Best Mobile Banking Apps for October 2024

Simplify your banking with the best online and mobile banking apps. Benzinga's top picks for this month include Chime and Chase.

Mobile banking apps have truly transformed personal finance management by providing unparalleled convenience and accessibility at our fingertips. Gone are the days of traditional banking hassles; now, users can effortlessly deposit checks, transfer funds, monitor spending habits, and initiate digital payments wherever they are. The ongoing advancements in technology promise to introduce even more groundbreaking features in the future, such as enhanced security measures, personalized budgeting tools, and integration with artificial intelligence for smarter financial planning. As these apps continue to evolve, they will not only simplify financial transactions but also empower individuals to take greater control over their financial well-being.

Let's explore the top online and mobile banking apps that are setting the standard for modern-day banking convenience.

Quick Look at the Best Mobile 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 Security: Bank of America
• Best for Traveling Abroad: Discover
• Best Credit Union App: Alliant Credit Union
• Best Military Banking App: USAA

Best Mobile Banking Apps

Here are the top picks for the best mobile and online banking apps for this month. Compare features and benefits to find out which one suits you best!

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 and monthly fees, and the mobile app will notify you any time something is happening with your account.

With Chime mobile app, you can stay with the platform and get credit cards or loans that will help improve your financial position that much more.

Why We Picked It: We love Chime's online banking app because of its user-friendly interface, innovative features, convenience and transparency. Whether you're looking to save money, stay organized or simply manage your finances more effectively, Chime is worth considering as your mobile banking app of choice.

2. Best for Combo Checking and Savings Account: SoFi

SoFi, short for Social Finance, is a leading personal finance company that aims to help individuals achieve financial independence. SoFi also offers a variety of financial products and services, including high-yield checking and savings accounts, SoFi personal loans, student loan refinancing, 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 credit or debit card lock, mobile check deposits, bills payment and budgeting tools, SoFi mobile banking app is designed to make managing your money as seamless and straightforward as possible.

Why We Picked It: We love SoFi mobile banking app because of its simplicity and ease of use. The app interface is clean, intuitive and easy to navigate, making it a breeze for users to manage their finances on the go.

3. Best Full-service Banking App: Chase Bank

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, Chase mobile 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 mobile 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.

Why We Picked It: Chase Bank mobile app offers a range of helpful features that make managing your money easier than ever. From setting up alerts for account activity to tracking your spending habits with personalized insights, Chase provides tools to help you stay on top of your finances.

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 Capital One credit cards, bank accounts, home loans, auto loans, credit cards and specialized options for students, small business owners and premium banking.

Why We Picked It: We love Capital One mobile app because of its credit monitoring capabilities. With just a few taps on your mobile device, you can easily access your credit score and receive real-time alerts about any changes to your credit report.

5. Best for Security: Bank of America

The Bank of America mobile app not only offers essential features commonly found in other banking apps, such as account management, mobile check deposit and bill payments, but also includes distinct functionalities that enhance user experience and financial management. One of its standout features is a built-in spending tracker and budgeting tool, designed to empower users to gain better control over their finances by providing insights into their spending habits. Additionally, the mobile app incorporates a security meter that evaluates account security and recommends steps to mitigate fraud risks, which instills confidence in users about their financial safety.

Bank of America mobile app, which is available for download on both Google Play and App Store, also features a virtual assistant named Erica. It assists users with locating transactions, managing bills and providing personalized insights into spending patterns. This makes your online banking experience not only more efficient but also more interactive and user-friendly.

Why We Picked It: Bank of America's dedication to security, combined with its user-friendly interface, makes it a top choice for those prioritizing the safety of their banking transactions while on the go.

6. 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 mobile and online 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. Plus, you can check your FICO credit score and redeem your credit card rewards directly through the mobile app. Additionally, iPhone users have the option to add their Discover cards to their Apple Pay Wallet right from the app.

Why We Picked It: Discover Mobile offers numerous features for tracking spending, making payments in multiple currencies, and managing credit card and bank accounts. This makes it an ideal choice for travelers to conveniently handle their finances while abroad.

7. 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.

Why We Picked It: Alliant Credit Union mobile app offers a seamless banking experience with a wide range of features and functionalities to make managing your finances easier than ever.

8. 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 nationwide with 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 mobile and online 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.

Why We Picked It:  USAA mobile app stands out as the best choice for military banking due to its secure and trusted platform, convenient access to accounts, military-specific features, excellent customer service, and comprehensive financial planning tools. If you are a military member or family looking for a reliable online banking app, the USAA app is definitely worth considering.

Why Use Mobile Banking Apps?

The thought of downloading one more app on your mobile phone may sound daunting, but think of the advantages online bank apps can offer — they’re great for tracking deposits, bill payments, checks, and more. Here are some reasons they’re a great idea, just in case you’re on the fence.

• Convenience: Mobile 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 pay bills instantly without needing to mail a check ahead of time.
• Secure: Mobile banking apps are insured and federally protected, providing reassurance to customers regarding security issues. Customers will be reimbursed in case of a security breach after notifying the bank and providing required documentation. To stay safe, customers should 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 and mobile 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 mobile device.

How Mobile Banking Apps Work

It’s easy to download a banking mobile app. Go to the Google Play Store or Apple App Store or visit your bank’s website and search for a link to download the app. Once downloaded on your smartphone, you can easily set up your username and password.

After it’s downloaded, you can access your banking information 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 on your mobile phone using your fingerprint or face ID.

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.

How to Choose the Best Mobile and Online Banking Apps

Here are some features of the best mobile banking apps that set them apart from the rest.

• User-friendly interface: Look for banking apps that are easy to navigate and visually appealing. A cluttered or confusing interface can make it difficult for users to access and manage their accounts effectively.
• Security features: Look for mobile apps that offer features such as facial recognition or touch id login, two-factor authentication, and the ability to lock and unlock your account remotely.
• Mobile check deposit: One of the most convenient features of online and mobile banking apps is the ability to deposit check online using your mobile phone. The best apps allow you to simply snap a photo of the front and back of the check and deposit it directly into your account.
• Bill payment: Look for a mobile app that allow you to schedule payments in advance, set up automatic bill pay and receive alerts when bills are due.
• Budgeting tools: The best mobile banking apps offer budgeting tools that allow you to categorize your expenses, set saving goals and track your progress over time.
• Alerts and notifications: Choose a mobile app that allows you to customize alerts for low balances, large transactions, account updates and more.
• Customer support: Look for apps that offer 24/7 customer service via telephone, email or live chat.

Are Mobile 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 to download the official mobile 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 online banking apps and avoid accessing them through public Wi-Fi networks. Overall, while no system is completely foolproof, mobile banking apps are designed with security in mind to provide a safe and convenient way for users to manage their finances.