Mobile banking apps have become indispensable and banks are constantly improving them.
Using an online banking app has just made life easiest. In fact, I can’t remember the last time I walked into a bank.
With mobile banking apps providing more features to help you save money and by constantly adding new features like payments with Zelle and mobile check deposits, it’s important to stay on top of the tech out there to help you both save money and make managing your finances easier.
But how can you find the best mobile banking app for you?
Well we’ve compiled a list of mobile banking apps based off of over 35 hours of research that we have came up based off of heavily researched app reviews and even conducted further extensive app testing when possible.
The best banking apps should be able to do all the functions of a physical bank and more.
To keep up, take a look at this March 2023 list of mobile banking apps that we think have hit all the requirements and had some really standout features.
Best Banking Apps – At a Glance
Best Overall Banking App: Chase
Runner Up Best Banking App: Wells Fargo
Easiest to Use Interface: Charles Schwab
Banking App with Most Features: SoFi
Best Banking App to Monitor Credit Score and Purchases: Capital One
Best Banking App Virtual Assistant: Bank of America
Best Banking App Customer Service: Discover
Best Mobile Banking App for Small Business: Square
Best Modern Banking app: Chime
Table of Contents
Our Methodology for Finding the Best Banking Apps
Our process for finding the best mobile banking apps involved evaluating popular bank apps based on their features and ease of use.
After compiling a list of over 30 mobile banking apps (including those from traditional banks and modern online banks) we scoured reviews from the app store, google play store, and sites like reddit to see common concerns, positives, and negatives of each app.
Once we have whittled the listed down to our top pics we then downloaded and used the banking apps whenever possible to get a full view of their features and pros/cons.
The ranking was determined by first seeing if they met the standard features such as:
- Viewing account balances
- View transaction history
- Transferring funds between accounts
- Customer service access
- Mobile Deposits
- Bill Payments
Then if those were all met we then analyzed if they had any standout features such as:
- Advanced Bill Payment and Deposit Features
- User-Friendly Interface
- Security and Alert Features
- Customer Service Access
- Budgeting Tools
- Access to other Financial options (such as insurance, loans, and investments)
Apps who reached the top of our list met all the standard features and had quite a few high level functions and features that raised their ranking.
The apps that received the highest scores from us are the ones included on top in the “At a Glance” section. These list of apps represent the ones that we were most impressed with and strongly recommend for anyone looking for the best mobile banking app.
List of Mobile Banking Apps
Chase Mobile
The chase mobile app simply does everything well. Everything you would need to be able to do they offer and it works.
The only issue you might run into is that they do not offer an easy way to contact customer service via the app should an issue arise. While some apps now offer forms of live chat, with Chase you would still have to call them
In addition to the common requirements of all mobile banking apps, Chase has some great built in tools that help you better manage your money and understand where you’re at financially.
They also offer investment tools that help you view and manage your portfolio.
Pros of Chase Mobile App:
-Easily view your credit score and outstanding debt
-Investment tools to view and manage your portfolio
-Easy and secure access to banking services
-Quick money transfers
-Real-time account updates and transactions history
-Remote check deposit
-Credit card and account management
-Location-based ATM and branch locator
-Advanced security features like biometric login
Cons of Chase Mobile App:
-Limited functionality compared to desktop banking
-Possible compatibility issues with older mobile devices
-Occasional technical glitches or slow performance
-Limited customer service options through the app
Wells Fargo
My personal pick for the best mobile app is the Wells Fargo mobile app.
Its ease of use, security options, customer service, and financial standing tools have made it my preferred choice.
It’s simple, easy to use and navigate design makes handling every day banking needs seamless and easy.
I can easily pay someone with zelle, transfer money, and check my credit score all through the app.
Pros of Wells Fargo Mobile App:
-Convenient and easy access to banking services 24/7
-Ability to check account balances and transaction history
-Option to transfer funds between accounts
-Mobile check deposit feature
-Secure login with Touch ID or Face ID
Cons of Wells Fargo Mobile App:
-Limited availability for international customers
-Can only link Wells Fargo accounts, not accounts from other banks.
Charles Schwab mobile app
Charles Schwab mobile banking app handles all of the mainstays of other banking apps plus has a strong specialization in investment and portfolio management with excellent resources to access market data and other related information.
If you prefer your banking app to be great at handling investments then this is the app for you.
Pros of Charles Schwab Mobile App:
-Convenient access to portfolio information and market data
-Reimbursement of all ATM and foreign transaction fees
-Ability to trade stocks, options, and ETFs from the app
-Option to transfer funds between accounts
-Option to deposit checks using mobile deposit
-User-friendly interface and easy navigation
Cons of Charles Schwab Mobile App:
-Must invent with Charles Schwab to be able to open a checking account
-Some users report slow performance or technical issues
-Limited availability of certain advanced trading features
-Some users may prefer a more robust research platform
-No integration with other financial apps or services
-Mobile deposit feature may have limitations on the amount that can be deposited.
