Whether you are a student, on co-op, or job-hunting you know that every dollar you earn can get you closer to next semester’s textbooks, the next rent payment or a fancy treat-yourself dinner. Believe it or not your mobile banking app has a secret menu of tools you can use to help you accomplish your goals.
Here’s a few features that many mobile banking apps have that often fly under the radar to manage and stay in control of your money.
It’s easy to put aside money for savings once you make it automatic. Set up Auto Savings to transfer funds to your savings account on a schedule that works best—it could be the day after a scheduled bi-weekly or monthly paycheque. These automatic transfers can help you save without a second thought, stay consistent and build towards your goals.
Asking a friend to pay you back for lunch can get awkward. Using the Request Money1 feature in your mobile banking app to request an Interac e-Transfer transaction can be a smooth way to remind them. The next time you get a birthday or holiday cheque—don’t let it sit around in your wallet. You can deposit cheques from anywhere by snapping a photo of it using the mobile cheque deposit feature.
Looking for an easy way to stay organized and on top of your money? Give each account a nickname to make them more easily identifiable and relevant to your goals. (i.e. new phone, emergency fund). Adding a simple nickname can helps you track your progress and visualize your goals.
Activity Alert Notifications
Set up helpful alerts to receive a text message, email or push notification from your banking app to stay informed about your banking activity, credit card activity, or budgeting activity. You can set alerts for moments like when you reach a low balance, make big purchases, reach spending limits or get paid. This can help keep you aware and on-top of your bank account balance or spending activity and help you stay on top of your money.
If you lose your debit or credit card, you can lock it with your mobile app until you track it down. You can lock your bank card quickly with just a few taps right from your phone– there’s no need to call into the help line or visit a branch. This can help minimize the possibility of fraudulent charge. If your card is actually sitting in your back pocket, you can also unlock your card right from your banking app!
BONUS— Banking term definitions/Banking 101
Need help translating banking terms? With the RBC Mobile Student Edition, bank terms definitions are just a tap away. Designed with help from students like you, this take on the classic RBC Mobile2 app has everything you’re looking for in a banking app.
1 Request Money is a feature of the Interac e-Transfer service. An Interac e-Transfer fee of $1.00 for RBC personal savings accounts may apply. Service not applicable for US personal chequing accounts.
2 RBC Mobile is operated by Royal Bank of Canada, RBC Direct Investing Inc. and RBC Dominion Securities Inc. RBC Mobile Student Edition is intended for clients under the age of 22, visit rbc.com/rbcmobilestudent for details. RBC Canada, RBC Wallet, RBC Rewards and RBC eGift are operated by Royal Bank of Canada.
This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.