Not User-Friendly

With online banking on the rise, developers are trying to make the banking process as easy and accessible as possible to their customers. Mobile apps have simplified this process even further and you can now do anything from depositing a check to paying a bill directly from your phone.

Unfortunately, the 401(k) plans are a bit behind this huge wave of innovation. It’s true some plans allow the access of certain apps but most 401(k) plans grant you access to your account only through an employer website. This means there’s no way you can make or modify your contributions or carry out other banking operations through a mobile app, either. Obsolete much?