10 Best Online Banks of 2017

While brick-and-mortar banks try to compete with online banks by increasing mobile banking services, online banks are countering with enhanced customer service, such as live web chat and 24/7 phone support. This competition for your business means you have more online banking options than ever, so GOBankingRates' annual Best Banks study has identified the best online banks for you.

After evaluating 28 internet banking institutions as part of its Best Banks of 2017 study, GOBankingRates found the 10 best online banks by evaluating their checking account fees, savings account yields, one-year CD interest rates, customer service features and BauerFinancial Star Ratings, which indicate overall financial strength. Here are the top 10 financial institutions for banking online in 2017:

See: Ways Online Banks Are Saving You Money

Ally Bank is the only bank on this list that offers every facet of customer service considered in the study for best online bank:

Plus, you can use any Allpoint ATM for free and get reimbursed up to $10 per statement cycle for other ATM surcharges. For all these reasons, Ally is the best bank online.

Bank5 Connect doesn't provide 24/7 customer support via phone, but customers get access to some of the best online banking features, including live online chat, a mobile app and remote check deposit.

Bank5 Connect reimburses other banks' ATM fees up to $15 per statement cycle. The UChoose Rewards program lets you earn points — redeemable for gift cards, vacation packages and more — for using your debit card.

Methodology: To determine its Best Online Banks ranking, GOBankingRates examined 28 online-only banks that offer products nationally according to the GOBankingRates and FDIC databases, excluding online products offered by institutions with a physical, retail banking presence. No asset threshold was consulted for online-only banks.

Criteria for ranking: GOBankingRates scored each online-only bank from most to least favorable on the following factors: (1) checking account fee, (2) savings account annual percentage yield, (3) 12-month certificate of deposit APY and (4) BauerFinancial Star Rating for overall financial strength. Banks were then scored according to whether they offered the following services, all of which contributed to a single weighting: (5) 24/7 customer service available by phone, (6) live chat service via website with a person, (7) mobile app and (8) remote check deposit. Banks were ranked according to their overall score.

Data was compiled from and verified against BauerFinancial and the individual institutions' websites between Oct. 11 and Oct. 26, 2016. Rates, terms and conditions are subject to change at the discretion of the individual financial institutions.

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 2017 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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This article originally appeared on GOBankingRates.com:

10 Best Online Banks of 2017

GOBankingRates.com is a leading portal for personal finance news and features, offering visitors the latest information on everything from interest rates to strategies on saving money, managing a budget and getting out of debt.