Our pick for mobile banking: Chime Savings
- No minimum balance
- No monthly service fees
- Get your paycheck early
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The best banks for mobile banking use the latest technology to help you better manage your finances. For our best list, we analyzed over 20 banks and focused on low-fee institutions with top-rated mobile apps that go above and beyond simply allowing you to manage transactions. That meant diving into factors like bank fees, accessibility, account perks and in-app features.
For 2020, we added a list of the best mobile banking apps available today. All of our recommendations offer unique mobile app features that help you budget, save and track your money.
|Bank||Best for…||More info|
|Chime Bank||Saving||Go to site|
|Ally Bank||ATMs||Read Review|
|Capital One||APYs||Read Review|
|Simple||No fees||Read review|
|PNC Bank||Budgeting||Read Review|
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.
Best for rewardsDiscover has a top-rated mobile app that allows customers to mobile deposit checks, view and redeem rewards, locate an ATM and manage your debit card. If you have a Discover credit card or loan, you can also manage those in the mobile app.
Best for ATMsAlly Bank has a sleek mobile app that lets you remote deposit checks, transfer money, pay bills, find nearby ATMs and set debit card preferences. The app requires fingerprint or face authentication for extra security. Plus, those who use Ally Invest can manage their investments and their bank accounts all in one place.
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.
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.
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.
Mobile banking is a system that lets the customer of a financial institution process transactions through an app on your smartphone or tablet. This is not to be confused with contactless payments, which use Near Field Communications (NFC) technology to allow you to use your phone to pay for things by tapping it near another device.
Most major banks have a mobile app that allows their customers to access their accounts on the go. Here’s what the Big Four have to offer:
|Mobile banking app||Features|
|Bank of America|
Before you start mobile banking, here’s what you should look out for.
Although there’s still a chance of having your security breached with mobile banking, it’s less likely to happen than it would with online banking. This is because you have a higher chance of downloading malicious software or navigating to a fake bank’s website when you use your web browser. The mobile app adds a layer of security to your banking experience and reduces your likelihood of falling for a phishing attack.
Mobile phone apps can only do so much on their own to keep you secure, such as logging you out after a certain amount of inactivity or making you provide a password or SMS codes. Banking on a public Wi-Fi connection or leaving your phone unlocked when you’re logged in to a banking app leaves your account at risk. Even if you aren’t logged in, taking screenshots of your balance or keeping your passwords in a note app can let your information leak — to stay safe, keep your phone locked when it’s not in your hand.
Mobile banking is used in many parts of the world and can be a great tool if used properly and securely. You can check your account details from anywhere and get notifications when there’s suspicious activity on your account, helping you get more control of your finances. Before you commit to a new bank account, make sure to compare to get the best APY and features for your needs.
This digital checking account teaches your teen healthy money habits through interactive quizzes and an intuitive mobile app.
This eco-friendly bank plants one tree for every $60 spent. Plus, 80% of its profits go to reforestation.
Learn how this high-interest account can boost your savings goals.
Earn flat 1.5% cashback on all purchases or save money with balance transfers.
Build your credit with this unsecured credit card.
A bank account for kids that helps your child develop healthy money habits early on. Powered by Greenlight.
The Nationwide Advantage checking account offers a decent APY and no fees.
Binge-watch your weekend away with Hulu.
No minimum balance is required, but the APY isn’t competitive with other online banks.
Do you use a spreadsheet to manage your budget? Automate it with Tiller Money.
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