14 multibanking apps tested – only two are “good”

Checking your account balance or transferring money is easy and convenient from your cell phone. If you have several accounts, a multibanking app can be worthwhile. A test of which apps are good.

Multibanking apps can be used to manage accounts from different banks. These apps can come from banks and savings banks, even if you do not have your own account there, but there are also apps that are independent of banks. The magazine “Finanztest” (issue 2/2022) has now rated only two of a total of 14 reviewed multibanking apps as “good”.

The test winners in both major operating systems are the app “Sparkasse Ihre Mobile Filiale” (score of 2.1 for Android and 1.8 for iOS) and the bank-independent app “Finanzblick Online-Banking” (both 2.2). All other apps only scored “satisfactory” or even “sufficient”.

Easy transfers are important

The testers focused primarily on the functions (60 percent). They are what make these apps so convenient: How easy is it to transfer money, check turnover and account balances? How are different devices synchronized, can bills be read in via camera, and is advertising displayed? There were also points for handling and protection of personal data (20 percent each).

The poor performance of apps was often due to negative points for transfer functions. In contrast, there were generally no problems with handling. According to “Finanztest,” people who only occasionally use their smartphones also get along well with the apps. Most apps are also sparing with user data.

Download multibanking apps only from official stores

Many apps in the test are free of charge, while some providers offer free basic products and more functions only in paid variants.

Also interesting: How secure is online banking?

The testers’ security tip: Only ever download banking apps from official sources. For iOS, this is the App Store, and for Android, the Google Play Store. There, the apps are checked for security vulnerabilities. It is also important to keep your smartphone operating system up to date.