time as a Plus member, without the need to reapply. No matter your credit score, your loan will be deposited almost instantly. The best part is this has been proven by MoneyLion to raise members’ credit!

It Should be Rewarding

Lastly, if you’re between banks, you want to look for one with a great rewards systems, such as offering cash back for their customers.

MoneyLion has a rewards system where any member can see Local Offers through the app, and get points for every dollar you spend. Just search by keyword the type of store or restaurant you’re looking for, and the app will tell users which restaurants give you points. These points can later be redeemed for gift cards, saving you money and making your habits just that much more economical.

Another reward of using MoneyLion is users can take out a loan from their planned future income, and later pay back the money at their own pace. Again, this gives you more freedom, by erasing deadlines from a certain loan. Having this flexibility will allow you to get the most out of your banks, and your loans.

MoneyLion has entered into a compensation arrangement with Benzinga under which MoneyLion pays a fee for marketing and advertising services. MoneyLion does not have editorial control over the content of this material. MoneyLion does not adopt, endorse, or guarantee the accuracy of content posted by Benzinga, and such content does not represent the views of MoneyLion.

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