Consumer Reports explains which banking app is best for you and your finances

When was the last time you stepped foot into a bank? Today, many of us skip the branch and instead, bank on our phones using an app.

In a recent survey, Consumer Reports found that three out of four Americans use one or more banking apps. Which apps are the best? If avoiding fees is important to you when looking for a new banking service, a digital bank may be your best bet, but there is a tradeoff. CR found that most digital banking providers offered consumers free checking and savings accounts and tended to provide higher interest rates.When it comes to protecting your data, all the apps have flaws - some of which are more serious than others.

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Consumer Reports Evaluates Banking Apps and Recommends ImprovementsConsumer Reports evaluates banking apps and makes recommendations for how banks can improve mobile apps to better serve consumers. CR found that digital banking providers offer free accounts and higher interest rates, while traditional banks offer more features to help with budgeting and saving. Data protection flaws were found in all apps.
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