How we rank for
3% Total Assets
The total assets of a bank determines how large a bank is. Total assets is the sum of all current and non-current assets that the bank owns. For ranking purposes this is an important criteria that will help potential clients to understand not only how large a bank is, but help them to decide who to invest in.
A banks profitability is determined by three categories.
- Return on Assets (ROA) = net profit / total assets
- Return on Equity (ROE) = net profit / total equity
- Cost to Income Ratio (C/I) = total cost /total income
15% Checking Accounts
Since there are variations in checking account features depending on the bank, ranking based on those features seems logical. There are three aspects of the checking account that are analyzed: the required minimum deposit, monthly fees, and whether or not a premium account is an available option. Banks that have low minimum deposits, low fees (or no monthly fees at all), and offer a premium service will earn higher scores. All three checking account features are worth five percent of the overall score.
15% Savings Accounts
Additionally, savings accounts and what they offer to consumers is of great value. Similar to the checking account rankings, there are three aspects of the savings accounts that are analyzed: the required minimum deposit, monthly fees, and whether or not a premium account is an available option. Banks that have low minimum deposits, low fees (or no monthly fees at all), and offer a premium service will earn higher scores. All three savings account features are worth five percent of the overall score.
6% Credit Cards
applying and obtaining lines of credit are another benefit when banking. Some banks offer a wide variety of credit cards, while other keep it relatively simple. For this portion of the score, research will determine if three types of credit cards are available for consumers using a particular bank: student credit cards, rewards credit cards, and premium credit cards. While rates and credit limits will vary, this section of the score simply determines if these options are available.
Borrowing money allows consumers the opportunity to potentially expand their assets. Only some banks offer loans for certain necessities. For ranking purposes, our team is evaluating a bank based on whether or not they offer loans in the following areas: mortgage, auto, home equity, and education.
The ability to invest and plan for the future is another service banks can offer to potential consumers. There are various ways to invest through a bank, whether it is through an IRA, CD, or 401k. Banks that offer investment options in those realms will earn higher scores than banks that do not.
3% Online Banking
Mobile and online banking has become a convenient feature many banks offer. Consumers can login and access their financial information and standing from virtually anywhere. Banks that offer online/mobile banking services will earn the maximum number of points in this section.
For most people having a bank local to where you live/work is a key factor. So not only do we determine how large a bank is in total assets, but are the available near people’s residency. This category is reviewed first by the amount of ATM’s and retail banks provided nationwide, and by how many states each bank is in.
For those banks that are specific to online only, we have a separate ranking criteria specific to online banking and invite you to check out information there.
[criteria title="Glassdoor Rating" percent="2"]
The Glassdoor Rating will provide some insight into how the bank treats their employees (which subsequently reflects in how they treat the consumers in-house). This ranking is based on a five-star scale.
2% Time in Business
A company that has been in business for a long time signifies establishment in an industry. For banks today it is important to have establishment in some way, usually related to time in business, but experience in the industry isn’t the highest factor to judge a company when it comes to banking.
3% Better Business Bureau
The score that comes from the better business bureau has typically been an outside source of reference for us and can be very helpful in many industries. For banks and banking we have added the BBB score as a tiny factor, but nonetheless a verification of a bank’s response(s) to customer complaints.
15% Consumer Reviews
This site is designed to let consumers share their experiences. Given our expertise in many industries and the knowledge that we have gained over the years, we know that some of the most important opinions come from real customers. That is why we have allocated so much of our overall rating to the voice of our validated customer reviews. The Consumer Reviews Score is broken down into three metrics:
- The Average User Score
- Total Number of Reviews
- Total Number of Reviews in the last 12 months
These 3 metrics not only help us understand what consumers are saying, they also help us gain an understanding of volume and recency. All of which are critical to understanding the value of a company in the eyes of the consumer.
Note: this is different from the user score that is displayed on each company profile. The “user score” that is publicly displayed is the average of all user scores published for a given profile.
User Review Moderation
In order to prevent fake and misleading user reviews, BestCompany.com has a review moderation team specifically assigned to moderating all user reviews for all companies listed on the site. This team follows a very specific and strict moderation process that has been designed by gathering learnings from mistakes other major review sites have made in the past.
This moderation process involves a “flag” system where a flag is assessed for each negative attribute associated with a user review. Too many flags result in a disapproval of a user review. Some of the things our moderation staff looks for and assigns potential flags to include:
- Email address verification of the user
- IP address duplication and region check
- User review semantic verification
- Is the user an employee of the organization?
- Is the user associated with a competitor of the organization?
- Foul language of any kind
- Relevance of the content pertaining to the company and the review
As you can probably tell, we take our user review moderation process very seriously. We believe accuracy and authenticity is critical when it comes to user reviews, and as a result we are constantly finding new ways to evolve our user moderation process to make it better. Please note that while we do our best to manually moderate each and every user review, mistakes can be made; however, our dedication to resolving errors in our process is what sets us apart from other review sites in the industry.
20% Expert Review
Along with the criteria points mentioned above, we take into account a variety of other factors that help determine the viability, stability and trustworthiness of a company. As experts, we conduct an extensive research process specifically tailored to each industry that considers many additional factors including:
- Financial Standing of the organization
- The number of industry experts and professionals on staff
- The company’s ability to scale
- Historical revenue/growth
- Past and current lawsuits
- Customer service and transparency
- And much more.
We consider this Expert Review process a vital component of how we rank and review companies. As a result, the factors included are always changing, adapting, and updating. We also reserve the right to voice our expert opinions as a part of each review.