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Bank Of Internet RCA Requirement Changes Eff 7/1/14

Saturday, May 31, 2014 - 1:07 AMBank of Internet USA - Details
Maximum rate is the same 1.25%, but the requirements and tiers are changing (except the 1k deposit) effective 7/1/14:

New tiers:
.4166 earned for 10 or more debit card p.o.s.* 
.4166 earned for 1k total monthly deposits.
.4166 earned for 15 or more debit card p.o.s.* (includes the 1st 10)
*$3 minimum per transaction

No more bill pay requirement (previously 2).
Each of 4 tiers has been earning .3125% with debit tiers of 1 and 6, instead of the upcoming 10 and 15.

Here's their chart comparing the old and new:

Note:  The direct deposit requirement has actually been any deposit (cash, check, ach).  It doesn't sound like that's changing. Their notice said, " deposits (not including intra-bank transfers from another account) totaling $1,000 or more each month will earn .4166%..." 

They sent a detailed email 5/30 on changes to the Agreement & Disclosures.  I thought they applied to June, but noticed it's effective July 1st. I always appreciate when management notifies clients, and especially well in advance. 
ekatekat75 posts since
Jan 22, 2010
Rep Points: 246