Stay on top of your finances with the best online banking apps available. Consider Sofi or Chime.
With the advancement in technology, banking has become easier and more convenient than ever before. Gone are the days of waiting in long lines at the bank or keeping track of paper statements - now, you can manage your finances with just a few taps on your smartphone. From budgeting tools to money transfer and mobile check deposit, these apps have revolutionized the way we handle our money.
As the demand for mobile and online banking increases, banking apps are continuously evolving to provide users with a seamless and secure banking experience. Explore your top options for the best online banking apps and all the best features for each one.
Quick Look: Best Online Banking Apps
- Best Online Banking App: Chime
- Best for Combo Checking and Savings Account: SoFi
- Best Full-service Banking App: Chase
- Best for Credit Monitoring: Capital One
- Best for Traveling Abroad: Discover
- Best Credit Union App: Alliant Credit Union
- Best Military Banking App: USAA
Best Online Banking Apps
Here are the top picks for the best mobile and online banking apps this year. Review their features, pros and cons to find which one is suited to your needs.
1. Best Online Banking App: Chime
Chime is one of the first online banks that has since expanded its offerings. However, you can start with a checking or savings account that makes it easy for you to manage your money. You can get paid early, there are no overdraft fees and the mobile app will notify you any time something is happening with your account.
When you get set up with Chime, remember that you can stay with the platform and get credit cards or loans that will help improve your financial position that much more.
Pros
- Chime’s mobile app can show all the accounts you’re holding in one place
- Easily review all your transactions
- No overdraft fees and monthly fees
- No minimum balance requirement
Cons
- Some consumers won't qualify for all of Chime's services
2. Best for Combo Checking and Savings Account: SoFi
- Best For:Best for Variety of Banking Servicessecurely through SoFi Savings's website
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/
banking-rate-sheet .
SoFi, short for Social Finance, is a leading personal finance company that aims to help individuals achieve financial independence. Sofi offers high-yield checking and savings accounts with competitive interest rates and free ATM access worldwide. SoFi also offers a variety of financial products and services, including personal loans, investment accounts, and retirement planning tools. The platform prioritizes security with multiple layers of security measures.
SoFi mobile banking app serves as a one-stop solution for all your banking and financial needs. With features like mobile check deposits, bill payment and budgeting tools, SoFi mobile banking app is designed to make managing your money as seamless and straightforward as possible.
Pros
- Offers a wide range of online banking services
- Offers competitive interest rates on online savings account and student loan
- Provides 24/7 customer support
Cons
- No brick-and-mortar locations
- No option for stand-alone savings or checking account
3. Best Full-service Banking App: Chase Bank
- Best For:Best for Checking Account Varietysecurely through Chase Bank's website
*With Chase Overdraft AssistSM, we won’t charge an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.
Chase’s online banking app appeared in 2010, so the company has had over 10 years to fine-tune it. With well over a million reviews on the Google Play Store, the app rates 4.4 stars, making it a safe bet.
The bank has managed to match up the app with thousands of locations across America ATMs on Disney properties for those vacationers who need a little extra cash they forgot at home.
The Chase mobile banking app has a simple user interface and automatically populates with the accounts you need to see so that you can check balances in a flash. If you need more information, you can click on the account and read the transaction history. You can reach the customer service team through the app, set up bill pay, transfer money with Zelle and much more.
Chase has also included a product known as CreditWise that makes it simple to review your credit reports and learn how you can improve your credit score.
Pros
- Chase’s mobile app helps consumers manage their accounts even when they are away from a branch near them
- Chase’s app also shows credit card accounts you have with the bank
- You don’t need to retreat to a desktop or laptop to access all the features you need
Cons
- While the bank is established and the app’s ratings are good, some users have had issues with live customer support or finding a branch in their area
4. Best for Credit Monitoring: Capital One
Capital One is a leading player in the banking industry which offers a comprehensive suite of banking services tailored to meet the diverse needs of individuals and businesses alike. They prioritize digital banking, providing a user-friendly mobile app and online platform for easy access and management of accounts.
Capital One provides a variety of financial services for customers, including bank accounts, home loans, auto loans, credit cards and specialized options for students, small business owners and premium banking.
Pros
- Wide range of financial products and services offered, including credit cards, loans and banking
- User-friendly mobile app and online banking platform
- Competitive interest rates on savings accounts and certificate of deposit
- Extensive ATM network for convenient cash withdrawals
Cons
- Limited physical branch locations
- Charges various fees for certain financial services
5. Best for Traveling Abroad: Discover
Discover offers a diverse range of products and services tailored to meet the needs of both individuals and businesses. Whether you need a basic checking account, a high-yield savings account, or a credit card with attractive rewards, Discover has you covered. It also provides personal loans, home equity loans, and student loans with competitive rates and flexible repayment terms.
Discover offers a convenient and advanced online and mobile banking experience for its customers. With a user-friendly website and mobile app, customers can easily manage accounts, pay bills, deposit checks and track expenses. The bank also provides online tools and calculators to help customers with their financial goals and decision-making.
