When it comes to managing money, many consumers turn to their phones. In fact, a January 2023 Chase Digital Banking Attitudes Study found that two out of three consumers can't live without their mobile banking apps.
At the heart of it all, mobile banking offers unparalleled convenience and 24/7 access. Users can take advantage of features like paying bills, making transactions, getting overdraft alerts, checking their account balances, tracking expenses, getting paid early, depositing checks, finding nearby ATMs, automating their savings, monitoring their credit, chatting with a virtual assistant, requesting card replacements and sending money to friends and family — all with the tap of a button. Many mobile banking apps are also now compatible with smartwatches.
CNBC Select set out to find what big banks and credit unions are best for mobile banking. Our top picks offer the standard banking app features like bill payments and expense tracking, along with standout perks like the ability to check your credit score and access to virtual assistants. (See our methodology for more information on how we made this list.)
Best mobile banking apps
Best overall
Capital One 360 Checking®
Monthly maintenance fee
$0
Minimum deposit to open
$0
Minimum balance
None
Annual Percentage Yield (APY)
0.10%
Free ATM network
70,000+ Capital One®, MoneyPass and Allpoint® ATMs
ATM fee reimbursement
None
Overdraft fee
$0
Mobile check deposit
Yes
See our methodology, terms apply.
Pros
- Top-rated mobile app
- No minimum deposit to open an account
- 0.10% APY on all account balances
- No foreign transaction fees
- No overdraft fees
- Free savings transfer for overdrafts after opt-in
Cons
- No reimbursement for out-of-network ATM fees
The Capital One app stands out for showing balances without logging in, allowing users to add cash to their account at eligible drugstores, enabling users to lock/unlock their debit cards if needed, giving access to their credit scores through CreditWise and allowing users to send and receive cash through Zelle.
The app also provides access to Eno®, Capital One's virtual financial assistant. With Eno, users can get notified of any unusual transactions and potential fraud. And if you want to get paid up to two days sooner, Capital One allows that with its early paycheck when you set up direct deposit through the app.
Runner-up
Bank of America Advantage Plus Banking®
Monthly maintenance fee
$12, with options to waive
Minimum deposit to open
$100
Minimum balance
$1,500 daily balance to avoid monthly maintenance fee
Annual Percentage Yield (APY)
None
Free ATM network
16,000 Bank of America ATMs
ATM fee reimbursement
None
Overdraft fee
$10 per item (max 2 per day)
Mobile check deposit
Yes
Terms apply. Bank of America is a Member FDIC.
Pros
- Earn cash back on select deals at stores, restaurants and more through BankAmeriDeals®
- Make saving easier with the Bank of America's Keep the Change® program
- Four ways to waive the monthly maintenance fee
- Bank of America has a vast network of ATMs
- Send and receive money with Zelle
Cons
- $10 per item overdraft fee
- $12 monthly maintenance fee
- $100 minimum deposit to open an account
- No reimbursement for out-of-network ATM fees
How to avoid the monthly fee (when you meet ONE of the requirements during each statement cycle):
- Have at least one qualifying direct deposit of $250 or more to your account
- Maintain a minimum daily balance of $1,500 or more in your account
- Enroll in the Preferred Rewards program (Learn more at bankofamerica.com/preferred-rewards)
The Bank of America app has a few standout perks, including the ability for users to view their balances without signing in, check their security levels, look up their FICO® Scores, send and receive cash using Zelle® and schedule an in-person appointment with a BoA representative.
From the app, users also get access to Erica®, BoA's virtual financial assistant. Users can ask Erica to look up transactions, pay bills and provide alerts and insights.
Best for credit monitoring
Chase Total Checking®
Annual Percentage Yield (APY)
None
Minimum balance
$1,500 daily balance to avoid monthly maintenance fee
Monthly fee
$12, with options to waive
Free ATM network
More than 15,000 Chase ATMs
ATM fee reimbursement
None
Overdraft fee
$34
Mobile check deposit
Yes
Terms apply.
Pros
- No minimum deposit to open an account
- Overdraft assistance
- Top-rated mobile app
- Chase is no. 2 on J.D. Power's 2019 U.S. National Banking Satisfaction Study
- Send and receive money with Zelle®
Cons
- No APY
- No reimbursement for out-of-network ATM fees
How to avoid the monthly fee:
- Electronic deposits made into this account totaling $500 or more,
- or a balance at the beginning of each day of $1,500 or more in this account
- or an average beginning day balance of $5,000 or more in any combination of this account and linked qualifying Chase checking, savings and other balances
The Chase app allows users to get summaries of their daily spending to budget better, lock/unlock accounts if misplaced cards, schedule meetings with a banker and send and receive money with Zelle. Users can also monitor their credit score with Chase Credit Journey® and get free credit monitoring.
Best for traveling abroad
Discover® Cashback Debit Checking
Monthly maintenance fee
$0
Minimum deposit to open
$0
Minimum balance
None
Rewards
1% cash back on up to $3,000 in debit card purchases each month. See website for details by clicking "Learn More".
Free ATM network
60,000+ Allpoint® and MoneyPass® ATMs
ATM fee reimbursement
None
Overdraft fee
$0
Mobile check deposit
Yes
Terms apply.
