– With a few clicks or downloaded apps, you can do almost anything these days. This includes your banking.

Online banks are becoming more popular for many reasons.

According to the Consumers and Mobile Financial Services 2016 Report from the Board of Governors of Federal Reserve System “forty-three percent of all mobile phone owners with a bank account had used mobile banking in the 12 months prior to the survey, up from 39 percent in 2014 and 33 percent in 2013.”

While checking your account balance is one of the most common mobile banking activities, mobile banking offers many more benefits, such as:

-Greater efficiency. An app that allows mobile banking lets consumers bank 24 hours a day without having to visit a bank branch.

-Greater savings. Consumers who open a checking account with Republic Bank & Trust Company’s MemoryBank can earn up to 1.50 percent Annual Percentage Yield (APY) on their deposits, so long as they meet a monthly minimum of one direct deposit and five debit card uses, and receive online statements, as detailed by visiting MyMemoryBank.com/info.

Rates at brick-and-mortar banks are typically 0.04 percent to 0.06 per cent. MemoryBank can pass on the infrastructure savings to its customers because of the lower operating costs associated with a branchless bank.

-Few fees. Many brick-and mortar banks charge an account maintenance fee and fees for non-network ATMs. MemoryBank does not charge any maintenance fees for their EarnMore Checking accounts. It also offers free access to over 85,000 ATMs around the world.

Consumer privacy and security remain concerns, but many consumers are taking steps now to safeguard themselves while enjoying mobile banking’s benefits.

The Consumers and Mobile Financial Services report 2016, which includes results from more than 2,500 adults across the United States, found that 84% use mobile banking software updates, 70% use password security on their phones, and only 58 percent use custom privacy settings.

According to the report, today’s consumers use their smartphones to make financial decisions. According to the report, 43% of respondents who were sent a low balance alert for mobile banking moved money into their account.

You can find out more about mobile banking. MyMemoryBank.com/info.