SoFi
Pros of SoFi Mobile App:
-User-friendly interface and easy navigation
-Option to manage personal loans, investments, and insurance products
-Ability to trade stocks and ETFs
-Option to deposit checks using mobile deposit
-Option to track spending and budgeting
Cons of SoFi Mobile App:
-Limited investment options compared to other brokerage platforms
Bank of America
Bank of america is definitely easy to use, utilizes Zelle, and offers access to “Erica” the in app personal financial assistant which can be used to perform several in app tasks or ask questions such as “Erica how much did I spend on Monday” or “Erica, lock my debit card”.
Pros
-Access to “Erica” which is their personal financial assistant feature
-Ability to check account balances and transaction history
-Option to transfer funds between accounts
-Mobile check deposit feature
-Option to pay bills and view eBills
-Ability to send and receive money with Zelle
-Fico score and credit score tracking options
Cons
-Can only link Bank of America accounts, not accounts from other banks.
-Limited investment options compared to other brokerage platforms.
-Most accounts have monthly fees
-Limited customer service
Capital One
Capital One mobile banking app hits all the requirements of modern mobile banking apps well.
It offers seamless access to your checking and savings, credit cards, and even loans. The app also works well with Zelle.
Pros of Capital One Mobile App:
-Utilizes SureSwipe technology for secure app logins
-Compatible with Zelle
-Ability to check credit scores
-Option to pay bills and view eBills
Cons of Capital One Mobile App:
-Can only link Capital One accounts, not accounts from other banks
-Limited budgeting and financial management tools.
Discover Mobile
Discover mobile is definitely high on our list of recommended mobile banking apps.
Year after year it is highly ranked by its customers and receives especially high marks for its customer service. With access to checking, savings, and credit card accounts all of your financial needs are met through its interface.
It also utilizes Zelle for transfers.
Pros of Discover Mobile App:
-Convenient access to customer service 24/7
-Ability to check account balances and transaction history
-Manage bank accounts, loans, credit cards and more
-Track and redeem credit card rewards
-Competitive rates and low fees
Cons of Discover Mobile App:
-Limited budgeting and financial management tools.
-Limited investment options and tools
Square
If you’ve never heard of rhte square mobile banking app, I’m almost positive that you’ve used one before to make a purchase.
These are often seen at farmers markets, street vendors, or a variety of other pop up shops and services. Its the little white box attached to iphones or tablets that helps small businesses take debit and credit card payment for their services using the mobile devices.
Pros of Square Mobile App:
-Option to accept credit card payments on the go using a Square reader
-great for small businesses
-easy to hookup to phone or tablet to accept payments
-Option to manage and track sales, inventory, and customer data
-Option to create invoices and send them directly to customers
-Option to issue refunds and manage returns
Cons of Square Mobile App:
-Not the best customer service
-May be considered costly when compare to other apps for small businesses
-Limited customization options for receipts and invoices
-Limited reporting and data analysis options
-No integration with other financial apps or services
-Can only be used with Square hardware and services.
Chime
Pros:
-No monthly maintenance fees or overdraft fees
-Ability to deposit cash (which is quite rare for other mobile banking apps)
-Receive your paycheck and other direct deposits up to two days early
Earn a high savings APY
Cons:
-No physical branches or ATMs for cash withdrawals
-Limited investment options
-No option to issue checks or wire transfers
-You must open a checking account to qualify for a savings account
-It does not offer joint accounts
Banking Apps Like Chime
Some mobile banking apps like Chime include:
Varo Money
N26
Ally Bank
Simple
Axos Bank
Current
Monzo
Starling Bank
Aspiration
Revolut
For some these mobile banking apps are the future. While many others still prefer access to physical bank branches to handle certain tasks and prefer to deal with someone face to face.
These apps offer similar features such as mobile check and cash deposit, budgeting tools, no monthly maintenance fees, and easy access to funds through debit cards.
Citi bank
Citibank mobile app hits all the marks for us as well but if you’re looking for a more investment focused or budgeting focused mobile banking app this may not be the one for you.
The one thing we do like is that they offer up to $30 reimbursement for fees accrued from non citibank atms each payment cycle. Other banks will usually hit you with fees on top of the local atm fee – all of these fees can definitely add up if you’re constantly on the go.
Pros of Citi Mobile App:
-Option to manage credit cards, mortgages, and other loans
-No monthly fees and free use of its atms (plus non citibank atm fees are reimbursed for up to $30 each statement cycle*)
-Solid interest earning
-Offer different types of savings accounts
Cons of Citi Mobile App:
-Requires minimum of $100 when opening each account
-Limited investment options compared to other brokerage platforms
-Can only link Citi accounts, not accounts from other banks
-Limited budgeting and financial management tools.
