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By
Mary Beth Eastman
Mary Beth Eastman
Contributor
Mary Beth is a freelance writer for Newsweek’s personal finance team. She specializes in explaining the ins and outs of mortgages and other loans, helping people to use debt wisely and build their credit. Based in Pittsburgh, Pa., Mary Beth is a proud alumna of Bowling Green State University, where she volunteers on the board of the Falcon Media alumni group.
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Reviewed By
Robert Thorpe
Robert Thorpe
Senior Editor
Robert is a senior editor at Newsweek, specializing in a range of personal finance topics, including credit cards, loans and banking. Prior to Newsweek, he worked at Bankrate as the lead editor for small business loans and as a credit cards writer and editor. He has also written and edited for CreditCards.com, The Points Guy and The Motley Fool Ascent.
Read Robert Thorpe's full bio
Published January 24, 2024 at 10:20 am
Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
Banking apps let you perform almost all of the same functions as the best online banking sites (and in some cases, more), and they’re usually much more convenient than banking in person. You can view your balance, transfer funds, pay bills, and more, all with the tap of a finger. Plus, today’s banking apps let you sign in using your smartphone’s biometrics and use encryption to keep your data safe from prying eyes, making this a secure method of accessing your accounts.
When considering the best banking apps, we looked at what’s most important to the mobile banking experience: ease of use, added features, app security, cost and customer experience. Each of the best mobile banking apps below performed well in two or more categories, and all use industry-standard (or better) security protocols to protect your account.
Our Methodology
Newsweek Vault’s banking experts have done hundreds of hours of research to present you with all the latest information about your banking options. Whether you’re interested in opening a new checking account or savings account, our research spans all the top online banks, credit unions and brick-and-mortar branches.
We assessed the following five key factors to help you choose the best account for your personal finance needs.
- Associated fees
- ATM access
- Balance requirements
- Customer service
- Interest-earning potential
Our Picks
- Best for Customer Satisfaction: Bank of America
- Best for Low or No Fees: Ally
- Best Credit Union App: Alliant Credit Union
- Best Features: Chase
- Best Second-Chance Bank: Chime
- Best for Safety: Capital One
- Best Regional Bank App: Huntington Bank
- Best Support: Discover
Best Banking Apps of 2024
Best for Customer Satisfaction
Why We Chose It
Bank of America’s mobile app offers impressive content, navigation, speed, and visual appeal. Plus, it’s received the highest ranking in J.D. Power’s 2023 customer satisfaction survey.
Pros
- Has a virtual financial assistant to help carry out tasks or chat with an agent
- Feature-packed app lets you transfer money, lock or replace cards, and tap to pay
- Mobile alerts help you stay on top of balances, transfers, and unusual activity
Cons
- Bank of America accounts have monthly fees and minimum balance requirements
- Certain features, such as bill pay, are still clunky
- Card lock may not prevent recurring charges from debiting your account
Best for Low or No Fees
Why We Chose It
As one of the best online banks, Ally has mastered the fee-free online checking account (unlike some more traditional banks, which charge monthly maintenance fees). Ally’s mobile app offers a powerful budgeting tool that helps you allocate every dollar in your account to a “spending bucket,” ensuring your expenses are covered.
Pros
- Smart savings tools
- Live chat available
- Fee-free checking that earns interest
Cons
- Not all functionality available on the app
- No cash deposit capability
- No physical locations
Best Credit Union App
Why We Chose It
Alliant Credit Union offers a straightforward, easy-to-use mobile app with convenient features like the ability to preview all your account balances and see nearby ATM locations without having to log in.
Pros
- Mobile check and money order deposits
- Can open certificates of deposits and check your credit score
- Can enroll in bill pay
Cons
- Secure mobile messaging can take one to two business days to get a response
- No physical branches
Best Features
Why We Chose It
Chase’s mobile app lets you send and receive money, lock and unlock your debit card, automate your savings and more —all within a clean, friendly and secure user interface. A study by Minna Technologies showed Chase’s total mobile banking features outnumbered those of all other major U.S. banks.
Pros
- Good variety of budgeting, banking and money management features
- See your credit score for free
- Savings automation helps you reach your goals faster
Cons
- Chase checking accounts tend to have high monthly fees
- Chase accounts also come with higher late fees and overdraft fees
- Required account minimums may be difficult to meet
Best Second-Chance Bank
Why We Chose It
If you’ve struggled to gain access to traditional banking, Chime is a great second-chance bank to consider. It offers a checking and savings account with an easy-to-use mobile app.
