What is BankMobile and how does it work?

BankMobile is a digital-only bank that provides financial services to customers through mobile devices. It offers checking and savings accounts, as well asmobile bankingservices that allow users to manage their accounts, deposit checks, pay bills, and transfer funds. In this article, we will explore what BankMobile is and how it works.

What is BankMobile?

BankMobile is a division of Customers Bank, a full-service commercial bank that was founded in 1997. It was launched in 2015 as a digital-only bank that aims to provide affordable and accessible financial services to customers. BankMobile is available to anyone in the United States who has a mobile device, and it does not have any physical branches.

How does BankMobile work?

BankMobile offers two types of accounts: a checking account and a savings account. Both accounts are FDIC-insured, and there are no monthly maintenance fees or minimum balance requirements. Customers can open an account online or through the BankMobile app, which is available for both iOS and Android devices.

Once the account is set up, customers can use the BankMobile app to manage their accounts. They can view their account balances, transfer funds between accounts, deposit checks by taking a photo, pay bills, and receive notifications about account activity. BankMobile also offers a network of fee-free ATMs, and customers can use their BankMobile debit card to withdraw cash from these ATMs.

Benefits of BankMobile

One of the main benefits of BankMobile is itslow fees. The bank does not charge any monthly maintenance fees or minimum balance requirements, and it offers a network of fee-free ATMs. This makes it an attractive option for customers who are looking for an affordable banking solution.

BankMobile also offers a high-interest savings account that allows customers to earn interest on their deposits. The savings account has an APY of 1.0%, which is higher than the national average for savings accounts. This can be a good option for customers who want to earn a higher return on their savings.

Investment options with BankMobile

BankMobile offers a range ofinvestment optionsfor customers who want to grow their wealth. These include a range of investment products such as stocks, bonds, and mutual funds. Customers can access these investment options through BankMobile's partnership with Fisher Investments, a registered investment advisor.

BankMobile also offers a robo-advisor service called BankMobile Vibe. This service uses algorithms to create a personalized investment portfolio for customers based on their risk tolerance and investment goals. BankMobile Vibe has a low minimum investment requirement of $5, making it accessible to a wide range of customers.

Conclusion

BankMobile is a digital-only bank that offers affordable and accessible financial services to customers. It provides checking and savings accounts, as well as mobile banking services that allow users to manage their accounts, deposit checks, pay bills, and transfer funds. BankMobile also offers a range of investment options for customers who want to grow their wealth. Overall, BankMobile is a good option for customers who are looking for a low-fee banking solution that is easy to use and accessible from anywhere.