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The surge in mobile banking adoption for managing finances is undeniable, with an increasing number of individuals resorting to this convenient approach. As per the findings from J.D. Power’s study on U.S. Best Mobile Banking Apps Satisfaction, a noteworthy 67 percent of retail banking customers in the United States harnessed the power of their respective banks’ mobile applications during the year 2021. This statistic marked a significant ascent of 7 points when compared to the previous year. The allure of a straightforward and user-friendly mobile app has emerged as a compelling factor influencing customers to remain loyal to their chosen bank or credit union.
The best mobile banking apps will save you time doing simple things like depositing checks and moving money from one account to another. The best banks will also help you get a better handle on your spending habits with less common features in their apps, such as an early payday or a warning when there’s a chance you might go overdrawn.
Best Mobile Banking Apps
Chime
The number of banks that only operate online has grown. But Chime still stands out from the rest, in part because it has a great mobile banking app. The app looks good and is easy to use.
It has a lot of useful services and tools, like ways to manage your account and save money. Users of Chime can also get their direct deposits up to two days early. You can also use Pay Friends, Chime’s free internal peer-to-peer transfer service, to send money to other Chime users easily. Currently, this is the best mobile banking apps you can download app official website.
Features
Pros
- Competitive savings APY
- Early direct deposit
- 60,000+ ATMs
Cons
- No service centres.
- Mobile check deposit requires direct deposit.
Ally
Ally Bank also has two- and four-year terms for its Raise Your Rate CD. You can raise your rate once in the first two years and twice in the last four years. The APY is 3.30% for both terms.
Both high-yield CDs and raise-your-rate CDs have penalties for withdrawing money early that change depending on the term. For terms of less than 24 months, the bank charges interest for 60 days. For terms between 25 and 36 months, the fine is 90 days of interest.
Features
Pros
- Ally offers a variety of deposits, loans, and services online.
- The bank offers no-fee deposit accounts.
- Higher CD and savings account yields than typical banks.
Cons
- Cash deposits aren’t accepted
CIT Bank
CIT Bank is an online bank with savings accounts that offer competitive annual percentage yields (APYs). It also has checking accounts, money market accounts, and certificates of deposit (CDs).
With its Savings Connect account, CIT Bank gives a good rate of return. It also has a number of CDs for you to choose from. During Bankrate’s review, some of these CDs, like the one-year term, didn’t have a competitive yield.
Features
Pros
- Top-yielding savings accounts and MMA
- Competitive CD rates
- Interest-earning checking
- Easy to use online bank
Cons
- No physical locations
- No checkbooks for eChecking accounts
Bank of America
Your Bank of America, Member FDIC, and Merrill Edge accounts can be accessed through this safe app. It has perks like the ability to use credit card rewards and free access to your FICO score.
You can deposit checks with your phone’s camera, so you don’t have to go to the bank teller or ATM. And if you’re out shopping, you can use the BankAmeriDeals app to find out about all the cash-back deals near you.
Features
Pros
- In May 2022, Bank of America decrease doverdraft costs from $35 to $10
- The bank has 16,000 ATMs nationwide
- It invests substantially in digital technologies and has an award-winning mobile banking app
Cons
- Low CD and savings yields.
- Over time, 3,900 branches have closed.
MoneyLion
The MoneyLion app lets you do digital banking, get loans to build your credit, get cash advances without interest, and invest your money for you. There are no minimum balances, no credit checks, and no fees that are hard to find. The MoneyLion app also has a feature called “Financial Heartbeat” that helps you track how much money you spend and how much you save.
MoneyLion is a free app for online banking, but it does a lot more than that. Credit Builder Plus members can use more than 55,000 ATMs, keep track of their budgets, and even get rewards or cash back.
Features
Pros
- May be cheaper than an overdraft fee
- Can be a no-fee way to borrow money
Cons
- Requires bank account access
Synchrony Bank
Customers of both iOS and Android give Synchrony Bank’s mobile banking app high marks. This may be because it can do more than just pay bills, deposit checks, and start transfers. It also keeps track of how you use your credit cards and how much money is on them.
CDs, high-yield savings accounts, and money market accounts all have competitive APY rates, and ATM cards can be added to both of them. There is no minimum balance requirement for savings or money market accounts at the bank. The MoneyPass and Co-op networks both have ATMs that you can use for free.
Features
Pros
- Synchrony constantly offers excellent deposit rates
- Synchrony savings, money market, and CD accounts have no minimum balances
Cons
- Synchrony has no branches
Discover Mobile
Discover is best known for its credit cards, but its banking products, like its cash-back checking account, are quickly becoming popular. The company is also great at customer service, which is very important when looking for a bank (and mobile apps).
Discover Bank has live customer service seven days a week, 24 hours a day. So, you should always be able to get in touch with a team member when you need help. It also has live help available online.
Features
Pros
- Fast four-digit passcode for access
- Customer support available within the app
- Spending tracker
- Rewards tracking and redemption
Cons
- No budgeting feature
- No savings goal feature
Varo
Varo Bank is an online bank that only offers two types of accounts: a checking account and a savings account with a high interest rate. Along with low fees and modern banking features,
Varo gives customers tools to help them save money on their own. Find out if this forward-thinking bank is right for you by reading our full review of Varo Bank.
Features
Pros
- No minimum balance to open account
- Outstanding client service
- Applauded
- Large Allpoint surcharge-free ATM network
Cons
- Only Varo clients can transfer to Varo
- 24/7 support is unavailable.
faqs
What is the easiest online bank account to get?
Chime is a financial app that gives you access to your account only online. It’s one of the easiest online accounts to open because Chime doesn’t check your credit and doesn’t require a minimum balance.
What is the best free mobile banking app?
- Chime
- Ally Mobile App
- CIT Bank
- Bank of America
What bank gives you $200 to open an account?
Customers who open a new savings account at Discover Bank and put $25,000 or more into it by March 15, 2023, can earn up to $200. For the bonus, you have to make the deposit within 30 days of opening your account.