If you’re new to banking mobile apps, here’s what you should know.
What is a mobile banking app? How does it work?
A mobile banking app is an app that is offered by banking institutions. If you have an Android mobile phone, you can download your bank’s mobile app from the Google Play store. If you have an Apple phone, you can download the app from the Apple store.
You can download any banking mobile app free of cost if you have an account with the bank. This is a complimentary service that banks offer for the convenience of their customers. A few banks may charge a nominal fee but even then, they will waive this fee if you meet certain requirements.
The best mobile banking apps are designed to be user-friendly so even a first-time user will be able to use it right away. To use your mobile banking app, the first thing you’ll need to do is enter your PIN to log in. Once you’ve logged in, you’ll find the interface easy to use.
You can use your mobile banking app to view your account balances, transfer funds to other people, deposit checks, and pay your bills. You can also read any pending notifications and track your credit score when you’re logged in. If you need any help, you can contact customer support from your app so you don’t have to wait until later.
You have several options available when it comes to commercial mobile banking apps. The key is to look for one that is best suited to your needs and which makes it easier to track your financial health.
We’ve put together six of the best mobile banking apps for you to choose from.
1. Ally Mobile Banking App
One of the best mobile apps out there comes from Ally. It has a clean, user-friendly interface that’s easy to navigate. This banking mobile app lets you pay your bills, deposit checks, transfer your money, use Zelle, and more all from your phone. The app also lets you keep tabs on your certificate of deposit (CD) and individual retirement account (IRA). That’s not all. You can even use your app to trade stocks and track investment performance.
Also worth noting are a couple of unique features that you won’t see in other apps. The first is the Savings Bucket feature, which helps you save for your financial goals. The second is the Surprise Savings feature, which determines just how much you can save three times a week. It then takes the money automatically from your checking account to put in your savings. The third feature is 24/7 customer support (including over chat). You don’t get this with most other mobile banking apps.
There are no monthly fees on accounts set up through the online checking account. Moreover, you also earn interest on the balance, something very few banks offer on checking accounts. Most banks offer interest only on balances held in savings accounts. Balances in savings accounts also earn higher interest than most other financial institutions.
Pros & Cons of Ally – Ally mobile banking app offers several advantages, from its unique features and higher interest rates on checking accounts to 24/7 customer service. The only downside is the absence of a cash deposit facility.
2. Capital One App
Capital One is another great example of a bank that has a standout mobile app loaded with useful features. One of the most convenient features is the ability to view all your accounts, including mortgages and vehicle loans, on the app itself. The app also allows you to deposit checks, redeem credit card rewards, keep track of your credit score, and send money to family and friends with Zelle.
SureSwipe adds an extra layer of security to your account and instant push notifications help you stay on top of your purchase history. If you misplace or lose your Capital One card, a few taps on your phone are all it takes to lock the card till you find it. This prevents any fraudulent use of the card. And if your card is stolen, you can report the theft from the app too.
As a Capital One app user, you’d earn interest on cash deposited in both, checking and savings accounts. Moreover, you won’t pay foreign transaction fees, which can save you a lot of money if you do many foreign transactions.
Pros & Cons of Capital One – Competitive savings interest rate, zero foreign transaction fees, and the ability to keep track of deposits, purchases, and credit score are some of the pros of Capital One. The one con is that it is primarily an online bank with branches in only 8 states and Washington, DC.
3. Chase Mobile Banking App
Chase makes it easy to do all things banking straight from a single app. You can easily view and manage all your banking accounts as well as your investments and credit card points on your phone. This banking mobile app also allows you to check your credit score, use Zelle or Chase QuickPay, and set up automatic savings transfers. One feature that sets it apart from other apps is the ability to create separate folders for specific savings goals. This allows you to allocate money towards individual goals such as ‘College Fund’, ‘Retirement’, or ‘Europe Vacation Fund’.
The Chase mobile banking app consistently scores highly for customer satisfaction among national banks. Getting personal help is easy with more than 4,700 branches spread across America. One downside is that Chase charges account holders monthly service fees. These fees may be waived if you meet certain requirements. Another downside is the low-interest rates on savings account deposits.
Pros & Cons of Chase – Pros include the ability to manage your bank accounts, credit cards, and investments from the app. Monthly service fees and low-interest rates count as major cons.
4. Discover Mobile Banking App
Discover is another bank that has a mobile app that is worth checking out. With the app, you can use mobile check deposit, and manage your bank accounts and a credit card from one place. The app also makes it convenient to check your credit score, redeem credit card rewards, and access live customer support at any time or day.
One standout feature of the Discover mobile banking app is access to Discover Deals, an in-app marketplace. This is a popular feature with shopping enthusiasts and bargain hunters who can use it to find great deals on the latest brands.
While Discover offers higher than average interest rates on savings and CDs, it requires a minimum of $2,500 to open a CD or money market account.
Pros & Cons of Discover – Pros include high-interest rates on savings and CD and the ability to manage your bank accounts and credit card directly from the app. The high minimum opening amount puts this mobile banking app out of reach of many potential customers.
5. Alliant Mobile Banking App
Alliant Credit Union offers an array of convenient features with its mobile banking app. You can deposit checks instantly, track banking and credit card transactions, and pay monthly bills directly from the app. You can also transfer money between accounts, view account balances, and set up external accounts using the app.
A notable feature of Alliant’s app is that it gives you a range of tools that allow you to track spending habits, watch budgets, and save. These tools make it easier than ever for you to manage your finances on the go. The app also comes with a very high daily limit for depositing checks ($50,000) which can be great if you generally receive checks in your day-to-day. Users especially love the app’s simplicity, range of features, and easy-to-use interface.
Pros & Cons of Alliant – A range of features and tools that allow you to manage your money, track transactions, and make payments are some of the pros of the Alliant app. The absence of a cash deposit facility is the only downside of this app.
6. Chime Banking App
The Chime mobile banking app rates highly among users for outstanding user experience. Loaded with advanced features this app is designed for the digital age. This is one of the few banking apps that allows you to deposit cash as well as checks. Chime also allows you to receive direct deposits including your paycheck up to 2 days early. No other app offers this facility.
The Chime mobile app doubles as a debit card, allowing you to access your funds free of cost at over 30,00 ATMs in the MoneyPass network. Other features include tools to set up real-time transaction notifications and daily balance alerts. Users also enjoy a high savings Annual Percentage Yield (APY).
Having a checking account is a requirement if you want to open a savings account.
Pros & Cons of Chime – The ability to receive paychecks and direct deposits up to two days early is one of the most notable pros of Chime. In addition, the app also offers a high savings APY as well as cash and check deposit facilities. The downside is you only qualify for a savings account if you first open a checking account.
If you prefer to do all your banking transactions online, a strong, user-friendly banking app can make a difference. The right tools can help you hit checking and savings goals while also giving you more power over your finances. Choose one from our list of best mobile banking apps and you’re off to a great start.
