Top Rated Banks
Some online banks may be better for your financial situation than others. Find the online bank that is the best match for you. Draw from the thousands of online bank reviews from customers to select your online bank.
Online Bank Reviews
3 out of 5 marks
Capital One 360 is certainly a decent online-only bank. But Capital One deserves little to no credit for this. All of the functionality that makes it good was created under the stewardship of ING with the ING Direct brand. Unfortunately, ING was forced to sell off subsidiaries after the European bank crisis, and since C1 didn't (arguably couldn't) create anything nearly as good as ING Direct, they just bought the whole deal.
Nothing has dropped off precipitously since the acquisition, but customer service response times are definitely slower. The audio marketing when on hold is obnoxious as well, as they are trying to ape the casual tone ING Direct pulled off, but their version obviously went through the sausage-making-marketing-machine, and it sounds worse than just being straight up, e.g. a huge bank that is probably not that customer-centric.
Transfer/deposit times are highly variable. This was the case occasionally with ING, but rare. I'd say, depending on the bank, it's about a 30-40% chance you will have to wait the full 5 (7?) business day hold period. PayPal is a notable exception, transfers generally show up next day.
The mobile app has had numerous issues for me. I'm an Android user, so maybe iOS is great. But it was great on Android before the migration.
Basically, it's not getting better, and other online banks are catching up/passing this one pretty quickly. If you have a lot of C1 accounts, maybe this makes sense, but if starting fresh, I'd look elsewhere. The writing is on the wall, IMHO.
5 out of 5 marks
Capital One 360 is a good option for those who are not afraid to walk away from brick and mortar banking to embrace internet banking. The bank's website is super easy to navigate. There are very, very few fees attached to the account. On the couple of occasions, I have had to contact a customer service representative. My issues were resolved to my satisfaction in one call. However, I really do not like the Capital One 360 deposit policy. It's really terrible!
For example, I posted a $250 check via my iPhone yesterday (Wednesday 5/28). None of the funds will be available to me until next Thursday (6/5). Most banks will at least give you a partial credit not so Capital One 360. The first time the bank held my deposit for an inordinate amount of time, which I wasn't expecting and didn't discover until after I had made the deposit, a check was returned and I was charged a $9.00 returned check fee by Capital One 360. I know, it's just $9.00 but still, I can think of no good reason why, in 2014, a bank that touts it's internet savvy and connectivity must take 5 business days to post a deposit.
It doesn't matter if it's cash (via Capital One bank ATM) or check. You will wait an inordinate amount of time to get access to your deposited funds. Why does it take so long to make such a simple ACH transaction? It's the 21st century for goodness sake!! For that reason alone I have seriously considered just using my "regular" checking account exclusively as I have a need to make deposits from time to time, like yesterday. As the reader can see, the Capital One 360 deposit policy sticks in my craw (whatever that is). For now, however, the good outweighs that one very bad attribute of banking with Capital One 360 and so I will try to manage my Capital One 360 banking life with direct deposits.
By the way, this site gave Capital One 360, 5 out of 5 stars -- not me. I would rate them 4 stars.
1 out of 5 marks
I was told by an Agent, that the reason they have to screen so thoroughly is because they can't see their customers. It was a recorded phone call on both ends I might add. What did he mean by this? Capital One beware -- they are ruining your brand!
1 out of 5 marks
I had horrendous experience with Ally bank last week 5/23/2014. They are very unprofessional and outdated. I am a (legal) Immigrant with DHS Approved EAD card to work anywhere I want in US but this idiots won't open a checking account for non-citizens or non-Green Card holders, period. This is direct violation of Department of Homeland Security who issues the approval; but Ally bank clearly mentioned it that they can't open a checking account based on my legal status; which is complete BS.
After applying I had to call them every day to get the status of the application. There is not even a confirmation of application from them to the registered email; which really made me to think about their procedure in first place. Nevertheless I had to call them 4 times in 3 days to get the status and finally they reject my application based on being an Immigrant; which is so inconceivable. First of all this bank is a state-less bank and cannot be reached physically and only you can call them. Even with this big deficiency in their part we (Immigrants who are over 40 Million) live in US try to give them business but this idiots kick us out ruthlessly. Please do not get trap into this shit and keep you money safe in some other bank which has good reputation, professional and is reachable.
3 out of 5 marks
Ally Bank is user friendly!
Rude customer service. If you have a issues better google it you'll have better chances in getting answers.
I'd rather go to a local bank and have zero interest rates. Online experience was better in the 1990's.
4 out of 5 marks
This is a great bank for those that are progressive and want a new way of banking that is innovative and easy but, be willing to accept a little change.
Wonderful user interface.
Easy and fun way to track your money.
Setting goals is a great way to save money. - I wish you could setup start dates.
One of the best banking phone apps I've ever seen.
It really makes personal banking fun.
