5 Things the Best Financial Smartphone Apps Can Do for You

Financial Smartphone Apps

These days, they have an app for just about everything. In fact, they have many apps for everything, so you must choose one that you feel beats all the others with its convenience, usability, and features. You only have so much smartphone space, and you can’t have thousands of apps on there.

You likely want a finance app to conduct business quickly and easily. You can always use a laptop or desktop and go to a full website, but apps present websites in a streamlined fashion. That likely appeals when you’re on the go and doing some banking.

You can often download one simple app to manage your entire financial life. To help you choose which one you want, you must look at its features and what it can accomplish. Let’s discuss some tasks you’ll need your finance app to do. If your current one can’t do these things, you might need to switch to a new one.

You Can Deposit Checks with It

You likely want a phone app that you can use to deposit checks. Not very many people pay with personal checks anymore. You might have a landlord who wants you to send them one in the mail every month. For the most part, though, you’ll use a credit card or cash when you buy something.

You might get a physical check from your job if you do not want to set up direct deposit to your bank account. Some workers don’t want to give their employer their account information because they worry their employer doesn’t have sufficient online safeguards.

If you get a physical check from your employer, or perhaps from your parents or another relative on your birthday, you want an app that lets you take a picture and deposit that check from any location. You don’t want to visit your financial institution in person anymore to deposit those checks.

You can take a picture of the check’s front and back with your phone’s camera after signing it. You should instantly get an email from the app saying your financial institution got the check images. Once you have that, you’ll know your money will show up in the account soon, assuming the app did not detect any irregularities.

You Can Move Money from One Account to Another

The financial app you want must move money from one account to another. You may have several accounts. Maybe you have a couple of IRAs, a checking account, a savings account, and some CDs. You likely want several accounts for making everyday payments, saving for the future, etc.

You must sometimes move money around if you want to buy something, and you don’t have the cash in one account to cover it. In the past, moving money around required an in-person bank or credit union visit.

You can move your money around on most financial smartphone apps now. When you do, it should leave one account and show up in another instantly. Then, you can buy something knowing you have the cash in the right account.  

You Can Open Up a New Account

The right financial smartphone app can also open up a new account for you if you need one. Again, you once had to visit a bank or some other financial institution to do that.

The technology has progressed so that you can apply to a bank or credit union and get them to approve your application with your smartphone. You can do it during the morning, afternoon, or even in the middle of the night if you want.

Normal banking hours no longer apply. You can ignore convention and open an account anywhere and at any time. The bank or credit union will assess your eligibility and let you open an account and fund it with no issues. That’s convenient and simple.

You Can Pay Bills with It

You should also have a financial smartphone app that you can use to pay bills. Some financial apps belong to single banks, credit unions, or other financial entities. You can also get ones that connect to many different creditors so you can pay them their money when it’s due.

You can use one of these apps to pay your rent, credit card bills, student loan payments, etc. You want an app that features superior connectivity. The right one can take money from your bank accounts and send it quickly and effortlessly to any entity you owe.

Within a few moments, you can pay all your monthly bills using your smartphone and a single app. If you currently have multiple apps for this one purpose, consider consolidating your bill-paying into just one application.

You Can Check Your Account Balances

You should also have a financial app on your phone that you can use to check your current account balances. You can look on the app and see how much cash you have in your checking account, savings accounts, IRAs, 401K, CDs, etc.

You probably have diversified funds. You shouldn’t keep all your cash in one account or with just one financial entity. The right app has the interconnectivity to show you all your account balances at the same time, both the short-term investments and long-term ones. It can show you how much interest you made in the past month, three months, or in the past year.

By checking your account balances daily, you make sure you don’t see any deductions or monetary losses you can’t explain. Sometimes, a fraudster will probe your bank account by deducting a small amount to see if you notice. If you don’t, they’ll then try taking larger amounts.

With the right app, you can notice any changes and flag them by contacting your financial institution. Your app can help you with that too.

In short, the right smartphone finance app can help you with any financial task you want to accomplish online. If yours doesn’t do the things we mentioned, consider switching.

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.