The 5 Best Banking Apps of 2020

Manage all of your finances right from your phone

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What's most important to you when picking a mobile banking app? You may want top security so that you can rest assured that your accounts will not be compromised while you're using the app. And basic features like depositing checks with the click of a button and viewing your balances in real-time are always great. But what seems to matter most is ease of using the app and top-rated customer service.

The mobile banking apps listed here are free to download on both Apple and Android devices, though of course your cellphone carrier's messaging, and data usage fees do apply.

How We Picked the Best Banking Apps

We scoured the internet for customer reviews, both positive and negative, and carefully considered ratings in the Apple App Store and Google Play Store. We only featured top-notch financial institutions that are FDIC insured and have a reputation for quality banking and customer service. For applicable institutions, we also relied on the 2019 J.D. Power U.S. Banking Mobile App Satisfaction Survey for more abundant data to help inform our analysis.

The following apps are all excellent, so they aren’t ranked, but listed in alphabetical order instead.

The 5 Best Banking Apps of 2020

Ally Bank

Courtesy of Ally

By existing online-only, Ally Bank can offer higher rates and lower fees than other traditional financial institutions. You'll have access to over 43,000 ATMs in the U.S. that you can use for free as well. Ally is currently one of the top-rated banks offering interest checking accounts, which is not a common product. It also provides a high-yield savings account with a competitive APY that stacks up well against all banks. 

What we like: You can perform all of the basic tasks you've come to expect from a banking app, like bill pay, finding an ATM, mobile check deposits, reviewing your transaction history, and opening the app with your fingerprint rather than a password. The format of the app itself is fresh and easy to use, and you can link additional Ally accounts like a CD or IRA for a more straightforward review. As a bonus perk, you can read up on stock market news directly from the app. Also, Ally uses Zelle, which allows you to transfer money within your Ally accounts or between your Ally and non-Ally accounts.

What we don't like: Android users give the app a lower score in the Google Play Store (4.3) than iPhone users do in the App Store (4.8). While it's not a con of the app per se, there's no way to deposit cash into your Ally account, despite robust ATM access. 

Bank of America

Bank of America
Courtesy of Bank of America

A large national bank with over 16,000 ATMs across the country, Bank of America is a trusted name in finance. Its financial services are basic, and you're not going to get any crazy high rates on your savings accounts. But, it offers great technology and savings tools to its customers.

What we like: If Bank of America notices a suspicious transaction, it will send you a notification right away so that you can verify or decline it. You will then have up to 60 days to do so. You can easily link your Merrill Lynch brokerage account to the mobile app and even view that info directly from the accounts tab. In the AmeriDeals section, you'll find local cash-back opportunities, which can be a fun way to earn rewards while en route, such as during your morning or evening commute. 

What we don't like: While the functionality is all there, the appearance of the app is nothing to write home about. Make sure to mind your balance, too, as you need to maintain a monthly account minimum if you want to avoid the monthly maintenance fee of $14, and you can be hit with a $35 overdraft fee up to four times a day if you're not careful.

Capital One

Capital One
Courtesy of Capital One

If Capital One is in your wallet, then you have access to a slightly quirky, but highly rated, banking app. It’s rated 4.7 out of 5 stars from customers in both the Apple and Google App Stores and is full of hidden treasures and high functionality. Capital One as a bank consistently ranks high in customer satisfaction and offers a high-yield savings account with a very competitive APY.

What we like: If you have other Capital One accounts, like loans or credit cards, you can view and manage them all in the app. You can use your accrued reward points to pay yourself back with a statement credit and if you temporarily can't find your credit card, you can lock access directly from the app. You can undo the move if you end up finding it, which saves you the hassle of canceling your card only to have it show up a few days later. 

What we don't like: With so many features, sometimes it can feel like information overload if all you want to do is check your balance. 

Huntington Bank

Huntington Bank

 Huntington Bank

You may not have heard of Huntington Bank, but it is the only banking app to receive full marks in the 2019 J.D. Power survey for all of the categories: overall satisfaction, ease of navigation, appearance, availability of key information, range of services, and clarity of information. The bank is based in the Midwest and consistently delivers high customer service.

What we like: In addition to standard features, you can set up push notifications that inform you when transactions have occurred in your account. You also don't need to log in to see your account balance. And if you accidentally overdraft money from your account, the 24-Hour Grace feature gives you 24 hours to deposit money before facing the fee.

What we don't like: There isn't much not to love about the app itself. However, customers in some regions might have trouble finding ATM access—Huntington only has branches and ATMs in eight Midwestern states.

Wells Fargo

Wells Fargo
Courtesy of Wells Fargo

Another large financial institution with a vast network of ATMs and locations is Wells Fargo. It offers low fees on checking accounts that are easily waived if you have a $1,500 minimum daily balance, direct deposits of $500 or more per month, make 10 or more debit card transactions per month, have a linked Wells Fargo Campus Card, or are between 17 and 24 years old. Wells Fargo also has over 13,000 ATMs and 7,600 branches across the country, making it easy to access your money.

What we like: Paying your bills is easy through the app and you can set up Touch ID or Face ID to access it without your username or password. For the technophobes who would rather go old school (or just don't want to be bothered to open the actual app), you can use text banking commands. For example, type in BAL to get your account balance, ACT to see recent account activity, and DUE to look at your credit card account information.

What we don't like: Wells Fargo has pretty low rates on savings accounts. Even though its app is top of the line, you may want to look elsewhere for your savings needs. 

Article Sources

  1. J.D. Power. "U.S. Banking Mobile App Satisfaction Study (2019)." Accessed Jan. 3, 2020.

  2. Ally. "ATM & Cash Back Locator." Accessed Jan. 3, 2020.

  3. Ally. "An Update on Touch ID and Mobile Payment Support." Accessed Jan. 3, 2020.

  4. Ally. "Mobile Web & App Help Center." Accessed Jan. 3, 2020.

  5. Bank of America. "2018 Annual Report." Accessed Jan. 3, 2020.

  6. Bank of America. "Privacy & Security: Understand Merchant Compromise." Accessed Jan. 3, 2020.

  7. Apple App Store. "Bank of America Mobile Banking." Accessed Jan. 3, 2020.

  8. Bank of America. "Bank Account Fees." Accessed Jan. 3, 2020.

  9. Apple App Store. "Capital One Mobile." Accessed Jan. 3, 2020.

  10. Huntington. "Huntington 5 Checking." Accessed Jan. 3, 2020.

  11. Huntington. "Regional Presidents." Accessed Jan. 3, 2020.

  12. Wells Fargo. "Everyday Checking: A Guide to Your Common Checking Account Fees." Accessed Jan. 3, 2020.

  13. Wells Fargo. "Wells Fargo Today." Accessed Jan. 3, 2020.

  14. Wells Fargo. "Text Banking and FastLook Questions." Accessed Jan. 3, 2020.