"Millennial" Banking Applications That Are Changing The Game

         The so-called "millennial" generation has now fully integrated itself into society and is here to stay. I know this because I've seen a recent revolution taking place across the United States involving nearly every major industry. Consumer preferences are not only changing, but the way that they interact with the markets that provide these goods and services is also rapidly changing. In the past, one might simply shop from store to store until they found a bargain on the specific item they came to shop for. Today, most consumers don't step foot in the store until they've already at least looked online to determine the perfect selection prior to going to a store to purchase. Some people don't even go to the store and choose the more convenient option of ordering online and having it shipped. Fast food restaurants are focusing more on the customer experience and making sure to provide healthy options over simply cooking burger and fries quickly. As the saying goes, "The times, they are a changin'."
          One very big industry shift that I want to talk about today is of course in the banking and finance industry. This wouldn't be much of a personal finance blog if I just talked about burgers and shopping malls. One of the most exciting things that I've recently stumbled upon is the new offering of mobile bank apps. These are actual FDIC-insured banking institutions whose deposits are actually held by a legitimate bank. I've personally tried Chime Bank and have enjoyed it so far. They offer an online bank account that basically operates as a checking account with an attached savings if you choose to activate one. The savings APY is rather weak at 0.01% APY, but that to me is not the great part about the account. They charge virtually 0 fees and have no account minimums whatsoever. If you click on the link above you can also take advantage of a promotional invite to join and receive $35 as a bonus to go with your initial deposit.
          The best feature of this account is the early direct deposit availability. The bank does not hold funds on electronic deposits and will deposit your paycheck about 2 days prior to your actual payday. I've really enjoyed this feature since it allows me to avoid the Friday rush after payday to do any shopping or dining out on payday. The dining out part happens very seldom these days, but I definitely try to avoid doing it on a Friday night. Either way, with this feature, I have been receiving my direct deposit by about 4:30 pm on Wednesday nights and it has been great.
          The account also allows you to turn on an automatic savings feature for you direct deposits to automatically deposit 10% of it into savings as well as an automated savings round-up option for your debit card. Both are good ways to automate your savings. I've not personally used the 10% direct deposit automation, but I have tried out the round-ups and this money does add up pretty quickly since I typically use my debit card for most transactions.
          There are some good "prepaid debit card" accounts that offer some similar features, but this account trumps them by offering an actual checking account where you are able to pay with ACH debit as well as have Chime mail a paper check out on your behalf to the payee you choose. You are able to link your other bank accounts to it for electronic transfers as well as debit cards for cash transfers up to $200 per day. I've really loved everything about this account so far. However, it is not the only choice out there that seems to be making noise. I recently came across a 2nd option that may just easily outdo Chime. I have not been able to try it out just yet, but everything I'm reading about it so far is positive. I'm planning to open an account with them this week and comparing with Chime to see which I prefer. Please check in again tomorrow and I'll discuss this exciting new mobile bank app that is also backed by the same bank that is backing Chime. Both of these apps are completely changing the banking world as we know it and I personally think they will eventually be the only way that my generation chooses to bank. Thanks for reading today's update and be sure to check out Chime Bank online at https://www.chimebank.com/. If you like what you have read here and what you read on their site, click my link in the 2nd paragraph for a $35 referral bonus to boost your new account. Thanks again and keep on saving!