Alliant
Alliant is a very functional mobile banking app that includes all the usual banking services plus other options for more detailed financial management. They also offer excellent customer support.
Some users report some interface issues on mobile but during our testing this app had everything we’d like to see when it comes to mobile banking.
Pros of Alliant Mobile App:
-Excellent financial management tools
-Option to transfer funds between accounts
-Mobile check deposit feature
-Secure login with Touch ID or Face ID
Cons of Alliant Mobile App:
-Some issues reported with mobile check deposits
-Occasional technical issues or slow performance when “under maintenance”
-Can only link Alliant accounts, not accounts from other banks
USAA
If you are enlisted in the military, a veteran, or a family member this is our top recommendation.
The USAA mobile banking app does everything well with no blaring holes in its interface, tools, or performance.
In addition to account management, it also offers access to insurance policy management and ability to view and manage investment accounts.
This app is constantly improving and if there is a kink or issue that shows up you can bet their team is on it to provide support and address the issue immediately.
Pros of USAA Mobile App:
-Option to manage insurance policies and investment accounts
Convenient and easy access to banking services 24/7
Ability to check account balances and transaction history
Option to transfer funds between accounts
Mobile check deposit feature
Option to pay bills and view eBills
Secure login with Touch ID or Face ID
Cons of USAA Mobile App:
-Limited availability to only military members and their families
-Some issues when using the “Help” feature and inability to reach a person for support
-Occasional technical issues or slow performance
-Can only link USAA accounts, not accounts from other banks
Ally
Ally mobile banking app is known to be innovative and offers robust online banking. It tries to combat the higher fees and rates of more traditional banks by consistently offering lower fees and solid rates.
While it has limited physical bank locations, it does most mobile banking options well. However, unlike Chime it doesn’t support mobile cash deposits.
Pros of Ally Mobile App:
-Low fees and competitive rates
-Automated investing options
-Option to manage investments and auto loans
-Mobile check deposit feature
-Access to several in app savings tools
-24/7 customer service available (live chat option)
-Utilizes Zelle to send/receive money
-Secure login with Touch ID or Face ID
Cons of Ally Mobile App:
-Limited availability of physical branches for in-person services.
-Doesn’t support cash deposits
-some issues with errors such as when using Face ID or not loading account information
Regions Bank
Regions bank offers award winning banking on your mobile devices.
If there’s one thing that stood out when testing this app is its minimal and clean design and their technical support.
While all the common mobile banking features are great such as check depositing, transferring money, and monitoring your spending, excellent technical support is rare, but it seems like Regions listens to feedback on their app and addresses any technical issues immediately.
-Excellent support for their mobile app
-Minimalist design and interface
-Option to manage mortgages, loans, and credit cards
-Option to pay bills and view eBills
-Secure login with Touch ID or Face ID
Cons of Regions Bank Mobile App:
-Poor interface on tablets
-Occasional technical issues or slow performance
-Some customers have reported security concerns
-Can only link Regions Bank accounts, not accounts from other banks
Varo bank
Varo has to be our top recommended mobile banking app for money manager. All of its banking services are mobile and easy to use.
The features are made to be easier to access from your mobile devices as opposed to their website.
It offers a simple interface and money management tools such as account or debit card notifications and it also offers ability to connect with non Varo accounts (which is quite rare among mobile banking apps)
Pros of Varo Mobile App:
-Easy to setup and use savings tools (such as “Save Your Pay” and “Save Your Change”
-No monthly maintenance fees or minimum balance requirements
-Ability to check account balances and transaction history
-Option to transfer funds between accounts
-Option to manage savings goals and track spending
Cons of Varo Mobile App:
-Limited availability to only residents of certain states
-Occasional technical issues or slow performance
-Limited investment options compared to other brokerage platforms.
MoneyLion
MoneyLion mobile banking app is an all- in-one banking app that has all of the features required of modern day mobile banking but also includes several tools such as credit builder and finance tracker.
One of its main features is that it offers the ability to borrow small amounts of money in a pinch in the form of their interest free cash advance.
Plus the use of atms without fees from their end.
It was designed with the modern user in mind that wants to track their current spending and plan for the future.
Pros of MoneyLion Mobile App:
-No atm fees
-Cash advance options
-Option to manage savings goals and track spending
-Possibility to receive paycheck up to 2 days early (with RoarMoney)
-No monthly maintenance fees or minimum balance requirements
-Ability to check account balances and transaction history
-Option to pay bills and view eBills
-Option to access loans, insurance products, and investment options
Cons of MoneyLion Mobile App:
-Some issues report with check scanning
-Occasional technical issues or slow performance
-May have higher fees for some services compared to traditional banks.
