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In this report
Online Banking: Ratings of Sources
Total of 21 Sources
For an explanation of how we rank reviews, see our ratings criteria page.
Keynote Scorecards for Financial Services/Banks
by Editors of Keynote Systems, Inc.
by Editors of Keynote Systems, Inc.
Our AssessmentThese are the most comprehensive current ratings of banks and other financial institutions that we found. The report ranks 24 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 24 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.
The 2010 State of Online Banking Report
by Marc Trudeau
by Marc Trudeau
Our AssessmentThis report by a reputable analytics firm is based on a survey of more than 2,500 people conducting online banking at top U.S. banks. Trends are well-covered, since the 2010 results are compared with those from previous years (the first report was in 2006). Editors note that customer satisfaction in banks has slipped recently, and that growth in online banking is stagnating, despite Americans' increasing reliance on online banking. The biggest five banks are ranked by overall customer satisfaction, plus separate rankings for satisfaction specifically with the banks' websites. PNC Bank and Wells Fargo tie for first place.
2009 Best List: Credit & Banking
by Editors of Kiplinger.com
by Editors of Kiplinger.com
Our AssessmentThis reasonably current review recommends the best credit cards and banks for various types of customers. For checking accounts, Schwab is the winner for the second year in a row. For online savings, editors recommend Ally Bank. 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.com carries a lot of credibility.
Banks
by Editors of The American Customer Satisfaction Index
by Editors of The American Customer Satisfaction Index
Our AssessmentThis chart shows historical and 2009 customer satisfaction ratings for 16 banks. Internet-only banks aren't included, but the chart does help to rank big banks with online services. For example, Wells Fargo gets higher average ratings from customers than Chase and Citigroup, which in turn outrank Bank of America.
High-yield Checking: A Good Bet
by Laura Bruce
by Laura Bruce
Our AssessmentThis review evaluates high-yield checking accounts, recommending two banks that make the accounts available nationwide plus one credit union available only in nine counties in Florida. The reviewer concludes that if you can meet the activity requirements of these accounts, they're well worth using. Clearly, the ratings here are outdated, but the general information is solid.
Best Online Banking Options
by Editors of ConsumerReports.org
by Editors of ConsumerReports.org
Our AssessmentConsumerReports.org offers this overview of online banks, complete with rankings, free to non-subscribers; it is about a year old. ConsumerReports.org's editors balance rates with terms and services in evaluating the banks on their list. Online-only banks offer better rates, they say, but the gap between those banks and brick-and-mortar banks has closed considerably.
7 Great Online Bank Deals
by Laura Cohn
by Laura Cohn
Our AssessmentThe pros and cons of some top online-only banks are listed in this Kiplinger.com article, with data on interest rates and fees supplied by Informa Research Services. However, these rates may have changed in the meantime, which the piece's author, Laura Cohn, says is likely. Ally Bank, ING Direct and Salem Five Direct get the most praise.
Online Banking Website Reviews
by Editors of StarReviews.com
by Editors of StarReviews.com
Our AssessmentStarReviews.com maintains a ranked list of online banks with links to reviews. The site appears to be updated regularly, though some reviews are more recent than others. Bank of America gets the highest rating, followed by ING Direct. Washington Mutual, the third-place choice, is now part of Chase (ranked fourth), which gets its own separate review. There is some evidence of testing the user experience, despite the focus on features and rates, and readers' comments are posted.
Get a Better Bank
by Editors of BankFox.com
by Editors of BankFox.com
Our AssessmentBankFox.com allows easy comparison of banks and bank accounts, with customizable search parameters. While there are no editorial reviews, customers post feedback on most banks, which makes up their star rating. Charles Schwab ranks highest among online, high yield checking accounts, while ING Direct scores well in savings accounts.
Web Resources for Tough Times
by Anna Vander Broek
by Anna Vander Broek
Our AssessmentThis detailed review discusses SmartyPig savings accounts, explaining how they can offer an unusually high rate of interest and still provide extra services.
Putting Your Money Where Your Mouse Is
by Joseph De Avila and Jane J. Kim
by Joseph De Avila and Jane J. Kim
Our AssessmentThis older 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 MoneyAisle.com with BankRate.com using only one search.
Best High-Yield Money Market & High-Interest Savings Account
by J. D. Roth
by J. D. Roth
Our AssessmentThis 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 1,400 comments from the blog's readers over at least three years. Other articles here on online banking are also of interest. For example, one is titled "Should I Chase Higher Interest Rates?"
Bank and Financial Reviews
by "Michael"
by "Michael"
Our AssessmentUnlike most blog reviewers of online banks, this one actually tests all seven of the banks reviewed, by opening accounts and maintaining them. The banks aren't explicitly ranked, but the reviews are detailed, with frequent updates, and various aspects of service are rated on a 5-point scale. 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 (now HSBC Advance) and Capital One. These reviews haven't been updated in about two years.
Top Online Banks: Savings or Checking Accounts
by Jim Wang
by Jim Wang
Our AssessmentFour 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. The article is undated, but a rate chart appears to be regularly updated. A great many readers have added comments, but some of them report information that's apt to be obsolete.
Savings, Checking, CD Rates
by Editors of eMoneyCentral.com
by Editors of eMoneyCentral.com
Our AssessmentThis 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 site includes charts showing interest trends for each bank as well as user-written ratings and reviews. 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.
Banking
by Jeanhee Kim
by Jeanhee Kim
Our AssessmentForbes.com 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.com, 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. Two banks that have been merged with Chase, Bank One and Washington Mutual, are also in the list, as is Commerce Bank, which is now TD Bank. The reviews include useful details, but it's not clear how much they still apply.
Bank Deals -- Best Rates and Deals
by "Banking Guy"
by "Banking Guy"
Our AssessmentThis blog is 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." The DepositAccounts.com blog is updated frequently with banking news, though not reviews. One recent post weighs the benefits of reward checking accounts with lower balance caps.
High-Interest Checking Accounts
by Editors of BankVibe.com
by Editors of BankVibe.com
Our AssessmentThe section of this "banking portal" site on high-yield "reward" checking accounts seems current, identifying several accounts available nationwide. However, the interest rates posted in the section on savings accounts are outdated, and the selection of banks seems too often to be based on "what came into our inbox." 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.
Best Online Banks: Savings and Checking Accounts
by "Raymond"
by "Raymond"
Our AssessmentThe interest rates in this review aren't current, but the basic descriptions are still relevant. Full reviews of each of the nine 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. Ally Bank comes next, though the rationale behind the rankings of banks lower down the list isn't clear. The author is a lawyer who started this blog out of general interest in finance and banking.
SmartyPig Review: With Less Fees, Are Piggy Banks Back?
by "Jonathan"
by "Jonathan"
Our AssessmentThis 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 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.
Online Banking 101
by Justin Pritchard
by Justin Pritchard
Our AssessmentThe 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, though the review of GMAC Bank, now Ally, suggests that the site hasn't been updated in some time. 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.
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