The Best Mobile Banking Apps

FT Contributor  | 

Consistently monitoring your finances is one important step to gaining financial freedom. Keeping an emergency fund, carrying a savings account balance, and monitoring your checking account transactions can help ensure you stay financially healthy and on the road to success.

It’s common for American families to set themselves up for financial trouble. According to CNBC, almost 30% of American households have less than $1,000 in savings, which isn’t enough to cover an emergency. If building up your savings account feels impossible, consider signing up for savings and checking accounts that offer additional rewards and other benefits. These types of accounts can help you:

  • Earn extra interest.
  • Reach your financial goals.
  • Increase your financial health.
  • Create a realistic savings plan.

Many financial institutions provide customized banking apps for their customers. These apps are instrumental in keeping your finances organized and can assist with:

  • Detecting fraud as soon as possible.
  • Keeping track of your money.
  • Allowing you to see your budget in real-time.
  • Using your smartphone as a digital wallet.
  • Linking accounts for a financial snapshot.

Learning about the specific functionality of some of the best banking apps can help you use these apps to improve your financial situation.

Ally

Ally Bank is an online-only bank, so it’s no surprise their banking app is user-friendly and includes several functions. It’s one of the most popular banking apps because it allows you to:

  • Track all your accounts in one app.
  • Transfer funds easily between accounts.
  • Control how much you spend by setting debit card spending limits.
  • Complete mobile check deposits.
  • Set up automatic bill pay.
  • Locate ATMs near you.
  • Search and browse through your transaction history.

You can also use the app to review the latest stock market news and trending financial stories.

Simple

The Simple Banking app allows you to manage the accounts you have with the online-only bank, along with other features, such as:

  • Calculating your budget within the app.
  • Creating digital envelopes for different spending categories.
  • Developing an automatic savings plan within your accounts.
  • Viewing your account balances in real-time.

The Simple banking app emphasizes money saving strategies for your financial goals. Using these important and convenient features, you can stay on track when you pay your bills each month or strive for long-term goals, such as retirement.

Chase

Chase is a popular bank that offers a variety of bank account choices. The mobile banking app also makes it easy for you to manage your finances and stay on budget. Some of the most useful features that the banking app offers include the following:

  • Manage payments in and out of your accounts.
  • Transfer money to friends and family using the Zelle app.
  • Check your credit score through TransUnion.
  • Review and redeem credit card rewards.
  • Access checking, savings, and credit card accounts in one place.

If you have a debit card with Chase, you can also reload it automatically after you log in to the banking app.

Capital One

As a popular credit card company and banking choice, Capital One created a functional and user-friendly banking app for its cardholders and customers. The app is useful for consumers because it offers a comprehensive financial snapshot, making it easy to stay on budget and analyze checking and savings account balances. The banking app offers numerous features, including the ability to:

  • View all bank accounts, loan balances, and credit card statements.
  • Receive instant push notifications about transactions and low account balances.
  • Easily lock access to your credit or debit cards if you lose them.
  • Log into your account using a simple fingerprint.
  • View account information on a smartwatch or other device.
  • Review your credit score.

The Capital One banking app makes it easy to ensure your money stays secure and you always know your account balances. With your loan and credit card balances all in one place, it’s simple to analyze your current finances and make changes as necessary.

PNC

PNC Bank is one of the best banks for consumers because it offers several different checking account options. After you’ve signed up for a bank account with PNC, you can download the company’s banking app to manage your accounts, credit cards, or loans.

This banking app will quickly become a useful tool in analyzing your financial situation. It allows you to use your smartphone as a credit or debit card through the app’s VirtualWallet feature. PNC Bank is a popular choice for consumers because it:

  • Allows you to waive monthly fees if you meet certain qualifications.
  • Offers increased interest rates on checking or savings accounts in certain circumstances.
  • Protects your online data from fraud.
  • Provides exclusive loan and credit card offers to banking customers.

While technology makes banking convenient, PNC Bank takes online data breaches and identity theft seriously. The bank offers tips to protect your personal information and takes several steps within its app to confirm your identity before allowing access.

Chime

Chime Bank is another online-only bank that’s developed a comprehensive and robust banking app for its customers. The Chime app is a helpful partner in managing and analyzing your financial situation because it includes the following important features:

  • Daily balance alerts.
  • Real-time transfer notifications.
  • Access to early direct deposits.
  • The ability to use the app as a debit card for purchases.
  • An automatic savings account growth feature.
  • Fee-free drafts if your account meets eligibility requirements.

Chime is an easy-to-use banking app that allows you to view account balances in real-time. By taking advantage of the automatic transfer and deposit features, you can let the app save money for you to ensure you’re investing in your financial future.

Most banks and financial institutions offer banking apps to customers. While some are more user-friendly than others, these apps make your account information instantly accessible so it’s easier to stay on budget.


Image Source: https://depositphotos.com/

This post was updated January 29, 2020. It was originally published January 29, 2020.