Pros
- Top-rated mobile app
- No minimum deposit to open an account
- 1% cash back on up to $3,000 in debit card purchases each month
- Opt-in to free overdraft protection
- No overdraft fees
Cons
- No reimbursement for out-of-network ATM fees
Notable perks of the Discover® app include the ability to enable a quick view of accounts without logging in, access to FICO Score, the ability to send and receive money with Zelle, the option to freeze/unfreeze accounts and a travel notification feature to let the bank know when traveling so card use isn't interrupted.
Best for credit union
Alliant Credit Union High-Rate Checking
Monthly maintenance fee
$0
Minimum deposit to open
$25 when opening online or over the phone
Minimum balance
None
Annual Percentage Yield (APY)
0.25% with paperless and recurring monthly electronic deposit
Free ATM network
80,000+ Alliant network ATMs
ATM fee reimbursement
Up to $20 per month
Overdraft fee
$0
Mobile check deposit
Yes
Terms apply.
Pros
- Top-rated mobile app
- ATM fee reimbursement up to $20 per month
- 0.25% APY
- No overdraft fees
Cons
- Must opt-in to paperless statements and have a recurring monthly electronic deposit to earn APY
In addition to its standard banking features, the Alliant Credit Union app allows users to preview their account balances just by opening the app, without even logging in. You can also easily turn this feature off if you prefer.
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More on our top mobile banking apps
Capital One
The Capital One app allows users to view their balances, see transactions, track spending, pay bills, set up alerts and purchase notifications, deposit checks, make transfers, automate their savings, activate a credit or debit card, redeem credit card rewards, as well as track their auto loan.
Availability
The Capital One app is available for free on both the App Store and on Google Play.
Security
The app enables Touch ID and Face ID, and users will be alerted of any fraudulent activity.
Bank of America
Bank of America's app allows its users to view their account balances and activity, track spending, transfer money, deposit checks, pay bills, set account alerts, activate and replace credit or debit cards, redeem credit card rewards, set up savings goals, as well as trade and manage any Merrill investment accounts all from their phone.
Availability
The Bank of America app is available for free on both the App Store and on Google Play.
Security
The app enables Touch ID and Face ID, and users will be alerted of any fraudulent activity.
Chase
With the Chase app, users can review all their account activity (checking, savings, credit card, home, auto, business), track their spending and transactions, pay bills, transfer money, deposit checks, find nearby branches and ATMs, automate their savings, redeem Chase rewards, as well as manage any J.P. Morgan investment accounts all from their phone.
Availability
The Chase app is available for free on both the App Store and on Google Play.
Security
The app enables Touch ID and Face ID, and users will be alerted of any fraudulent activity.
Discover
The Discover app allows users to check their account balances (bank, credit card, loans), view account info, make payments, transfer money, pay bills, deposit checks, find ATMs, search transaction activity, receive account alerts, activate new cards or report lost cards, manage and redeem rewards, as well as send messages to customer service.
Availability
The Discover app is available for free on both the App Store and on Google Play.
Security
The app enables Touch ID and Face ID, and users will be alerted of any fraudulent activity. Users can also set up a four-digit passcode to log in more easily.
Alliant Credit Union
With the Alliant Credit Union app, account holders can deposit checks, view account balances, see their banking activity and transaction history, transfer money, pay bills, activate and report lost/stolen credit or debit cards, find nearby ATMs and send secured messages to Alliant's member care center.
Availability
The Alliant Credit Union app is available for free on both the App Store and on Google Play.
Security
The app enables Touch ID and Face ID, and users can choose Alliant's two-factor authentication for more protection.
FAQs
What is mobile banking?
Mobile banking is essentially having access to your bank accounts via a phone. This allows account holders to be able to manage their money from virtually anywhere and at any time. You no longer need to be near a branch location to complete most financial transactions or to get help.
Are banking apps safe?
Banking apps are designed to be safe and secure for users, which is why many of them offer biometric security checks (Touch ID and Face ID) and two-factor authentication. Banking scams have been on the rise over the last few years, however, so it's important to always use with caution.
Which bank is best for online banking?
The bank best for online banking includes those that made this list: Alliant Credit Union, Bank of America, Capital One, Chase and Discover®.
Bottom line
The best mobile banking apps offer user-friendly interfaces and a wide range of services. Be sure to use one of the mobile banking apps that made this list to maximize your money management skills while on the go.
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Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every mobile banking app review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of banking products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best banks and credit unions for mobile banking.
Our methodology
To determine the best mobile banking apps, CNBC Select looked at apps offered by the largest banks and credit unions. When selecting our top picks, however, we considered the banks with the most customers to make sure that our selections would be found helpful for a wide range of users.
All the mobile banking apps in our list had to offer basic app features such as transparency into users' accounts and spending, the ability to transfer funds, deposit checks and pay bills, etc. The apps had to be easily available and at zero cost. We favored the banks that offered apps with special perks like access to your credit score, virtual financial assistance and payment sending/receiving tools like Zelle®.
We also chose apps that have multiple security features, a sizable number of user reviews and high user ratings. Each app on this list has at least 1,000 reviews in both the App Store (for iOS) and on Google Play (for Android), as well as a rating of over 4 stars (out of 5) on both platforms.
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