EmailBest Reviewed
Online Banking
- Most flexible online banking Bank of America *Est. $0
- Best online checking account Schwab Bank High Yield Investor Checking *Est. $0
- Best online savings account FNBO Bank *Est. $0
- Online savings for special occasions, events SmartyPig *Est. $0
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Most flexible online banking
- High customer satisfaction
- No fee for over 18,000 ATMs
- Free online checking, no minimum balance
- Free online money-management software
- Phone support not 24/7
- Fees for using other banks' ATMs
- No interest on checking
- Low interest on savings
Bank of America earns top ranking in some of the latest comparison reviews of big banks that offer online banking. Its advantages include a vast network of branches and ATM machines, plus free online money-management software called Bank of America Portfolio. Checking and online bill payments are free with no minimum balance or other special requirements, and the guarantee covers timely bill payments as well as online security. Live phone support is seven days a week but not 24/7. The main drawback is the fee for using an ATM not part of the Bank of America network (*Est. $2 domestic, $5 in other countries). For unlimited reimbursement of ATM fees plus better interest rates, consider Charles Schwab.
We found the most detailed and current comparison ratings at Keynote Systems, Inc., comparing Bank of America with 25 other banks. The 2008 ratings at The American Customer Satisfaction Index and 2009 scores at ComScore.com are also useful, especially since they include historical data showing whether a bank's customer-satisfaction ratings are going up or down. Older ratings at ConsumerReports.org and Forbes.com are partly outdated.
Our Sources
Bank of America earns top ranking, especially for functionality and ease of use, compared with 25 other banks in this recent survey of customer satisfaction. Among tasks, the bank's weak point seems to be what the reviewers call "get service" -- as opposed to making a transaction or looking up information.
Review: Keynote Scorecards for Financial Services/Banks, Editors of Keynote Systems, Inc., March 4, 2009
2. The American Customer Satisfaction Index
Bank of America ranks second only to Wachovia for customer satisfaction in this survey, with a slight improvement for 2008 compared with four previous years.
Review: Banks, Editors of The American Customer Satisfaction Index, 2008
3. ComScore.comDetails/Subscribe
This report (by a well-known consulting firm to financial services) is based on a survey of over 4,800 people doing online banking at 10 of the top banks. The biggest five banks are ranked by overall customer satisfaction, plus separate rankings for satisfaction specifically with the banks' websites. Bank of America now trails the other four big banks in customer satisfaction.
Review: The State of Online Banking, Marc Trudeau, April 2009
4. ConsumerReports.orgDetails/Subscribe
This older review rates brick-and-mortar banks, including Bank of America, on several factors that include some that are relevant to online banking, such as phone service.
Review: Ratings: Banks, Editors of ConsumerReports.org, Sept. 2006
This review of 18 online banks is from a credible source, but is quite outdated. Although Citi.com gets the Forbes Favorite pick, Bank of America is among those earning Best of the Web awards, partly because of its number of ATMs.
Review: Forbes Best of the Web: Banking, Jeanhee Kim
Online Banking Runners Up:
5 picks by top review sites.
4 picks including: Bankrate.com, Forbes…
4 picks by top review sites.