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For an explanation of how we rank reviews, see our ratings criteria page.
by Editors of Keynote Systems, Inc.
These are the most comprehensive current ratings we found. The report ranks 26 banks, many of which provide online banking, based on their overall score. This is based on four factors: functionality, ease… of use, privacy and security, plus quality and availability. In addition, banks are rated on five specific tasks, including opening an account and making a transaction. The full rankings and ratings are available for all 26 banks only for paid subscribers, but they're free for the top five banks. You can also see the overall scores and rankings from past reviews, as far back as 1999.
by Marc Trudeau
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. Editors note that the banks' best source of funds… is from attracting new accounts, leading to various strategies that include high interest rates and cash incentives. Trends in online banking are also covered, since the 2009 results are compared with those from the past two years. The biggest five banks are ranked by overall customer satisfaction, plus separate rankings for satisfaction specifically with the banks' websites. Wachovia, WaMu and Wells Fargo are top rated.
by Editors of Kiplinger.com
This reasonably current review recommends the best online banks in three different categories, with brief descriptions of the top picks. For checking, Schwab is the winner; editors note that you don't have… to be a Schwab brokerage customer to open a checking account. For online savings, editors recommend FNBO Direct. For an FDIC-insured money-market account, top ranking goes to Flagstar's "Express Money Market." The main drawback to this review is that it's not clear how many other online banks were considered, or exactly why these three are considered the best online banks. However, Kiplinger's carries a lot of credibility.
by Editors of The American Customer Satisfaction Index
by Laura Bruce
This recent review evaluates high-yield checking accounts, recommending two banks that make the accounts available nation-wide plus one credit union available only in nine counties in Florida. This site… also evaluates the soundness of banks as of Sept. 30, 2008, giving both banks a four-star rating of "sound." The reviewer concludes that if you can meet the activity requirements of these accounts, they're well worth using.
by Editors of BankRate.com
This site keeps up with current rates and terms for online checking and savings accounts, including certificates of deposit (CDs). Interactive tools identify the top-rated online banks for each service. For… interest-bearing online checking accounts, the chart provides ratings or specifications for APY, minimum balance requirements, service and NSF fees and ATM fees or surcharges. Two of the top three banks recommended for checking accounts earn four-star "good" ratings, while the checking account from Charles Schwab is considered too new to rate. Note, however that these ratings haven't been updated since Sept. 30, 2008.
by Carolyn Bigda
This article is outdated, especially when it comes to interest rates, but still contains some useful information. The author says online banks have come of age, noting that "you make more money and don't… have to jump through hoops to hold on to the cash." She praises internet-only banks for better service, higher rates and fewer fees, compared with brick-and-mortar banks. The article links to Money magazine's top three online banks. E*Trade is cited for its "complete menu of features online at the best rates." HSBC Direct gets points for paying interest on its checking account with no minimum balance. EverBank pledges that its yield will be within 5 percent of other competitors.
by Editors of ConsumerReports.org
We'd rank this review much higher if it were more current. This older, outdated review of banks (so old that it's available free to non-subscribers) ranks and rates brick-and-mortar banks -- including… several that provide online banking. Banks are rated for factors that aren't especially relevant to online banking, though phone service and ATM access can be factors. A separate article discusses how to choose an online savings or money market account, but doesn't recommend specific banks.
by Beth Snyder Bulik
by Brian Bergstein
This review tests MoneyAisle.com, a relatively new auction site where banks compete to offer the highest interest on savings accounts and CDs to win the user's business. The reviewer compares the rates… found at MoneyAisle with those at BankRate.com, in 22 head-to-head tests. MoneyAisle produces a better rate in only four of the 22 comparisons and ties with Bankrate twice. However, the reviewer notes that users have nothing to lose by using both tools.
by Anna Vander Broek
by Joseph De Avila and Jane J. Kim
This review discusses two online banks that include social networking features. Both SmartyPig and PNC bank also include tools to help users manage money. SmartyPig emphasizes savings goals, while PNC… offers checking as well as savings accounts. A brief review by Mary Pilon in the Wall Street Journal blog recommends MoneyAisle.com for finding the best rates for certificates of deposit. However, the reviewer compares Money Aisle with BankRate.com with only one search.
by J. D. Roth
This review is from a site named "the most inspiring money blog" by Money magazine in April 2008. Though the list of top-rated online banks doesn't include any surprises, it carries extra credibility since… it's based not only on the reviewer's online research, but on nearly 1400 comments from the blog's readers over at least two years. Nine additional online banks get brief reviews, and other articles here on online banking are also of interest. For example, one is titled "Should I Chase Higher Interest Rates?"
