Remember when cash was essential for making purchases and payments? Today, thanks to mobile banking apps, cash is becoming obsolete (especially in the age where we’re trying to make things as contactless as possible in favor of social distancing!).
Mobile banking applications are a service of the financial sector that allow users to carry out banking transactions remotely using a smartphone or tablet with nothing more than an internet connection (and, okay, a passcode for security, obviously).
It’s important to note that the transition to mobile banking through apps was in full motion well before the COVID-19 pandemic thrust these apps into the spotlight. Matthew Williamson, Vice President of Financial Services at Mobiquity, said that, "While the pandemic undoubtedly accelerated the adoption of digital banking across all customer segments, the foundation had already been laid."
On top of that, a recent survey carried out by Ipsos-Forbes Advisor revealed that 3 out of 4 Americans (76%) had used their bank's mobile application in the last year to make financial movements. Similarly, 86.5% of users used the app to check their bank balance. So, if so many people are using these apps, what’s the best mobile banking app of 2021 for you? Check ‘em out below!
The Best Mobile Banking Apps Ranked
When choosing a mobile banking application, what is the most important factor to look at? For some, security can be essential. The last thing you want is to have your accounts compromised while using the app.
For others, basic functions like direct deposits, transfers and access to real-time balances are their priority. However, what seems most important to users is the ease of use of the mobile banking app itself and excellent customer service.
Based on the factors above, we’ve ranked seven of the best mobile banking apps currently widely available to users.
1. Bank of America: The Best Mobile Banking App for Security
The Bank of America banking app is widely considered the best mobile banking application for security. While the security doesn’t differ much, quite honestly, from other apps we researched, it does seem that the popularity is due to two things. Firstly, Bank of America is a massive bank and pretty accessible anywhere in the US. Secondly, they offer great customer service.
Rating
Apple App Store: 4.8 / 5
Google Play Store: 4.7 / 5
2. Capital One: The Best Mobile Online Banking App
Whether you have a checking account with Capital One or a credit card, you’ll note that the online portal for accessing your financial information is pretty comprehensive. Not only do you have access to your account information in real-time, but you can access tons of other helpful tools such as a credit score update and Eno, your special Capital One Assistant.
Rating
Apple App Store: 4.8 / 5
Google Play Store: 4.6 / 5
3. Wells Fargo: The Best Mobile Banking App for Full Monitoring
Of the many mobile banking features that Wells Fargo offers, the ability to access what they call their Control Tower is one of the coolest by far. In the Control Tower section of the mobile banking app for Wells Fargo, you can see a super organized snapshot of everything. The organization aspect is key here as it’s truly well laid out. View your card controls, recurring payments, and more.
Rating
Apple App Store: 4.8 / 5
Google Play Store: 4.7 / 5
4. Ally Bank: The Best Mobile Online Banking App for Customer Service
What Ally Bank lacks in physical locations and a few other perks it certainly makes up for with their stellar customer service, particularly via the mobile app. Just look at the stats: “47% of American consumers are unhappy with their phone experience [with banks] while over 90% of Ally customers are happy with Ally.”
Rating
Apple App Store: 4.7 / 5
Google Play Store: 3.9 / 5
5. Discover: The Best Banking App for Rewards
Okay, so while the rewards don’t come from using the mobile banking app itself, downloading the Discover banking app is a great way to stay on top of the numerous different types of rewards you’re eligible for through banking with them. From credit cards to their cashback debit cards, Discover is known for high rewards; use the app to access them more easily (hint: be sure to look at Discover Deals).
Rating
Apple App Store: 4.8 / 5
Google Play Store: 4.5 / 5
6. Chase: The Best Mobile Banking App for Prepaid Cards
The Chase Liquid Debit card is one of the best prepaid debit cards for people who need to top up their cards easily via a great mobile banking app. While the app does allow you to access all of your financial information easily (checking account and savings account information, for example), it’s the ease with which it allows you to top up your card and send payments that really makes the app stand out amongst its competitors.
Rating
Apple App Store: 4.8 / 5
Google Play Store: 4.4 / 5
7. Cheese: The Best All-Around Mobile Banking App
We’ve left one of the best for last! If you’re looking for the best mobile banking app of 2021, it’s right here. When you download the Cheese mobile banking app, you’re able to set up an account within minutes (and, for non-US citizens, you’re able to create an account with just an established US address, passport, and valid visa).
Other perks include access to a virtual card, up to 10% cashback offers at various major retailers, and the ability to support community initiatives with cashback. On top of that all, the app is easy to use and designed with you in mind. Ready to enjoy all of these perks?
Download the Cheese Mobile Banking app for free today on the App Store or on Google Play.
Rating
Apple App Store: 4.8 / 5
Google Play Store: 4.1 / 5
