Favoring the speed and convenience, more people are turning to their phones to do their banking. Mobile banking offers both convenience and security, making it ideal for many Americans. One of the newest apps on the market is Finn Mobile Bank by Chase.
Although Chase has its own mobile bank app, Finn is a new app with an array of personal finance tools. It allows users to access their banking services from their phone or tablet allowing them to check account balances, deposit checks, pay bills, and find nearby ATMs.
What Finn Mobile Bank by Chase Offers
In contrast to other mobile banking apps, Finn Mobile Bank combines both banking services and personal finance features. It offers an ATM network with surcharge-free locations in all 50 states.
Finn does not charge monthly fees or overdraft fees. Instead, if a user’s account is insufficient to pay for a purchase, it is declined. Finn offers both checking and savings accounts for its users, with an annual percentage yield (APY) of 0.01% on savings accounts.
On the financial management side, Finn Mobile Bank has charts and emojis to allow users to categorize their spending. Users can also set triggers for automatic savings transfers, such as putting money into savings with each paycheck or even transferring money each time that you make a purchase at a certain store.
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- No monthly or overdraft fees
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How to Become a Finn Mobile Bank User
To become a Finn Mobile Bank user, you can apply online via Chase’s website. To be eligible, you must have an iPhone, as the app is currently only available through the Apple store. Chase has stated that it expects that it will have an app ready for Android devices by the end the year.
If you are eligible for an account, you will need to enter some basic information about yourself, such as your name, address, and social security number. You should get a decision about your account within a few minutes. There is no cost to apply or use the service.
Currently, Finn is offering a $100 bonus for new checking and savings account customers. To qualify, just open a new Finn checking and Finn savings account (both are subject to approval). Then deposit $25 or more into the checking account and complete at least ten qualifying transactions within 60 days. As long as you meet these requirements and your account is open for at least six months, the $100 is yours to keep.
The major downside for some users will likely be that Finn Mobile Bank is an online-only bank. You can’t go to a branch to deposit a check — everything is digital. While this may be a feature to some, the idea may be discomforting to others who want to know that their money is available in a physical location, rather than solely existing in the ether somewhere.
In addition, the bright colors of the app and the features like emojis may appeal to younger users, but they may seem juvenile to older users. What seems fresh in 2018 may be obsolete in 2019 and beyond — or simply as users age. You may grow tired of categorizing your spending using emojis, and be ready for a more grown-up way of managing your finances. That may be an argument against using a bank like Finn — and choosing a different mobile bank.
Is Finn by Chase Worth It?
Most banks offer some version of mobile banking, giving users the ability to manage their money in a number of ways, from transferring between accounts to depositing checks to paying bills. Finn Mobile Bank adds some new elements to this formula, as an online-only bank that features personal financial management tools.
However, the online-only nature of the bank might make some users uncomfortable. They may choose to stick to their brick-and-mortar banks instead, and rely on their apps for their mobile banking needs. In addition, while the financial management tools are a welcome touch, they might not be sophisticated or in-depth enough for most users after a certain age or beyond a certain income level. The ability to set automatic savings triggers is helpful, and can be particularly useful for anyone who struggles to save money.
Ultimately, if you are new to budgeting and tracking your spending and are comfortable with a purely mobile bank, Finn Mobile Bank might be a great choice for you. With no monthly or overdraft fees and a number of great features, it is a good way to start managing your finances — even if you ultimately move on to a more sophisticated bank.