The awards are based on a review of more than 6,000 banks and credit unions to provide data-driven, comprehensive rankings based on specific categories such as fees, number of branch locations, interest rates and more.
MyBankTracker announced the winners of its quarterly Best Bank awards today, which recognize the best banks in the U.S. across seven major categories. Chase Bank was named the winner in the National Bank category in Q3 2016 and Ally Bank received the honor of Best Online Bank, representing their third and fifth consecutive wins, respectively. In addition to consistency, these accolades emphasize that today’s consumers place a high value on technology and prefer banks that deliver seamless digital experiences.
“Consumers don’t want to visit physical branches, stand in line, or wait for paper statements anymore,” says Alex Matjanec, CEO and co-founder of MyBankTracker. “They want, and even demand, the convenience and transparency that mobile devices are enabling in other aspects of their lives reflected in their banking. MyBankTracker is committed to recognizing the institutions that are embracing this digital shift.”
Best National Bank
Chase Bank is at the top of MyBankTracker’s list of national banks for the third quarter in a row. Chase stands out for the breadth and depth of its product offerings, which appeal to people at all stages of their lives, whether they are opening their first account or managing decades of savings and investments.
Chase provides convenience with its large ATM footprint (15,5000 ATMs) and cultivates customer loyalty with the Ultimate Rewards program. It is also distinguished by a strong focus on innovation, as the bank continues to come out with exciting and useful digital products. Chase has something for everyone and delivers a great all around customer experience.
Best Online Bank
Ally Bank has taken the top billing among online banks for five quarters and counting. Ally provides one-stop online banking in a sleek, user-friendly digital experience. The bank is also a favorite because it offers consistently competitive rates and minimal to no fees, as well as free withdrawals at any of the 43,000 Allpoint ATMs in the U.S. and great customer service. Recently, Ally upped its game by releasing its first ever credit card. Ally stays on top by putting the wants and needs of the modern customer first.
Best Mobile Bank
Simple is a pioneer in the realm of mobile banking, and has maintained its innovative edge for years. The bank offers intuitive design, convenient customer service, Apple and Android pay, and security features, such as the ability to immediately freeze your card if you spot suspicious activity.
In addition, Simple helps its customers manage their finances with easy-to-use features, such as Safe-to-Spend, which provides a more nuanced glimpse into how much you can spend. It not only tracks your balance, but also factors in upcoming bill payments, pending transactions, and savings goals. Simple also enables you to set and monitor savings goals and gain insight into your spending behavior with reports.
This quarter, other Best Bank winners include:
- Best Midsize Bank (Northeast): Capital One
- Best Midsize Bank (Midwest): Huntington Bank
- Best Midsize Bank (South): Woodforest National Bank
- Best Midsize Bank (West): BBVA Compass
- Best Credit Union: Pentagon Federal Credit Union
The MyBankTracker awards criteria looked at banks with more than 1,000 branches for Best Big Bank, while those with fewer were up for Midsize. Credit Unions were scored within their own category, as well as the overall.
The top Checking account selection was based on fees and ease of waiving them, widespread ATM access and branch locations, perks, and consistent interest earned.
For Savings and CDs, awards were given based on consistency of highest yields for national rates first, followed by fees and minimum opening deposits.
Banks eligible for best mobile apps or most innovative mobile experience were selected based on breadth of features and ease of use.
The overall rank for each institution within each category was dependent on how many days in the quarter the institution’s score was among the top 10.