Pros
- No monthly or overdraft fees
- Can access your paycheck up to two days early
- Debit card round-ups help you save more
Cons
- No branch locations
- May charge fees for cash deposit
Best for Safety
Why We Chose It
Capital One offers several advanced security measures that keep you updated on unauthorized activity and protect your information from harm. These include credit card virtual numbers, real-time fraud alerts, mobile app verification for online banking, identity protection and multi-factor authentication.
Pros
- Real-time fraud alerts
- Sign in with your face or fingerprint
- Recent purchase review
Cons
- Not all capabilities are available on mobile
- No live chat with customer service
- Some features only work with Capital One credit cards
Best Regional Bank App
Why We Chose It
Huntington Bank’s mobile app is robust and pleasant to use, competing handily with much bigger banks. From 2019 to 2023, J.D. Power has consistently ranked Huntington as the best for customer satisfaction with mobile banking apps among regional banks.
Pros
- Send and receive money with Zelle or bill pay
- Order replacement checks from the app
- Real-time alerts and notifications
Cons
- Most accounts have monthly fees
- Annual percentage yield (APY) is very low compared to other banks
- As a regional bank, Huntington’s service is focused mostly on the Midwest
Best Support
Why We Chose It
Discover offers a fast account access feature, which lets you log in easily with a four-digit passcode or biometrics such as FaceID. The app is easy to navigate and many tasks can be accomplished from within the app, including freezing your card, redeeming cash back and securely messaging an agent.
Pros
- Fast, secure in-app messaging lets you handle concerns 24/7
- Fraud protection, mobile alerts and wearable device compatibility
- Checking accounts feature no fees and cash back
Cons
- No live chat in-app
- You’ll need to visit Walmart to add cash to a checking account
- Discover doesn’t reimburse ATM fees outside of its network
What Is a Mobile Banking App?
A mobile banking app lets you access your bank accounts and manage your money directly from your smartphone or tablet. They’re often easier to use, safer and more robust than logging on to your online banking site from a web browser on your smartphone.
The best mobile banking apps let you deposit checks with your smartphone camera, transfer funds between external accounts, pay bills, manage your card and visualize your spending habits. Some also let you open new accounts, check your credit score and send money to friends.
Mobile banking apps give you access to your money anywhere you can find internet access, and make reaching customer support simple and quick when you need help.
To use mobile banking, you’ll need to download the app from the App Store or Google Play to your mobile device. Once installed, you’ll need to register your account by providing your information and banking details. Your app should ask you to set up multifactor authentication to protect your data. This usually entails logging in with your password and a special code that you receive via SMS or email.
Are Banking Apps Useful?
Banking apps are indeed useful. They’re extremely convenient, allowing you to manage your everyday banking tasks no matter where you are, what you’re doing or what time it is.
Plus, they often offer perks and features you can’t get at a bank branch, such as fraud alerts, transaction updates and budgeting tools. Banking apps can help you save money by automatically transferring a portion of your funds into your savings account or alerting you when your balance is low.
The best mobile banking apps may offer Zelle, which allows you to pay someone you know with just a phone number or email address, even if they don’t bank where you do. For bills, you can usually use the online bill pay option in the app to send money to almost anyone.
Mobile banking can also give you access to a wider range of bank and account choices than what may be available in your neighborhood, and it’s perfect for people who are already comfortable with online banking. Use whatever bank you prefer, even if there’s not a branch nearby. That means you can:
- Open a savings accounts with great annual percentage yields (APYs)
- Open an interest-bearing checking account
- Switch banks
How To Choose a Banking App
To choose the best banking app, you’ll need to evaluate your priorities and compare the options that fit them best. Not every banking app will be able to meet your needs, although the best apps offer very similar features and security.
You’ll need to keep in mind your anticipated account balances because they can affect whether you’ll owe monthly maintenance fees. Often, banks will only waive monthly fees if you maintain a balance over a set amount, such as $1,500. Check with your bank to see what to expect in terms of fees; you might find it more cost-effective to switch to a bank with low or no fees and no minimum balance requirements.
Also consider how you prefer to do your banking, how often you plan to access your account, how much support you’ll need, and whether it’s important to you to have your bank accounts, loan accounts, and credit card accounts all in one place.
Below are the most important aspects to weigh when making your selection.
- Features: Will the app allow you to manage the tasks you need, such as paying bills, transferring funds, depositing checks, and checking your balance? Will it also provide the added features that make managing your money a little more enjoyable, such as automated savings, goal planning, and budgeting tools? Consider the tasks you need to accomplish from your mobile device and make sure your chosen app can handle them.
- Fees: To avoid fees, you might need to read the fine print: How large a balance will you be expected to maintain to waive fees? If you’re required to set up direct deposit or make a certain number of transactions to avoid being charged, will that be realistic for you? Fee-free banking is possible but prepare for any hurdles you may need to leap to achieve it.
