Mobile banking is a form of money management that is highly compatible with the lifestyle of the 21st century.
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Whereas past forms of banking required in-person meetings, lengthy applications, and paper statements, mobile banking provides financial services with a swipe of your smartphone screen.
In addition to the inarguable convenience, mobile banking often offers features customized for contemporary needs.
These features can include cash advances, early direct-deposit availability, gig money management, and even cryptocurrency trading and credit-building personal loans.
Chime introduced many consumers to the concept of mobile banking in 2013. With no minimum balance required and zero monthly fees, Chime offered a great alternative for individuals who may have been unable to obtain traditional bank accounts in the past.
And because Chime partnered with two major banks on the business end, all Chime accounts still received FDIC insurance for monetary protection.
Within seven years, Chime helped pioneer concepts like early access to direct deposits and free overdraft protection.
While Chime is one of the well-known mobile banking app, many consumers also want to explore other options for modifications based on specific needs (such as cash deposits, cash advances, or secured credit cards).
Whether you are completely new to mobile banking or seeking to narrow options before taking the plunge, a look at 10 mobile banking apps like Chime can help you make the right decision for your funds.
So let’s discuss these Chime alternative apps below:
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Best Features: Dave is a 100% mobile bank known for its zero-interest cash advances. This means that if you need a little money to hold you over until payday, you can draw up to $250 in advance from your next paycheck without needing to pay the typical fee.
While you can also include a tip to help the company support cash advances to other consumers, this tip is completely optional.
Designed for beginners and individuals interested in learning about credit and budgeting, the Dave App also allows you to sign up to send rental and utility payment information to credit bureaus.
This means that the record of timely payments can potentially boost your score.
A possible downside is that Dave does require a small monthly maintenance fee for upkeep. Furthermore, the cash-advance limit is typically lower than those available at other banks.
Pros:
- 100% mobile banking
- 0% interest cash advance policy
- Overdraft-prevention alert tool
- Access to 32,000+ surcharge-free ATM machines
- Built-in budgeting tool
- Automated alerts about side-hustle opportunities in your area
- Ability to send rental payments to credit bureaus
- Accounts are FDIC-insured
Cons:
- $1.00 monthly membership fee
- Cash-advance limit is lower than other apps
- App may require withdrawal from linked bank account for repayments
Best Features: G02Bank emerged in January 2021 as a division of Green Dot Bank.
Designed as a checking and savings hybrid for people without traditional bank accounts, GO2Bank features three levels of overdraft protection.
The bank offers basic $10 of coverage for direct deposits of any amount, premium $100 coverage for two direct deposits of $200+ within a 35-day window, and premium $200 coverage for two direct deposits of $400+ within the same period.
You can also potentially access direct deposit funds up to two days earlier than traditional banks.
Another benefit of GO2Bank is that it offers a secured credit card without additional costs or fees.
You can use the credit card to make purchases anywhere, and the bank reports cardholder payments to each of the three credit bureaus to help you build a solid history. Finally, GO2Bank allows you to earn 1.00% on savings accounts of up to $5,000.
Pros:
- Zero monthly fees with eligible direct deposit
- Direct deposit may arrive up to two days faster than traditional banking
- Secured credit card available with no additional cost or fees
- Up to $200 in complete overdraft protection
- 1.00% APY on up to $5,000 in savings across all vaults
- Ability to create up to five vaults to organize monetary goals
- Up to 7.0% instant cash back on gift card purchases
- Extensive ATM and retail network for cash withdrawals and deposits
- Accounts are FDIC-insured
Cons:
- $5 monthly membership fee if you do not sign up for eligible direct deposit
- Account must receive at least two direct deposits of $400+ each (within a 35-day period) to qualify for maximum overdraft protection
- No transfers allowed from the GO2Bank account to external bank accounts
Best Features: Current is a top-rated mobile app for beginners. Notable for its 30-day free trial, it offers up to $100 in free overdraft protection as well as up to 15x cash back points in over 14,000 retail stores.
As with apps like Chime, Current allows you to access direct-deposit funds up to two days faster than traditional banks.