Great customer service with the app and phone
NO checking - I cant say this is a con. They have ways to send checks from the website. I'd love to be able to write my own. I only write about 10 checks a year. So, maybe I have to try it from the website.
NO Joint accounts. - I'd like to be able to add my wife to my account - She signed up and we links accounts so I can send her money. So this really isn't a HUGE deal.
It takes 7 days for transfers to actually hit my account. This is only in the case if I transfer money from my etrade acct to simple. My paychecks hit my Simple account on payday so no worry there.
I wish they offered a Credit Card - It would be nice to be able to link the credit card to my activity report.
Bank rate. I don't think they offer any type of interest on your deposits. That is probably how they make money.
All that said. This is a great bank if your looking for something that really changes the way you bank. Things are a little different from your traditional bank but, that's why I signed up! Change is a good thing and Simple make banking.. Well... SIMPLE.
3 out of 5 marks
Overall, I like the concept and the level of service. The one issue, which is a big issue, is how long it takes for my checks to be deposited. I mail checks to them once in a while. I live in Miami, FL and I send them to PA. I have also sent checks to a brokerage account in NYC the same day, same way. I did a "test" a few times. The checks going to NYC get there always 2 to 3 days faster than to my Ally account in PA! My honest opinion is that they are getting to PA at the same time and sitting around in someone's batch of work. I know that someone will say "send the check via email" (smart phone deposit), but I receive postal money orders sometimes and you cannot deposit that way, Ally tells me. So, they always blame the post office. I don't think so, it is not them, although we always think it is. My opinion is they need to light a fire under the people's butts at Ally, who make the physical, mail deposits. This part about dealing with them irks me. I have to wait 7 business days to see my deposits in my account. Just a word of advice to anyone thinking of opening a new account with Ally: if you are going to be mailing your checks to the bank, don't hold your breath waiting - you will be dead!
5 out of 5 marks
I love Simple's straightforward, user-friendly approach to banking. The tools that it provides have made me more financially responsible. If I had to list the most useful apps of all time on one hand, Simple would deserve a finger (and not the finger that most other banks deserve!).
- The Safe to Spend feature is amazing. It's almost like placing your money in digital envelopes dedicated to goals such as rent or a food budget. This lets you glance at your account and instantly realize how much you can spend without performing mental math. Yes, most banks let you create separate accounts, but it isn't convenient or practical to create separate accounts for dozens of everyday savings goals.
- As others have said, the customer support is unrivaled. I can always reach a person in the U.S. within seconds if I have an important question about my account. No waiting; no automated tellers.
- You can instantly transfer money to other Simple customers.
- Simple is not for you if you often need to deal in cash. There isn't a convenient way to deposit cash into your account. But I rarely carry cash and I know very few other consumers who use it as their primary medium of exchange.
- Simple handles check sending and check deposits in a way that might not be familiar to you. For sending checks, it deducts the amount of the check instantly instead of waiting for the recipient to cash it. (If the recipient does not cash it, they'll refund the money.) For depositing, you may need to wait a day or two for the money to become available.
I was initially upset about the way Simple handles checks, but it became a moot point because Simple also made me more financially responsible. I've gotten into the habit of saving / investing money and planning ahead financially so that it's no big deal if a check takes a day or two longer to process.
I would strongly recommend Simple to a friend. It's one of the most useful services I've ever seen.
1 out of 5 marks
I have both an american express credit card and the FSB personal high yield savings account. Problem is, the two are not linked! That's correct, you cannot go on the FSB webpage to your savings account and pay directly to your Amex credit card balance. I provided that feedback to the bank and they said they would pass that suggestion to their leadership team, as it makes very good sense! That is insane, and this transfer function needs to be added immediately or I will close my FSB savings account.
1 out of 5 marks
I was given a $50 State Farm gift card as a a gift. Wonderful. I was saving it for an emergency. I finally decided to use it and needed to call in to activate the card. No big deal. The automated system tells me my gift card has declined in value to only $7.50. What! I called and explained to them that I wasn't aware that the card declines in value $2.50/mo if not used within the first 12 mos. There is a conveniently placed activation sticker covering the "fine print" on the back of the card detailing the charges. I spoke to a rep who did nothing, his supervisor declined to reinstate any monthly maintenance fees and a SF review board also denied my request to even get a month or 2 of the fees put back on the card. Had I known the card would lose value, I would have used it right away. I feel the placement of the sticker covering the charges is placed there on purpose so you aren't aware of the fees. I was extremely disappointed that after being a SF policyholder for 30 years, that they wouldn't reinstate a month or 2 of fees. I am in the process of moving all my policies to another ins agency.
I checked other gift cards like Buffalo Wild Wings, Flat Top Grill and TGI Fridays and none of those cards lose value.
Be careful. Know the terms and know State Farm doesn't care!