Breaking Finance News

GOBankingRates Releases Best Online Banks Rankings

The online banking industry has seen a rapid expansion in recent years as more banking customers have flocked to the online banks after discovering the many benefits of online banking. With the large number of online banks available today, it can be difficult to decide which one would be best for safeguarding your hard-earned money. To assist consumers struggling with this decision, GOBankingRates has released their 2015 list of the best online banks for customers. Here are some of the highlights.

Third Place – Discover Bank

Discover Bank was rated third in the best online banks rankings due to its highly competitive interest rates for savings accounts and certificate of deposit (CD) accounts as well as its checking accounts with no maintenance fees. A savings account has a relatively low minimum opening deposit requirement of $500. The bank also offers superior customer service, with 24/7 phone customer service and live chat support. Discover Bank has a mobile app for customers to use on the go and offers mortgages, home equity loans, student loans, personal loans, and credit cards in addition to checking, savings, and investment accounts.

Second Place – Bank5 Connect

Bank5 Connect was rated second in the best online banks rankings because it offers all of the general banking services that can be found at a traditional brick-and-mortar bank. Customers that bank with Bank5 Connect can withdraw cash fee-free from their accounts through the SUM ATM Network, which has thousands of ATMs located across the nation. The bank does not charge out-of-network ATM fees and will reimburse the account holder for ATM fees charged by other banks up to $15 per month. Bank5 Connect has received a BauerFinancial Star Rating of 5 out of 5.

First Place – Ally Bank

Ally Bank was rated the best online bank in the rankings due to its high yields for savings and CD accounts, its maintenance fee free checking accounts, and easy access to customer service representatives. The bank offers a couple of uncommon CD options, including a No Penalty CD that lets you withdraw money with no penalty fees and a Raise Your Rate CD which switches you to a higher interest rate if rates rise during the CD term. Ally Bank also has a mobile app that customers can use to access their accounts when they are away from a computer.

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with's FREE daily email newsletter.