Depositing and withdrawing cash from a traditional bank is still not a dead trend. However, with the rise in digital technology, more users are adapting to the use of mobile banking apps.
Aside from the fact that these apps are more convenient to use. Before, you needed to go to an automated teller machine (ATM) or a physical bank just to make a transaction. Now, with a single tap from your smartphone, you can easily transfer money hassle-free.
Of course, although they are more modern, mobile banking apps are far from perfect. Here are some of the best digital banking apps that most Americans utilize as of July 2023.
Discover Mobile
Managing your finances gets easier with Discover Mobile. It's an all-around mobile banking app for every user who wants to monitor their credit score. What's more, you can reap more in-app rewards when you take advantage of this app.
Discover is perfect for starters who want to open a low-fee bank account. What's even better is that every transaction comes with less charge which is smaller than the usual traditional banks.
At the moment, the Discover Mobile app is free for download on Android and iOS.
Pros
- Applicable for credit cards, loans, and bank accounts
- 24/7 customer service to help you with your concern
- Low fees and interest rates
- In-app rewards
Cons
- Lacks support for cash deposits
- Saving/budgeting tool can't be customized
Ally: Banking & Investing
If you're looking for a user-friend banking app on mobile, then Ally Bank's digital app can be your best choice. It excels in its saving features and allows users to deposit checks and view account balances.
You can easily transfer your change to your savings account through this app. The mobile app is also tailored for different purposes such as retirement, emergency, leisure, and more.
Tracking your Ally Invest portfolio is made possible with Zelle. With this, you can send and receive money right away.
Pros
- Suited for those who want to customize saving tools
- Competitive rates and low fees
- Good for managing your investments
- Easier sending and receiving money with Zelle
Cons
- Auto loans are not viewable in the mobile app
- Cash deposits are not supported
Citi Mobile
There's no reason why Citi Mobile is hailed as the best mobile banking app of July 2023. Aside from its user-friendly UI, it boasts strict security protection for the safety of your confidential information.
Not only it excels in informing users if there's potential malware or any suspicious activity in your account, but it's also a multipurpose tool.
You can view your current savings here, thus transferring money to your loved ones. It's also a good platform to pay your utility bills on time.
If you're having difficulties accessing your account, you can ask customer service for extra help.
Pros
- Ability to view account without logging in
- Credit monitoring and customized saving goals
- Can manage multiple Citi accounts
Cons
- Biometrics bugs are annoying
- Falls behind some mobile banking apps when it comes to rates
