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Best Mobile Banking Apps Of January 2024
Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
If you frequently have your phone within arm's reach, then you may want to consider banking with an institution that has a strong app.
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SoFi Checking and Savings
It indicates a confirmed selection.
PerksFees
no monthly service fee
Annual Percentage Yield (APY)up to 4.60%
Minimum Deposit Amount
$0
ProsThe best banking apps have easy-to-use interfaces that make it easy to manage your account. With just a few taps, you should be able to view your account balances, deposit checks, and contact customer support. With some apps, you can also do things like see your balance without logging in or track your credit score.
Best Mobile Banking Apps of JanuaryThese are our top picks for mobile banking apps. If you're also interested in another useful apps, consider going through our best budgeting apps guide.
With a banking app, you should be able to do basic things you'd normally at a bank — deposit checks, speak with a representative, and see your account balances.
Best Mobile Banking App Reviews AllyAlly Spending Account
Insider's RatingA five pointed star A five pointed star A five pointed star A five pointed star A five pointed star
4.75/5Fees
no monthly service fee
Annual Percentage Yield (APY)
0.10% to 0.25%
Minimum Deposit Amount
$0
ProsThrough the Ally mobile app you can set up savings or spending buckets that let you save for separate goals, like an "Emergency fund" and "Travel Account." You can also use the Surprise Savings feature to evaluate how much you can afford to save in your checking account, then automatically transfers extra money into savings up to three times per week.
Ally offers 24/7 live customer support, both over the phone and via chat. You can also find nearby ATM locations while using the app.
Some of our other top picks also have better average scores in the Google Play store.
Ally Bank Review
Bank of AmericaBank of America Advantage Plus Checking Account
Insider's RatingA five pointed star A five pointed star A five pointed star A five pointed star A five pointed star
3.75/5It indicates a confirmed selection.
PerksFees
$12 monthly service fee
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$100
ProsBank of America is an excellent national banking option for avid mobile users. The brick-and-mortar bank ranks highest in banking mobile app satisfaction, according to a 2023 J.D. Power Online Banking Satisfaction Study.
The mobile app has numerous security features. For example, the app has a security meter that visually represents how to increase the level of protection in your account. You can also receive mobile app alerts for your account balance, or order to replace your debit card if it is lost.
Keep in mind Bank of America checking and savings accounts have monthly service fees unless you meet certain requirements. If you want bank accounts that do not charge any monthly service fees the best online banks may be more appealing for you.
Bank of America Review
Capital OneCapital One 360 Checking
Insider's RatingA five pointed star A five pointed star A five pointed star A five pointed star A five pointed star
4.5/5It indicates a confirmed selection.
PerksFees
no monthly service fee
Annual Percentage Yield (APY)
0.10%
Minimum Deposit Amount
$0
ProsThe Capital One mobile app is rated the second highest in mobile app customer satisfaction among national banks, according to a 2023 JD Power Online Banking Satisfaction Study. You can use the bank's app to deposit checks, track your credit score, or monitor your bank account.
If you're also set on earning a high interest rate on a bank account, bear in mind that other online banks may have more competitive savings or CD rates right now.
Capital One 360 Review
Charles SchwabSchwab Bank High Yield Investor Checking® Account
Insider's RatingA five pointed star A five pointed star A five pointed star A five pointed star A five pointed star
4.75/5It indicates a confirmed selection.
PerksFees
no monthly service fee
Annual Percentage Yield (APY)
0.45%
Minimum Deposit Amount
$0
ProsCharles Schwab lets you invest, save, and spend in the same app. You can use the app to deposit checks or make lists to help monitor market trends.
Some of our other top picks have better Google Play ratings. You must also invest with Charles Schwab to open a checking account.
Charles Schwab Review
ChaseChase Total Checking®
Insider's RatingA five pointed star A five pointed star A five pointed star A five pointed star A five pointed star
3.5/5It indicates a confirmed selection.
PerksFees
$12 monthly service fee
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$0
ProsThere are several Chase checking accounts, and Chase Total Checking® is the bank's most popular choice. It offers several ways to waive the monthly fee, and you may qualify for a $200 bank account bonus. But if you want perks like early direct deposit or waived out-of-network ATM fees, one of Chase's other options could be a better fit.
Chase Total Checking review An arrow icon, indicating this redirects the user." Product DetailsThrough the Chase mobile app, you can manage your bank accounts, investments, and credit card/card points. You may track your credit score or deposit checks.
The Chase mobile app allows you to set up automatic savings transfers and create folders for separate savings goals, like "Vacation Fund" or "College Savings." The mobile app is rated highly in customer satisfaction among national banks, according to a 2023 JD Power Online Banking Satisfaction Study.