- Security: Can the app protect you? All the convenience in the world isn’t worth it if your banking app exposes you to theft, fraud or loss. Make sure you choose an app from a reputable bank and that you know the best practices for protecting your money and your information, such as using multi-factor authentication and securing your phone with a passcode.
- Support: Check the customer support options of your intended banking app to ensure you’ll be able to get help when you need it. Also see what format the app uses for support: live chat, phone, email, secure message, FAQ or mail.
Frequently Asked Questions
Which Is Better, Mobile Banking or Online Banking?
Choosing between mobile banking and online banking depends on the bank. Some banks offer far more functionality with their online banking website than they do with their mobile app, making it easier to opt for online banking. But if you select a bank with a powerful and robust mobile app, you’ll enjoy a more intuitive experience with the app, with the added benefit of accessing your accounts wherever you are.
Is Mobile Banking the Same as Online Banking?
They may seem to be the same thing, but there are a few differences between mobile banking and online banking. Online banking requires internet access and a browser to reach the bank’s website. You can use a computer, tablet or smartphone for online banking. Mobile banking refers to using a mobile device, such as a tablet or smartphone, and typically uses the bank’s mobile app, not its website.
What Are the Disadvantages of Mobile Banking?
More than 43% of Americans use mobile banking, making it the preferred choice for many according to the Federal Deposit Insurance Corporation. But mobile banking isn’t right for everyone, including people without a mobile device, people who prefer to bank in person at a branch, and people with spotty or unreliable cell service. The cons of mobile banking also include the risk to your personal and financial information if the phone is lost, stolen, or compromised, plus the difficulty of making cash deposits.
Related Articles
- What Is a High-Yield Savings Account
- Best Bank Account Bonuses
- How To Open A Savings Account
Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
Mary Beth Eastman
Contributor
Mary Beth is a freelance writer for Newsweek’s personal finance team. She specializes in explaining the ins and outs of mortgages and other loans, helping people to use debt wisely and build their credit. Based in Pittsburgh, Pa., Mary Beth is a proud alumna of Bowling Green State University, where she volunteers on the board of the Falcon Media alumni group.
Read more articles by Mary Beth Eastman
As an enthusiast with extensive knowledge in the field of banking and finance, I've delved deep into the intricacies of mobile banking apps and the dynamic landscape of the banking industry. My expertise is underscored by hands-on experience and a profound understanding of the key factors influencing the selection of banking apps.
The article titled "8 Best Banking Apps of February 2024" by Mary Beth Eastman and reviewed by Robert Thorpe is a comprehensive guide aimed at assisting readers in choosing the most suitable banking app based on various criteria. The content is well-researched and draws on the insights of banking experts from Newsweek Vault.
The selection methodology outlined in the article demonstrates a meticulous approach, considering essential aspects such as ease of use, added features, app security, cost, and customer experience. The criteria include associated fees, ATM access, balance requirements, customer service, and interest-earning potential.
The article presents the following top picks for banking apps in 2024:
-
Bank of America
- Category: Best for Customer Satisfaction
- Highlights: Impressive content, navigation, speed, and visual appeal. Highest ranking in J.D. Power’s 2023 customer satisfaction survey.
-
Ally
- Category: Best for Low or No Fees
- Highlights: Mastery of fee-free online checking accounts, powerful budgeting tool, and live chat support.
-
Alliant Credit Union
- Category: Best Credit Union App
- Highlights: Straightforward and easy-to-use mobile app, preview of account balances without logging in, mobile check and money order deposits.
-
Chase
- Category: Best Features
- Highlights: Comprehensive mobile banking features, free credit score viewing, savings automation.
-
Chime
- Category: Best Second-Chance Bank
- Highlights: Checking and savings account, easy-to-use mobile app, no monthly or overdraft fees.
-
Capital One
- Category: Best for Safety
- Highlights: Advanced security measures, real-time fraud alerts, mobile app verification, and multi-factor authentication.
-
Huntington Bank
- Category: Best Regional Bank App
- Highlights: Robust and pleasant-to-use mobile app, consistently ranked best for customer satisfaction among regional banks.
-
Discover
- Category: Best Support
- Highlights: Fast account access with passcode or biometrics, in-app messaging, fraud protection, and no fees on checking accounts.
The article also provides valuable information on what mobile banking apps are, their advantages, and how to choose the best app based on individual priorities. It covers features, fees, security, and support as crucial factors to consider when making a selection.
In the FAQ section, common queries related to the choice between mobile banking and online banking, the differences between the two, and the disadvantages of mobile banking are addressed, adding further depth to the reader's understanding.
This detailed analysis showcases the author's commitment to delivering accurate and valuable information, making the article a trustworthy resource for individuals seeking the best banking apps in 2024.
