Digitization has changed the way we can access funds. It’s now possible to check and review your banking details from home. You can also analyze all your banking transactions by just checking your mobile app. nearly all the top banks have mobile applications now. But what are the best mobile banking apps? Well, here is a review with some of our top picks.
Features to Consider When Looking for the Best Mobile Banking Apps
Technology rules the world, and this has changed the way we can access and use our finances. Banks now have applications that we can use to carry out a broad range of processes. But not all apps are ideal for use. So, what are the features that you should consider when choosing a mobile banking app?
Bank Account Management
The best mobile banking apps to go for should have an option for bank account management. Well, the whole point of using installing a mobile banking app is so that you can conveniently manage all your banking information from your device. This is an essential feature that all apps should add.
Advanced Security Features
Mobile banking has changed the way we access money. However, the fact that we use the internet to access applications puts our financial information at risk.
Frauds can easily access your sensitive data and wipe your account clean. It’s for this reason that mobile banking apps should be designed with tight security features.
For instance, the sign-in functionality needs to be secure. There can also be multiple steps to ensure that it’s the owner who is assessing the account. It could be using your password or fingerprints before withdrawing funds or making online purchases.
Security features such as multi-authentication factor and biometric authentication are great in reducing internet fraud.
Customer supports on our easily a user can access information when issues arise. Banking apps should provide every client with a personalized solution, which can only be enhanced with AI chatbots’ availability.
This way, users will have access to 24/7 customer support, leading to higher customer satisfaction chances. Generally, chatbots usually work around the clock, and they usually answer questions in an instant.
There are two central operating systems that most smartphone users use: Android by Google and iOS by Apple. It’s ideal for compatibility and platform integration if the mobile application is designed to run on both operating systems. This way, users with mobile devices running on other operating systems can access and utilize mobile banking.
Alerts and Notifications
The best mobile banking apps should come with alerts and notifications features. Notifications are great tools that let you know when you are carrying out transactions. On the other hand, alerts help you know the type of activity within your banking account.
A combination of these two features provides a great way of keeping track of all your information. You will also be able to detect any suspicious activity, leading to enhanced security instantly.
You should be able to use your mobile banking application to find the closest ATM to you. This isn’t something that you should Google or make inquiries about.
ATM locator allows you to quickly find the ATM nearest to you and several other ATMs within your location. This feature usually comes in handy when you are in a new place, and you need to access your money.
The Top 5 Best Banking Apps in 2021
After a comprehensive survey involving multiple banks and customer reviews, we have established that the best mobile banking apps in 2021 include:
Ally Bank: Best Online Mobile Banking App for Savings
Ally Bank is one of the leading institutions, and that’s why they have the best online mobile banking app for savings. As one of the reputable brands out here, Ally has focused on providing its clients with the best banking experience they can afford.
It should be noted that its banking app offers all the basics of banking. This includes mobile check deposits, payment of online bills, free money transfers, and balance and transaction histories. You can also use it as an ATM locator.
Its good ratings come from the ease of use it provides to clients who want to save and monitor their savings. It features a clean and straightforward user-interface that promotes quick navigation. Once you have logged in, you can conveniently keep track of all your accounts by checking the app.
This means that the mobile application can help you keep tabs on the essential things, including your savings account, individual retirement account, and deposit certificate.
The fact that you can check your savings and investments from the comfort of your home makes everything seamless. To ensure that you keep up to date with the latest news on the market, the Ally Bank app will always send you the proper notifications. This means that you can eventually make the right savings decisions based on the latest market information.
One feature that makes Ally Bank app unique is Zelle. Well, this is a banking service that’s similar to PayPal and Venmo. You can use Zelle to quickly transfer funds to other users based on their phone number and email address. So. There’s no need to exchange routing numbers or bank account numbers.
What we Like
- Allows you to check information related to savings and investments conveniently
- Easy access to tax forms and statements
- You can use the app to transfer funds via a phone number or email
- What we don’t like
- You can’t use the app to deposit cash
Bank of America: Best Mobile Banking Apps for Security
Suppose you are keen on finding the best mobile banking apps for security. In that case, it is worth trying Bank of America’s app. its high level of customer satisfaction indicates that it helps to cater to different user needs effectively.
However, it has managed to stand out in terms of security. You can use this app to establish various travel notices for qualified accounts. This helps to ensure that you won’t experience inaccessibility to your money when you are traveling.