While Chase offers strong mobile banking, you'll need to be mindful of monthly service fees. Most of the accounts have ways to waive fees, but if you would prefer a fee-free bank account you might prefer another bank.
Chase Bank Review
Huntington BankHuntington Asterisk-Free Checking® Account
Insider's RatingA five pointed star A five pointed star A five pointed star A five pointed star A five pointed star
4/5Fees
no monthly service fee
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$0
ProsHuntington ranks No. 1 in customer satisfaction for a regional bank in the J.D. Power 2023 US Banking Mobile App Satisfaction Study. You can view your account balances without logging in and use the Huntington Heads Up feature to alert you if there is suspicious activity on your account or if you're close to overdrawing. The app also has mobile check deposit and helps you find nearby ATM and branch locations.
As this is a regional bank, there are only branches in seven US states.
Huntington Bank Review
SynchronySynchrony Money Market Account
Insider's RatingA five pointed star A five pointed star A five pointed star A five pointed star A five pointed star
4.75/5Fees
no monthly service fee
Annual Percentage Yield (APY)
2.25%
Minimum Deposit Amount
$0
ProsYou can your credit cards and bank accounts in the same app. Synchrony also has mobile check deposit and offers tips to help you learn about personal finance and managing your money.
Synchrony doesn't have a checking account.
Synchrony Bank Review
Best Mobile Banking Apps FAQsMost big banking institutions have apps you can download in the Apple or Google Play store. You'll create a username or password. If you've already used online banking on your web browser, the login information is probably the same. The app layout should be similar to the browser layout.
Most banking apps are free when you have an account with the bank. But keep in mind that the accounts themselves could come with some fees. Some banks charge monthly service fees, unless you qualify to waive them. You could also pay fees for overdraft fees, ATM fees, or foreign transaction fees.
At the very least, you should be able to use your banking app to check you account balances, transfer money between your own bank accounts, deposit paper checks with the app's camera, and find customer service contact information. The top banking apps have even more robust features, such as showing all of your financial information in one place, 24/7 live chat, or automatic savings tools.
Why You Should Trust Us: Experts' Advice on the Best Mobile Banking AppsWe consulted banking and financial planning experts to inform these picks and provide their advice on finding the best mobile banking app for your needs.
Business InsiderHere's what they had to say about mobile banking apps. (Some text may be lightly edited for clarity.)
What should I look for in a mobile banking app?
Mykail James, MBA, certified financial education instructor, BoujieBudgets.Com:
"What kind of push notifications do they offer? Do they offer push notifications for when you swipe your card or if money is deposited into your account? Also, what's the customer support like? Do they have a 24/7 phone number available? Emails? Do they have a chat box?"
Sophia Acevedo, certified educator in personal finance, banking reporter, Personal Finance Insider:
"I think it's important for a mobile banking app to have mobile check deposit and features that help you understand your spending. Maybe there's a feature that can help you save for specific goals or track your cash flow."
What makes a strong mobile banking app?
Sophia Acevedo, CEPF:
"I think strong mobile app should be as straightforward as possible. You should be able to easily navigate the app and utilize the features without running into any technical difficulties."
Mykail James, MBA, CFEI:
"One thing that I love for banks to do is when they offer a virtual debit card or credit card. Sometimes I don't always have a physical card with me. "
Methodology: How We Chose the Best Mobile Banking AppsTo choose our favorite banking apps, we only looked at apps with at least 5,000 reviews in both the Apple and Google Play stores. Then we narrowed it down to apps with strong average ratings in both stores.
We selected apps for banks that are available in a large chunk of the United States. This could mean that a bank has branches in multiple states, or that it operates online.
Our top picks have competitive products that set them apart from other institutions. For example, a bank may pay high interest rates, have tools to help you save money, or offer early direct deposit. Where applicable, we also looked at customer satisfaction ratings on J.D. Power surveys.
Laura Grace Tarpley, CEPF
Personal Finance Reviews Editor
Evelyn He
Compliance Associate
Evelyn He is a compliance associate at Business Insider who supports the Personal Finance Insider team. Personal Finance Insider is Business Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Business Insider readers already know and love.The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.Before joining Business Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries. Evelyn obtained her M.S. Degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber.
Read more Read less Top Offers From Our PartnersThe 6 Best Online Banks Of January 2024
Some online banks are better for checking, others for savings, and others for loans or investing. The best online banks can do it all, and Ally Bank does, consistently offering some of the highest rates on completely fee-free accounts.
This, plus useful extras like the savings buckets and savings booster features, make it the best overall bank. You can use Ally Bank as a one-stop online shop for all your financial needs, whether you're looking to bank, borrow, or invest, and know you're always getting a good deal.
