Technology is becoming more integrated into daily life, and mobile banking apps are proof of that. Your bank’s app may offer advanced personal finance hubs, providing insights into spending habits, tracking savings progress and even making a budget for you.
Unlike older systems of manually tracking and recording your expenses, innovative budgeting tools can automatically track and categorize your spending, offering-real time updates.
The automation of budgeting not only simplifies budget management by doing the legwork for you, but it also offers a more accurate overview of your finances, ensuring that no transactions are accidentally overlooked.
Here are some bank accounts offering the most advanced built-in budgeting tools.
Ally
Ally Bank, renowned for its prowess in online banking, takes personal finance to the next level with tools that track your spending and saving. The bank calls these tools “buckets,” which are essentially customizable categories. For spending buckets, which come with Ally’s checking account, you could create categories such as “groceries” or “entertainment,” and the bank’s app will automatically categorize expenses as they come in. You can also assign certain businesses to each type of bucket to make tracking more accurate.
With an Ally Savings account, customers can set up savings buckets to set and track savings goals. They can also set up recurring transfers to a savings account and get suggestions on areas in which to save more.
What we like: Ally makes saving and budgeting easier with individual saving and spending buckets. Keeping track of finances is a breeze with these user-friendly features.
Bank of America
With both a large physical and digital presence, Bank of America offers easy accessibility, and its budgeting tools also make it easy to track your personal finances. The bank’s mobile app breaks down your spending into interactive charts, highlighting spending trends and where you might be under or over your budget. It shows your total spending for the month, broken down into incoming and outgoing cash flows with customizable budget categories.
What we like: Bank of America locations are easy to find. You’ll also have access to a top-notch app for keeping an eye on spending.
Capital One
Capital One has been at the forefront of financial innovation, and its automated budgeting tools are proof of that. The tools available with its 360 Checking account allow customers to effortlessly monitor their spending through automatic tracking and categorizing of expenses. With Eno — the bank’s built-in virtual assistant — you can simply ask for a list of your recent transactions or an update on your savings progress through the app or by text message.
Another unique feature that the Capital One app offers is the ability to identify recurring charges, such as subscription fees you might not have been aware of. It can let you know when these recurring fees increase, or when a free trial is about to end, making it easier to eliminate unnecessary costs from your budget and free up more room for saving.
What we like: Capital One provides automated budgeting tools, allowing customers to track and categorize their spending through the 360 Checking account. The Eno virtual assistant provides a real-time look at transactions and alerts customers about recurring charges.
Chase
Chase’s mobile app comes with an entire tab dedicated to your budget. On this tab, users can set their budget category limits, track expenses and get a visual breakdown of their spending from month to month. With Snapshot, users get insights into their spending trends.
Chase’s built-in budgeting tools come with any of its checking accounts or a Chase credit card.
What we like: Chase’s mobile app features comprehensive budgeting tools, allowing users to set limits, track expenses and visualize spending trends. The app also offers a clear view of spending habits.
Current
While Current might not be a traditional bank, its powerful budgeting tools make it a strong candidate for those interested in alternative banking options. In the Current app, users can access a tab called Insights, which offers expense tracking and customizable budgeting categories. Users then assign a goal amount for each category, or can choose a suggested amount from the tool. When they’re close to the limit for a particular spending category, users get a mobile bank alert (though the transaction won’t decline).
Note that funds in a Current account receive insurance coverage from the Federal Deposit Insurance Corp. (FDIC) through its partnering bank, Choice Financial Group.
What we like: Current has helpful budgeting tools, particularly through its Insights tab, which allows you to track expenses and set budget goals. Also, the app sends alerts when you approach your spending limits.
Huntington National Bank
With one of Huntington Bank’s checking accounts, customers get numerous in-app budgeting tools. Spend Analysis is a commonplace expense tracker, which organizes all of your expenses into preset categories. With Spend Setter, customers can set spending limits for their budget categories, while Huntington Heads Up sends you alert-style updates on how much you’ve spent per category.
Finally, Look Ahead Calendar is a unique feature that allows you to see upcoming payments, such as bill due dates. While many mobile banking apps can alert you of recurring payments, Huntington takes the predictive financial tool further by arranging these expenses into a visually sleek calendar.
What we like: Huntington Bank offers digital tools that help with financial management. Also, features like the Look Ahead Calendar allow you to see upcoming payments.
Regions Bank
Regions Bank has a suite of budgeting tools available to online banking customers through My GreenInsights. The budgeting dashboard can be accessed both on the bank’s mobile app and its desktop site. Beyond just tracking expenses, My GreenInsights allows customers to add memos to transactions, set spending targets and receive suggestions for areas to cut down on spending. Additionally, customers can link external accounts to their digital budget.
What we like: Regions Bank offers My GreenInsights, a budgeting tool that allows customers to track expenses and set saving targets. This feature allows users to link external accounts for a comprehensive view of their finances and provides customizable options for managing budgets and expenses through both its mobile app and desktop site.
SoFi
SoFi offers budgeting insights that integrate data from numerous linked accounts, including checking accounts, savings, credit cards, student loans and mortgages. You can even link external accounts, giving you a complete overview of your spending and income each month. SoFi’s budgeting tools include expense tracking, spending charts and alerts for upcoming bills.
What we like: SoFi provides a financial dashboard that allows users to link multiple accounts. This offers a holistic financial view in one place. SoFi’s budgeting tools include expense tracking, spending charts and bill alerts. These features make it easier to manage finances.
Wells Fargo
Wells Fargo is one of the U.S.’s most established banking institutions, and it brings several budgeting tools to its array of digital banking features. In a package called My Money Map, these tools include a spending report, personalized budget creation, the ability to set spending goals and savings goal monitoring. When you create a budget, the tool automatically tracks and categorizes your expenses. It also gives an easy-to-understand visual analysis of your spending, using a bar graph to highlight how your actual spending compares to your budget limits.
What we like: Wells Fargo offers many budgeting tools through its My Money Map feature. The platform provides visual financial analysis, allowing for easy expense tracking through interactive charts and graphs.
Bottom line
Budgeting apps are abundant, but when advanced budgeting tools are built into your own bank’s app, it makes it easier to manage your finances from one place.
Whether you’re a novice or seasoned budgeter, these tools can enhance your ability to track and control your personal finances. Choose an account that aligns with your needs, whether they include branch access or fee-free online banking, to make the most of these features while balancing them with other important considerations.
–Bankrate’s Sheiresa McRae Ngo contributed to updating this article.
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