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Completely powering down is just that. That includes your camera not being able to run at all.

As far as running a separate device, I can understand why you would need a different device, but for strictly managing finances? I manage finances just fine on my daily driver. I sincerely hope you aren't doing anything underhanded here. Most people get a second device for backup (spare device), work, or development/rooting purposes.

At least on my new phone (Moto g6), it doesn't boot completely until the passcode is entered. I am considering getting a second phone as a spare soon, but not a Moto g6. I've always managed that... especially important for me, as it's been years since I've had a landline at home.
 
I don't think I could be bothered to carry a second phone just for internet banking. And if you aren't going to carry it everywhere, why not just use a computer (i.e. a web browser)? If you need to occasionally perform a transaction while on the move you could use a browser on your phone as well.
 
You pretty much asked a question and gave reasons in which you think it would be necessary in having two devices. So from my opinion that's your personal preference if you do I don't use two devices. As for the last question, yes it would stop some activities running in the device as far as microphone and camera but the device is still very much alive with the clock, calendar and some systems manifest in putting the device in a semi sleep modes so when the device is powered back on, everything will still operate smoothly.

But there's a cheaper and much efficient way to do that rather than buying two devices. Just have separate accounts on the device and enable the one that you would want to use with each task.
 
I've never really had any problems just doing my banking on my main Google account. The few incidents I've had since using smartphones and PCs have been taken care of quickly, once I reported them to the financial institutions.

Keeping a close check on one's accounts is really the best anyone can do in this environment IMHO.
 
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