Chase and Ally Win Best Bank Honors: MyBankTracker

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 and interest rates

Jan 26, 2016, 08:00 ET from MyBankTracker

BROOKLYN, N.Y., Jan. 26, 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 top online bank in Q1 2016.  

"We really wanted to recognize traditional banks that had large reach or created products that didn't tie consumers to a particular region due to the growth of mobile," says Alex Matjanec, CEO and co-founder of MyBankTracker. "We also looked at how traditional and online banks improved their digital experiences."

Chase Bank, the consumer banking subsidiary of multinational JPMorgan Chase, won, the judges determined, it is well-rounded, excelling in multiple key areas. Chase has more than 5,655 branches and 18,000 ATMs nationwide (thanks to its partnership with Duane Reade pharmacy), making it highly accessible. In the past year, Chase has improved its mobile apps to increase protection with fingerprint recognition technology, introduced a new app for its Freedom card to maximize points as well as upgraded its Ultimate Rewards website to better manage points earned. The bank also recently rolled out in-branch terminals that can handle most banking needs. Chase comes with a strong MyBankTracker Rating of a B+.

Ally is a unit of Ally Financial. It boasts a raft of digital services, but no branches. It is a three-time winner of the Best Online Bank award due to its strong online and mobile banking, as well as consistent competitive rates when compared to other online banks. Ally's policy of no maintenance fees, and $0 minimum balances allows it to keep its A+ rating with MyBankTracker and 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

Methodology

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.

About MyBankTracker:

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. Rebuild your finances, rebuild the world.

 

SOURCE MyBankTracker



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