Best Banks for Mobile Banking 2023
In our increasingly online and mobile world, many people want to take their banking on the go. Working with one of the best mobile banks can make it easy to manage your money from anywhere, paying bills and transferring funds with ease.
We’ll help you choose the best mobile bank account for your needs.
What is Mobile Banking?
Mobile banking refers to the ability to take your banking on the go, managing your financial accounts from your phone. For the most part, people talking about mobile banking are thinking about smartphone apps, not just the ability to open your bank account’s portal through your phone’s web browser.
The best mobile banking apps make it easy to do everything you need to from your phone. You can deposit checks, transfer funds between accounts, pay bills, send money to friends, and even open a new account with your phone.
Because cell phones are ubiquitous these days, nearly every bank, from the largest national brands to the smaller local credit unions, has an app that lets you access your bank account from anywhere. However, the best banks for mobile banking make their app a focus of their service and try to make using it incredibly user-friendly.
Best Banks for Mobile Banking 2022
While most banks these days have mobile features, these are the best mobile banking apps for 2022.
|Ally Bank||Checking; Savings; Money market; CD; Credit card; Mortgage; Auto loan; Investing||Variety of financial services; Mobile check deposit; $10 in ATM fee reimbursements per statement; Easily open multiple accounts||Ally Bank is one of the best-known online banks, offering everything from deposit accounts to lending and investing services. As expected from an online bank, it has a powerful mobile app that lets you fully manage your account on the go. Customers can also deposit up to $50,000 in checks each day and $250,000 in 30 days, making it one of the best online banks for mobile check deposit.|
|Chase||Checking; Savings; Money market; CD; Credit card; Mortgage; Investing||Variety of financial services; Mobile check deposit; Automatic savings tools; Budgeting tools||Chase is a major bank with physical locations across the United States. However, it also has a powerful mobile application that you can use to manage all of your Chase accounts. On top of basic deposit accounts, Chase offers lending services, investing, wealth management, and more. With the app, you can manage your finances in one place.|
|Chime||Checking; Savings; Credit builder loan||Mobile check deposit; Early direct deposit; Build credit with your savings account balance; Fee-free overdraft of up to $200||Chime is a truly mobile bank, operating solely through its iPhone and Android app. It offers both checking and savings accounts, plus a credit-building secured credit card that’s tied to your savings balance. It offers some highly useful features, such as early access to your paycheck when you set up direct deposit and up to $200 in fee-free overdrafts. These offerings, plus the option to open a secured card, make Chime a great choice for younger people looking to get a head start on their finances.|
|SoFi||Checking; Savings; Student loan refinancing; Personal loans; Mortgages; Auto loans; Investing||Mobile check deposit; Early direct deposit; Variety of lending services; Fee-free overdraft of up to $50||SoFi is another mobile-first bank, offering checking and savings accounts alongside its wide variety of lending products. SoFi has many of the features you’d expect from a mobile bank, including strong rates on its savings account, mobile check deposit, and low fees. One thing that makes SoFi appealing is that the company is well-known for student loan refinancing. If you’re fresh out of college and want to find a bank that can also help with your student debt, SoFi might be a great choice.|
|Alliant Credit Union||Checking; Savings; CDs; Credit cards; Mortgage; Auto loan; Investing||Mobile check deposit; ATM fee rebates of up to $20 per month; Earn interest on your checking balance||Alliant is a credit union, which means its account holders own it. Many people prefer credit unions thanks to their greater focus on community and supporting their members. Alliant is somewhat unusual among credit unions in that it focuses heavily on mobile banking, making it easy to manage your account from anywhere. It's also one of the best online banks for mobile check deposits, allowing deposits of up to $50,000 per day.|
Pros and Cons of Mobile Banking
Mobile banking is very useful for some people, but there are drawbacks you need to consider before opening an account.
- Bank from anywhere. The obvious benefit of mobile banking is that you can manage your money anywhere you go. All you need is a phone and cellular reception.
- Low fees. Mobile banks usually keep their minimum balances and fees low, which means you don’t have to worry about seeing your balance disappear under a mountain of bank fees.
- Good rates. Online and mobile banks are also known for offering far better interest rates than brick-and-mortar banks.
- High-tech and cutting-edge offerings. Mobile banks are usually on the cutting edge of banking tech and service, so they offer new and interesting features that many banks don’t have yet, such as fee-free overdrafts, early direct deposits, and more.
- No branches. Mobile-focused banks tend not to have many, or any, physical branches. You'll be stuck calling or emailing support if you ever need help with your account.
- Dealing with cash can be hard. Most mobile banks make ATM withdrawals easy, offering large ATM networks and fee reimbursements. However, it can be hard to deposit cash into a mobile bank. Those that offer cash deposits usually charge fees for the service.
- Lack of other services. Many mobile banks focus on just a checking and savings account, plus one or two other basic services, like credit cards. You might need to choose a different bank if you want a full-service financial institution.
Why Do You Need a Mobile Banking App?
While saying that you need a mobile banking app might not be strictly true, these days it can feel like a necessity.
With a mobile banking app, you can manage your finances from your phone without having to sit down at a computer or visit a branch of your bank. It’s increasingly easy to completely digitize your financial life, relying on credit and debit cards for purchases, using apps to send money to your friends, and paying bills online.
With a mobile banking app, you can do all of those tasks from anywhere, vastly simplifying the process of managing your finances. If your bank has a bad app or even no app at all, it can make managing your money much more of a hassle.
Digital Banking vs. Mobile Banking: What’s the Main Difference?
Digital banking and mobile banking are two very similar concepts, with a few key differences.
Digital banking refers to all of the interactions of banking with technology. That means that digital banking includes things like online banking from your desktop computer and the online services that banks provide, such as payroll tools and online transfers.
Mobile banking is a subset of digital banking, referring strictly to the phone-based experience a bank provides. All mobile banks are types of digital banks, but not all digital banks are mobile-focused.
Mobile banking is an increasingly popular segment of the financial industry, and it’s easy to see why. With the right app, you can manage every aspect of your money from anywhere. To choose the best mobile bank account, compare a few bank account options and choose the one with the features that best fit your needs.
Frequently Asked Questions
1. Which bank is best for mobile banking?
There is no single mobile bank that is the best for every scenario. You have to consider each bank’s features. For example, some people might find Chime’s $200 fee-free overdraft highly useful while others will prefer Ally Bank’s wider variety of financial services.
2. What banking apps give you free money?
Many banks offer sign up bonuses when you open a new account. SoFi and Chime both frequently offer these bonuses when you sign up.
3. Do you need a mobile banking app?
Mobile banking apps make managing your money while on the go easy and convenient. Any modern bank should offer these apps. If yours doesn’t, you should consider switching banks.
4. Is mobile banking safe?
Yes, mobile banking is safe. Mobile banks receive protection from the FDIC to protect your deposits. Just make sure you use standard internet safety practices to protect your passwords and data.
Checking Accounts Company Reviews
Recently Updated Articles