Company Minimum Deposit APY Types of Accounts Ally BankBest Overall None 4.35% for savings, 0.10-0.25% for checking Checking, Savings, CDs, Money Market, Investing, Retirement Synchrony BankBest for Savings None 4.75% for savings, no checking Savings, Money Market, CDs, Retirement, Credit Cards Capital OneBest for College Students None 4.30% for savings, 0.10% for checking Checking, Savings, CDs, Credit Cards DiscoverBest for Checking None 0% for checking (1% cash-back), 4.35% for savings Checking, Savings, CDs, Money Market, Retirement, Credit Cards Charles SchwabBest for Travelers None 0.48% for savings, 0.45% for checking Checking, Savings, CDs, Investing, Retirement Axos BankBest for Couples None Up to 0.61% for savings, up to 3.30% for checking Checking, Savings, CDs, Money Market, InvestingIn the News: The Federal Reserve raised interest rates numerous times throughout 2022 and 2023 to cool high inflation. For its last three meetings, however, the Fed has held the federal funds rate steady, and in its Dec. 13 rate announcement, Fed Chair Jerome Powell indicated the committee's rate-hike cycle is most likely complete. Further, most Fed members project that two to four rate cuts will occur by the end of 2024.
Interest rate hikes can directly impact the rate you receive on your savings, CD, money market, and interest checking accounts. It's wise to see if the bank you're using offers a high-yield savings account. You could also see if it offers one of the best CD rates right now. Combined, these accounts could help you earn the maximum amount of money on the cash you keep at your financial institution.
What is Online Banking and How Does it Work? Online banking simply refers to using a mobile app or desktop computer to access your account and conduct transactions. Since online banks don't operate physical branches, internet banking is often the only way customers can interact with their bank. When you open a new account, you'll be prodded to set up a username and a password, allowing you, and only you, to securely enter the bank's online customer site. You'll then be able to use those login credentials to access online banking service anytime you want, such as to check a balance, download a statement, transfer funds, or set up bill payment. What Are the Pros and Cons of Online Banks? Online banks offer both benefits and drawbacks, just like any other type of financial institution. Below are some of the top pros and cons to consider when comparing online banks to other banks and credit unions. Pros Tend to offer higher interest rates Usually charge fewer and lower fees Often provide a good online interface ConsNo way to visit the bank in person
May provide a more limited menu of products and services
Depositing cash may not be possible
Traditional banks operate brick-and-mortar locations, giving customers the option to visit a branch to conduct their banking business in person. The biggest of these—like Chase, Bank of America, Wells Fargo, Citi, and U.S. Bank—staff and maintain hundreds of physical branches in multiple states.
Online banks, in contrast, operate primarily, or even exclusively, online. While a rare few may have some branch locations, the vast majority offer no physical branches at all, making it possible to do all of your banking without going to a bank at all.
Because online banks don't have the overhead costs of operating, maintaining, and staffing brick-and-mortar locations, online banks tend to charge fewer and lower fees (the best online banks charge no fees). They also often offer higher interest rates on your savings. That said, you won't always get the whole suite of financial services—such as mortgages, personal loans, and retirement—that you can find at traditional banks.
As you can see, for those wanting a very traditional, full-service experience from a bank, including the ability to walk in and deposit cash, a traditional bank may offer the right fit. But for those looking to maximize their financial resources by earning more on the savings and reducing what they pay in bank fees, online banks offer a strong advantage.
"I was an early adopter of online banking, opening my first internet bank account more than 20 years ago. My husband and I were saving for a house at that time, and I saw the opportunity to earn a much higher rate on my savings with the online banking options than I could get from our local banks. In all the years since, we've always had at least one online bank account, and often more than one. A pro tip for making this work well is to always have one local banking relationship as well. We have a long-standing account at a credit union in my city, so that if I need to deposit cash or withdraw a large amount of cash, I always have an option to handle that transaction in person." - Sabrina Karl, Staff Writer, Investopedia Financial Products & Services
How To Choose an Online Bank Choosing the best online bank is all about finding the right features for your needs. Here are some considerations: Rates: A smart strategy for finding the best checking account, savings account, or CD is to start with those offering the highest interest rates possible, enabling you to make the most out of your money. Opt for banks that offer a high annual percentage yield (APY) compared to competitors. Monthly fees: Monthly maintenance fees are the most common, and they add up quickly. Now that there are so many free bank accounts, there's no reason to go with one that charges a monthly fee. ATM fees: If you're getting an account that comes with an ATM card, make sure it doesn't charge ATM fees. You might still see ATM fees charged by other institutions when using out-of-network ATMs, but the best online banks now offer ATM fee rebates as well. Other fees: Overdraft fees and foreign transaction fees are two other big ones to avoid. Several of the best online banks don't charge overdraft fees. You can also find checking accounts with no foreign transaction fees, which is important if you travel internationally. Be sure to read the terms and conditions. Minimum balance requirements: Some bank accounts require a minimum monthly balance to keep your account open, while others require one to avoid fees. The best online banks have no minimum balance requirements—that way, you never have to