Axos
Axos is another more modern bank that acts as a totally online bank so there app must match their totally online present with all the functions of more traditional mobile banking apps and more.
Axos mobile banking app offers access to a variety of checking accounts as well as savings accounts in the form of money market accounts and CDs.
In addition to all the standard mobile banking app features like mobile check deposits, access to funds and transfers, they also include access to “Evo” their virtual banking assistant which like other virtual banking assistants can provide access to quick info or handle simple account management tasks.
Pros of Axos Mobile App:
-Convenient and easy access to banking services 24/7
-Access to “Evo” their virtual banking assistant
-No monthly maintenance fees or minimum balance requirements
-Ability to check account balances and transaction history
-Option to manage savings goals and track spending
-High-yield savings account option
Cons of Axos Mobile App:
-No physical bank branches
-Limited budgeting and financial management tools compared to other financial management apps
-Does not have the best CD rates for an online bank
-May have higher fees for some services compared to traditional banks.
US Bank
The US Bank mobile app does most things well and offers access to banking alerts, virtual assistant (Smart Assistant), and access to a variety of different checking and savings accounts.
Where it may fall flat is when looking at its Low APYs on savings, CD, and money martk accounts. Also since they offer a variety of different checking accounts, these options may be confusing for some. Finally, while they are a more traditional bank with physical bank locations they are limited to only 26 states as of this writing.
Pros of US Bank mobile app:
-User-friendly interface
-Customizable banking alerts
-Alerts and notifications for account activity
-Excellent mobile check deposit feature
-Ability to locate nearby ATMs or branches
-Has Smart Assistant virtual assist tool
Cons of US Bank mobile app:
-Limited features compared to desktop banking
-Limited physical brank locations (only located in 26 states)
-Confusing checking account options
-Some accounts do not offer free atm withdrawals or overdraft protection
Novo
Novo is another online bank that does quite a bit right. With no monthly or atm fees and integration with other financial management tools its a great option for those looking to move to an online bank with a solid mobile banking app.
One thing to note is that it doesn’t support cash deposits and like other online banks there are no physical bank locations.
Pros of Novo mobile app:
-No monthly fees
-Unlimited refunds for atm fees
-Unlimited bill pay and invoice options
-Alerts and notifications for account activity
-Integration with financial management tools (like quickbooks, shopify)
Cons of Novo mobile app:
-Unable to deposit cash
-No physical bank locations
-Doesn’t offer recurring payments with bill pay
-Limited customer support options through app
-May have limited availability or compatibility with certain devices or operating systems.
Bluevine
Bluevine mobile banking app is an app focused on providing the best and most convenient options for small business owners. With its one and only account offering being “business checking” it offers quite a bit of benefits such as earning 2% APY.
They also don’t charge any monthly service fee, no minimum balance requirement or deposit fee, as well as no non-sufficient funds fees.
Where the bluevine banking and mobile app shines is in its very limited fees and payment options for small businesses.
If you are looking for a modern bank with small business owners in mind this may be the app for you.
Pros of Bluevine mobile app:
-No or very limited fees
-Sold interest rate earning
-Offers loan and financing options for small businesses
-Alerts and notifications for account activity
-Integration with financial management tools
Cons of Bluevine mobile app:
-May have limited loan and financing options compared to other providers
-Potential for high interest rates or fees
-No savings account options
-Fee for cash deposits
-No physical branches
-customer service only available on weekdays
Juno
Juno mobile banking app and online banking experience is centered on offering high-yield checking and cash bank options and now is focusing more on crypto banking.
Over time it has shifted its focus more on crypto banking and has added a variety of futures to handle just that.
Pros of Juno mobile app:
-High yield APY checking account
-No minimum deposits
-Over 85,000+ free atms
-Ability to deposit/withdraw crypto currencies
-Offers two checking accounts Basic Checking and Metal Plan
-A massive connection to over 3,800 third party financial apps (such as Apple Pay, Venmo, Acorns, and Coinbase)
Cons of Juno mobile app:
-Highly connected with crypto currencies so if they are not for you this app may not be a good match
-No Physical banks
-Only offers virtual debit cards (unless requested)
-Customer service only available 9 AM – 6 PM (PST)
Aspiration
Aspiration mobile banking app is another solid app that represents another modern online bank.
With a strong commitment to ethical standards thats certainly rare among more traditional banks, it donates 10% of its profits to charities to directly help struggling families in America and it also never invests in private prisons or fossil fuels.
Its sustainable banking model is looking toward the future along with its great options for their Checking (Spend) account and Savings (Save) account.
Pros of Aspiration mobile app:
-No account minimus
-No overdraft fees
-Offers high-yield savings accounts and cash management services.
