Best 5 mobile banking apps that focus on customer experience

Older and newer generations alike want convenient online banking. According to research from Jumio, 76 percent of Baby Boomers bank online while Millenials make up 77 percent of online banking customers.

Reliable mobile banking apps are becoming an important determinant as the number of consumers using mobile banking apps continues to grow.

We reviewed and listed the top 5 Banking Mobile Apps according to popular functions:

Best 5 mobile banking apps

• High-Interest & Bonus: SoFi Bank
• Earn Cash Back Rewards: Upgrade Banking
• Build Credit: Current Banking
• Customer Service: Quontic Bank
• Budgeting Tools: Alliant Credit Union

1. SoFi Bank – Best for High-Interest & Bonus

SoFi Bank's mobile banking app is both attractive and makes account opening super simple. This versatile mobile app lets you manage your money at the touch of a button.

Users can view account activity, pay bills, deposit checks, make payments and use savings vaults to earmark money for goals or an emergency fund.

Customers can access funds via more than 55,000+ fee-free ATMs and make cash deposits at thousands of retail locations nationwide like Walgreens®, CVS®, 7-Eleven®, and Circle K.

The SoFi Savings account earns 4.60% APY for customers with direct deposit. New customers get a $25 bonus for opening an account with at least $10. Earn an additional $300 for setting up a qualifying direct deposit.

• iOS app rating: 4.8/5 stars
• Android app rating: 3.9/5 stars

2. Upgrade Rewards Checking Plus – Best Cash Back Rewards

Upgrade's* mobile banking app allows you to get a bank account and debit card in five minutes. Customers enjoy 2% cash back on common everyday expenses if direct deposit of at least $1000/monthly is set up or up to 1% cash back for other purchases¹.

Customers get perks like no ATM fee, no account fee, no monthly or annual fee, no transfer fee and no overdraft fee ². Customers with direct deposit can get paid up to two days early³.

Add a Performance Savings account that earns 5.02% APY with an active account and monthly $1,000 direct deposit, or 1.50% APY⁴.

• iOS app rating: 4.8/5 stars
• Android app rating: 4.7/5 stars

3. Current Banking – Best for Credit Building

Current's mobile banking app makes it easy to bank as well as build credit. The app provides an entire online banking service, offering several products — a debit card, checking account, cash back rewards, high-yields along with various budgeting tools.

Get paid up to two days faster with direct deposit, make cash deposits at 60,000 in-network retail locations, and enjoy no-fee overdraft protection up to $200.

Customers who need to build credit may be benefit from Current's Credit Build card. There's no credit check, no minimum security deposit and no APR. Build credit using only the money in your account. Just use your card, even at the ATM, to build credit with every swipe.

The Current account earns 4.00% APY up to $6,000 through savings pods. Savings Pods are a way to save for whatever you want, whether that's a rainy day fund, a vacation, or even monthly expenses like groceries!

• iOS app rating: 4.7/5 stars
• Android app rating: 4.6/5 stars

4. Quontic Bank – Best for U.S.-based Customer Service

Quontic Bank's mobile banking app is a full-featured online banking experience giving you quick access to your accounts to check balances, deposit checks, pay bills, view payment activity and transaction details, set-up notifications and more!

Customer service is U.S.-based, making it a nice compliment to the 100% digital banking services. You can open an account, manage an existing account, or apply for any loan products from just about anywhere you can secure an internet connection.

You'll earn some of the highest interest rates for high-interest checking (1.10% APY), savings account (4.50% APY), money market account (5.00% APY), as well as Certificate of Deposits (up to 5.05% APY).

• iOS app rating: 4.7/5 stars
• Android app rating: 3.2/5 stars

5. Alliant Credit Union – Best for Customer Service

Alliant Credit Union's mobile banking app gives customers the option to link multiple budgeting apps in one place. Budget on the go with personal financial management tools like Mint and Quicken WebConnect.

Deposit checks with just a few taps on your smartphone, easily move money between your Alliant accounts and other financial institutions and set up one-time or recurring payments on an Alliant credit card, and use Bill Pay to manage your bills in-app.

Enable your device’s fingerprint or face identification technology to log in quickly and securely.

• iOS app rating: 4.7/5 stars
• Android app rating: 4.4/5 stars

Are banking apps secure?

Mobile banking is a fast and convenient way to effectively manage your money – i.e. check your balance, transfer money, and pay bills online – but how safe is it?

Some experts suggest that banking through a mobile device is safer than banking online. That may be due to the actual smartphone's security. “Mobile phones have more security natively,” says Ryan Zlockie from Entrust Datacard. “The apps are more protected than the open website experience.”

Because nothing is 100 percent safe, mobile banking app users should take as many precautions as possible when using mobile banking apps. For example:

• Monitor your accounts regularly and act quickly if you discover anything out of the ordinary.
• Keep your mobile device's operating-system updated. Do not ignore your phone's updates.
• Download new software often including new app versions from your bank.
• Enable two-factor authentication from your bank. That means in addition to the sign-in process, a code is delivered via text message or email that you would then input to access your account.

As more banking customers turn to their mobile phones for basic banking tasks, banks are constantly working to keep customer accounts safe and secure. Biometrics may be the next move to safer mobile banking.

Biometrics involves automated methods to recognize customers through their biological characteristics and traits such as fingerprints, finger vein patterns, iris, and voice recognition. Biometric characteristics are unique for every individual which makes them very difficult to forge.

Some banking apps are engaging in biometrics as a two-factor authentication method by requiring a fingerprint or facial recognition. Banking apps may likely move to biometrics in the near future.

Final takeaway

Consumers, especially Millenials, are using digital banking to accomplish bill payment, account management, transfers, applying for credit and loans, making investments, and other financial transactions on one mobile app. For many, mobile banking has become their primary account management tool.

Upgrade Disclaimers

¹ Rewards Checking Plus customers who set up monthly direct deposits of $1,000 or more earn 2% cash back on common everyday expenses at convenience stores, drugstores, restaurants and bars – including deliveries – and gas stations, as well as recurring payments on utilities and monthly subscriptions including phone, cable, TV and other streaming services, and 1% cash back on all other debit card purchases. 2% cash back is limited to $500 in rewards per calendar year; after $500, customers earn 1% cash back on all eligible debit card purchases for the remainder of the year. Rewards Checking Plus accounts with less than $1,000 in monthly direct deposits 60 days after account opening will earn 1% cash back on common everyday expenses and 0.50% cash back on all other eligible debit card purchases. Some limitations apply. Please refer to the applicable Upgrade VISA® Debit Card Agreement and Disclosures for more information.

² There are no overdraft fees or annual fees associated with Rewards Checking Plus accounts. Third-party institutions may charge you a fee if you use their ATM/network or if you use your Upgrade VISA® Debit Card internationally. Please refer to the applicable Cross River Bank Checking Deposit Account Agreement and Upgrade VISA® Debit Card Agreement and Disclosures for more information.

³ Early direct deposit requires set up of recurring electronic direct deposit from your employer, payroll, or benefits provider and is limited to direct deposits under $5000. Early access to direct deposit funds depends on the timing in which we receive notice of impending direct deposit, which is generally up to two days before the scheduled deposit date.

⁴   The 1.5% Annual Percentage Yield (APY) for the Performance Savings account is effective as of June 1, 2023. The APY for the Performance Savings account is variable and may change at any time. Active Accounts qualify for 5.21% APY with monthly $1000 direct deposit. The APY for Active Accounts is effective as of February 26, 2024, is variable, and may change at any time. Please refer to the applicable Cross River Bank Performance Savings Deposit Account Agreement and Truth in Savings Disclosure.