Best 5 banks and credit unions for mobile banking
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We use our phones for almost everything, and managing money is no exception. In fact, mobile banking is the most popular way people access their accounts, according to a survey by the American Bankers Association.
Consumers crave convenience, and the ability to handle banking while on the go can make life a lot easier. Mobile banking offers that ease and access. You can pay bills, make transactions, check your balances, monitor your credit score, and get a card replacement, all with a finger tap.
We’ve done extensive research to find the banks and credit unions offering the best mobile banking experience. Our picks come with little (or no) fees and include tools to help you manage your money more effectively.
Best banks and credit unions with the best mobile banking services
Bank of America Advantage Plus Banking: Best for virtual support
If you want the support that comes with in-person banking from the comfort of your own home, consider Bank of America.
As an account holder, you get access to Erica, a virtual financial assistant who can help you stay on top of your finances. Erica can answer any questions or connect you with a Bank of America specialist if you need assistance. Plus, it’ll send you real-time alerts, provide updates on recurring charges, and share FICO Score insights.
Bank of America’s app also includes other tools, helping you to make transfers, send money via Zelle, and perform other banking services.
Pros
- Access to 24/7 virtual assistant
- Wide ATM network
- Overdraft protection
- Mobile check deposit
- In-person support is available at physical branches
Cons
- $12 monthly maintenance fee if certain conditions aren’t met
- $10 per overdraft item
- $100 minimum opening deposit
Capital One 360 Checking: Best for mobile app
Capital One 360 Checking is known for its exceptional mobile app, making banking on the go a breeze. This account offers a range of features that cater to tech-savvy customers — plus, you can also access Capital One’s popular fee-free savings account.
With Capital One 360 Checking, users can manage their finances, deposit checks, pay bills, and transfer funds, all using the mobile app.
You also get access to CreditWise, a tool that tracks your credit score and gives you personalized tips to improve your credit. And if you want to boost your savings, you can set up automatic transfers to a Capital One Savings account and watch your money grow.
Pros
- No monthly fees, overdraft fees, or foreign transaction fees
- No minimum opening deposit
- Early direct deposit up to two days earlier
- Free credit monitoring
- Access to an extensive network of fee-free ATMs
- In-store cash deposits
Cons
- No ATM fee reimbursement
- Lengthy processing times for mobile check deposits
Discover Cashback Debit: Best for cash back rewards
Discover Cashback Debit Account offers the benefits of a mobile checking account and the opportunity to earn cash back.
Unlike other checking accounts, you’ll earn 1% cash back on up to $3,000 in qualifying debit card purchases monthly. The account also offers other perks, such as free online bill pay, free replacement debit cards, and 24/7 customer support.
Pros
- No monthly fees
- Cash back rewards on debit card purchases
- Get paid two days early with direct deposit
- Free overdraft protection
- Access to a large fee-free ATM network
Cons
- No physical branches
- No ATM rebates for out-of-network withdrawals
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Alliant Credit Union High-Yield Checking: Best for earning interest
If you want to bank with a credit union, consider Alliant Credit Union’s checking account. With this high-interest checking account, you’ll earn a 0.25% annual percentage yield (APY) on your checking funds.
With Alliant’s mobile banking app, you can review account activity, pay bills, and initiate transactions. There’s 24/7 fraud monitoring and real-time fraud alerts.
There are also no monthly service fees or minimum balance requirements; you’ll get $20 of ATM fees reimbursed monthly.
Remember that because Alliant is a credit union, you’ll need to be a member to open an account. Membership is open to individuals who live in specific communities, work for qualifying organizations, or belong to specific associations. Family members of existing Alliant members are also eligible to join.
Pros
- Earn 0.25% interest
- No monthly maintenance fees
- No minimum balance requirements
- Large fee-free ATM network
- Overdraft protection
- Out-of-network ATM reimbursements
Cons
- Membership required to open an account
- No physical branches
- No cash deposit option
Varo Bank Account: Best for money management tools
Varo Bank is another digital banking solution offering an easier way to take control of your finances via your phone. It’s also one of the best online banks out there.
This account comes with early direct deposit, no monthly fees, and no minimum balance requirement. Varo also provides easy-to-use mobile banking tools, including the ability to track spending, set savings goals, and receive real-time alerts.
Pros
- No monthly maintenance fees
- No minimum balance requirements
- No overdraft fees
- Vast network of fee-free ATMs
- Early direct deposit
Cons
- No in-person support
- Limited cash deposit options
The bottom line
The ability to manage your money from anywhere, along with features like check deposit and real-time transaction monitoring, highlights the value of a mobile banking experience.
As you compare accounts, consider key factors like rates, fees, financial tools, customer support availability, and security. By evaluating these features, you can find the right bank or credit union for you.
Opinions expressed are author’s alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.
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