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Online Banking: Ratings of Sources

Total of 20 Sources
1. Keynote Systems
May 9, 2012
Keynote Scorecards for Financial Services/Banks
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 the subcategory rankings for the top five banks can be viewed for free.
2. ComScore.com
Feb. 2, 2012
The 2011 State of Online and Mobile Banking Report
by Sarah Lenart and Nathan Frederiksen
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. The five largest banks are ranked by overall customer satisfaction, and satisfaction specifically with the banks' websites. The 2011 results are compared with those from previous years, so trends are highlighted. PNC Bank tops the rankings in both categories for 2011. Among regional banks and credit unions, BB&T, Navy Federal, USAA and Key Bank customers reported the highest satisfaction levels.
The Gap Widens Between Banks and Credit Unions
by Editors of The American Customer Satisfaction Index
Our AssessmentThis commentary is linked to a chart that shows historical and 2011 customer satisfaction ratings for the largest banks. Internet-only banks aren't included, but the chart does help to rank big banks with online services. For 2011, Citigroup gets the highest average rating. As the commentary notes, however, in the past several years none of the big banks has customer satisfaction levels as high as those of smaller banks and credit unions.
4. PCMag.com
Nov. 8, 2011
Five Great Internet Banks
by Eric Griffith
Our AssessmentReviewer Eric Griffith recommends the five best Internet-only banks. Recommendations are based on information and reviews from multiple sources, including BankRate.com, CNNMoney.com, MyBankTracker.com, and a previous version of the Online Banking report at ConsumerSearch.com. The reviewer explains that online-only banks can offer better rates and fee structures since they don't have to maintain brick-and-mortar branches. Listed banks include Ally Bank, ING Direct, PerkStreet Financial, Connexus Credit Union and Bank of Internet USA.
5. Kiplinger.com
Dec. 2010
Best Online Banks
by Joan Goldwasser
Our AssessmentBased on data supplied by Informa Research Services, this article highlights six "standout banks," each of which offers checking accounts with free online-banking and bill-paying services, low fees and high interest rates. The rates given here may have changed since the article was published, however, so the author cautions that consumers should recheck them before taking any action. The banks cited here include Evantage Bank, Westfield Bank, Ally Bank and ING Direct. USAA is identified as having outstanding mobile banking, while PNC's Virtual Wallet is picked as the best combination checking and savings account.
6. Kiplinger.com
Dec. 2011
The Best of Everything 2011
by Editors of Kiplinger's Personal Finance magazine
Our AssessmentThe 2011 Best of Everything list from Kiplinger.com lumps everything together instead of separating them by categories. Two bank accounts appear on the list. Sallie Mae, according to the editors here, has the best money market account, while Charles Schwab has the best no-fee checking account. The brief write-ups mention only the rates, fees and minimums for each account.
7. Kiplinger.com
Dec. 2010
Best of Everything 2010: Best Credit and Savings Deals
by Kiplinger Washington editors
Our AssessmentSallie Mae is cited on this list of credit card and savings deals as having the best online savings account. The brief review notes that the Sallie Mae savings account has "no monthly fees and a respectable rate."
8. MyBankTracker.com
As of June 2012
Top Consumer Rated Banks
by Editors of MyBankTracker.com
Our AssessmentRatings and rankings of banks on this site are based mainly on customer reviews; you can post your own review of a bank while you're at it, in fact. There's an "overall" rankings chart as well as one for online-only, traditional, and full-service banks. Banks also get a report card that rates their financial health, average customer reviews, bank fees, interest rates and remote deposit access. Top banks overall include PerkStreet Financial, USAA and ING Direct.
9. ConsumerReports.org
Feb. 2012
Bank Accounts: More Fees Are Coming. How To Fight Back -- or Flee
by Editors of ConsumerReports.org
Our AssessmentThis is an article rather than a review, but it does give information about account fees for the 10- largest banks and the five largest credit unions and is free even for nonsubscribers. There is also a lot of useful information here about how to shop around and keep your costs as low as possible.
10. GoodFinancialCents.com
May 9, 2012
Best Online Checking Accounts
by Kevin Mulligan
Our AssessmentKevin Mulligan writes about personal finance for several websites, including this one. Here he discusses the best online checking accounts, focusing on those that offer the best interest rates and few or no fees. His favorite is Ally Bank, which he describes as "unbeatable right now… it all adds up to being our Best in Class for Online Checking Accounts." PerkStreet Financial is a "close second" for its cash back account. Mulligan also reviews ING's Electric Orange Checking, EverBank's checking options and Schwab Bank High-Yield Investor Checking.
