The greatest mobile banking services allow you to access financial services whenever you need them. You may use a bank website or banking apps on your tablet or phone to perform a variety of activities, including locating nearby ATMs, examining your account balance, and depositing checks by taking a photo.
High APYs, low fees, and user-friendly digital banking solutions are typical features of online banks. The most appropriate online bank for you is the one that suits your financial requirements, whether it’s a full-service bank or a single savings account. Consider what you need most from an internet bank when looking for the ideal financial relationship for yourself and your family.
Benefits Of Banks With Instant Mobile Deposit
- Convenience: Mobile banking allows you to check your bank balances, locate ATMs, deposit checks, and even transfer funds.
- Time saving: Now you may conduct the ordinary bank activities without having to go to a credit union branch.
- Bank on the go: You can even use your smartphone. You don’t need a desktop computer to do it.
- Simple to monitor: To prevent fraud, stay on top of each day’s transactions.
- Great for budgeting: You may view your balance before you spend it and ensure that you’re on track to meet budgeting objectives if you have access to your money at all times.
- Mobile deposit: Cheques can now be deposited quickly and painlessly. Simply take a photo of the front and back of the cheque with your mobile app and smartphone camera.
- Obtain a loan application: Do you need a personal loan, credit card, or automobile loan? There’s no need to visit the branch when you can apply for financing via the mobile application.
- No charges are incurred: Palisades Credit Union provides its customers with free online banking.
Limitations of Banks With Instant Mobile Deposit
- Timing: You may encounter delays in mobile check deposit processing and clearance, which might result in a longer wait when accessing your money.
- Deposit limits: If you frequently have checks that go over your bank’s mobile deposit thresholds, Mobile check deposit won’t work for you.
- Technical glitches: Although mobile banking systems aren’t flawless, if your bank’s application goes down, you won’t be able to use mobile check deposit until it is up.
Factors To Consider When Choosing Banks With Instant Mobile Deposit
Because online banks don’t have the expenses that traditional brick-and-mortar businesses entail, they are often more affordable. They are thus inclined to pass those savings on to customers by way of higher rates, lower fees, and easy-to-use digital banking services. However, not all internet banks are the same, and some provide superior services to others.
Here are some factors to consider while selecting banks with instant mobile deposits:
- Fees: Overpriced costs may rapidly deplete your entire bank account. Look for an internet bank that maintains transaction fees of all kinds to a bare minimum. This includes ATM fees, monthly fees, and overdraft fees. To figure out which fees you should be concerned about the most, review your financial activity. The appropriate bank can frequently avoid costs.
- APYs: Find a bank that offers a competitive APY on its financial services to get the most bang for your buck. Because online banks pay greater rates, perform some comparison shopping to get the greatest discounts available.
- Minimums: Balance requirements and lower minimum deposit make it simpler to keep an account. Find a bank with minimal criteria that suits your financial comfort level through the internet.
- Products: Select an online bank based on the services you require. Several online banks are financial institutions that provide checking, savings accounts, CDs, money market accounts, and other services. Others offer a restricted range of products.
- ATM network: Look for an online bank with a large fee-free ATM network if having access to cash is essential. Check with your bank to ensure that there are ATMs in the areas where you travel most and near your home.
- Customer experience: The majority of online banks do not allow you to conduct business at branches. If they do, it is often just for a short period of time. That is why, when looking for an internet bank, it’s critical to think about customer service. Keep an eye out for a bank that provides easy accessibility to customer service personnel or online chat options.
- Online banking experience: Convenience is critical in the digital banking environment. Your major interactions with an online bank are conducted via its mobile app and website. The greatest online banks have a user-friendly online interface and mobile apps that are highly rated.
- Safety: Check for a bank that is FDIC-insured and therefore fully protected against the risk of bank failure, which protects each account ownership category up to $250,000 per depositor or per bank. Make certain the account is covered by the National Credit Union Administration (NCUA) at credit unions.
The 10 Best Banks With Instant Mobile Deposit in 2022
1) Axos Bank
Axos Bank maintains low fees and high APYs. The minimal deposit requirements are fair. Customers usually have access to nearly 91,000 ATMs in the United States, with no out-of-network ATM fees. Axos provides customer support 24 hours a day, seven days a week by phone or through secure online messaging. During regular business hours, the site also features a live chat option.
Axis has done well in the mobile banking market, too. The app is highly regarded on the App Store and Google Play, allowing customers to perform basic financial transactions while on the move.
2) Varo Bank
Varo Bank’s savings account has one of the highest APYs available. It provides 0.20 percent interest on all balances and up to 3 percent interest on qualifying accounts each period if certain conditions are met. Customers with this bank have minimum balance requirements and no monthly fees for their savings or checking accounts. Customers have direct access to automated financial management systems and large ATM networks. If you have direct deposit, you’ll get your pay up to two days early.
Varo has excellent mobile application reviews and client service ratings. Customer care representatives are accessible by email or phone every day of the week.
