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The 2017 MagnifyMoney Mobile Bank App Ratings

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

It’s difficult to remember how frustrating mobile banking was for users just five years ago. Some mobile banking apps would struggle to find the nearest ATM. Depositing checks by capturing an image was considered cutting edge. It was even quite possible your bank didn’t have a smartphone app.Fast forward to today. Now, alerts from banking apps are a feature we take for granted. Most apps, if the bank offers a credit card account, will show you your current credit score. Some banks are even allowing you to make ATM withdrawals through the app, without a bank card.

The data in MagnifyMoney’s 2017 mobile banking ratings indicates that, as a class, banking apps have matured. Overall, apps haven’t appreciably improved, with users on the Apple App Store and Google Play rating banking apps an average of 3.7 stars (out of 5), as they did in 2016. But this year, none of the mobile banking apps can be considered especially awful anymore.

How we reviewed the apps

Summary of key findings:

  • Best Overall App: Discover with a score of 4.8, up from 4.2 in 2016.
  • Best Apps Among the 10 Largest Banks: Chase and Capital One both scored 4.6.
  • Worst App Among the 10 Largest Banks: BB&T with a score of 3.0, improving from 2.8 in 2016.
  • Best Apps Among the 10 Largest Credit Unions: SchoolsFirst, PenFed, Alliant, BECU and America First all scored 4.3, well above the average of 3.7 for all credit union apps.
  • Worst App Among the 10 Largest Credit Unions: Star One with a score of 3.2, down from 3.3 in 2016.
  • Best Online Direct Bank App: Discover Bank with a score of 4.8, up from 4.2 in 2016.
  • Worst Online Direct Bank App: Ally Bank, with a score of 3.4, improving from 3.1 in 2016.
  • Overall Most Improved App: First Tech Federal Credit Union, with a score increase of 122% year over year, from 1.9 to 4.2.
  • Most Improved Traditional Bank: Umpqua Bank, with a 30% ratings increase year over year, from 2.3 to 2.9.
  • Overall Most Deteriorated App: First Tennessee, whose score dropped 40%, from 3.5 to 2.1 year over year.

Overall Best and Worst Bank Apps

Discover tops them all

Discover has managed to keep the more than 1 million people who have used its mobile app relatively content. Part of its success may lie in serving more credit card-only users than mobile apps from other large banks, which tend to have customers primarily using mobile apps for more traditional checking and savings accounts. Nonetheless, its score of 4.8 is the highest of any institution in our rankings this year.

Sample Discover feedback from Android app users:

Excellent mobile app with TU FicoScore 8 to know your creditworthiness. Also, allow the manage of authorized user to freeze their credit cards awesome feature. The only secured credit card with rewards. Overall perfect, Thanks Discover. – December 3, 2017

Does pretty much everything you could ever need. Slick UI. Reliable. The only thing I’d change which is minor is being able to manage my bank and my card in the same tab. – November 18, 2017

Screenshots via Google Play

Credit unions still among those highly rated, but traditional banks are catching up

Last year, credit unions monopolized the highest rated app list, when all but one name was a credit union. But this year, credit unions share the stage with two traditional banks and an online direct bank. Capital One and BBVA Compass were also ranked highly by app users this year, each garnering a 4.6 overall rating by mobile app users.

Sample Capital One feedback from iOS app users:

App is super simple and fast. Doesn’t crash. Quick two-factor security. All normal features promised and delivered like auto-pay, one click to see my credit score, simple rewards features, etc. – November 2017

Screenshots via Google Play

Sample BBVA Compass feedback from Android app users:

Love this app. Makes it so easy to do banking without the hassle of going to the ?!!! I can do everything right from my phone. With the new updates it’s gotten even better!!! – November 7, 2017

Screenshots via Google Play

10 Best and Worst Bank Apps

(Among the 10 largest banks and credit unions)

Bigger is getting better

Apart from laggard BB&T, the apps of the 10 largest banks were rated better than average by users, which is quite a feat when you consider that many of these apps, like Wells Fargo Mobile and Citi Mobile, not only offer savings, checking and credit card accounts, but also more complicated products like brokerage accounts and holistic personal finance management programs similar to websites like Mint.com.

Sample Chase feedback from iOS app users:

I use this app every day. It’s pretty simply laid out, intuitive. It combines my multiple personal accounts and business accounts in one app. – August 5, 2017

Online banking still a mixed bag

Among the 10 online direct apps we found more dispersion in app user satisfaction. While Discover tops the list with a weighted overall rating of 4.8, four of the banks had apps with a rating of less than 4. Still, nearly all the apps in this category saw a modest improvement in user satisfaction versus last year.

Credit unions hold steady

Credit union customers (shareholders, in Credit Union’s language) tend to be happier than those who use traditional banks, and that trend continues for mobile apps.

5 of the 10 largest credit unions have the same overall score of 4.3, which is unsurprising as the interface of many credit union apps are from the same software developer.