worry about keeping your balance at a certain number. Early paycheck deposit: Some banks offer the ability to access your paycheck up to two days early. So instead of waiting until payday to use your money, banks with this customer-friendly feature make those funds available much sooner. In addition to paychecks, it may also apply to other regular and recurring deposits, such as monthly social security payments. Bill pay: If you want to pay bills directly from your online account, look for accounts that offer a bill pay service. Also notice if it will let you pay as many bills as you want each month, or if there is a cap to its bill pay service. Mobile access: Assuming you want to be able to interact with your account via mobile device, check that the bank you're considering offers a full-service app. Not only will you want to be able to check account balances, but you may want full mobile banking services that allow you to set up transfers and pay bills. Types of accounts: If you want to do all your banking in one spot, you need a bank that offers it all. While it can be a little less convenient, holding different accounts at different online banks can help you get the best deals. For example, you could open a checking account with the best online bank for checking, but keep some money in a savings account at another bank that offers a higher APY. Online banks are just as safe as physical banks, as long as you make sure you're dealing with an FDIC-insured institution. According to the Federal Deposit Insurance Corporation, "if your FDIC-insured bank fails, the FDIC will protect you against the loss of your insured deposits whether the bank is brick and mortar or online-only." FDIC-member banks will always have the FDIC logo or the words "Member FDIC" on their website. But to be absolutely certain, the FDIC recommends entering the bank name into the FDIC BankFind tool, which provides details on every FDIC-insured bank. How to Open an Online Bank Account One of the notable advantages of online banks is that they are generally easy to interact with from the comfort of your home. Even getting started with a new account can be done via your computer or smartphone. Here are the basic steps: Visit the bank's website and locate a button or link that says something like "Open an Account" or "Apply Now". Follow the online instructions to provide your personal information—such as physical address, social security number, email address, mobile phone number, and so forth. You'll then need to answer some questions about the account(s) you want to open, and the features you want (such was whether or not you'd like a debit card). You'll also be presented with a set of questions used to determine if you are who you say you are, and may additionally be prompted to verify your phone number with a code sent to you via text message. Once the application is completed, the last step is usually to fund the account. Sometimes a minimum initial deposit is required, other times it is not. If you opt to fund the account at the time of account opening, you're usually offered the option of transferring funds from another bank account via ACH. Only some institutions will allow you to make the initial deposit with a debit or credit card. When your application process is complete, you may be provided with your new account number and be able to interact with your account right away. Or you may need to wait a day or two to receive confirmation that the account has been opened and how to establish your online banking credentials. Alternatives to Online Banks An online bank can be a solid choice for many people—either as a primary banking option or as a supplement to their primary checking or savings account. But if you're unsure whether online banks are right for you, here are a few alternatives to consider. Traditional banks: Large banks sometimes have a negative reputation for a lack of individualized customer support, high fees, and lower interest rates on deposit accounts. But big national banks can offer benefits to their customers as well, such as a broad network of branch and ATM availability, top-of-the-line digital banking apps and tools, a larger offering of financial services, and even generous bank account bonuses for new customers. Credit unions: Credit unions often offer their members higher annual percentage yields (APYs), lower fees, and superior customer service compared to traditional banks. Yet these member-owned financial institutions may still offer in-person banking solutions for people seeking this type of financial service. And, if you choose one insured by the National Credit Union Administration (NCUA), your deposits are federally protected in the same way that bank coverage is provided by the FDIC. Community banks: If you're looking for a smaller bank that doesn't have membership requirements like a credit union, a community bank might be a good fit for you. Community banks tend to offer more personalized customer service and may have more competitive interest rates. However, branch availability tends to be more limited than larger national banks. Reloadable prepaid cards: A prepaid debit card is an alternative that some people may consider instead of online banks or other types of financial institutions. You can open this type of account even if you're unable to open a traditional bank account due to ChexSystems challenges or other issues. Some prepaid cards may offer direct deposit capabilities, ATM access, cash management services, and more. Yet these types of cards may also feature significant drawbacks in the form of high fees, no credit-building potential, and no rewards-earning capability. Why You Should Trust Us Investopedia collected more than a dozen key data points on each online bank we considered to identify the most important factors for readers choosing an internet banking partner. We used data on fees, rates, account features, and minimum balances to review each bank and provide unbiased, comprehensive reviews so readers can make the right decision for their needs. Investopedia launched in 1999, and has been helping readers find the best online banks since 2021. Frequently Asked Questions Online banks are well suited to anyone who wants to earn a
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