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How We Rate and Select Top Online Banks and Financial Institutions

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How We Rate and Select Top Online Banks and Financial Institutions
BestMoney Staff
Bestmoney Staff
Jan. 29, 20253 min read
We’ve created the following process to identify the most suitable online banking companies for your needs and deliver on our mission to help you make informed decisions.

Online Banking Review Categories

Our team of seasoned writers, editors, and experts evaluate and rate debt consolidation services across the following five categories, using the detailed criteria for each category outlined below. 

Availability

  • In how many U.S. states does the financial institution offer online banking services?

  • What types of online banking services does the company offer? Do they provide core banking products, like savings and checking accounts? Do they offer ancillary products, like debit cards, credit cards, investment accounts (like certificates of deposit and money market accounts), and personal loans?

  • Does the company impose strict income or credit requirements on its core online banking products?

Rates and Fees

  • APY Range: What, if any, is the annual percentage yield (APY) associated with the financial institutions’s online savings, checking, and other banking accounts? Is this range above, below, or in line with industry standards?

  • Fees: Does the company charge banking fees, including but not limited to monthly maintenance fees, ATM fees, stop payment fees, overdraft fees, paper statement fees, and more? If so, are these fees above, below, or in line with industry standards? Are there options for fee waivers?

  • Account minimums: Does the financial institution require a minimum deposit to open a checking, savings, or investment account? Does the financial institution require a minimum balance to keep accounts open, avoid fees, or earn interest?

  • Rewards: Does the financial institution offer rewards on spending? Do they provide sign-up or annual bonuses to incentivize opening, funding, and using an account?

User Experience

  • Transparency: Are all products, rates, and fees readily available on the company’s website?

  • Application Process: How easy (or hard) is the online application process? How long does it take to fully apply for and open an account?

  • Access Points: Does the online bank offer access to brick-and-mortar branches and ATMs? If so, how expansive are these networks? How long does it take to withdraw money from the account? 

  • Mobile App: Does the financial institution offer a mobile app? If so, how well-rated is the app in the Google Play and Apple app stores?

  • Features Range: Does the financial institution offer key online banking features via an app or website? These features include but are not limited to, account monitoring, alerts, remote deposit capture, online bill pay, fund transfers, withdrawals, and advanced budgeting tools.

Safety and Security

  • Are the financial institution’s banking products insured by the Federal Deposit Insurance Corp. or the National Credit Union Administration?

  • Are its online banking portals, websites, and mobile apps encrypted?  

  • Does the financial institution offer advanced online banking security features, like two-factor authentication, substantial password requirements, fraud alerts, PIN and security questions, select certifications, regular software updates, and enhanced account verification?

Customer Service

  • How many years has the financial institution been in business?

  • What is the financial institution’s Trustpilot score?

  • What is the financial institution’s Better Business Bureau (BBB) rating, accreditation, and customer review score?

  • How can a banking account holder contact the financial institution to troubleshoot issues? Is there an email, phone line, and chat function? Are customer service representatives available 24/7 or are customer support hours limited?

  • When tested by our experts, how quickly does the financial institution respond across these customer service channels?

  • Are there common themes among negative feedback obtained through personal experience, expert insight, or user reviews? If so, what is their breadth and scope?

  • Are there common themes among positive feedback obtained through personal experience, expert insight, or user reviews? If so, what is their breadth and scope?

Rating and Reviewing Debt Consolidation Companies

Our experts score online banks, credit unions, and other financial companies in each review category on a scale of one to 10 based on their performance against the detailed criteria. One is considered the lowest score, and 10 is the highest score. We average those scores to determine our BestMoney Editorial Score.

Financial institutions with a high BestMoney Editorial Score are considered for our top online banking picks. We may also include a financial institution for this list if it offers industry-leading terms or features, like a high annual percentage yield, a top-rated mobile app, or an expansive ATM network.

Disclaimer:

The information and rates provided in our reviews are based on publicly available data and sample evaluations at the time of review. Rates, fees, terms, and availability may vary depending on the financial institution, your location, and individual circumstances. We recommend verifying current rates and terms directly with the financial institution and consulting with a financial professional for personalized advice tailored to your needs.

BestMoney Staff
Written byBestmoney Staff

Our editorial staff consists of writers who are knowledgeable about financial services. We specialize in simplifying the process of choosing the right provider for your needs.

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