Best Banking Apps

The post Best Banking Apps by Laura Hipshire appeared first on Benzinga. Visit Benzinga to get more great content like this.

Do you do all your banking the old-fashioned way — at the bank? Sure, you can stand in line every time you need to deposit a check, but there’s an easier way. Why not use a banking app and carry your banking information on your device 24/7? We’ve done the heavy lifting for you, so check out our research on the best banking apps and all the best features for each one.

Benzinga has reviewed dozens of mobile banking apps and have analyzed user reviews, features and ratings and have chosen the best of the best. As you review these bank accounts, remember that each institution may have a regional setting that works for you, or you could choose to use their online banking setup because you prefer the services and support they offer.

1. Best for Checking Accounts: Chase Bank

Chase’s mobile banking app appeared in 2010, so the company has had almost 10 years to fine-tune it.

With well over a million reviews on the Google Play Store, the app rates over 4 stars, making it a safe bet even among the regular consuming public. Plus, the bank has managed to match up the app with thousands of locations across America (and even an agreement to place its ATMs on Disney properties, for those vacationers who need a little extra cash they forgot at home).

The Chase banking app is extremely easy to navigate 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, etc. Plus, 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 possible for you to review your credit reports and learn where you can make improvements.

2. Best for Managing Money: Current.com

Current.com allows anyone to open an account and register for a Visa debit card, offering a range of unique features like no overdraft fees if your account goes in the red by up to $100, the fee-free ATM network, no gas holds, no hidden fees and no minimum balance.

Current also makes it possible for you to get paid up to 2 days early and allows you to add money to your account at one of tens of thousands of partner stores. You can use Google Pay with the app, if you like, and your money is insured by the FDIC up to $250,000 (as with any other bank).

3. Easiest to Use: MoneyLion

Finovate named MoneyLion as their best digital bank in 2019, and the platform has only grown from there. MoneyLion, like many others, was designed to be an app rather than a sprawling network of local branches. It offers digital banking, credit builder loans, interest-free cash advances, and managed-investing—all with no account minimums, no credit checks and no hidden fees.

MoneyLion also offers a range of financial calculators that can be used to help you learn more about the state of your finances and next steps you can take. Available on iOS and Android, you can use the checking account and debit card to manage regular spending, use cash advances for emergencies and even build your credit so that you can do more with your money in the future.

And, this all comes free with a fee-free ATM network, cash-back rewards and whatever MoneyLion can think of next.

4. Best for Saving, Spending & Investing: Fierce

Get 5.25% APY with Fierce’s FDIC-insured Checking, with no fees or minimums. By downloading the Fierce app, you get a free debit card with access to over 55,000 fee-free ATMs nationwide, meaning that you will keep money in your pocket even though you don’t have physical branches that you can visit. At the same time, you can save money with a high APY if you want to carry a checking account.

5. Best for Online Banking: 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 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 financil position that much more

6. Best for Customer Service: Wells Fargo

Wells Fargo is one of the oldest and most established banks in America. Many people reading this page likely have a Wells Fargo credit card or loan even if they do not hold a Wells Fargo bank account.

With Wells Fargo, you get all the conveniences of any other banking app. On top of what Wells Fargo has done to make the app as simple as possible to use, you can chat with the team in the app, making it easier to receive the service you need.

Signing in is much easier than it is with other apps, and when you look through your transaction details, they are much more robust than you will find anywhere else. Yes, the bank connects with Zelle, and the app even allows you to set up wire transfers for your biggest purchases or money movements without forcing you to visit the branch or sit down at a computer.

7. Best Virtual Wallet: PNC

PNC is another of those American banks that likely has its place in most homes, be it with a credit card or loan. However, PNC goes far beyond these traditional offerings. The bank makes setting up new accounts easy and uses the Virtual Wallet to help you in different areas. Account types include:

• Spend (checking)
• Reserve (short term savings)
• Growth (savings).

