3 Bank Account Features That Could Make Managing Your Money a Lot Simpler

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Online and mobile banking has never been more popular. Here are three underrated online banking features that could make managing your money easier. 

Most of us have probably used our bank’s online portal or mobile app to move our money around. It’s made performing simple financial tasks a lot easier than back in the day when you had no choice but to hop in your car and drive to the nearest bank branch. But many online banking platforms have evolved beyond simple transfers and mobile deposits.

Here are three other money management features some bank accounts offer that many people still aren’t taking advantage of. If your bank offers one or more of these, you may want to give them a closer look.

1. Automatic bill pay

Rather than remembering to pay bills manually, many banks enable you to set up automatic bill pay on a set schedule. This works well for predictable monthly bills, like your phone bill or your mortgage loan. It may not work for bills that are less predictable, like credit card bills. In that case, you may still need to set reminders for yourself so you don’t forget to pay your bills on time.

To set up autopay, you must first enter information for the person or company you’d like to pay into your online bill pay. You may have done this already if you’ve made previous, one-time bill payments through your online bank account before. Then, you look for an option to set up autopay. It should enable you to choose the frequency and amount of each payment as well as the start date. If you run into any problems, reach out to your bank for help.

Keep in mind that you’ll need to switch your automatic bill payments over if you later change bank accounts. Forgetting to do so could lead to all kinds of headaches.

2. Balance and transaction alerts

Some bank accounts offer a variety of alerts about various activities to help you avoid overdrafts or identity theft. Balance alerts can let you know if your bank account balance has dropped below a certain dollar amount so you don’t try to spend more than you have. And transaction alerts could alert you to unusual activity, like large purchases or purchases in another state.

Generally, these alerts are customizable, so if you don’t want them, you can switch them off. But they can be a nice way to stay up to date on changes to your bank account if you’re not in the habit of checking it often.

3. Automatic savings transfers

Those who have a checking account and a savings account with the same bank may have the opportunity to set up automatic transfers to their savings account. This is a useful tool if you hope to save more money but often forget to transfer the funds on your own.

You should be able to choose how much you want to transfer and on what schedule. It’s usually best to set up these transfers for days you know you’ll have funds in the account, like right after you get paid. This can help you avoid accidental overdrafts.

Some bank accounts also offer unique savings options, like the chance to round up every purchase to the nearest dollar and save the change. This could be a relatively painless way to grow your savings if you’re not sure you can transfer a set dollar amount on a predictable schedule.

Explore everything your bank account has to offer

This isn’t intended to be a comprehensive list of all the useful features your bank account might offer. But it should give you an idea of what to look for. If you haven’t done so already, comb through your bank account’s online and mobile banking tools to see whether there are any you’re not taking advantage of that could make your life a little easier.

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