Online Banking Reviews

The reviews below are assigned ratings by ConsumerSearch. These ratings are based on credibility in testing, evaluating and identifying the best Online Banking. See our ratings criteria

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Online Banking Reviews Reviewed
Review Ratings	Citation	CS Credibility Rating	Online Banking Ratings Comments on Reviews
1. Money Magazine >> Details/Subscribe	Break the bank: Go online Carolyn Bigda Aug. 3, 2007		Internet-only banks have come of age, says Money magazine writer-reporter Carolyn Bigda. They offer better service, higher rates and fewer fees. "In other words, you make more money and don't have to jump through hoops to hold on to the cash," writes Bigda. The article also 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.
2. Kiplinger Personal Finance >> Details/Subscribe	Online Banks Branch Out Thomas M. Anderson Feb. 2007		This article digs behind the high rates that cyberbanks are now offering. Thomas Anderson finds that though online security has been beefed up, there were a couple of glitches in the past. It takes time for deposits to be posted to an account and there can be hidden fees, such as transaction fees at ATMs. Kiplinger also names the best four banks according to function: ING Direct is called the simplest to use, EverBank has the best online checking account, E*Trade has the best access to funds (with same-day access to deposits) and HSBC Direct has the best overall online savings account.

Online Banking Reviews above this line are significantly better than reviews below.

Review Ratings	Citation	CS Credibility Rating	Online Banking Ratings Comments on Reviews

3. Keynote Competitive Research	Keynote Scorecards for Financial Services/Banks Editors of Keynote Research Dec. 12, 2007		Keynote Competitive Research compiles massive reports that are available for purchase by companies for thousands of dollars. Those companies can then use the metrics to make improvements. The scorecard for Keynote's latest banking study is available online for all to see and includes a summary of the results. Among 27 online banks, Bank of America and Citibank are highest rated overall, based on functionality, ease of use, privacy and security, and quality and availability. The site also lists top performers for various tasks such as "open accounts" and "look up information," but only the top finishers are ranked, and scores are not provided so you can't see if the gap between the banks is large or small.
4. Forbes >> Details/Subscribe	Forbes Best of the Web: Banking Jeanhee Kim Not Dated		Forbes includes reviews for 18 online banks here, but the reviews are not dated, and the demise of NetBank is not mentioned. Citi.com gets the Forbes Favorite pick, and Jeanhee Kim calls Citi.com the "standard bearer of online banking." Kim especially likes the array of banking services and the wide range of free services. Bank of America, ETrade Bank, EverBank, NetBank and Wells Fargo are also commended and earn Forbes' Best of the Web designations. Bank of America's large network of ATMs caught Forbes's attention; ETrade was also singled out for its large number of ATMs nationwide, though check deposits can be slow.

Online Banking Reviews above this line are significantly better than reviews below.

Review Ratings	Citation	CS Credibility Rating	Online Banking Ratings Comments on Reviews

5. Bankrate.com	2007 Checking Study Greg McBride Sept. 26, 2007		This article reports on an extensive survey of 249 institutions, as well as 16 Internet banks. According to Bankrate.com, ATM surcharges for all checking account types have hit new highs. However, Internet banks have considerable advantages compared to traditional banks. Internet banks offer higher yields (2.7 percent versus 0.32 percent for traditional banks) and lower minimums ($562.50 versus $3,316.60 at traditional banks). Fees also keep dropping to record lows. No banks are reviewed or recommended, however.
6. About.com	3 Reasons Not to Use Online Bank Accounts Justin Pritchard Not Dated		Justin Pritchard begins by stating that online banks are "great." He notes a few issues that might affect your decision, however. Customer service is said to be hit or miss with online banking compared to a brick-and-mortar bank. Pritchard notes that check clearing and deposit availability can take longer. He also says that there are occasional website technical difficulties. Lastly, most online banks make it harder to spend your money, which may or may not be a good thing. Pritchard also briefly discusses Emigrant Direct, ING Direct and HSBC online banks, though they aren't rated or endorsed.
7. Newsweek >> Details/Subscribe	Easy Money, a Click Away Jane Bryant Quinn Aug. 21, 2007		Personal finance columnist Jane Bryant Quinn says that convenience, speed and simplicity make online banks a better choice than traditional banks. Far higher interest rates on savings are an added bonus, as well as more interest-bearing checking accounts online. Cyberbanks now offer many other services, such as mortgages, home equity loans and credit cards, so you can have a full menu of financial options. The best online banks offer low costs, simplicity and full disclosure of fees, she adds. No specific online banks are recommended, though.
8. The Wall Street Journal >> Details/Subscribe	Lockdown: Banks Make Online Services More Secure Vauhini Vara Aug. 23, 2006		Online banking services are adding more security features to protect customers from fraud, says Vara. New federal guidelines go beyond just user names and passwords. Some 40 of the top 100 U.S. banks are investing in new online security measures, versus only eight a year ago. Thus, ING now has customers choose images from a menu of pictures so the bank recognizes the customer. ETrade gives customers physical tokens displaying passwords that change. These security changes are making logging in more difficult for banking customers as they try to remember multiple passwords, says Vara. The article lists four banks -- Bank of America, ING Direct, Washington Mutual and ETrade Financial -- and the security measures they've taken. However, these banks are not really reviewed or rated.
9. Consumer Reports >> Details/Subscribe	Online banks: Where to find high rates Editors of Consumer Reports Dec. 2006		This article, which you can read for free on the Consumer Reports website, doesn't review or rate online banks. Rather, it covers online banking basics and considerations. Editors say an online bank really can't replace your regular checking account, but an online savings or money market account can be a great supplement. Consumer Reports does rate national brick-and-mortar banks, but not online banks.

Online Banking Reviews above this line are significantly better than reviews below.

Review Ratings	Citation	CS Credibility Rating	Online Banking Ratings Comments on Reviews

10. Bankrate.com	Online Banking Editors of Bankrate.com May 1, 2006		This primer helps you set up an online bill paying account, put a schedule in place and assess security. The article also discusses the merits of online banking, saying that it lets users bypass the time-consuming, paper-based aspects of traditional banking to let them manage their finances more quickly and efficiently.
11. MSN Money	Go Paperless for Safer Banking Liz Pulliam Weston Not Dated		MSN columnist Liz Pulliam Weston believes that you're safer when you go 100 percent electronic than if you get paper statements. She says that people who bank entirely online can "reduce their chances of becoming identity theft victims by about 10%." There is one caveat, though: Many financial institutions don't offer paperless options. Banks like Citibank, Wells Fargo and Bank of America do, however. Once you go paperless, Weston recommends bulking up on antispam/anti-virus software, monitoring accounts, signing up for e-mail alerts and not falling for phishing.
12. Bankrate.com	Online Banking: A Better Security Bet? Kristin Arnold Feb. 13, 2006		This article says that Internet-related fraud is actually less prevalent than previously thought. According to a study by Javelin Research and Strategy, identity theft victims who monitored their accounts lost only $551 compared to the $4,543 lost when theft was detected from paper statements. The reason, concludes Arnold, is that online banking customers view their accounts twice a month, versus the 30 days for offline customers with paper statements. The study also says that over 68 percent of ID theft and fraud occurred in offline accounts, compared to just 11.6 percent for online accounts.