Not User-Friendly
The rise of online banking has brought with it a wave of innovation. Boring, clunky websites are now the outlier rather than the norm, as sleek interfaces aim to make banking easy and even fun. Mobile apps have added an enormous level of convenience, as you can now do anything from deposit a check to pay a bill right from your phone. If you’re looking for all of these high-tech features in your 401(k), however, you’re likely to be disappointed.
Although there are exceptions — some plans now allow app access — many 401(k) plans only let you access your account through an employer website. In most cases, you won’t be able to make or change your contributions or perform other banking functions through a mobile app, either.