Methodology

App ratings were recorded the week of Nov. 15, 2017 in the Google Play and Apple App Stores, and include ratings for all app versions. Overall ratings are a weighted average, rounded to the nearest tenth, of iOS and Android ratings based on the number of reviews for each platform. Institutions with no mobile apps were excluded from ranking summaries.

The 50 largest banks, defined as those with the largest deposits per FDIC data June 2017, were examined. Those not offering consumer checking accounts were excluded. The 50 largest credit unions by assets according to the CUNA in September 2017 were examined. For online direct banks, and 10 of the largest online direct banks were chosen by number of app ratings.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

MagnifyMoney
MagnifyMoney |

Have a question to ask or a story to share? Contact the MagnifyMoney team at [email protected]

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How to Request a Credit Limit Increase With Chase

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

If you’re interested in requesting a credit limit increase with Chase, the good news is that it’s fairly simple to do. Before you pick up the phone, however, be sure you’re requesting a credit limit increase for the right reasons. Are you looking to get a higher limit so you can make a large purchase and pay it off over time? Are you constantly finding yourself maxing out your cards? A higher limit might help you in the short-term by giving you more breathing room, but it won’t solve the larger issue that is driving you to charge purchases you can’t afford to pay off each month.

But a credit limit increase can also be a strategic move to decrease your credit utilization rate and, as a result, possibly boost your credit score.

In this post, we’ll provide instructions for requesting a credit limit increase with Chase.

Option 1: Over the phone

The only way to request a credit limit increase is to speak with a representative over the phone. Simply call the number on the back of your card and someone can assist you in requesting a higher credit limit. Have your account and financial information ready.

A Chase representative tells MagnifyMoney there is no limit to how many times you can request a credit limit increase. However, be aware that a request will result in a hard pull on your credit report, which can ding your credit score.

Option 2: Automatic credit limit increases

On occasion, you may receive a notice from Chase in the mail saying your credit limit has been increased automatically. If you receive an increased credit limit, there is no action required on your part and your new credit limit is available for use. Your odds of receiving an automatic credit limit increase may be amplified if you follow some of the tips below.

  • Pay on time and more than the minimum. Having good payment history shows issuers you’re responsible with your credit card and may lead to an increase in your credit limit. That means don’t be late on payments and avoid carrying a balance whenever possible.
  • Keep your income up to date. For example, if you get a raise, record your new salary on your account profile so your financial information will be current. If issuers see you’re making more money, they may raise your credit limit.

Currently, you can’t request a credit limit increase with Chase online.

Understanding credit limit increases

Hard or soft pull on your credit? If you receive an automatic credit limit increase, there will be no harm to your credit score since you didn’t initiate anything. However, if you request an increase by phone, Chase will request a credit bureau report, resulting in a hard pull.

A higher credit limit has the potential to improve your credit score. Increasing your credit limit has the potential to boost your credit score by allowing you to maintain a low utilization rate more easily. Your utilization rate is the amount of credit you’re using divided by the total credit you have. An increase in the limit while maintaining the same spending will lower your utilization rate, and may raise your credit score.

For example, if you spend $1,000 a month on a card with a $4,000 credit limit, your utilization rate is 25%. But, if you request a credit limit increase and receive a new line of credit at $5,000, your utilization rate will drop to 20% as long as you still spend $1,000 a month.

Increased buying power. Your current credit limit may not be enough to cover the cost of large purchases, and that’s where a credit limit increase can come in handy. An increase in your credit limit can provide you with the buying power necessary for large purchases. However, take your increased credit limit with a grain of salt. While it can be tempting to spend more, keep new purchases to a minimum and pay them off as soon as possible so you avoid interest charges.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Alexandria White
Alexandria White |

Alexandria White is a writer at MagnifyMoney. You can email Alexandria at [email protected]

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Reviews

Review of Edward Jones CD Rates

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

What are brokered CDs?

Edward Jones offers brokered CDs, which are a bit different from the standard bank-issued CDs that most investors are familiar with. Bank-issued CDs, as the name implies, are issued by individual banks for their customers. Since Edward Jones is a broker and not a bank, it cannot issue its own CDs. Instead, the firm offers a range of CDs issued by other banks and thrifts but sold via Edward Jones.

For the casual investor, it can be hard at first glance to tell the difference between bank-issued and brokered CDs. However, there are some important distinctions:

  • No early withdrawal penalties: Brokered CDs don’t have early withdrawal penalties. If you need to get out of your CD, you can usually sell it back to another investor through a brokerage firm. This means that brokered CDs carry some additional risk, as the price of these CDs may fluctuate on the open market.
  • Higher APYs: You can often get higher yields on a brokered CD than with a bank-issued CD. Brokers are able to negotiate higher CD rates since they can guarantee a large pool of buyers to CD issuers. In the era of online banking, however, even brokered CDs do not always garner the absolute highest rates.
  • Longer-term options: Brokered CDs often have longer-term options than are available with traditional bank-issued CDs, which are generally short-term investments only.

