5 best mobile banking apps in 2020

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The advancement of telecommunications and technology has had a significant impact on most economic sectors, and banking has not been an exception. Remember that just a decade ago, the idea of a bank fully operating online was insane and unbelievable. Today, in an effort to keep up with the pace of change and benefit from savings offered by a nonphysical business, different financial institutions are becoming online platforms. Although these periods have been challenging for the banks and their employees, on the other hand, it has been a joy for the end-users who are now benefitting from the convenient services. With numerous financial institutions providing a similar service, it has become tough for individuals to choose the best mobile banking platform. Considering the increasing usage and demand, we have compiled a list of top 5 best mobile banking apps in 2020.

  1. Chime

Chime has a straightforward user interface and a clean design, allowing you to manage your money on the go. Also, Chime offers additional perks, such as when you have a Direct Deposit, you can get your paycheck up to two days early. You can automatically save money every time you get paid with this mobile banking app. Also, after using your Chime Visa Debit Card to pay bills, you can see automatic savings. Savings are deposited by rounding off your purchases to the nearest dollar. However, this option comes with a moderately low APY. It’s up to you when deciding if the perks and convenience are worth the lower yield.

  1. Ally

Although Ally has no physical locations, it has managed to develop a mobile app that enables you to manage your funds efficiently. You can use the app to receive ATM fee reimbursement and receive ATM fee reimbursement. Also, the app is excellent for sending money from Ally to other bank accounts using Zelle. This allows you to get your money more conveniently if any need arises. With a daily balance of at least $15,000, Ally pays a 0.50% APY on checking accounts and offers a 1.60% APY on savings. Additionally, the app offers a money market account that pays 0.75 percent APY.

  1. Discover

Discover app is an excellent choice for a full-service bank experience via a phone. Not only can you see your credit card accounts, but you can also get information about your Discover savings account. Additionally, you can utilize the app to send money from Discover accounts to other external accounts. Also, on its savings product, Discover offers a very competitive APY of 1.70 percent. It’s reasonable considering the functionality of the app despite not being as great as some other mobile banking options

  1. N26

N26 is a 100 percent digital bank that does not have any physical branches. According to the website, N26 is “fast, transparent, and flexible.” N26 offers exceptional features combined with rock-bottom fees. All account information, such as notifications and statements, are digital, with almost zero human interaction. Nevertheless, N26 still functions like any other bank, and the company is continually expanding its service options. The company also claims to have a six times cheaper international transfer platform compared to other regular banks. The app has an exclusive feature called “Spaces,” which helps customers in saving money for a specific goal. If a customer wants to withhold extra funds for a big down payment or an exotic vacation, this feature is amazingly practical. Search for N26 review online to learn more about the company.

  1. CIT Bank

Looking for a higher yield? CIT bank is the best option for you. CIT Bank offers one of the best APYs at 1.80 percent. However, you are required to deposit $100 every month, but that is honestly an easy target to meet if you are serious about saving. The mobile app allows checking account history and balances, as well as transferring money between CIT accounts. Additionally, you can use the app to deposit checks to your Savings accounts.

Conclusion

People have become wary of mobile banking due to the rising threat of data breach and surging banking frauds. However, considering how vital mobile banking apps have become to the modern world, most financial institutions are hiring encryption experts and continuously scanning for security breaches to tackle such issues. Hence, users should opt for banks and banking apps with a global presence, such as the ones mentioned above.


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