BROOKLYN, N.Y., July 16, 2015 /PRNewswire/ -- MyBankTracker announced the winners of its first-ever Bank Awards today, recognizing the best banks in the U.S. across seven key categories. These quarterly Awards serve as a definitive guide that help consumers choose the bank that is right for them, providing unmatched transparency and insight into the banking industry.
MyBankTracker is a personal finance hub that provides consumers with all the information they need to make smarter banking decisions. The new Awards feature selects "Best Of" for banks and products based on factors that include consumer reviews, bank health, rates, fees and more. Each category features a winner and runners-up, along with detailed explanations for how the rankings were determined.
"Over the past 7 years, MyBankTracker has monitored personal banking trends, and understands what consumers need to get the most of out their bank," said cofounder and CEO Alex Matjanec. "We are excited to share with our readers these insights when considering their next banking relationship. What differentiates our picks is the level of depth we go to choosing winners - from Lowest Fees on Checking to Most Consistent Rate on Savings, we hope our readers will find banks and products that match their needs."
Categories for Best Banks include Best Online Bank, Best National Bank, and Best Credit Union, as well as Best Picks for Checking Accounts, Savings Accounts, CDs, and Credit Cards. Here is an overview of the winners. You can find the full Awards list at MyBankTracker.com/banks
- Best Online Bank: Ally Bank
- Best National Bank: Wells Fargo
- Best Midsize Bank (Northeast): Capital One
- Best Midsize Bank (Midwest): Huntington Bank
- Best Midsize Bank (South) BBVA Compass
- Best Midsize Bank (West): Bank of the West
- Best Credit Union: Pentagon Federal Credit Union
- Best Checking Account: Radius Bank Radius Hybrid
- Best Savings Account: Ally Bank Online Savings Account
- Best CD: Capital One 360 - 5-year CD
- Best Credit Card: Discover It
An AOL study found that 60 percent of people still choose banks based on friends and family. However, every customer is different and has unique banking needs. Choosing the right bank not only saves consumers money, but also provides peace of mind. MyBankTracker saw a strong need in the market for data-driven, authoritative resources that help consumers easily navigate this confusing landscape. The company will publish Awards every quarter for both banks and financial products.
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. Rebuild your finances, rebuild the world.