Consumers Say These Are the 3 Best Online Banks

Consumers Say These Are the 3 Best Online Banks
Photo by Rawpixel.com / Shutterstock.com

Ditching a traditional branch-based bank for an internet-based bank might be the single best way to snag a higher interest rate.

Online banks tend to have lower overhead costs than traditional banks. That allows them to offer more competitive rates on checking and savings accounts, and on certificates of deposit (CDs).

Using a free online resource like Money Talks News’ account comparison tool will help you see the differences between rates offered by online and traditional banks.

As for which online bank is best for you overall, though, it helps to consider ratings such as those of J.D. Power. Earlier this year, the market research firm rated online banks based on customer satisfaction.

The average overall satisfaction score of online banks was 863 out of 1,000 — 57 points higher than that of traditional banks.

The online banks that earned above-average scores include:

  1. Capital One 360: 867
  2. Ally Bank: 865
  3. Charles Schwab Bank: 863

USAA earned the highest score by far — 893 — but J.D. Power excluded it from its rankings because of its membership requirements. USAA serves military members and their families.

The online banks that earned below-average overall customer satisfaction scores are:

  • E-Trade Bank: 857
  • Discover Bank: 851
  • State Farm Bank: 848
  • Nationwide Bank: 837
  • Bank of Internet: 819

The ratings were based on a poll of about 2,700 bank customers, who commented on five aspects of customer service:

  • Channel activities (such as a bank’s website, mobile app and live phone support)
  • Products and fees
  • Communication
  • New account opening
  • Problem resolution

What’s your take on online banking? Share your experience by commenting below or over on our Facebook page.

Read Next

7 Surprising Ways Retirees Waste Their Savings
7 Surprising Ways Retirees Waste Their Savings

You can make your retirement money last a lot longer by avoiding these costly mistakes

8 Amazon Picks Under $30 for Coffee Lovers
8 Amazon Picks Under $30 for Coffee Lovers

We’ve brewed up a list of amazing Amazon products that are sure to perk you up.

Secret Ways to Save on Netflix
Secret Ways to Save on Netflix

These little-known savings tactics can help whittle down what you pay for your streaming video subscription — every month.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Comments

Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.

Trending Stories