But while many customers find it notoriously difficult to make cash deposits with Chime, Current allows you to make cash deposits in over 60,000 partner locations.
Finally, Current account management automatically removes holds for fuel at gas stations (whereas other companies might authorize ACH holds until finalizing the amount). For everyone from gig workers to teenagers, Current is a viable choice for a convenient checking account.
Pros:
- Highly rated mobile app for beginners
- Offers 30-day free trial
- Direct deposit may arrive up to two days faster than traditional banking
- Rewards program offers up to 15x cash back in over 14,000 retail stores
- Free access to 40,000 in-network ATM machines; cash deposit available at 60,000 stores
- Provides instant gas-hold removals at fuel stations
- Offers up to $100 in free overdraft protection
- Teen banking program available
- Accounts are FDIC-insured
Cons:
- Premium accounts require $4.99 monthly membership fee
- Overdraft protection only available on premium accounts
- No interest earned on money held in pods
- Telephone customer service only available on weekdays
Best Features: Moneylion is a premier mobile app for those interested in combining their checking account with investing.
Foremost, Moneylion has no startup fees, and it offers interest-free cash advances of up to $250 on any upcoming paychecks.
In addition, Moneylion premium accounts allow you to apply for a credit-builder loan even if you have been unsuccessful in obtaining a personal loan in the past.
The app then reports payments to credit bureaus, thereby allowing you to build your credit history.
You can also use Moneylion to manage cryptocurrency, bitcoin, and ethereum trading.
While Moneylion is an innovative app, it is important to note that premium accounts have a $19.99 monthly membership fee. Be sure to factor in this cost when managing your monthly expenses and any loan repayments.
Pros:
- Zero-fee checking account and investing account
- 0% APR for instant cash advances of up to $250
- Access to credit-builder loan within premium accounts
- Cryptocurrency roundups available
- 24/7 bitcoin and ethereum trading
- Accounts are FDIC-insured
Cons:
- $19.99 monthly membership fee on all premium accounts
- Premium account required for access to the most popular features
Best Features: Cash App is a well-known service that allows users to send and receive money without excessive fees.
The company is famous for zero fees on foreign monetary transactions. You can request a debit card solely for your Cash App account and even sign up for direct deposit for simple ATM withdrawals.
If you decide to link Cash App to a bank account, you can also purchase stocks and manage investment transactions.
A potentially major downside is that because Cash App is a payment service and not a banking institution, Cash App funds (i.e money in your Cash app account) are not FDIC-insured.
For this reason, some financial planners advise against using Cash App as a sole substitute for traditional or mobile banks.
The Cash App debit card also has spending limits, and there are fees associated with linking an outside credit card to your Cash App account.
Pros:
- Zero monthly fees on basic services, send-and-receive money features, or foreign monetary transactions
- Includes optional debit card linked solely to Cash App account
- Free ATM withdrawals after direct-deposit setup
- Cash boosts available for select retail vendors
- Ability to purchase investment stocks with Cash App balance or linked bank account
- Compatible with bitcoin transactions
Cons:
- Cash App funds are not FDIC-insured
- Cash App debit card features daily, weekly, and monthly spending and withdrawal limits
- Fees associated with using a linked credit card
Best Features: If you are interested in mobile banking and do not need to make cash deposits, Varo Bank is famous for its benefits and perks.
With zero minimum balance requirements or fees, it is a popular choice for domestic and foreign banking.
You can sign up for direct deposit on checking accounts and potentially receive funds two days faster than traditional bank accounts.
Accounts with direct deposit also qualify for $100 cash advances, or you can sign up for a secured credit card for zero-fee cash advances from the card.
And if you are interested in a high-yield savings account, Varo offers 3.00% APY for accounts that meet the listed requirements.
Pros:
- Zero monthly fees, overdraft fees, or foreign-transaction fees for checking accounts
- 3.00% APY after meeting requirements for savings account balances of up to $5,000
- Direct deposit may arrive up to two days faster than traditional banking
- $100 instant cash-advance option on checking accounts with direct deposit
- Varo Believe secured credit card available
- Zero fees on cash advances from the secured credit card
- Free transfers from external bank accounts
- Accounts are FDIC-insured
Cons:
- Cash deposits require service fee of up to $4.95 per deposit
- 3.00% APY rate has strict requirements of $1,000 total qualifying direct deposits and $5,000 maximum savings balance
Best Features: If you are an international traveler or digital nomad, you may have already heard of N26.
