Mobile banking apps are not only handy ways to manage your money with your phone. They are indispensable for daily life. We use banking apps for various things, such as quickly checking our balance before buying something, easily transferring money to pay bills or friends, and more. Finding the best online banking app can make your life simpler.
SoFi Checking & Savings
⭕ Pros
Competitive APY on both Savings and Checking
No account fees
Welcome bonus up to $300 (direct deposit required)
Early access to direct deposits
Tools to help you track savings goals
Unlimited transfers and withdrawals
ATM access
FDIC insured (up to $2M with opt-in to SoFi Insured Deposit Program)
❎ Cons
Combo account only; no stand-alone savings or checking
Maximum Savings APY requires direct deposit
Overdraft protection requires monthly direct deposit minimum
No branch access; online only
Wells Fargo
⭕ Pros
Variety of checking accounts
Relationship benefits for loyal customers
Debit card with savings accounts
Ability to bank all in one place
❎ Cons
Checking account fees
Low APYs
Poor customer service ratings
No long-term CDs
High overdraft fees
Bank of America
⭕ Pros
Excellent relationship benefits
Strong online and mobile banking tools
Large network of branches
Flexible checking account
Wide variety of CD terms
Quality mobile app
❎ Cons
Low APYs on savings and CD accounts
Only one savings account option
Discover
⭕ Pros
Few account fees
Competitive APYs
Rare account types
Great customer service
❎ Cons
Somewhat high minimum deposit on CDs
No interest-bearing checking account
Chime
⭕ Pros
Get direct-deposited funds up to two days early
Above-average APY on savings account
No maintenance fees or balance requirements
No foreign transaction fees
Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank or Stride Bank, N.A.; Members FDIC.
❎ Cons
Out-of-network ATM fees
Must open a checking and savings account together
Chase
⭕ Pros
Large, nationwide branch network
Rewards for customer loyalty
User-friendly online and mobile banking tools
Good customer service ratings
Multiple checking and savings accounts options
❎ Cons
Low APYs on savings accounts and CDs
Capital One
⭕ Pros
High APYs
Branches in some states
Variety of accounts
Great customer service
❎ Cons
Some CD rates are low
Ally
⭕ Pros
High customer satisfaction ratings
Competitive APYs
Loyalty bonuses on CDs
No minimum balance requirements
❎ Cons
No brick-and-mortar branches
U.S. Bank
⭕ Pros
Excellent selection of products
Relationship benefits for opening multiple accounts
Rare CD and loan options
❎ Cons
Low APY on deposit accounts
Mixed reviews on customer service
Regions Bank
⭕ Pros
Great customer service
Rewards for opening multiple accounts
Variety of banking products
❎ Cons
Low APYs
Mobile banking apps can be extremely convenient tools in the busy modern age. After all, you probably already carry a smartphone. Why not make your banking life easier while you're at it? I hope this article can help you choose the best mobile banking APP for you～
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