Best Banking Apps [2024]: Bank From Anywhere

BANKING - BANK REVIEWS
For online and mobile banking, it doesn’t get much better than SoFi.
Updated April 11, 2024
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We recommend SoFi, Chase, and Bank of America as three of the best banking apps. We prefer SoFi because we like how easy it is to access all of its products online and through its mobile app.

To find the best banking app for you, consider apps with high ratings in the Apple App Store and the Google Play Store that provide excellent customer support and access to multiple financial products.

In this article

Key takeaways

  • SoFi is one of our top recommendations because its mobile apps have high user ratings, and its deposit products provide virtually stress-free experiences with little to no fees. Keep in mind that this is an online-only bank, so there aren’t any in-person branches.
  • If you prefer visiting an actual bank branch, consider our top traditional banks like Chase, Bank of America, and Capital One. These companies combine excellent mobile banking experiences with the option for in-person customer support.
  • Our list of the best mobile banking apps includes banks, credit unions, and other financial institutions that provide mobile apps for both iOS and Android devices. None of these apps’ ratings score below 4 out of 5 on either the Apple App Store or the Google Play Store.

9 of the best banking apps

Best banking app comparison

Financial institution Best for … Apple App Store rating Google Play Store rating Annual percentage yield (APY)
SoFi Online banking 4.8 out of 5 4 out of 5 SoFi Checking: 0.50% (as of Jan. 30, 2024) with direct deposit1

SoFi Savings: 4.60% with direct deposit

Chase In-person branches 4.8 out of 5 4.4 out of 5 Chase Savings: 0.01% (as of Oct. 6, 2023)
Bank of America In-person branches 4.8 out of 5 4.6 out of 5 Bank of America Advantage® Relationship Banking: 0.01%-0.02% (as of Mar. 12, 2024)
Discover Cashback rewards 4.9 out of 5 4.5 out of 5 Discover® Cashback Checking: 1.00% (as of Jan. 30, 2024) on up to $3,000 in debit card purchases each month2

Discover® Online Savings: 4.30% (as of Mar. 12, 2024)

Chime®3 Young professionals 4.8 out of 5 4.6 out of 5 Chime High-Yield Savings: 2.00% (as of Oct. 25, 2023)4
Alliant Credit Union ATM fee rebates 4.7 out of 5 4.5 out of 5 Alliant High Yield Checking: 0.25% (as of May 23, 2023)

Alliant High Yield Savings: 3.10% (as of May 23, 2023)

Capital One Mobile banking 4.8 out of 5 4.6 out of 5 Capital One 360 Checking: 0.10% (as of Jan. 10, 2024) 

Capital One 360 Performance Savings: 4.35% (as of Mar. 4, 2024)

Varo No fees 4.9 out of 5 4.7 out of 5 Varo High-Yield Savings: 5.00% (as of Mar. 19, 2024) with direct deposit
Truist No overdraft fees 4.8 out of 5 4.7 out of 5 Truist One Savings: 0.01% (as of Feb. 14, 2024)

SoFi: best for online banking

Pros
  • High APY rates
  • No monthly maintenance or overdraft fees
  • Member FDIC
Cons
  • No in-person branches

As an online-only bank, SoFi makes it easy to sign up online for accounts and manage your money from anywhere. It has excellent mobile app ratings, and its checking and savings accounts don’t have monthly maintenance or overdraft fees.

With SoFi Checking, you get an APY of 0.50% (as of Jan. 30, 2024) with direct deposit. With SoFi Savings, you get an APY of 4.60% with direct deposit.5

SoFi offers up to $250,000 of standard FDIC insurance for applicable accounts. You can also opt-in to an insured deposit program for free and receive up to $2 million in coverage.6

Visit SoFi

Read our SoFi review

Chase: best for in-person branches

Pros
  • In-person branches
  • Various financial products and services
  • Member FDIC
Cons
  • Low APY rates

Chase is the largest bank in the U.S. by assets, which means it’s also one of the most well-known financial institutions for many Americans. It has thousands of in-person branches, a top-notch mobile banking experience, and plenty of products to choose from.

Perspectives
Ben Walker, CEPF, CFEI®
Ben Walker, CEPF, CFEI®
Editor

Ben Walker, CEPF, CFEI®, is a Senior Credit Cards Writer at FinanceBuzz. For over a decade, he's leveraged credit card points and miles to travel the world. His expertise extends to other areas of personal finance — including loans, insurance, investing, and real estate — and you can find his insights on The Washington Post, Debt.com, Yahoo! Finance, and Fox Business.