11. CNNMoney.com
Jan. 13, 2012
Yes, You Can Dump Your Bank
by Ismat Sarah Mangla
Our AssessmentNoting that "customers of the 10 largest retail banks are so fed up with rising fees and dismal rates that the institutions stand to lose a combined $185 billion in deposits over the next year," this article recommends alternatives. For your checking needs, the author writes, you can use a brokerage cash account, while SmartyPig is a good option for a savings account. And for your borrowing needs, a credit union may be your best bet; many have loosened their membership restrictions as more customers have flocked to them.
12. TopTenReviews.com
Not Dated
2012 Best Online Only Banks Comparisons and Reviews
by Editors of TopTenReviews.com
Our AssessmentTopTenReviews.com has a handy comparison chart that lets you see the features, requirements, restrictions and kinds of accounts offered by the 10 banks included in it. The reviews are based mainly on this type of information; in addition to the chart, there's a full review of each bank. Flagstar Direct gets the No. 1 ranking followed closely by iGoBanking.com, and then E*Trade, Citibank and USAA, which all get essentially the same overall rating. It's worth noting that neither Flagstar Direct nor iGo Banking gets outstanding ratings in any of the other reviews we looked at.
13. GetRichSlowly.org
Updated on June 8, 2012
Which Online High-Yield Money Market & High-Interest Savings Account is Best?
by J. D. Roth
Our AssessmentThis review is from a site named "the most inspiring money blog" by Money magazine in April 2008. It carries extra credibility since it's based not only on the reviewer's online research, but on nearly 1,800 comments from the blog's readers, dating back to 2007. The site now offers daily rate updates, and it provides a list of six banks that offer savings or money market accounts with "excellent customer service, great rates, and a good user interface," based on reader comments. The list includes EverBank, Ally Bank, Sallie Mae and ING Direct.
14. It's Your Money
Not Dated
Bank and Financial Reviews
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. A couple of these reviews have been updated, but others date back to 2008 and so are not very useful.
15. eMoneyCentral.com
As of June 2012
Savings, Checking, CD Rates
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 ratings and reviews. Some banks have hundreds of user reviews, but there are no ratings so you have to read through them all to see whether the feedback is positive or negative.
16. DepositAccounts.com
As of June 2012
DepositAccounts.com Blog
by "Banking Guy"
Our AssessmentThis blog is well-established, started in 2005 -- and has received good press in The Wall Street Journal, USA Today, Money magazine and The New York Times. The author runs several banking blogs, and he 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 and rates being offered by smaller banks, though not reviews.
17. BankFox.com
As of June 2012
Get a Better Bank
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 user reviews and ratings for most banks. Charles Schwab ranks highest among online, high yield checking accounts; ING Electric Orange Checking and ING Direct Orange Savings also get good ratings from customers. Note that the site doesn't appear to have been updated since 2010 so the information might be out of date, though the customer feedback is still useful
18. BankVibe.com
As of Jan. 23, 2012
Checking Account Promotions for New Customers in 2012 (Top 5)
by Editors of BankVibe.com
Our AssessmentAlthough the original blog post was written in January, this website says the promotions it lists as the top five available to new bank customers are still available as of June 2012. The top two offers are from PerkStreet Financial and ING Direct. Current rates for savings and money market accounts and CDs are also posted here. The site itself provides no information about its owners or editors, which lowers its credibility.
19. MyMoneyBlog.com
April 2008
SmartyPig Review: With Less Fees, Are Piggy Banks Back?
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, while this review is older, it generally 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.
20. About.com
Not Dated
Online Banking 101
by Justin Pritchard
Our AssessmentThe About.com guide to banking and loans reviews, but doesn't rate or rank, online banks. The reviews are of uneven quality, and some lack dates -- which makes it hard to know whether 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.)

Online Banking Runners Up:

Ally Bank

4 picks including: Bankrate.com, Kiplinger.com…

Bank of America

2 picks including: Bankrate.com, Keynote Systems…

Wells Fargo

2 picks including: Keynote Systems, ComScore.com…

PNC

2 picks including: Bankrate.com, Kiplinger.com…

USAA Federal Savings Bank

2 picks including: Bankrate.com, Kiplinger.com…

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