You can see your calendar for bill pay in the app, irrespective of the type of account you have, you can still make payments directly to your loans or credit cards and PNC even allows you to split credit card transactions with payments from Zelle, if needed. Use this app if you’ve moved far from your favorite branch or if you’re looking for a fresh start.

Why Use a Banking App?

The thought of downloading one more app may sound daunting, but think of the advantages a banking app 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

Chances are, you’re already signed up for online banking — even if you don’t have a banking app yet. Using an app means you won’t have to go through the extra steps of logging into your computer and accessing your online banking account. You can simply tap the app, and if your login information is saved, you’ll be automatically logged in. If you need to transfer funds from one bank account to another, a banking app makes that transaction easy.

Fast

Using a bank app will save you time, especially with bill pay options at your fingertips. Imagine paying your home insurance bill in just a few seconds.

You won’t have to drop a check in the mail and mail it 5 to 7 days ahead of time. If your car payment is due on the 15th of the month, you can pay it on the 14th or 15th instantly and know that your payment won’t be late.

Secure

Banking institutions are federally insured, so all banking products, including banking apps, are as well. This means you shouldn’t have any worries about identity theft or other security issues. If a security breach occurs or your account is compromised, you’ll be reimbursed after notifying your bank, filling out forms and providing appropriate support documentation.

Watch out for fake mobile banking apps that mimic major apps. Here are a few ways to be sure you’re downloading the real thing:

• Use trusted sources like Google Play Store and Apple’s App Store.
• If you’re unsure or something doesn’t look right about the app’s site, call the customer service number and ask questions.
• Use two-factor authentication if it’s available and be sure to install strong virus protection to guard against malware.

Free

Most banks don’t charge a fee for mobile apps, so if there’s no extra cost, why not give it a try? If you don’t like it, you can always remove the app from your smartphone or another mobile device.

More People Are Using Banking Apps

In general, most people conduct a good portion of their banking using a mobile device. The Federal Reserve Board indicated in a study that 82% of mobile bank users have installed a banking app on their phones for a variety of reasons:

• Convenience
• Bank started offering the service
• Comfortable with the security of mobile banking
• No bank or ATM near home or work
• Want to receive fraud alerts or check accounts for fraudulent transactions

How Banking Apps Work

It’s easy to download a mobile banking app. Simply go to the Google Play 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’ll be able to 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.

Features of the Best Banking Apps

In addition to traditional features, many banks add on extras to stay competitive and keep your business.

Personal Financial Assistants

You’ll get a voice-activated virtual financial assistant through many banking apps which can offer support 24/7 and get your questions answered at any time. You can lock and unlock your debit card, send money to your friends, schedule bill payments, find past transactions and more through the personal financial assistant feature.

For example, let’s say you’re using Bank of America’s Erica. You can give voice commands, such as, “Erica, lock my debit card,” or “Erica, how much did I spend at Target on Friday?”

Deposit Checks

Many banks offer virtual check deposits, which saves you a trip to the bank. You simply take a photo of both sides of your check with your smartphone, upload it via your bank app and it’s deposited virtually.

Facial Recognition and Fingerprint ID

Some banks now offer facial recognition and fingerprint ID features, adding a higher layer of security for consumers. Looking into your phone’s camera is the only way you’ll gain access to your banking information. You can also use fingerprint ID by holding your finger onto a button on the app.

You Deserve the Best Mobile Banking App

You have different financial needs and lifestyles than your best friend or next-door neighbor, so you’ll need to pick the app that works best for you. If the idea of a virtual financial assistant sounds appealing, Bank of America or Ally may be good choices. Do you frequently make payments using Zelle? You’ll want to choose an app that uses it, such as Chase Bank.

Of course, using any app or online tool has its risks, so you need to make sure you use more than one layer of security in order to ensure the highest protection possible. Create a unique, hard-to-guess username and password and add security questions that only you’ll be able to answer.

Interested in learning more about banking? Check out Benzinga’s guides to on how to switch banks, how to open a bank account and the best checking accounts.

Frequently Asked Questions

The post Best Banking Apps by Laura Hipshire appeared first on Benzinga. Visit Benzinga to get more great content like this.