3) NBKC Bank
NBKC Bank is a financial institution that offers you everything in one account. You can conduct all of your finances from the same account, including spending, saving, and paying bills. It offers a huge ATM network and reimburses approximately $12 monthly for out-of-network ATM expenses.
NBKC Bank is a full-service institution that keeps costs to a bare minimum. There are no overdraft fees, monthly maintenance charges, or minimum balance requirements. Incoming domestic wire transfers are also completely free. Email, live chat, or phone are all options for customer support. You may also use the bank’s mobile app to check your accounts on the move.
4) Ally bank
Ally Bank has a solid reputation for providing excellent customer service, with a customer care team available 24 hours a day, 7 days a week by phone. You may also get answers to your questions via regular mail, live chat, and email. The popular mobile app for Ally Bank, called “Ally”, has received rave reviews in Google Play and App Store.
Ally Bank consistently offers low prices on its products with minimal fees and minimum balance requirements or no monthly maintenance charges. It offers a wide ATM network and reimburses approximately $10 per cycle for fees charged by out-of-network ATMs.
5) Quontic Bank
Quontic Bank has cash rewards checking account that provides up to 1.50 percent cash back on qualifying debit card transactions each statement period. This bank also has a high-interest checking account with a rate of up to 1.01% APY that is accessible if specific monthly requirements are met.
Quontic provides competitive APYs on its other services, as well as minimal deposit amounts and access to unlimited ATMs throughout the United States. Quontic customers may access all of the features available with a digital bank, including online banking and a highly rated mobile app. You can reach customer service by live chat, phone, or email.
6) Discover Bank
Discover bank keeps its costs to a bare minimum. It does not impose monthly upkeep expenses, insufficient funds fees, or ATM usage costs. There is also no cost for returned items, stop payments or large withdrawals.
Customers of Discover bank checking accounts earn 1 percent cash back on up to $3,000 a month in qualifying debit card transactions. In addition, there is a wide ATM network available to consumers. Discover offers a variety of other services and products in addition to a competitive savings account. It also provides mobile banking.
7) iGObanking
iGObanking has a number of competitive APYs and low fees for its traditional services, making it an excellent location to park short-term financial objectives. With an account at iGObanking, you can get access to a global ATM network and receive $15 per month in domestic ATM fees reimbursed.
You can access all of the bank’s accounts through its web and mobile app, which are available for Android and iOS. By email or phone, customer service is accessible 7 days a week.
8) Chime
Chime customers may use tools to help them save automatically. The Round-Up function rounds off purchases to the nearest dollar and deposits the difference into your Savings Account, so you can save small amounts every time you make a purchase.
Chime is a digital savings account that provides competitive rates on savings, minimal expenses, and no minimum deposits. Also, it has a user-friendly mobile app and free ATM access through an extensive network of ATMs. Customers may reach customer service by phone or email every day of the week.
9) Salem Five Direct
Through a mix of insurance protections, Salem Five Direct protects your balances without limitations. FDIC (Federal Deposit Insurance Corporation) protects each depositor up to $250,000 in each ownership category. All deposits greater than $250,000 are usually covered by Massachusetts Depositors Insurance Fund (DIF).
Salem Five Direct does not charge out-of-network ATM costs or monthly fees. It also pays up to $15 per statement cycle in fees that other banks charge. Live chat, phone, and email are all options for customer service.
10) Bank5 Connect
Bank5 Connect’s checking account offers Purchase Rewards, in addition to paying 0.20 percent APY on balances of approximately $100. The Bank5 Connect Debit Card offers a no-cost program that gives you cash back for making purchases at participating restaurants and merchants.
Bank5 Connect provides a competitive alternative to the big banks in terms of interest rates and minimum deposit requirements. No monthly fees are charged on any of its plans.
Learn More: How Long Does It Take To Deposit a Mobile Check Online?
Banks With Instant Mobile Deposit Compare Table
| Bank | Best for | Fees |
|---|---|---|
| Axos Bank | Online banking | No monthly or overdraft, some ATM |
| Varo Bank | High-yield savings | No monthly or overdraft, some ATM |
| NBKC Bank | Combined savings and checking | No monthly, ATM or overdraft |
| Ally Bank | Customer experience | No ATM, overdraft, or monthly |
| Quontic Bank | Cash back rewards | $35 overdraft No ATM or monthly |
| Discover Bank | Avoiding fees | No overdraft, monthly, or ATM |
| iGObanking | CD Ladders | $35 overdraft No ATM or monthly |
| Chime Bank | Automated saving | No monthly or overdraft, some ATM |
| Salem Five Direct | High balances | $35 overdraft No ATM or monthly |
| Bank5 Connect | Combined rewards and interest checking | $15 overdraft No ATM or monthly |
Bottom Line
Without the costs, internet banking applications provide almost all of the advantages of a traditional bank without any hidden charges. As a result, it’s worth considering these banks. You can save money by avoiding banks and their fees, as well as the higher interest rates offered on savings accounts and almost unheard-of rate of return on checking accounts.
Whether you’re searching for a small business or personal bank account, the simplicity of banking combined with savings offers them an edge over traditional banks.