CD rates from Edward Jones

Edward Jones offers a fairly comprehensive range of CD maturities, ranging from three months to 10 years, although the firm doesn’t offer 6-year CDs, 8-year CDs or 9-year CDs. Rates and availability change frequently, oftentimes daily. The longer-duration CDs offered by the firm aren’t traditionally available at banks.
Edward Jones CD Rates
TermMinimum deposit to earn APYAPY
3 months$1,0001.95%
6 months$1,0002.00%
9 months$1,0002.00%
1 year$1,0001.95%
18 months$1,0001.90%
2 years$1,0002.05%
3 years$1,0002.15%
5 years$1,0002.20%
7 years$1,0002.45%
10 years$1,0002.60%

For all maturities, Edward Jones requires a $1,000 opening deposit, which is the same minimum required to earn the stated APY. As these are brokered CDs, there is no early withdrawal penalty. However, investors are subject to current market prices if they need to get out of a CD prematurely. If interest rates have risen since the date of purchase, you’re likely to get less money back than you originally invested in the CD.

One important difference between Edward Jones CDs and standard bank-issued CDs is that interest does not compound with Edward Jones CDs. All interest is paid directly into a money market or insured bank deposit at Edward Jones, unless you request it to be distributed. Either way, you can’t reinvest your distributions into your existing CD.

Unlike some banks, Edward Jones doesn’t offer any type of hybrid or alternative CD, such as a step-up CD or an adjustable-rate CD. There are also no bonus APR CDs available at the current time, just standard rates. Edward Jones also does not offer special rates for jumbo CDs, which traditionally require a $100,000 deposit. However, you can use the firm’s wide range of CD maturities for certain CD strategies, such as building a CD ladder. You can also buy their brokered CDs in an IRA.

Unlike bank-issued CDs, the brokered CDs offered by Edwards Jones do not automatically roll over into new CDs. At maturity, the banks that issued the CDs pay the proceeds to Edward Jones, which then forwards the money to your account. At that point, you can either select a new brokered CD to purchase, or keep the funds in your Edward Jones money market or insured bank deposit account.

How to get CDs from Edward Jones

You’ll need to open a brokerage account at Edward Jones to buy any CDs. The account minimum to open is $0, but as Edward Jones is a full-service brokerage, you’ll need to go into a branch and visit a financial advisor to open an account. There is no facility to open an account online.

You can open your Edward Jones account as rapidly as you can fill out the paperwork and fund the account. As soon as your deposit clears, you are free to buy a CD through your Edward Jones broker. If you change your mind, you can generally withdraw your funds within 4-6 business days after deposit, although this hold period may extend to 11 business days for new clients. Once you buy a CD, you can sell it at any time on the open market. As noted above, the amount you receive may be less than the amount you originally paid.

LEARN MORE Secured

on Edward Jones’s secure website

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How do CD rates from Edward Jones compare?

Edward Jones CD rates are well above the national average, but they still fall considerably short when compared with the best available rates nationwide.

Unlike with many firms, Edward Jones doesn’t currently have any special-rate CDs, where certain maturities pay dramatically higher rates. Instead, rates at Edward Jones land along a traditional curve, gradually increasing in yield as maturities lengthen.

For example, as of July 3, 2019, the Edward Jones 2-year CD rate of 2.05% is far below the best available 2-year CD rates. Three-year CD rates top out nationally at 3.00%, but Edward Jones pays 2.15%. The pattern continues throughout the maturity curve, with the top 5-year CD rates nationally hitting 3.00% or more, while the 5-year at Edward Jones pays 2.20%.

As such, all rates at Edward Jones fall in the general area of being well-above national averages but still notably short of the best available rates.

Overall review of CDs from Edward Jones

You won’t be wasting your time investing in CDs from Edward Jones, as you’ll be earning rates far above the national averages. You’ll also benefit from the ability to construct a CD or overall investment strategy with the assistance of a full-service advisor. However, if you’re looking for the absolute best CD rates for your money, there are plenty of online banks that can pay you a higher rate.

CD investors who like a wide range of products may be disappointed at Edward Jones, as popular options such as step-up or no-penalty CDs are not currently available. However, Edward Jones CDs do benefit from offering brokered CDs. This provides a range of flexibility that standard bank-issued CDs cannot offer, as you can liquidate your CD position at any time without paying an early withdrawal penalty.

The bottom line is that yield-hungry investors that enjoy managing their own portfolios may be better suited at any number of online competitors. Those looking to incorporate decent-yielding CDs into their overall investment portfolio with the help of a full-service broker might prefer working with Edward Jones.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

John Csiszar
John Csiszar |

John Csiszar is a writer at MagnifyMoney. You can email John here