Best 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 ING Direct *Est. $0
- Online savings for special purchases SmartyPig *Est. $0
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Most flexible online banking
- High customer satisfaction
- No fee for more than 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 My 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 hours a day. But 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 23 other banks. The 2009 ratings at The American Customer Satisfaction Index and 2010 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 Older ratings at Forbes.com are partly outdated.
Our Sources
Bank of America earns top ranking, especially for functionality and ease of use, compared with 23 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., April 28, 2010
2. The American Customer Satisfaction Index
Bank of America ranks fourth for customer satisfaction in this survey, with a significant drop for 2009 compared with previous years.
Review: Banks, Editors of The American Customer Satisfaction Index, 2009
3. ComScore.comDetails/Subscribe
This report is based on a survey of more than 2,500 people conducting online banking at top American 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 ties for third place in customer satisfaction.
Review: The 2010 State of Online Banking Report, Marc Trudeau, May 11, 2010
4. ConsumerReports.orgDetails/Subscribe
This blog post, available to non-subscribers, rates seven online banks, including Bank of America. It also offers information on security and fees pertaining to banking online.
Review: Best Online Banking Options, Editors of ConsumerReports.org, July 2009
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
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