-No account minimums, fees, or hidden charges.
-Easy to use and navigate user interface.
Cons of Aspiration mobile app:
-No cash deposits
-No physical banks
-Limited investment options compared to traditional brokerage firms.
-Limited access to professional financial advisors.
-Limited account types compared to traditional banking institutions.
Revolut
Revolut is another digital or online bank. Their mobile banking app is designed with those who travel frequently in mind. While it should be noted that as of the time of this writing its still in the process of becoming a full blown bank.
Pros of Revolut mobile app:
-A wide variety of features such as cryptotrading and utilizing virtual cards
-Offers a variety of services including travel insurance, commission-free trading, and budgeting tools.
-Zero-fee foreign currency exchange and low-cost international money transfers.
-Multiple account options including personal, business, and joint accounts.
Cons of Revolut mobile app:
-Does not yet offer any deposit protection
-Limited access to customer support in some countries.
-Limited investment options compared to traditional brokerage firms.
-Some restrictions on account usage in certain countries.
-Poor customer support
Huntington
Huntington has one of the top rated mobile banking aps out there. With great options to earn interest on both your checking and savings account its a straightforward pick for many.
However, with limited atm locations (mostly centered around the Midwest since its based in Columbus, Ohio) and lower than average APYs the mobile banking app may not be for everyone.
Pros of Huntington mobile app:
-Early paycheck access
-Easy to use automatic savings tools
-No monthly maintenance fee or minimum deposit amount with Asterisk-Free Checking
-Offers a wide range of banking services including checking and savings accounts, loans, and mortgages.
-Secure and reliable platform for managing finances.
-Multiple account options including personal, business, and joint accounts.
Cons of Huntington mobile app:
-APYs lower than other banking institutions
-Overdraft fees
-Limited number of ATMs (at~1,700)
-Limited access to customer support in certain regions..
-Limited investment options compared to traditional brokerage firms.
-Some account types have higher fees compared to other banking institutions.
Synchrony Bank
The mySychrony mobile banking app from Synchony bank has made paying your bills and tracking your transaction effortless. With solid yields on your cash savings and limited bank fees its no wonder synchrony bank gets so much business.
Their mySynchrony mobile app has gone through several iterations but has made digital banking easy especially when considering that they do not have any physical bank locations.
Pros of Synchrony Bank mobile app:
-Offers a wide range of financial products including credit cards, savings accounts, and loans.
-Competitive rates on all of their offered accounts
-Offer IRA and Roth account access
Cons of Synchrony Bank mobile app:
-No physical locations
-No checking account offerings
-No access to credits cards or auto loans
-Limited access to customer support in certain regions.
-Some users have reported slow response times for customer service inquiries.
-Some account types have higher fees compared to other banking institutions.
Current.com
Current offers an online banking service and a mobile banking app for the customers who are looking for a decent rewards debit card, prefer mobile banking, and are looking for a high savings rate.
The one drawback may be found in its security features as it has received quite a bit of complaints on the Consumer Financial Protection Bureau database when considering its size.
Pros of Current mobile banking app:
-Offers a range of financial services including checking and savings accounts, budgeting tools, and debit cards.
-No account minimums, hidden fees, or overdraft charges.
-Offers high-interest savings accounts and cashback rewards.
-No fee for withdrawals at over 40,000 ATMs in the US
Cons of Current mobile banking app:
-Fee for depositing Cash
-No phone-based customer support offered
-Quite a bit of security complaints
-Some users have reported technical issues with the app.
-Limited account options compared to traditional banking institutions.
Marcus
Marcus by Goldman Sachs offers a decent mobile banking app with a focus on competitive yields on their CDs and high-yield savings accounts. However, one big drawback is that it doesn’t offer mobile deposits and no physical debit card.
Pros of Marcus by Goldman Sachs mobile banking app:
-Offers high-yield savings accounts, personal loans, and certificates of deposit.
-Low balance requirements for CDs
-No account minimums, hidden fees, or penalties for early withdrawal.
-Positive reviews from customers regarding user experience and customer service.
-Provides access to financial experts for advice and support.
Cons of Marcus by Goldman Sachs mobile banking app:
-Does not offer physical credit or debit cards
-No mobile deposits (must be made via electronica transfer or automated deposits
-Some customers have reported slow response times for customer service inquiries.
-Higher fees compared to some other online banking institutions.
Truist
Truist mobile banking app and bank is the merger of two banks BB&T and SunTrust.
It offers a solid checking account but savings account rates are not great. If you’re looking for access to a big bank and not too concerned with high yield earnings on accounts this may be the option for you.
Pros of Truist mobile banking app:
-Easy to avoid monthly checking fee
-Provides access to financial experts for advice and support.
