When it comes to digital banking, the terminology can seem pretty similar. Terms like “mobile banking” and “online banking,” for example, aren’t interchangeable. So, what’s the difference between mobile and online banking? Dive into these concepts with Varsity to learn about each type’s features and benefits.
What Is Online Banking?
Online banking allows you to access your bank account from a laptop, desktop, phone, or tablet. This banking method requires you to use a browser to log in to your account through the bank’s website. Once you’ve logged in, you can perform these and many other functions, just as you would at a physical bank:
- Pay bills
- Find an ATM
- View bank statements
- View account balances
- Transfer funds between accounts
Online banking also comes with some major perks. Banking in your pajamas at midnight comes to mind, but online banks may also charge lower or no fees. You might even enjoy a higher interest rate on a certificate of deposit or savings account.
How Does Online Banking Work?
You can only use online banking services with an internet connection. To ensure security, you’ll need to set up a user ID and password along with user security questions.
What Is Mobile Banking?
While mobile banking services fall under the larger category of online banking, there are differences. You can perform many of the same tasks using both online and mobile banking services.
However, mobile banking services are associated more closely with apps. Many financial institutions have adapted their websites to be more mobile-friendly, so you can view them on your phone without downloading an app, but there are advantages to banking via the app.
Apps can be more easily integrated with your phone’s camera, GPS, and other features. What does that mean for you? You can use these convenient features on the go:
- Find an ATM-based on your location
- Add checks to your accounts using mobile deposits
- Activate features like Varsity’s “Fast Balance” to see account balances without logging in
Online and mobile banking services are very similar in terms of benefits. However, your banking app may be accessible offline, and the experience can be slightly more personalized.
Why Online and Mobile Banking Solutions Matter
Having a place to securely stash your cash is a must. The ability to manage it online helps you save and spend the smart way. From categorizing expenses and establishing a budget to integrating accounts from other banks for a big-picture perspective, money management can be as convenient as ordering a pizza.
Text alerts notify you of key account issues, and free access to your credit score keeps you motivated to pay your bills on time. Tracking your finances on a regular basis can help you build a better financial future while enjoying the here and now.
Manage Your Money with Varsity’s Online and Mobile Banking Services
Now that you understand the differences between mobile banking and online banking, get in touch with Varsity. Our online and mobile banking services help college students, faculty, alumni, and more manage their money through a variety of account types.
You can even show your school spirit with a free debit card bearing your university’s logo. Start enjoying the convenience and security of mobile and online banking today—open an account with Varsity!