BROOKLYN, N.Y., April 21, 2016 /PRNewswire/ -- 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 won the honor of Best National Bank and Ally was judged the nation's Best Online Bank in Q2 2016. In the Best Mobile App category, Simple took home top pick for its intuitive user experience and broad capabilities. These winners reflect the growing influence that digital and mobile technology have over consumers' banking preferences.
"As we see the number of branches in the US decline by as much as 3.5 percent since 2010 and many of the nation's largest banks closing branches quicker than opening, the role of technology has steadily increased," says Alex Matjanec, CEO and co-founder of MyBankTracker. "Today's mobile apps are making it easier for consumers to complete common everyday banking needs without having to interrupt their day. We have focused on rewarding the institutions who have focused on expanding their offering beyond the main needs."
Best Mobile Bank
Simple, a leader in the growing trend of mobile-first banks, understands that today's customers expect a mobile experience that handles more than just their everyday banking needs. Looking past its beautiful design and finger recognition technology, Simple's app is laid out to give a clear sense of where users' money is going and monitors Safe-to-Spend amounts, a helpful tool for ensuring you're not overspending. What we love most about this app is how it easily handles issues that are known for being cumbersome, like Customer Support. With Simple's app, you can message the bank's representatives to get answers instead of having to call them and use an automated system.
Best National Bank
This is the second quarter in the row that Chase Bank has earned MyBankTracker's pick as Best National Bank. Chase won because it is well-rounded, both in terms of physical locations and digital offerings. Chase has more than 5,600 branches and 18,000 ATMs nationwide (thanks to its partnership with Duane Reade pharmacy), which makes it highly accessible. Chase has also established itself as a leader by making its mobile app features a priority. Chase recently added the capability to view check deposits via the app and was an early adopter of fingerprint recognition technology. Furthermore, Chase has focused on digitizing its branches with new in-branch terminals that can handle banking needs without the help of a teller. Chase Bank comes with a strong MyBankTracker Rating of a "B+."
Best Online Bank
Ally Bank, a unit of Ally Financial, has been MyBankTracker's pick for Best Online Bank for four consecutive quarters. It boasts top notch online and mobile banking services. Its ability to continually offer competitive rates and a continuously improving digital banking experience, without charging any maintenance fees, distinguishes it in the market. Ally continues to be the perfect one-stop banking solution. This has allowed it to keep its "A+" rating with MyBankTracker and maintain its position as Best Online Bank.
This quarter, other Best Bank winners include:
- Best Midsize Bank (Northeast): Capital One
- Best Midsize Bank (Midwest): Huntington Bank
- Best Midsize Bank (South) First Citizens
- Best Midsize Bank (West): BBVA Compass
- Best Credit Union: Pentagon Federal Credit Union
You can find more information about MyBankTracker's Best Bank Awards at: http://www.mybanktracker.com/news/chase-wins-best-national-bank-award
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.
MyBankTracker is an independent resource that helps consumers make smarter banking and money decisions. The platform includes solutions that provide free bank information on more than 6,000 banks and credit unions and 30,000 financial products including savings, checking, mortgage, and general banking fees. It also includes "Best Of" awards and editorial analysis that enable consumers to make more informed choices. MyBankTracker is a leading source and authority in the personal-finance space.
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