-Multiple account options including personal, business, and joint accounts.
Cons of Truist mobile banking app:
-Low rates on CDs and savings accounts
-High overdraft fees
-$3 non-truist atm fees
-Somewhat confusing app interface
-Some customers have reported slow response times for customer service inquiries.
-Limited investment options compared to traditional brokerage firms.
-Some users have reported technical issues with the app.
-Some account types have higher fees compared to other banking institutions.
PNC
The pnc mobile banking app has received a variety of awards from independent organizations.
It handles checkings/savings/investment accounts all seamlessly within its interface. It also offers a very convenient Bill Pay Calendar to help you manage your scheduled bills and payments each month.
For those who are looking for checking and short-term savings account and are not too concerned with earning high interest rates PNC bank and their mobile app may be something you’re interested in.
Pros of PNC mobile banking app:
-Solid mobile app interface with easy to use options
-24-hr grace period for overdrafts
-Offers a range of banking services including checking and savings accounts, loans, and mortgages.
-Secure and reliable platform for managing finances.
-Multiple account options including personal, business, and joint accounts.
Cons of PNC mobile banking app:
-High overdraft fees
Some customers have reported slow response times for customer service inquiries.
Limited investment options compared to traditional brokerage firms.
Some account types have higher fees compared to other banking institutions.
TD bank
TD bank and its mobile banking app show decent offerings from a more traditional bank that handle all the needs of mobile banking with standout promotional options and cash bonuses for specific accounts
They also have a strong focus on customer service with 24/7 access and many physical bank branches (especially along the East Coast) that are open Saturdays and Sundays as well
Pros of TD Bank mobile banking app:
-Mobile check deposit
-Online bill pay
-Payments with Zelle
-Live customer service 24/7
-Great checking account options for students and seniors
-Provides access to financial experts for advice and support.
Cons of TD Bank mobile banking app:
-Low APYs on savings accounts, CDs, and money market accounts
-Monthly fees for some of its accounts
-Some users have reported technical issues with the app.
-Some account types have higher fees compared to other banking institutions.
What Can You Do Through a Banking App?
With a mobile banking app, you can typically perform many of the same financial transactions as you would on a computer or mobile device as you would at a physical bank, including:
-Viewing account balances
-View transaction history
-Transferring funds between accounts
-Customer service access
-Mobile Deposits
-Bill Payments
-Send money to others
-Setup alerts
-Locate branches and ATMs
Some more advanced features of mobile banking apps are:
-Easily access customer service options
-Create a budget
-Mange investments and portfolio
-View and pay credit card
-View home/auto insurance
Is a Mobile Banking App Worth It?
Whether a mobile banking app is worth it depends on your individual financial needs and habits. For some people, the convenience and accessibility of being able to manage their finances on-the-go can be a valuable feature. With a mobile banking app, you can:
-Stay on top of your account balances and transactions.
-Transfer money and pay bills quickly and easily.
-Deposit checks and manage your credit card on-the-go.
-Set up alerts for account activity and balances.
-Find ATMs and branches quickly.
If these features align with your financial needs and habits, a mobile banking app can be a useful tool for managing your finances.
However, if you prefer traditional banking methods or do not frequently use these features, a mobile banking app may not be worth it for you.
Ultimately, the decision of whether a mobile banking app is worth it will depend on your individual needs and preferences.
When we analyzed the below mobile banking apps we took into consideration options from both online banks and more traditional banks.
Online Banks vs Traditional Mobile Banking Apps:
When comparing mobile banking apps its important we separate traditional banks and online banks since this will affect their mobile banking app options:
Traditional Banks:
-Physical branches: Traditional banks often have a large network of physical branches, which can be more convenient for customers who prefer face-to-face interactions with bank representatives. However, these branches can also result in higher costs for the bank, which may be passed on to customers in the form of higher fees.
-Limited hours of operation: Physical branches typically have limited hours of operation, which can be a drawback for customers who need to access their accounts outside of normal business hours.
-Higher fees: Traditional banks may charge higher fees for services such as overdraft protection, monthly maintenance fees, and account activity alerts.
Online Banks:
-Limited physical presence: Online banks typically do not have physical branches, which can make it more difficult for customers to access cash or receive face-to-face assistance.
-Dependence on technology: Online banks rely on technology, such as websites and mobile apps, to provide their services. This can be problematic for customers who are not tech-savvy or who have limited access to technology.
-Limited offerings: Online banks may have a more limited range of products and services compared to traditional banks, such as a limited number of loans or investment options.
-Less personalization: Online banks may not provide the same level of personalization as traditional banks, where customers can develop relationships with bank representatives over time.
