The 3 Best Modern Banking Apps on iOS for 2023
Fernando Silva – February 11, 2023 08:00
We all know that banking apps have revolutionized the way we manage our finances, making it easier and more convenient than ever to keep track of our money. However, with new Fintech apps being released every week, it can be difficult to know which one is right for you. Whether you’re new to banking and need your first bank account or a banking veteran who has 10 different checking accounts, we’ve compiled a list of the top three banking apps based on how well they work on iOS, so you can choose the right fit the best for your needs. I have personally been a user of all three of these institutions and currently use one of them as my main form of banking. We’ll provide detailed reviews of each app, including features, pricing, customer support, and more.
Best Banking App for Beginners – Chime Bank
Although I no longer use Chime as my main bank, it will forever have a special place in my heart, and I still actively recommend it to anyone who needs a no-bike bank account. I used Chime bank for over five years before finally moving on (I’ll explain why at the end). Chime has helped define what it means to be financially responsible with its products and features. It taught me about long-term savings, building credit, managing my accounts, and so much more.
Chime bank offers a variety of benefits that make it the perfect choice for beginners. It’s completely free to open an account, and there are no hidden fees or charges. The online banking application is incredibly user-friendly and easy to navigate, allowing users to easily manage their finances. Chime bank also offers a fantastic credit building program, which allows users to build their credit without incurring any debt by prepaying a credit card that is automatically paid on time. Additionally, its extensive network of free ATMs makes managing finances easier by eliminating the need to pay ATM fees. With all these features, Chime bank is the ideal choice for anyone who wants to start their banking journey.
Chime Bank Mobile App Benefits Extremely user-friendly, 4.8 stars on app store Chime Credit Builder program – free credit card to help build your credit. any kind of Spot Me service for overdraft protection up to $200 Automatic savings feature – Close savings and automatic paycheck Deactivate lost or stolen card View card information digitally Offers checking and savings accounts with 2% APY starting February 2023 Use Visa network Mobile check deposit Free Credit score Cons None physical branches are not – if you are someone who likes to go into a bank, then this is not for you. Mobile check deposit is only available if enrolled in direct deposit Not very feature rich. No investment platform, loan products, insurance platform or mortgage offers No cashier’s checks Who is Chime for?
Chime can be for anyone, depending on your situation. For example, I chose Chime because I liked the user experience, and it was one of the first banks to offer these “feeless” banking options without a physical footprint. I needed something reliable that I could access from my phone and take direct deposits. As Chime developed, I signed up for their Credit Builder which raised my credit score by 45 points in a year by showing a history of paying on time. It’s great for someone entering the workforce who needs something that’s easy to use, helps build credit, and helps with the basics of saving.
Give it a try if this is the type of bank you are looking for. They are currently offering $100 to anyone who signs up and links their direct deposit (free money)!
Best All-in-One Banking App – Sofi Bank
If Chime bank is the bank for beginners, then Sofi is the next level up. I’ve been a Sofi bank user for a year now, and it’s been a great transition. It follows many of the same principles that Chime bank has, such as no fees, paying two days early and no brick-and-mortar branches. Sofi Bank is the best bank for anyone looking for a modern banking experience that meets most of your financial product service needs.
The reason I switched to Sofi was that I wanted a little more out of my banking experience than Chime offered. Chime was there to teach me how to bank and manage my money, while Sofi is here to help with all my financial goals – not just banking.
Sofi Bank offers a range of products, from personal checking and high-yield savings accounts (3.75% APY through February 2023) to mortgage loans to Roth IRAs, investments, credit cards and even retirement planning. They also offer a great way to help save for certain goals with their Vaults system. You can designate a dollar or percentage amount of each deposit to go toward a rainy day fund (or a house or a vacation). Their credit card is actually a great starter card. Great approval chance, falls into the Mastercard Elite program, gives you 3% cash back on every single thing you buy for the first year and then drops to 2%, and, finally, it works with Apple Pay.
Sofi Bank also offers a mobile application that is convenient, secure and easy to use. With these features, Sofi Bank stands out as the leading option for anyone looking for a modern and reliable banking experience.
