Finance and Banking Apps
There is certainly no shortage of choices when it comes to finance and banking apps for mobile phones. Most app stores have a dedicated section just for them and there are so many that knowing which ones are right for you can be nearly impossible. Well, you’re in luck! We have scoured the major app stores and found a few of the most highly rated and most popular personal finance apps currently available.
This one’s an oldie but still goodie. Mint has amassed more than 20 million users over the past few years, and for good reason: it’s a hands-off budgeting tool, it’s free, and it is accessible from nearly every internet-connected device. Mint connects to your bank accounts, credit cards, and investment accounts and give users a unified view of their overall financial performance. This dashboard can also pull in credit scores and home values from Zillow. The service is free but has to make its money somewhere, so be aware that there are targeted ads on the platform. Mint is available nearly everywhere, from Google Play to the Apple App Store, as well as Windows Phone and Amazon App Stores.
There are many apps and services out there for transferring money and initiating payments, but a few have risen to the top and become very popular. Venmo is one of the current leaders in this space, handling $17.6 Billion in transactions last year alone. Venmo is a digital wallet, allowing people to transfer money to others, and can connect directly to bank accounts and credit cards. Many people use its social functions: splitting dinner bills, rent, or things like movie tickets. Owned by PayPal, the service is growing quickly and has increased its security and protection services considerably over the last two years. Venmo can be found on the Google Play Store, Apple’s App Store, and on the web at https://www.venmo.com
Qapital has moved into the world of actual banking, but the core idea is still the same: the gamification of saving money. Qapital uses a concept called IFTT (if this, then that), which allows users to set up rules in their accounts that direct money to savings or other places based on what type of transaction is taking place. Think you spend too much money on coffee? Set up a rule for Qapital to move an extra $5 into your savings account as punishment. The company has picked up funding from some heavy hitters in the investment community and is growing steadily. Qapital can be found on the Google Play Store, Apple App Store, or on the web at https://qapital.com
Having trouble saving money? You’re not alone. Acorns has updated the concept of saving loose change by automatically rounding up all of your transactions and depositing the extra money into an investment account. The service has been around for a few years and has already helped people save around $30 million. You won’t get rich quick, but for most people this will be a brainless way to save an extra $1,000 or so each year. Acorns is available on the Apple App Store (Apple Watch, too!) and Google Play or at https://www.acorns.com
Building on the successes of apps and services like Mint, Wally is an uncomplicated personal budgeting and finance tool that helps people compare their income and expenses and set financial goals. The service lets you take photos of receipts and other documents for instant scanning and parsing into your profile and is completely free. While it’s still new, Wally offers some pretty robust personal finance tools and promises more in the future through premium paid services like currency conversions and family management tools (think families with kids). One major difference here is that Wally cannot currently be accessed on a desktop computer, instead only offering the app on Google Play and the Apple App Store. This one is definitely worth keeping an eye on as its user base and service offerings grow.