This mobile banking company offers checking accounts with zero monthly fees and no minimum balance required.
You can set up direct deposit and potentially receive funds faster than traditional banking, and the N26 includes access to a network of 55,000 ATM machines.
N26 offers cash back with partner retailers, and you can also organize money into sub-accounts for easier management when traveling to different locations.
Pros:
- 100% mobile banking
- Highly rated mobile app designed for international travelers
- Zero monthly fees and no minimum balance required
- Direct deposit may arrive up to two days faster than traditional banking
- Free access to 55,000 in-network ATM machines
- Cash back available for various purchases
- Options to organize money into sub-accounts for easier budgeting
- Accounts are FDIC-insured
Cons:
- No overdraft protection
- No branch access
- No interest earned with savings
Best Features: Freelancers, gig workers, and small business owners often have highly customized money needs. Lili is a mobile banking designed for the unique scenarios associated with business income.
The app features automatic quarterly tax calculations to help reduce the stress of filing season.
You can also sign up for automatic emergency-fund savings as well as expense tracking to identify and reduce overhead costs.
In addition, the Lili account offers an optional business debit card that makes it easier to organize purchases, receipts, and deductions.
Pros:
- 100% mobile banking
- Highly rated mobile app designed for freelancers
- Customized tax and safety features for small businesses and gig workers
- Automated income and expense tracking
- Automatic emergency-fund savings program
- Optional Visa business debit card
- Accounts are FDIC-insured
Cons:
- Premium accounts require $4.99 monthly membership fee
- No branch access
Best Features: If you are interested in mobile banking that still functions like a large multinational bank, then Porte may fit the bill.
Porte offers checking accounts with zero monthly fees and no charges on incoming domestic or international wire transfers.
You can sign up for faster direct deposit and receive a free debit card with integrated bill pay.
And if you decide to open a savings account, Porte allows you to earn a 3.00% APY on balances three times the amount of those permitted on comparable apps (such as Varo Bank).
Pros:
- 100% mobile banking
- Zero monthly fees and no charges on incoming domestic or international wire transfers
- No minimum opening balance required
- Direct deposit may arrive up to two days faster than traditional banking
- 3.00% APY on savings account balances up to $15,000
- Free Visa debit card and integrated bill pay
- Ability to create up to six virtual cards for shopping privacy and security
- Access to wide network of ATM machines
- Accounts are FDIC-insured
Cons:
- No interest earned with savings
- No branch access
Best Features: Individuals interested in debit cards with emphasis on online purchases may wish to consider the Green Dot app.
While this app is not a full-service online bank, it offers a debit card linked to mobile banking services.
For example, you can use Green Dot for direct deposit and receive funds up to two days faster than traditional banking.
You can use the debit card to access a large network of ATM machines as well as earn 2.00% cash back on in-app purchases (with no cap on earnings).
Green Dot also offers a savings account program with 2.00% APY on balances up to $10,000 (higher than the national average of 0.5% APY).
The app does require a $7.95 monthly membership fee, but the company waives the fee if in-app expenses exceed $1,000 per month.
Pros:
- Direct deposit may arrive up to two days faster than traditional banking
- No overdraft fees
- 2.00% cash back on select in-app purchases (with no cap on cash-back earnings)
- 2.00% APY on savings account balances up to $10,000
- Access to large ATM network
- Accounts are FDIC-insured
Cons:
- $7.95 monthly membership fee
- $3.00 fee on out-of-network ATM transactions
The Bottom Line
Mobile banking apps have evolved exponentially since their introduction in the early 2010s.
When selecting a mobile banking app, consider the importance of factors like early-access direct deposit and zero-fee cash advances.
You should also determine the feasibility of any monthly membership fees. Plan ahead to enjoy the convenience and perks of managing funds entirely from your smartphone.
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