You can also use this app to order a replacement of your card or activate your card. Its security feature is also top-notch. Bank of America mobile banking app will instantly notify you of any suspicious activities, including transactions.
What we Like
- Excellent security features
- Allows you to access your funds from anywhere
- You can link the app with your Merrill Lynch brokerage account
- Has local cash-back opportunities where you can earn rewards
- What we don’t like
- The functionality needs an update.
- You have to maintain the monthly minimum balance to avoid the maintenance fee.
Capital One: Best Mobile Banking Apps in Customer Service
Capital One has a rating of over 4.5 in both Google Play and Apple App Stores. It has been rated as the best banking app in customer service.
Well, this can be verified from the high level of customer satisfaction rate. Android users have given it an average rating of 4.6/5, while Apple users have rated it 4.8/5.
Well, it’s not surprising that Capital One has managed to get such ratings. It has been designed with a load of crucial functionalities.
For instance, you can use the app to view all your accounts. This includes auto loans and home accounts. Besides that, it’s ideal for keeping track of your credit score as well as redeeming credit card rewards.
What makes Capital One unique is that it has an extensively big mobile footprint. So, if you have an Apple Watch, you can still use it to access your account. Your security is also guaranteed since the app allows the use of fingerprints.
What we Like
- Excellent customer service with a high level of satisfaction
- You can easily manage all your Capital One accounts from one app
- What we don’t like
- The numerous features can overload the app.
Wells Fargo: Best Mobile Banking Apps for Monitoring Investments
Wells Fargo is the best mobile banking apps for effectively monitoring your investments. It offers more information rather than the basic information related to your account and savings.
The application allows you to easily open orders and track investments in your Wells Trade and Wells Fargo Advisors Accounts.
The fact that it offers updated market insights makes it the go-to solution for those keen on their financial investments.
You can use this app to check various market graphics and real-time quotes. It’s the best tool that you can use to make conscious investment decisions and determine the most appropriate allocation.
Safety is a profound feature that most people consider when using financial apps. This app allows you to receive set up alerts through email and via text to ensure that you stay.
This Wells Fargo also enhances convenience. You don’t need to carry your ATM card everywhere for you to access your funds. You need to use the mobile application to carry out cashless transactions.
What we Like
- Makes it easier to monitor your financial investments
- You can use it to pay bills
- High level of security that’s enhanced with the use of Face ID and Touch ID
- Has out of application commands for use
- What we don’t like
- Wells Fargo offers low rates for its savings account.
Charles Schwab: Best Mobile Banking Apps for Managing Multiple Accounts
Charles Schwab mobile banking app has been built with investors in mind. However, it has managed to outshine other banking applications, taking the top spot for the best mobile banking apps for managing multiple accounts.
It should be noted that Charles Schwab is a giant when in the brokerage industry. However, its banking also gives it additional points. The bank has developed a powerful banking app that seamlessly integrates all your financial information just from a single account.
Charles Schwab banking app pairs with its low-cost checking account as well as the high-yield savings account.
With this application, you can open a new account or even trade your stocks ETFs. You can also use the app to access real-time insights on the current market from your device. Its in-built Media Center also gives you access to Charles Schwab videos and podcasts, among others.
What We Like
- Provides ease of use and easily links multiple accounts
- Ideal for traveling globally
- Great ATM fees rebates
- What we don’t like
- You need first to open a Schwab brokerage account.
Are Apps Safe for Banking?
Most apps are generally safe for banking. The top-rated apps have been designed with highly secure features to ensure that users are protected from fraud.
Regulators require banks to offer a good security level in their apps, regardless of what financial information they are providing to their customers. Various mechanisms have been implemented and put in place. So, if anything goes wrong, you can always report it to your bank.
Tips for Choosing the Best Mobile Banking Apps
Different banks have mobile applications designed for different purposes. It’s also worth noting that there are banks that offer superior mobile banking and other digital services. Regardless of the bank you choose, your focus should be to verify and ensure that they have a banking app with all the essential features.
The Bottom Line
Mobile banking apps are free software applications that can be downloaded for use. They are designed to offer more accessible access to financial information. You can use them to transfer money, locate ATMs, or determine new market insights.
Besides that, there are those applications that offer extra functionalities such as financial wellness information, including savings and investments.
The above-reviewed apps are among the best in the industry. They offer users basic banking information in addition to other specialties. Ally Bank and Bank of America have the best banking apps in general.