Page 15 - Money - November 2018

% S THE INTERNET HAS CHANGED SO MANY

of our daily tasks, so too has it altered
the way we bank.
Americans are busier, clock longer
hours, and work remotely more than
ever before, and the ways we access our
cash have evolved with our lifestyles. Although tradi-
tional aspects like customer service and branch loca-
tions still matter, bank customers today demand optimal
OW MR director at bank consultancy firm Novantas and creator
online and mobile experiences too, says Rob Rubin,
of account shopping website FindABetterBank.com.
“Convenience is always the leading driver,” he says.
MR
“People care about digital features like mobile banking,
mobile check deposit, and peer-to-peer transactions.”
Our research confirms this: 68% of Americans rated
online banking as “very important” in a recent survey
conducted for MONEY by market research firm
Morning Consult. That’s a larger share than for 20 other
-R ER IVE SJ VMWMRK MRXIVIWX services or features, behind only customer service and
fraud protection.
VEXIW ERH FEROMRK HS To find the banks that are mixing modern-day
]SYV EGGSYRXW QIEWYVI YT# convenience with quality products, MONEY analyzed
accounts at more than 175 financial institutions for our
annual ranking of banks. We’ve named 13 winners—
By Alix Langone all of which offer some combination of low fees,
better-than-average interest rates, accessibility, and
and Sergei Klebnikov quality customer service. (See page 75 for how we
picked the winners.)
Illustrations by Wren McDonald Of course, we know few people are jumping at the
prospect of switching banks. Rubin of Novantas says
fewer people than ever are doing so: 7% of households
with checking accounts will switch banks this year,
down from about 14% in 2010. Digital benefits mean
it’s no longer necessary to change banks even after a
long-distance move, and those same digital connections
can make it a pain to break up with your bank.
In fact, the most common reason visitors to
FindABetterBank.com make a switch is that they’ve had
a negative experience, Rubin says. And more than half
of you told Morning Consult that you’re currently
pleased with your bank.
Yet it can pay—literally—to be more proactive.
Banks are reintroducing free checking accounts, but
other fees are ticking up. On the plus side, interest
rates on savings accounts are rising for the first
time in a decade, says Brian Karimzad, founder of
MagnifyMoney, a financial product comparison website.
“It’s really changed the equation in terms of where
you want to park your money,” Karimzad says.
Read on to find the accounts with which you can
dodge fees, grow your savings, and bank with digital ease.

NO VEMBER 2 018 MONE Y. C O M