For millions of people, digital banking is their method of choice for managing their finances. According to a 2021 survey from American Bankers Association, 77% of consumers used mobile devices to manage their bank accounts at least once in the previous month.
If you’re used to physically visiting a branch to deposit or withdraw cash, you may not be aware of how useful online banking can be. By opening an account with one of the best online banks in Tennessee, you could streamline your finances and protect your money.
5 Benefits of Digital Banking
While there’s a level of comfort and familiarity with visiting a local branch, digital banking has some distinct benefits. Best of all, you may not have to choose between in-person and online banking – in many cases, local and regional banks offer a combination of the two!
Here are a few of the perks of choosing a financial institution that offers digital banking options:
1. Around-the-Clock Account Access
Instead of waiting for your bank to open or rushing home after work to make a deposit, digital banking allows you to access your account 24 hours a day, seven days a week. You can view your accounts, transfer money, and even deposit checks with your smartphone.
2. Online Bill Pay
Traditionally, paying your utility bills required some legwork. You had to get checks, write them out, find stamps, and mail them well ahead of their due date to ensure you paid the bill on time. If you ran out of checks or stamps, it was often a hassle to get new ones before the bill was due.
With digital banking, you can use online bill payments to pay your bills electronically. You can even set up automatic payments so you don’t have to manually make them yourself, eliminating the risk of forgetting a payment.
3. Easy Budgeting and Spend Tracking
If you decide to open a bank account online, one of the biggest perks is how easily you can track your spending and create a budget. With SouthEast Bank, you can take advantage of budgeting and spending tools to track and categorize your purchases, set monthly budgeting goals, and monitor your progress.
SouthEast Bank’s accounts also sync with tools like Quicken, Mint, and Quickbooks, helping you manage every aspect of your finances in one place.
If you’re planning for a specific goal, such as building a six-month emergency fund or saving a 20% down payment for a house, digital banking can help you stay focused since you can check your progress on a regular basis.
4. Quick Transfers
With online banking, you can transfer money between accounts quickly and easily. You can set up recurring deposits to set aside money in a separate savings account, or you can use peer-to-peer payments to send money to friends and family with just their email address or phone number.
5. Fraud Protection and Alerts
If you have an online bank account, you can take advantage of digital fraud protection and alerts. You can set up your account so that you receive notifications via text message if unusual purchases are attempted with your information, preventing unauthorized transactions from being processed – just keep in mind that standard text messaging rates may apply.
How to Open a Bank Account Online
You can quickly and easily open a bank account online in just a few steps:
- Choose a Bank: There are many banks, ranging from ones that are completely digital to those that offer a hybrid experience of digital and in-person branches. You may prefer a bank that has digital banking and operates physical locations if you want in-person help, access to a safe deposit box, or other banking services.
- Select an Account Type: You can usually choose between a range of different checking and savings accounts, including high-yield savings accounts, accounts specifically designed for children, and rewards checking accounts.
- Enter Your Information: When you’re ready to open an account, the bank will ask you for your name, birthdate, Social Security number, and government issued identification, such as a driver’s license.
- Make Your First Deposit: Most banks require you to deposit a certain amount to open a new account. With SouthEast Bank, you can open a personal checking or savings account with as little as $50.
- Manage Your Account: Once you’ve made your first deposit, your account is open and you can start using it to save or pay your bills. The whole process takes just a few minutes to complete.
Open An Account With One of the Best Online Banks In Tennessee
If you’re researching how to open a bank account online, you want to make sure you choose the right bank for your needs. SouthEast Bank strives to be one of the best online banks in Tennessee, offering a mix of personalized, local service and digital convenience.
Not only does SouthEast Bank offer robust digital banking options, but also operates 14 branches across Middle and East Tennessee. Whether you’re looking for an account you can manage entirely online or want in-person support, SouthEast Bank could be a good fit. Find a SouthEast Bank location near you.
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Information contained in this blog is for educational and informational purposes only. Nothing contained in this blog should be construed as legal or tax advice. An attorney or tax advisor should be consulted for advice on specific issues.