The world of mobile banking has undergone a remarkable evolution over the years. Not too long ago, we were amazed that we could deposit a check through an app. Now, consumers demand many more complex features, like seamless money transfers, bill payments, ATM locators, and more. For a little bit of trivia, dId you know that Millennials are most interested in banking at 79.3%, while baby boomers are the least interested at 33.8%?
In the present landscape, certain apps even grant the ability to monitor accounts across various financial institutions and offer integrated financial wellness and budgeting tools. Here is a list of the best online banking apps for 2023.
1. Capital One
Capital One’s mobile banking app has consistently secured high ratings in J.D. Power’s annual “U.S. Banking Mobile App Satisfaction Study.” The 2022 edition placed Capital One at the top, ahead of competitors like Chase and Wells Fargo.
Users can seamlessly access various accounts, including home and auto loans, alongside monitoring credit scores and redeeming credit card rewards. Instant push notifications are available for tracking purchases and credit history. In the unfortunate event of losing your Capital One card, a few taps on your smartphone can promptly lock it, safeguarding your funds until you reactivate the card. The app even enables direct fraud reporting. Capital One’s reach extends to devices like the Apple Watch, ensuring accessibility, and it offers secure fingerprint-based login via mobile devices.
Chase claims the second spot in J.D. Power’s 2022 banking mobile app satisfaction ranking, trailing only Capital One. Chase’s versatility shines with the option to reload the Chase Liquid debit card, a feature distinguishing it from most major bank apps. The app provides access to diverse accounts, encompassing checking, savings, credit cards, and investment options. It facilitates bill payments, money transfers via Zelle, and scheduling credit card, mortgage, and loan payments. Users can monitor TransUnion credit scores and manage Ultimate Rewards for select credit cards.
3. Wells Fargo
Wells Fargo surpasses conventional offerings by extending into securities investment, including stocks and mutual funds. The app empowers users to conveniently track investments and execute orders for Wells Fargo Advisors and Wells Trade accounts. Real-time quotes, market data, and graphics bolster investment decision-making, supplemented by alerts via text or email.
J.D. Power ranks Wells Fargo’s mobile app favorably, securing the third position in 2022 with a score of 846 out of 1,000. Notably, the app introduces cardless ATM access, allowing users to withdraw funds via mobile devices at numerous ATMs.
4. Bank of America
Acknowledged by J.D. Power’s 2022 mobile app satisfaction study, Bank of America secures the fourth position with a score of 840 out of 1,000. Its true distinction, however, lies in its robust security measures. Users can establish travel notices for eligible accounts, ensuring uninterrupted access to funds during trips. Additionally, card activation and replacement orders can be initiated through the app.
Bank of America’s vigilance in identifying suspicious activity is noteworthy. The bank promptly contacts users to verify transactions, and timely notification of fraudulent mobile banking transactions exempts users from liability when reported within 60 days of transaction appearance on statements.
5. PNC Bank
PNC Bank innovatively eliminates the need for physical cards by enabling mobile access to credit and SmartAccess prepaid cards. This app offers reassurance to those prone to misplacing cards. J.D. Power commends PNC with a fifth-place position in banking satisfaction among national banks in 2022.
Although access is possible through the website, most of Varo’s offerings are optimized for smartphones. Varo excels in the money management category, boasting a user-friendly interface and an array of account tools. Personalized notifications can be set up for account and debit card activities, enabling meticulous expense tracking. The app facilitates linking external accounts, offering a comprehensive view of finances and seamless money transfers.
Two automatic savings features, “Save Your Pay” and “Save Your Change,” underscore Varo’s commitment to financial well-being. The former allows predetermined percentages of direct deposits to flow into savings, while the latter rounds up transactions to bolster savings balances.
Chime’s foray into online banking introduces a user-friendly and visually appealing app, offering an unparalleled digital experience. Beyond aesthetics, Chime replaces debit cards with access to an expansive network of fee-free ATMs. Daily balance alerts and real-time transaction notifications further enhance user control. Chime also enables early access to direct deposits in select scenarios. The app seamlessly integrates with Zelle® for fund transfers, circumventing the need for conventional account details.
Discover transcends typical mobile banking features by introducing the “Discover Deals” marketplace, delivering exclusive offers and discounts. Users can redeem credit card rewards, monitor FICO credit scores, and integrate Discover cards with Apple Pay Wallet. This makes it a haven for savvy shoppers and deal enthusiasts.
9. Synchrony Bank
Synchrony Bank garners acclaim for its comprehensive mobile banking app, facilitating bill payments, check deposits, and transfers. Notably, it empowers users to track credit card usage and balances, bolstered by competitive APY rates on CDs, high-yield savings, and money market accounts. Emphasizing security, Synchrony employs high-encryption browsers and multi-factor authentication. Free identity theft resolution adds an extra layer of protection.
10. Ally Bank
Ally Bank offers comprehensive mobile check deposits, fund transfers, bill payments, and transaction history. The app, renowned for its user-friendly interface, caters to diverse accounts, including savings, certificates of deposit (CDs), and individual retirement accounts (IRAs). Users can even engage in stock trading and monitor investment performance. Ally’s integration with Zelle® streamlines fund transfers while ensuring secure transactions. Card Controls enable personalized debit card management, like setting spending limits.
As the digital world continues to evolve, these apps remain at the forefront, offering convenience, security, and many features to enhance the banking experience. Whether it’s simplified money management, investment monitoring, or seamless transactions, these apps set new standards for online banking in 2023.