GOBankingRates Announces the Best Banks of 2016 in Fourth Annual Rankings

In a thorough examination of 120 national and online banks, GOBankingRates releases its Best Banks rankings of the best national banks, online banks, checking accounts, savings accounts and CD accounts of 2016

Jan 12, 2016, 07:15 ET from GOBankingRates

LOS ANGELES, Jan. 12, 2016 /PRNewswire/ -- To help consumers find the best bank suited to their needs, leading personal finance and consumer banking website GOBankingRates.com has released its list of the Best Banks of 2016 in the following five categories:

Each of the five categories had a unique methodology based on the most important criteria for consumers to consider when opening an account or switching to a new bank.

Factors included but were not limited to:

  • Interest rates
  • Monthly fees
  • Minimum balance requirements
  • Customer service
  • Accessibility

The top 10 bank options were listed for each of the five category rankings.

For the complete list of rankings and full methodologies, visit:


Standout findings:

  • The average savings account rate from the top 10 banks included in the Best Savings Accounts category is 0.95% APY ― 15 times the average national savings rate of 0.06% APY ― while the average checking account rate from the top 10 banks included in the Best Checking Accounts category is 0.40% APY, which is 10 times the average national checking rate of 0.04% APY.
  • 90 percent of the banks included in the final list for the Best Savings Accounts category offer no-fee accounts, and all of the banks included in the final list for the Best Checking Accounts category are fee-free.
  • 70 percent of the banks included in the final list for the Best National Banks category offer locations across the entire country; the other 30 percent offer locations in multiple states.

Based on the methodologies, 31 banks ranked in the top 10 across the five categories. Some institutions ranked in multiple categories.

The best banks of 2016 are:

Ally Bank



AloStar Bank of Commerce



American Express Bank

Discover Bank

Nationwide Bank

Arvest Bank


PNC Bank

Bank of America

First Internet Bank

Sallie Mae Bank

Bank of Internet USA

First Midwest Bank

Simple Bank

Bank5 Connect

First Niagara Bank

State Farm Bank

Barclays Bank Delaware

FNBO Direct

Synchrony Bank

Capital One

Great Western Bank

U.S. Bank

Charles Schwab Bank


Wells Fargo Bank


To learn more about the important factors to consider when evaluating a new bank or bank account, visit http://www.gobankingrates.com/banking/know-bank-giving-good-deal.

About GOBankingRates

GOBankingRates.com is a leading portal for personal finance and consumer banking information, offering visitors the latest on everything from finding a good interest rate to strategies for saving money, investing for retirement and getting a loan. Its editors are regularly featured on top-tier media outlets, including U.S. News & World Report, Forbes, Business Insider, Daily Finance, Huffington Post and more. It specializes in connecting consumers with the best financial institutions and banking products nationwide.


Connie Lundegard, Media Relations 
310-297-9233 x112

Disclosure: GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack, Inc., an online marketing company serving top-tier banks, credit unions, and other financial services organizations. Some banks mentioned in the Best Banks of 2016 survey are clients of ConsumerTrack, Inc., which serves more than 100 national, local and online financial institutions. Rankings are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement.

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SOURCE GOBankingRates