What is the best bank for online banking?


Quick Answer

Every year since they opened for business in 2009, Money Magazine has named Ally as the top online bank. The rating system used for making this determination included account options, fees, interest rates, security and customer satisfaction. The Ally Bank website is located at Ally.com.

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Full Answer

Ally Bank does not have any brick-and-mortar buildings or branches, as all of its banking business is conducted online. Interactions with bank representatives occur through instant messages or telephone calls. Talking to an account representative is possible at any time, including nights, weekends and holidays. One of the most highly ranked features of Ally is that there are no fees of any kind. This includes no overdraft or ATM fees.

While there are Ally ATM networks, Ally does not charge customers a fee for using an ATM outside of the network. When customers are charged a fee by the foreign ATM, Ally will refund it at the beginning of the next statement cycle. Ally's interest rates are among the best in the banking industry, according to Money Magazine. Ally offers auto financing, IRAs, savings accounts and checking accounts. A wide range of services, high interest rates, lack of fees and highly ranked customer satisfaction were the reasons Money Magazine chose Ally as the top online bank.

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