Ultimately, the choice between a traditional bank and an online bank will depend on the specific needs and preferences of the customer. Some customers may prefer the convenience and accessibility of online banking, while others may prefer the personalization and face-to-face interaction offered by traditional banks.
Some benefits of online banks are:
-Easy account opening and management through a website or mobile app.
-High-yield savings accounts and certificates of deposit (CDs).
-No monthly maintenance fees or minimum balance requirements.
-Mobile check deposit, bill pay, and money transfer services.
-FDIC insurance for depositors, just like traditional banks.
Online banks are financial institutions that operate primarily or exclusively through the internet. They offer a range of financial services, such as checking and savings accounts, loans, and credit cards, without the need for a physical branch network. This allows online banks to offer lower fees, higher interest rates, and other benefits compared to traditional brick-and-mortar banks.
Online banks typically offer a convenient and cost-effective option for managing your finances, but it’s important to compare the offerings of multiple online banks to ensure that you’re getting the best deal for your needs.
Which online banking app is the best?
Our recommendation for the best online banking app would have to be: Chase
While Chase is a traditional bank its mobile banking app features for us really stood out above both traditional and online banks.
-easily access a variety of accounts all under the same login such as:
-checking and savings account
-credit card account
-even mortgage account
-Convenient and secure access to banking services
-Quick and easy money transfers
-View account balances and transactions
-Deposit checks remotely
-Manage credit cards and accounts
-Locate Chase ATMs and branches
-Offers Advanced security features such as biometric login.
Our pick for a solid runner up would have to be the Wells Fargo app. This is the banking app that I personally use, and I have zero complaints.
I’m able to:
-view my accounts
-send money with zelle
-mobile deposit checks
-check my credit score
-and explore other offered options such as (applying for credit cards, loans, and even review investment plans
Top 10 Mobile Banks
Before we breakdown our full list of over 30 mobile banking apps here is our list of the Top 10 Mobile Banks and their apps
- Chase
- Wells Fargo
- Discover
- Bank of America
- Sofi
- Capital One
- Charles Schwab
- Chime
- Sofi
- Ally
This list includes apps from more traditional banks and apps from online only banks
What Makes a Good Mobile Banking App? – Best Banking App Features
Mobile Banking Functions
The best banking app features should cover the functions required of any physical bank when possible.
These commonly required features of banking apps are:
- Viewing account balances
- View transaction history
- Transferring funds between accounts
- Customer service access
- Mobile Deposits
- Bill Payments
These features should be standard in every banking app if they are not then it may be time to consider some new mobile banking options.
In addition to these minimum requirements, there are also additional features that can help a banking app stand out – these are explained further below:
- Advanced Bill Payment and Deposit Features
- User-Friendly Interface
- Security and Alert Features
- Customer Service Access
- Budgeting Tools
- Access to other Financial options (such as insurance, loans, and investments)
Bill Payment and Deposit Features
Mobile check deposits and zelle compatibility are quickly becoming the standard for mobile banking apps when it comes to depositing money and sending payment.
What makes an app stand out is how well the mobile check deposit feature works. In our research we’ve come across plenty of issues of a banking app not recognizing or accpepting checks for mobile deposits which then force users to go into a physical bank branch and deposit their check.
This is no good.
Another feature to look out for on a rare few apps is mobile cash deposits. These functions are mainly available with apps that are used for online banks (and are not often found for use with more traditional banks).
User-Friendly Interface
Most of these apps will have a user-friendly and minimal interface. If the app doesn’t have easy access to perform common mobile banking needs then it will quickly become cumbersome to use.
While some of these interfaces are simply design choices, a minimal, easy to use interface should not be forgotten.
Chase and Wells Fargo apps make it easy to handle every day banking tasks without having to struggle with wondering how to access certain functions, broken links, poor spacing, and downright eye straining layout choices.
A minimal interface with clear buttons, icons, and functions should always be appreciated.
Security and Alert Features
Biometrics such as face id and fingerprint ID are quickly becoming the standard not only among banking apps but a variety of apps where you want to protect your information.
Security should be given the utmost focus by these banking app developers. If your banking information is secure it doesn’t matter how nice the interface looks, they will immediately lose my business.
Options and features such as two factor authentication, security alerts, and spending alerts should be the standard for these apps, but unfortunately that isn’t always the case.
So when I come across a banking app that puts security at the forefront by utilizing these features they rightfully earn special attention.
Customer Service Access
With banking tech advancing so quickly, it seems for some banks it has been hard for them to keep up with customer service, technical support, and providing access to a live person for any immediate assistance.
Good customer service is rare, access to a live person quickly is unfortunately also rare these days.
Apps that stand out with their customer service offer options like in-app live chat or a phone number to quickly reach someone.
Certain banking apps only offer support 9-5 M-F but stand out apps will offer 24/7 customer service and support. These are things to consider when looking for an app to handle your banking needs.
