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4350 La Jolla Village Drive, Suite 140
San Diego, CA 92122

Bank of Internet USA is one of the first banks worldwide to offer banking services, namely deposit accounts and loans, exclusively on the Internet. The bank is registered with the FDIC as a savings and loan association and recently changed its name to Bank of Internet Federal Bank, though still maintaining its banking brand as Bank of Internet USA.

The bank offers straightforward deposit products and mortgage loans for individuals and businesses. Its personal deposit products include two checking accounts, a savings account, a Money Market, and Certificates of Deposit (CDs).

The online bank’s reward checking account offers a competitive rate of interest, free checks, a free debit card, unlimited ATM reimbursements, and free mobile deposit to name a few features. B of I offers several ways to earn different amounts of interest basis points on its reward checking, including direct deposits and debit card purchases. The other checking option is a high interest account that comes with a monthly fee unless a minimum daily balance requirement is met. The high interest checking account offers a great rate of interest and a number of free features that make a convincing case for an Internet-only checking account.

A high-yield savings account is offered and provides a competitive rate of interest with no monthly service fees or minimum balance requirements. The savings account also comes with a free ATM card, free mobile deposit, and free FinanceWorks financial management software. Money Market accounts offer increasing rate thresholds as account balances increase and come with unlimited check writing and an ATM card. Certificates of Deposit (CDs) are available in term lengths ranging from 3 to 60 months and have a minimum initial deposit requirement. B of I also offers a business checking account that has been recognized by in the past.

Bank of Internet USA online banking provides a secure and dynamic platform on which account holders manage their deposit accounts. Various tasks like Bill Pay, mobile deposit, funds transfers, and viewing transaction history can be completed easily through the web-based system. Mobile banking is also available and consists of a mobile-optimized website and mobile banking apps that make account management tasks easy and convenient to complete via smartphone or tablet devices.

Bank of Internet USA was originally established in 2000 and is headquartered in San Diego, California. The bank is a subsidiary of Bank of Internet Federal Bank and operates exclusively online, which allows it to offer some of the best interest rates in the country.

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RUN AWAY AS FAST AS YOU CAN! Lie to you in a minute. Will not return phone calls. Missed closing dates. BAD BAD BAD.

I've Been With Bank Of Internet Since 2003 And The Bank Served Me Well Until Now When I Ran Into A

I've been with Bank of Internet since 2003 and the bank served me well until now when I ran into a situation where I lost my checks.  Unlike other banks and credit card companies where they immediately freezed or placed restrictions on my account and issued me a new number without loosing my account history and settings, Bank of Internet's method was to close my account and open a brand new one, which is very painful process with BOI since they take extreme precaution when opening an account.  You would think they would make it less painful for me considering I'm a long-time customer and the situation I am in.  Furthermore, customer service's attitude was non-caring with no urgency during this traumatic time for me. 

My Experience

I researched checking accounts that paid the best interest, without alot of hassle (i.e. membership to credit union etc). I chose Bank of Internet because they offered a 1.25% rate with minimal requirements (bill pays, POS debits per month) as well as allowed the highest rate on a balance of up to 150K.  Most banks were capping the balance at 25k or less.

Anyway, I have read the other comments and have to completely disagree with some of the negative ones.  I have had a great experience so far (9 months in) and expect that to continue.  The customer service folks are pleasant and reactive to my questions, the account is easy and hassle free.  But the bottom line for me was the interest rate.  It is the best rate with the highest balance allowed that I've found.

I've actually consolidated all of my money markets and savings to this account as I like my money to be available, not tied up in a CD or other "timed" investment.  But again, the rate is great compared to some of the other big name depositors out there.



Excellent Service Glad I Made The Switch To Bank Of Internet

I recently made the swith to Bank of Internet a little over a month ago. It has been extremely helpful in saving valuable time on the way I use to do my banking. The main thing for me is I typically don't like to change. The problem is I see so many baks making changes that I knew it was time to get an online checking account. So after doing some research and recognizing the longevity Bank of Internet has been around I felt comfortable. I did some further research looking into their financials and noticed that they are not a private bank but owned by BofI that trades on the stock market. I really wanted to look into who I was going to put my money with after the last few years of banks closing. I noticed they had record earnings recently reported and their stock has been going up this year hitting new highs. This made me a lot more comofortable. I figured if they are able to do well they must be making a lot of people happy. I typically am not one to write a review but after seeing some of teh recent reviews I felt that it was important to share my truth about my experience of Bank of Internet. I really don't think most people take the time out to write something good. They just keep enjoying the benefits but people tend to enjoy complaining. Anyway Bank of Internet helped me get over the fear of change and I am very happy that I did. I have receommended Bank of Internet to some of my collegues and will continue to do so as long as they take care of me.



Data for Q4 2013

Institution Health


Texas Ratio


The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of December 31, 2013 Bank of Internet USA had $17.43 million in non-current loans and owned real-estate with $325.9 million in equity and loan loss allowances on hand to cover it. This gives Bank of Internet USA a Texas Ratio of 5.35% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend


The Texas Ratio for Bank of Internet USA decreased dramatically from 8.93% as of December 31, 2012 to 5.35% as of December 31, 2013, resulting in a positive change of 40.11%.This indicates that the balance sheet and financial strength for Bank of Internet USA has improved dramatically in recent periods.

Deposit Growth


In the past year, Bank of Internet USA has increased its total deposits by $428.03 million, resulting in 21.64% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Bank of Internet USA has shown is excellent.



Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Bank of Internet USA has $3.56 billion in assets with $325.9 million in equity, resulting in a capitalization level of 9.14%, which is average.

Institution Statistics

FDIC Certificate #35546
Year Established2000
Primary RegulatorOCC
Assets and Liabilities
Assets$3.56 billion
Loans$2.86 billion
Deposits$2.41 billion
Equity Capital$310.70 million
Loan Loss Allowance$15.20 million
Unbacked Noncurrent Loans$16.28 million
Real Estate Owned$1.14 million
Historic Data - December 2012
Assets$2.87 billion
Equity Capital$238.31 million
Loan Loss Allowance$11.45 million
Unbacked Noncurrent Loans$16.28 million
Real Estate Owned$1.45 million
Profit Margin - Quarterly
Net Interest Margin3.95%
Return on Assets1.58%
Return on Equity18.82%
Interest Income$153.79 million

Always verify rates and promotions with the bank or credit union. We are not Bank of Internet USA, we are a rate comparison website and can not provide official rates or promotions.

Bank of Internet USA Savings Account Rates

0.71%--Advantage Savings
0.61%--High Yield Savings

Bank of Internet USA Money Market Rates

0.75%--Money Market Savings

Bank of Internet USA Checking Account Rates

1.25%-$150kRewards Checking
0.71%--High Interest Checking
0.20%--Senior Checking
0.20%--Boomer Checking
0.20%--Freedom Checking
0.20%--RV Checking
0.20%--Eureka Checking

Bank of Internet USA CD Rates

1.35%$1k-60 Month CD
1.05%$1k-48 Month CD
0.90%$1k-36 Month CD
0.70%$1k-24 Month CD
0.55%$1k-12 Month CD
0.25%$1k-6 Month CD
0.15%$1k-3 Month CD

Bank of Internet USA is an Internet only bank and does not have branch locations. Its headquarters is located at 4350 La Jolla Village Drive, Suite 140 - San Diego, CA 92122