Best mobile banking apps of 2020

Chime

Best for saving

Chime keeps you informed with real-time transaction alerts and daily balance updates through its mobile app. You can connect your debit card to Apple Pay or Google Pay. Plus, you get access to standard features like remote check deposits, money transfers and more.

Pros

• Low fees. Chime doesn’t have most of the annoying fees charged by other banks, such as minimum balance, monthly maintenance and foreign transaction fees.
• Automatic savings tools. Chime automatically rounds up debit card purchases to the nearest whole dollar and sweeps the spare change into savings. Plus, you can opt in and have Chime transfer 10% of every paycheck to savings.
• Two accounts in one. When you sign up for Chime, you get a checking and savings account to help you manage your money all in one place.

Cons

• No 24/7 support. Chime’s mobile app is available 24/7, but customer service isn’t available at all times.
• No overdraft protection. If you make a purchase that would bring your account balance below $0, Chime automatically declines it.
• No joint accounts. If you’re looking to open a joint account with a family member or significant other, this isn’t the bank for you.
• Required checking account. You’re only eligible for the savings account once you open a Chime Spend account.

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Discover

Best for rewards

Pros

• No fees. With Discover, you won’t pay anything for monthly maintenance, incoming wire transfers, debit card replacements, insufficient funds, and checks.
• Rewards checking. Earn 1% cash back on up to $3,000 in eligible purchases each month with the Discover Cashback Debit Checking account.
• Mobile banking features. Freeze and unfreeze your account from the mobile app, pay bills, transfer money, deposit checks and more.

Cons

Cons

• No cash deposits. Discover is almost entirely online, so there’s no way to deposit cash directly into your bank account.
• High minimum deposits for some accounts. You’ll need at least $2,500 to open a Discover Money Market account or Discover CDs.
• Expensive wire transfers. Income wire transfers are free, but you’ll pay $30 for outgoing wire transfers.

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Ally Bank

Best for ATMs

Pros

• No fees or minimum balance requirements. Ally doesn’t charge monthly fees and you can open an account with as little as $0.
• Large ATM network. Withdraw cash for free at over 55,000 Allpoint ATMs nationwide. Plus, Ally reimburses up to $10 in non-network ATM fees a month.
• Financial education and security. Ally offers free security software to its customers and has a comprehensive learning center to help you develop responsible money habits.

Cons

Cons

• Difficult deposits and withdrawals. Ally doesn’t have any physical branches, so it’s difficult to deposit cash and savings accounts don’t come with an ATM card.
• Limited product selection. Ally offers checking accounts, savings accounts, money markets and CDs, but you’ll typically only find one account option in each category.

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Capital One

Best for APYs

With the Capital One mobile app, you can pay bills, monitor your credit, send and receive money through Zelle, remote deposit checks and get real-time notifications about your spending. Capital One also offers sophisticated savings tools that allow you to set, manage and track savings goals directly in the mobile app.

Pros

• Competitive APYs. The Capital One 360 Performance Savings account earns 0.5% APY and long-term CDs earn 0.4% to 0.2% APY.
• Complimentary access to CreditWise. Monitor your credit score for free and get actionable advice on how to improve it.
• Extensive ATM network. With Capital One, you get free access to over 55,000 Capital One and Allpoint ATMs nationwide.

Cons

Cons

• Expensive outbound wires. You’ll pay $40 for outbound wire transfers and you’ll need to fill out a Wire Request Form.
• Low APYs on short-term CDs. Six month CDs have a 0.2% APY and eight-month CDs top out at 0.2% APY, which is lower than a savings account.
• Monthly fees for business accounts. Most of Capital One’s bank accounts are free, but fees range from $15 to $35 for business accounts.

Simple

Best for no fees

The Simple mobile app has built-in budgeting and savings tools that help you manage your money on the go. You can block your debit card from your phone, deposit checks, send transfers and use third-party services like Square, Venmo and PayPal.

Pros

• Competitive APYs. You’ll earn 0.6% APY on all account balances when you open a free Protected Goals Account.
• Safe-to-Spend feature. Simple automatically deducts expenses, savings and transfers from your account balance to show how much money you can safely spend each month.
• Fee-free. There are no fees for monthly maintenance, overdrafts, card replacements, minimum balances and more.

Cons

Cons

• APY requirements. If you don’t open a Protected Goals Account, you’ll only earn 0.01% APY.
• No bill pay. Simple used to offer an online bill pay service, but it no longer does.
• No cash deposits. You’ll have to link an external bank account, use a third-party service like Venmo or get a money order to deposit cash in your account.

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PNC Bank

Best for Budgeting

With PNC’s virtual wallet, you can track your expenses, manage budgeting categories, see upcoming due dates for bills and more. You can also use the app to make cardless payments and ATM withdrawals with your PNC debit card.

Pros

• ATM reimbursements. Several of PNC’s checking accounts come with ATM refunds when you withdraw cash at non-network ATMs.
• Sign-up bonuses. PNC offers sign-up bonuses pretty regularly for its Virtual Wallet accounts, giving you a jump start on your savings.
• Low opening deposits. Most of its standard checking and savings accounts can be opened with as little as $25.

Cons

Cons

• APYs aren’t the highest. Most of PNC’s interest rates are lower than the competition. Plus, some rates aren’t advertised online. Instead, you have to call customer service to find out what you’re eligible for.
• Monthly fees. All of PNC’s checking accounts have monthly fees. But you can waive them when you meet a minimum direct deposit requirement or maintain a certain balance in your account.
• All accounts aren’t available nationwide. PNC has a broad selection of accounts but not all are available nationwide. When you go to its website, you’ll need to type in your zip code to see which ones are offered in your area.