In addition to customer service, another nice feature that is becoming more common is an in app virtual assistant. Much like “Siri” or “Alexa”, these virtual assistants are able to provide answers to simple questions regarding your banking info and handle simple tasks such as “Lock my debit card” or “How much did I spend on Friday?”
These virtual assistants are found in these banking apps among others:
-Bank of America (“Erica”)
-US Bank (“Smart Assistant”)
Budgeting Services
While there are a variety of apps designed specifically for budgeting, good banking apps will even offer tools to help you with budgeting such as a spending report, financial goals, and even credit score checking.
For example, Wells Fargo offers options to easily check my credit and fico score all within their app.
Access to Other Financial Options
Access to other financial options such as credit cards, mortgages, personal loans, home/auto insurance all through a single app are a huge plus for any mobile banking app.
We understand that many banks do not offer these options but it’s not uncommon for some banking app to provide access to such services for example:
- USAA provides access to your home/auto insurance policies
- Many banks like Chase offer access to view and pay your credit cards through the same app
- Others like Wells Fargo offer options and links to apply for personal loans
- Finally, some even have options to view your mortgage and even collect and view your tax documents.
Frequently Asked Questions about Banking Apps
Is There a Single Banking App That Manages All Bank Accounts?
While there are banking apps that can interlink and manage all of your bank accounts they likely will come from a 3rd party or non banking institution.
It is quite rare to find a banking app such as Chase, Wells Fargo, or Discover that lets you add accounts from other institutions.
However, there are several apps that allow you to manage multiple bank accounts, such as
- Mint
- Personal Capital
- Budget Simple
These apps provide a consolidated view of your financial information and allow you to track spending, view account balances, and categorize transactions. Unfortunately, while they excel with budgeting they may not have all the robust features of using a single banking institutions app.
Should I Use a Mobile Banking App?
Using a mobile banking app can have several benefits:
*Convenience: You can access your bank accounts and manage your finances from anywhere and at any time.
*Real-time information: You can check account balances and transactions instantly.
*Enhanced security: Many banking apps use advanced security features like biometric authentication, encrypted data storage, and alerts for suspicious activity.
*Efficient management: You can pay bills, transfer money, deposit checks, and manage your budget with just a few taps.
However, it’s important to consider your own security and privacy needs, as well as the security measures offered by your bank, before deciding to use a mobile banking app.
After considering security concerns, you can then move onto analyzing other top features of banking apps as shown in the above section.
Can I Make a Budget with a Banking App?
While some banking apps do offer tools to create a budget, these tools may not be as robust as other budgeting apps designed specifically for budgeting such as Mint or YNAB
These budget specific apps often allow you to categorize your spending, track your expenses, and set budget goals. By providing real-time information about your spending and account balances, mobile banking apps can help you stay on top of your finances and make informed decisions about your spending habits.
It’s not uncommon for banking apps to offer access to check your credit score, it is quite rare that they offer further budgeting tools and services.
Budgeting features are actually more common in more modern online banking apps and are not as often found in more traditional banking apps.
Some banking apps that offer budgeting tools are:
- Sofi
- Revolut
- Current
- Citi bank
- Capital One
Are banking apps free?
Most mobile banking apps are free to download and use. However, some banks may charge fees for certain services or transactions within the app, such as overdraft protection or expedited bill payments.
It’s important to review the fees and charges associated with your specific banking app and understand how they may impact your finances.
Are there fees for using a banking app?
Again, most banking apps are free to download and use, but some banks may charge fees for certain services or transactions within the app.
For example, there may be a fee for overdraft protection, expedited bill payments, or foreign transactions.
Some may even charge a fee for using mobile check deposits.
It’s important to review the fees and charges associated with your specific banking app and understand how they may impact your finances.
Additionally, be aware of any third-party fees that may apply if you use services such as mobile check deposit or foreign transactions.
Are banking apps safe?
Using a mobile banking app can be safe if you take proper precautions.
Many banking apps use advanced security measures such as biometric authentication, encrypted data storage, and real-time alerts for suspicious activity.
These advanced security features are some of the guiding principles we used when creating this list.
A banking app should offer all of these security options. If they don’t then they may not be worth it in the long run.
To ensure the safety of your information, it’s important to follow these best practices:
- Use a strong password and enable two-factor authentication.
- Keep your device secure with a lock screen and up-to-date security software.
- Only download apps from trusted sources, such as the official app store for your device.
- Avoid using public Wi-Fi networks for sensitive transactions.
- Review your account regularly and report any suspicious activity immediately.
It’s also important to keep in mind that even with strong security measures, no system is completely immune to hacking or other security breaches.
It’s important to keep an eye out and monitor your account regularly to detect and report any suspicious activity.