Sofi Bank Mobile Benefits Feature-rich and easy-to-use interface, 4.8 stars in the app store An abundance of financial products High yield savings account – 3.75% APY Vaults – used to automatically save for certain things ZERO fees , no transaction fees, late fees, overdraft fees, or monthly fees of any kind Check Pay Two Days Early Investment Platforms Retirement Planning ATM Network of 60,000 ATMs Mobile Check Deposit Large, Zero Fee, Starter Credit Card with 3% Cash Back Apple Pay Support Mastercard- network Offer $50 for new signups! Free Credit Score Cons No physical bank branches $4.95 fee to deposit cash No cashier’s checks Who is Sofi for?
Sofi is for the banking customer who is ready to take a bit of a step up in their banking journey. It has a great iPhone app that is easy to use and intuitive to understand; it offers a wide variety of banking products and services, but does so in an efficient and simple way so that it is not overwhelming. Sofi is for anyone who wants a great mobile banking experience, doesn’t mind physical branches, wants a high-yield savings account, and wants the option to venture into other financial products like investment, credit cards and more.
Best bank for gamification – Yotta Bank
Yotta Bank tries to take a different approach to traditional banking; their slogan is “Banking for Winners.” They seem to have found a solution to make banking and savings “fun” by introducing a gamification aspect. This bank is also a mobile-first banking experience, so it still has the same no maintenance fees, no overdraft fees, checking and savings accounts, and a large ATM network.
Yotta Bank game to save money
What sets Yotta bank apart is how they handle the savings and APY aspects of banking. Instead of giving us a fixed rate APY savings percentage, they take a zero-risk lottery approach to saving money. For every $25 in your Yotta bank account, you get one “lotto ticket.” So if you have $100 in your account, you get four tickets. Every day at 9pm EST they do a lottery drawing, and depending on your ticket, you could win nothing or win some insane prizes like $1,000,000 or a new Tesla. These lottery tickets are technically your APY; Yotta says that on average people see a 2.7% APY on their money. It technically costs nothing to enter the lottery, you just bank normally and the more money in your account, the more tickets you get, and the greater the chance of winning big.
I’ve been a Yotta member for about nine months now, and I use it as a secondary savings account, and in those nine months I’ve seen a 3.1% return with the APY, which is great. It’s a fun way to still have a safe savings account that earns interest, but also has a chance to win you a solid payday. Every night at 9pm I check to see if I’ve “won the lottery”, and this encourages good saving habits by increasing your chances of winning.
Yotta Bank Mobile App Benefits A fun way to encourage savings. 2.7% APY savings ZERO fees, no transaction fees, late fees, overdraft fees, or monthly fees of any kind two-day early payday Chance to win $1,000,000 every day Debit card that offers more chances to win Mastercard network Check – and savings accounts 55,000 ATM network Disadvantages No physical branches; if you are someone who likes to go into a bank, then this is not for you Technically, the APY is variable Only offers check, savings debit and credit card, no other financial services Can be a little overwhelming if you aware of the Yotta lottery system Who is Yotta Bank for?
Yotta bank is a bank with an extremely unique offer. If you enjoy active banking, seeing your savings grow, and are a fan of lottery systems, then this is the bank for you. At the end of the day, Yotta only pays you an above average APY on your money, but they make it much more engaging and fun. There are testimonials from people who have won $10k, $20k, or even more; it’s not crazy to think you could be one of those winners.
I personally use it as a backup savings account because it’s nice to be part of this world. In my opinion, this is a free way to increase your savings and play Yotta’s version of the lottery. It’s free to sign up, so I would recommend it to almost anyone. Whether you need a primary bank or just want a backup, this can be a fun way to get your savings numbers up!
At the end of the day, it’s hard to go wrong with any of these mobile banking platforms. Chime was great for me for years before I went to Sofi. Sofi was amazing for all my new financial needs like getting a credit card, planning for retirement and opening investment accounts. Then, Yotta bank is a fun way to engage and interact with your financial goals. All of these will help you on your financial journey – they’re simple to use, offer unparalleled value and ultimately help build a positive relationship with your money.
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