Pros
- Wide range of banking products and financial services available
- High interest rates on savings accounts
- Easy-to-use online and mobile banking platforms
- 24/7 customer support
Cons
- Limited account options compared to other banks
6. Best Credit Union App: Alliant Credit Union
Alliant Credit Union is a trusted and reliable financial institution that offers numerous benefits and services to its members. As a member-owned institution, it provides accessible financial services to individuals nationwide. Alliant prioritizes exceptional customer service and offers competitive rates on a wide range of financial products. With state-of-the-art digital banking solutions, members can conveniently manage their accounts and access financial resources.
Alliant Credit Union also demonstrates a commitment to community engagement through its Alliant Member Giveback program.
Pros
- Offers high interest rates on savings accounts
- Members enjoy access to a large network of ATMs without any fees.
Cons
- Limited number of physical branch locations
- May not have as many specialized services or offerings compared to larger national banks
7. Best Military Banking App: USAA
Established in 1922, USAA Bank was initially created to cater exclusively to members of the United States military. Over the years, however, it has expanded its services to include veterans, military-affiliated individuals, and their families. Today, USAA Bank serves millions of customers across the nation and is known for its commitment to providing top-notch financial services tailored to meet the unique needs of the military community.
From traditional banking products like checking and savings accounts to credit cards, loans and insurance, USAA offers a comprehensive suite of financial solutions. In addition, it has embraced technology and digital banking, providing customers with convenient online and mobile banking services that allow for seamless transactions and easy access to their accounts.
USAA Bank's commitment to its customers extends beyond banking services. The bank collaborates with organizations focused on veteran employment, financial education and military family support, showing their dedication to giving back to the military community beyond banking services.
Pros
- Offers a wide range of financial services including banking, insurance and investments
- Provides user-friendly online and mobile banking platform
- Excellent customer service and support
Cons
- Limited eligibility to military personnel, veterans, and their families
- Limited physical branch locations compared to traditional banks
Why Use Online Banking Apps?
The thought of downloading one more app may sound daunting, but think of the advantages online bank apps can offer — they’re great for tracking deposits, bill payments and checks. Here are some reasons they’re a great idea, just in case you’re on the fence.
- Convenience: Online banking apps make managing your finances easier by allowing you to quickly access your account and make transactions without the need to log in through a web browser.
- Fast: Online banking apps offer convenient bill pay options that save time by allowing users to quickly pay bills without needing to mail a check ahead of time. Payments can be made instantly, ensuring that they are not late.
- Secure: Online banking apps are insured and federally protected, so customers should not worry about identity theft or security issues. If a security breach occurs, customers will be reimbursed after notifying the bank and providing necessary documentation. Use trusted sources only like Google Play Store and Apple's App Store, verify the app's site and customer service number, use two-factor authentication, and install strong virus protection.
- Free: Most banks offer free online banking apps, so it's worth trying them out as there is no extra cost involved. If you don't like it, you can always remove the app from your device.
How Online Banking Apps Work
It’s easy to download a mobile banking app. Go to the Google Play Store or Apple Store or visit your bank’s website and search for a link to download the app. Once downloaded, you can easily set up your username and password.
After it’s downloaded, you can access your banking info by tapping the app icon and logging in. In most cases, you should be able to save your login information so you can log in with just one tap.
Once you’re logged in, you can select different functions from the menu, such as “Check your Balance,” “Pay Someone,” “Pay a Bill,” “Download a Statement,” “Transfer Money" and much more.
Are Banking Apps Safe?
Yes, banking apps are generally safe. These apps are FDIC-insured, ensuring your money stored online is protected. They have advanced security features such as encryption and two-factor authentication to protect users' sensitive information. However, it is important for users to ensure they download the official app from a trusted source and regularly update their devices to safeguard against potential vulnerabilities. It is also recommended to use strong and unique passwords for banking apps and avoid accessing them through public Wi-Fi networks. Overall, while no system is completely foolproof, banking apps are designed with security in mind to provide a safe and convenient way for users to manage their finances.
Best Checking Accounts
Finding the best checking account can save you money, provide added convenience and offer beneficial features. Explore your options here:
- Best For:Best for Variety of Banking Servicessecurely through SoFi Savings's website
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/
banking-rate-sheet .
Hire a Pro: Compare Financial Advisors In Your Area
Finding the right financial advisor that fits your needs doesn't have to be hard. SmartAsset's free tool matches you with fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is legally bound to act in your best interests. If you're ready to be matched with local advisors that will help you achieve your financial goals, get started now.
About Alison Plaut
Alison Kimberly is a freelance content writer with a Sustainable MBA, uniquely qualified to help individuals and businesses achieve the triple bottom line of environmental, social, and financial profitability. She has been writing for various non-profit organizations for 15+ years. When not writing, you will find her promoting education and meditation in the developing world, or hiking and enjoying nature.