by "Michael"
Unlike most blog reviewers of online banks, this one actually tests all four of the banks reviewed, by opening accounts and maintaining them. The banks aren't explicitly rated or ranked, but the reviews are… detailed, with frequent updates. The steps and time it takes to open an account are well documented, as are transfer times and customer service. Transfer times turn out to be the deal breaker for the reviewer -- too long for HSBC Direct and Capital One.
by Editors of eMoneyCentral.com
This is another portal site for online bank rates, making it easy to compare interest rates and terms for checking accounts, savings accounts and certificates of deposit. The editors' reviews of the most… popular online banks include charts showing their interest trends. The site also publishes user-written ratings and reviews of many of the banks listed in the charts. Although editors don't rate or rank the banks, this is a good site for finding out about high interest rates offered by banks you might otherwise miss -- and checking users' experience with banks not reviewed elsewhere. The information here appears to be reliable, but we could find no information on who is running this website.
by Alexis Leondis
This article gives an overview of high-yield savings accounts and "reward" checking accounts, noting that many smaller community banks are offering more attractive rates than those offered by better-known… big banks. CheckingFinder.com and MoneyAisle.com are two sites mentioned for finding the best buys at a given time. Over 450 banks get exposure at CheckingFinder.com, based on a database assembled by BancVue, the creator of the reward checking concept. MoneyAisle lets banks bid for a user's accounts.
by Jeanhee Kim
Forbes reviews 18 online banks here, identifying Citibank as the "Forbes favorite" and rating five more as "Best of the Web" picks. Despite the general credibility of Forbes, we rank this site lower because… the reviews are not dated, and the demise of NetBank is not mentioned. In fact, it's among the top six banks recommended here. The reviews include useful details, but it's not clear how much they still apply.
by Jim Wang
Five online banks get recommendations and brief reviews here. The reviewer researches financial topics full time and has been quoted in quite a few national publications, including Business Week and The New… York Times, which adds credibility to his picks. Despite the article's date, the interest rates seem to have been updated. A great many readers have added comments, but some of them report information that's apt to be obsolete.
by "Banking Guy"
This blog review discusses the savings account at Redneck Bank, after reviewing the "reward" checking account in an earlier post. The article notes that Redneck has two sister banks that offer the same… rates and terms, with links to full reviews of each. It's commendable that the author includes the latest bank ratings in his reviews, from both BankRate.com and Bauer Financial. The weblog is also well established, started in 2005 -- and has gotten good press in The Wall Street Journal, USA Today, Money magazine and The New York Times. The author runs several banking blogs, and does post a disclaimer in which he says that "some links and content on this site are advertisements."
by Dan Nelson
The section of this "banking portal" site on high-yield "reward" checking accounts seems quite current, identifying several accounts available nationwide. However, the interest rates posted in the section… on savings accounts are outdated. The information is still somewhat useful, since the site says the bank rankings are based on account flexibility and customer service as well as interest rates. The site itself provides no information about its owners or editors, which lowers its credibility. Be aware, too, that the "peer to peer" lending recommended here is basically an investment, not an FDIC-insured bank account. A series of review updates also covers the savings and CD auction site, MoneyAisle.com.
by "Raymond"
The interest rates in this review aren't current, but the basic descriptions are still relevant. Full reviews of each of the seven recommended banks include plenty of useful details, often covering more… than one type of account, including both savings and checking accounts. Everbank is "highly recommended" but this seems to be based primarily on an older review in Money magazine. The other six banks aren't rated or clearly ranked. The author is a lawyer who started this blog out of general interest in finance and banking.
by "Jonathan"
This nicely illustrated review of SmartyPig provides details on its features. A link leads to a review of ING Direct, showing how you can set up savings goals there, too. Quite a few readers add comments to… both reviews. The basic recommendations of online savings accounts aren't stellar, since they just repeat the same list available at lots of other blogs. However, this blog includes a large archive of articles on banking, and stays up to date on rates and special offers. An online calculator helps you find out if it's worth moving your account to a different bank.
by "Nickel"
by Justin Pritchard
The About.com guide to banking and loans reviews but doesn't rate or rank five online banks. The reviews are of uneven quality, and some lack dates -- which makes it hard to know whether or not the… information is current. Separate articles cover the advantages and disadvantages of online banking in general. (Note: ConsumerSearch is owned by About.com, but the two don't share an editorial affiliation.)
by Contributors to Bankaholic.com
This site publishes user-written ratings and reviews of nearly 40 banks, many of which are online. It would take a long time to sift through all the comments here, but it could be useful to read the reviews… of two or three banks once you've narrowed your choice. Some ratings and comments are positive, but most are from disgruntled users complaining about slow transfers, declining interest rates or various glitches.
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