A Guide to Digital Banking for New Homeowners

When you are looking to buy your first home, lenders will ask if you have a checking and a savings account because it looks good. If you don’t have time to jump through the hoops of going to a bank and setting something up, you can set up both a check and savings account from your phone. You can get all of your money transferred into those accounts and have your direct deposit set up, so you don’t have to worry about it going forward. If you are new to digital banking and homeownership, here are a few questions answered.

What is a digital bank?

A digital bank is without any physical branches; you can not go to a digital bank in person to talk to someone. Rather, you do all of your banking online or over the phone. There are several reasons people chose to use digital banks over traditional banks. The first is better interest rates. Because digital banks do not have the overhead costs traditional banks have in keeping physical branches up and staff, they can offer more to their customers.

Many digital banks also offer clients a free credit card, discount banking services, and a mobile banking app that provides all of the services they need. Customers can transfer funds, pay bills, or move money within the mobile banking app to avoid any fees. Digital banks often don’t have the additional bank fees that traditional banks do, like transfer fees, minimum balance fees, or monthly fees.

Digital banks are also more convenient for many because all of their banking can be done online or over the phone, and digital banks often have 24-hour customer service phone lines, so you can handle problems on your time, as opposed to trying to get to the bank before it closes. You can set up your direct deposit to your digital bank just like you would any other bank.

What is Simplii?

Simplii financial banking is a digital bank that offers customers basic banking services without the hassle and complications. They offer checking accounts, savings accounts, mutual funds, Visa credit cards, and financial mortgages. Simplii offers a no-fee checking account and a savings account that offers 1.5% interest, much higher than traditional banks offer.

They also offer a money-back VISA card, fee-free money transfers, and referral bonuses when you refer friends and family and they sign up too. While those who have never used a digital bank may be hesitant, you can have peace of mind knowing Simplii was voted one of the 2020 best banks in the world by Forbes Magazine. If you are looking for a new, more convenient banking experience when buying your first home, Simplii is something to consider.

How do I use a digital bank for my new home expenses?

How do I use a digital bank for my new home expenses

Digital banks make it easy to take care of home expenses with online payments that can be set up and scheduled at any time, day or night. You can get your mortgage through Simplii, and you can set up to pay your utilities, insurance, and warranty. AFC home warranty provides homeowners with protection against the high costs of appliance maintenance and repairs. Warranties cover service calls, service requests, service fees, plumbers, dishwashers, water heaters, ice makers, HVAC systems, furnaces, refrigerators, garbage disposal, microwave, ac units, septic system, and d hot water dispenser, garage door opener, or central vacuum.

The American Home Warranty can save you thousands of dollars on the appliance and system repairs that your homeowners’ insurance does not cover. You can set up your warranty through your digital bank to ensure it is paid in full and on time. Protecting your money and assets is an important part of being a new homeowner.