WHY I LIKE THIS APP

I’ve used the Chase mobile app and online banking for many years with little to no issues. I especially like how fast I’m able to check on my deposit and credit card accounts through the app, as well as send and receive secure messages through my online account. Mobile check deposits are always quick and easy.

Visit Chase

Read our Chase Bank review

Bank of America: best for in-person branches

Pros
  • In-person branches
  • Preferred Rewards® program
  • Member FDIC
Cons
  • Checking accounts have minimum deposit requirements7

Bank of America has branch locations across the country and provides various financial services, such as deposit accounts, credit cards, and loans. For online banking, Bank of America offers an award-winning experience, including highly rated online banking apps.

Through the unique Bank of America Preferred Rewards® program, you can receive bonus credit card rewards and certain interest rate discounts by meeting account balance requirements across applicable Bank of America and associated accounts.

Bank of America is a Member FDIC.

Visit Bank of America

Discover: best for cashback rewards

Pros
  • High savings APY
  • Can earn cash back
  • No monthly maintenance fees
  • Member FDIC
Cons
  • No physical branches
  • Cap on cashback rewards

Discover Mobile is your go-to online banking app if you’re a Discover customer. With Discover Mobile, you can do mobile check deposits and online bill pay, as well as find an ATM from a no-fee U.S. network of over 60,000 ATMs.

And with a Discover® Cashback Debit Account, you can earn 1.00% (as of Jan. 30, 2024) on up to $3,000 in debit card purchases each month. Discover doesn’t have any physical branches, but cash deposits can be made at any Walmart location.

The Discover® Online Savings Account provides a competitive APY of 4.30% (as of Mar. 12, 2024).

Discover Mobile is available on both iOS and Android devices. Discover Bank is a Member FDIC.

Visit Discover

Read our Discover® Bank review

Chime®: best for young professionals

Pros
  • No monthly maintenance fees8
  • Accounts you open through Chime are protected by FDIC insurance3
  • Get your direct deposit up to two days early9
Cons
  • Not everyone is eligible for mobile check deposit10

Chime makes sense for young professionals because you don’t have to worry about overdraft fees, especially if you’re used to carrying a low balance. And as an online financial technology company, Chime makes it easy to use its financial services while you’re on the go.

The Chime mobile app lets you pay your bills online, check account balances, transfer money between bank accounts, and do mobile check deposits (if eligible).

The Chime mobile banking app is available on both iOS and Android devices. Chime is a financial technology company, not a bank. However, accounts you open through Chime are protected by FDIC insurance.

Visit Chime

Read our Chime review

Alliant Credit Union: best for ATM fee rebates

Pros
  • ATM fee rebates of up to $20 per month
  • No monthly maintenance or overdraft fees (must choose eStatements with Alliant High-Rate Savings)
  • NCUA-insured up to $250,000
Cons
  • No in-person locations

As a digital financial institution, Alliant makes sense if you want products and services focused on online users. Alliant doesn’t have any in-person locations, so you can expect a refined digital experience. Alliant also makes sense if you prefer credit unions over banks.

Alliant provides access to over 80,000 fee-free ATMs, giving you plenty of options for ATM services. If you have to use an out-of-network ATM, Alliant will give you up to $20 per month in ATM fee rebates.

You can use the Alliant Mobile Banking app to deposit checks, move money between different financial institutions and Alliant accounts, and make online bill payments. The Alliant Mobile Banking app is available for both iOS and Android devices. As a credit union, applicable Alliant deposits are federally insured up to at least $250,000.

Visit Alliant Credit Union

Capital One: best for mobile banking

Pros
  • In-person branches
  • High savings APY
  • Easy mobile banking
Cons
  • Low checking APY

Capital One’s mobile app has high ratings on both the Apple App Store and the Google Play Store. That’s not surprising, considering how easy the app is to use.

We especially like how you can create a virtual card number through the app if you have a Capital One credit card. This makes it safer to use your card online without fear of your actual card number being leaked or stolen. Not to mention, you can use virtual card numbers (that you then delete) for auto-renewal services that you don’t want to automatically renew.

Some of Capital One’s standout banking products include its 360 deposit accounts:

  • Capital One 360 Checking: 0.10% (as of Jan. 10, 2024)
  • Capital One 360 Performance Savings: 4.35% (as of Mar. 4, 2024)

Capital One is a Member FDIC.

