What was most interesting at the ranking of Top 10 online banks released yesterday by GOBankingRates.com, a Bankrate.com challenger, were the companies that did not make the list. That list included some of the more well-known e-banks.
GOBankingRates considered seven criteria for each online bank:
- Checking account fee;
- Savings account yield;
- One-year CD interest rate;
- BauerFinancial Star Rating indicating overall financial strength;
- Whether the bank offered 24/7 customer service by web or phone;
- Whether the bank offered real-time chat with a live representative; and
- Whether the bank offers a mobile app.
Banks were then ranked based on their overall scores.
Interestingly, GOBankingRates did not consider — and this is shocking — the online banks’, er, actual website, its functionality and features. And that means you might want to take the ranking below with more than a pinch of salt. Consider, for example, the No. 6 on the list below, CIT Bank. It particularly offers the bare minimum online features — this is not an online banking investing in its online services.
For what it is worth, the list:
- Ally Bank
- Bank5 Connect
- Discover Bank
- GE Capital Bank
- Synchrony Bank
- CIT Bank
- Sallie Mae Bank
- TIAA Direct
- First Internet Bank
- Barclays Bank
Learn about online banks at Bank Innovation 2015 on March 2-3 in Seattle. Request your invitation here.Like This Post