Visit Capital One

Read our Capital One 360 review

Varo: best for no fees

Pros
  • High savings APY
  • No monthly maintenance or foreign transaction fees
  • No minimum balance requirement
Cons
  • No ATM fee rebates

Varo is an online bank and Member FDIC that provides loads of benefits to its customers. Apart from its highly rated mobile apps, Varo has bank accounts with no monthly maintenance fees, no foreign transaction fees, and no minimum balance requirements.

You can also avoid ATM fees at over 40,000 Allpoint ATMs, though there’s no ATM fee rebate for non-network ATMs.

With Varo High-Yield Savings, you get a 5.00% (as of Mar. 19, 2024) APY with direct deposit.

Visit Varo

Read our Varo review

Truist: best for no overdraft fees

Pros
  • No overdraft fees
  • Minimum opening deposit of only $50 (Truist One Checking)
  • Member FDIC
Cons
  • $12 monthly maintenance fee (can be waived)11

Truist is a Member FDIC with no overdraft fees on its Truist One Checking account. You have to pay a $12 monthly maintenance fee unless you meet one of five requirements to waive the fee. That includes maintaining a combined monthly average balance of $500 or more across eligible Truist accounts or making $500 or more in total qualifying direct deposits per statement cycle.

With the Truist mobile app, you can send money with Zelle, pay bills online, and set up customized alerts to better manage your accounts.

Visit Truist

How to choose the best banking apps

Consider these factors to help you choose the best banking app:

  • High ratings: While a mobile app rating of 3.5 out of 5 is above average, the best online banks tend to have ratings of at least 4 out of 5 or better.
  • APY: If you plan to store funds in a checking or savings account, consider how much interest you might be able to earn. Note that online banks often have better APY rates compared to traditional banks.
  • Low fees: We believe in stress-free banking relationships, which means not having to worry about lots of different fees. That could mean no monthly maintenance fees and no overdraft fees.
  • Minimum deposit requirements: It’s common to have to deposit some money when you open a new bank account, but you can also find banks with no minimum deposit requirements.
  • ATM access: If you need ATM access, consider banks with extensive ATM networks. And if you travel abroad, consider financial institutions that refund ATM fees, even from foreign ATMs.
  • Mobile check deposit: For anyone who enjoys mobile banking, mobile check deposit is a must. Note that most large banks offer mobile check deposits, but the processing times could vary between companies.
  • Multiple products: It’s often more convenient to use multiple services from the same bank, so it’s worth checking to see if a financial institution offers all the different products you need.

FAQ about banking apps

What bank has the best banking app?

These financial institutions have some of the best banking apps:

What bank is best for mobile deposit?

These banks provide fast and free mobile check deposit:

  • SoFi: Funds are typically available within one to five business days.
  • Chase: Funds are typically available by the next business day.
  • Bank of America: Funds are typically available by the next business day.
  • Discover: Funds are typically available within two to five business days.
  • Capital One: Funds are typically available by the next business day.

What is the safest bank?

The safest financial institutions have FDIC or NCUA insurance. That means a bank or credit union has deposit account insurance up to a certain amount, generally at least $250,000 for applicable checking, savings, and money market accounts, as well as certificates of deposit. Investment accounts typically aren’t covered.

Best banking apps: bottom line

We recommend the SoFi mobile app because it’s easy to use and acts as a one-stop shop for all your banking needs, including mobile check deposits and money transfers.

It also helps that SoFi checking and savings accounts don’t charge monthly service fees and provide standard FDIC insurance of up to $250,000, with the option to get up to $2 million in coverage (that’s significantly more than most banks offer).

If these banking apps aren’t quite right for you, explore other options with our list of the best banks.

Methodology

To determine the best banking apps, we researched different financial institutions that provide online and mobile banking services. We did not include all financial institutions or research all available banking apps in the market.

We used different criteria — including fees, FDIC or NCUA insurance, mobile app ratings, overall account features, and more — to determine which banking apps are best according to our editorial judgment.

SoFi Checking and Savings Account Benefits

  • Earn up to a $300 bonus and up to 4.60% APY5 on your money
  • No account, overdraft, or monthly fees
  • Get your paycheck up to two days early12
  • Savings of up to 20% or more on select trips booked through SoFi Travel
  • Access additional FDIC insurance up to $2 million

Author Details

Ben Walker, CEPF, CFEI® Ben Walker, CEPF, CFEI®, is a Senior Credit Cards Writer at FinanceBuzz. For over a decade, he's leveraged credit card points and miles to travel the world. His expertise extends to other areas of personal finance — including loans, insurance, investing, and real estate — and you can find his insights on The Washington Post, Debt.com, Yahoo! Finance, and Fox Business.

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