Thursday, May 13, 2010 - 7:24 AM

More Big Rate Cuts at Bank of Internet USA

Bank of Internet USA (0 stars) - Details

For the second time in May, Bank of Internet USA cuts rates by 20 basis points on its savings and money market accounts:

High Yield Savings - 0.90% (was 1.10%)
Money Market Savings - 0.85% (was 1.05%)
Advantage Savings - 0.81% (was 1.01%)

For details about Bank of Internet, please refer to my Bank of Internet blog post and the Bank of Internet rates and reviews page.

KenBDG4,048 posts since
Nov 29, 2009
Rep Points: 106,905

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This post applies to the following states: AK,AL,All,AR,AZ,CA,CO,CT,DC,DE,FL,GA,HI,IA,ID,IL,IN,KS,KY,LA,MA,MD,ME,MI,MN,MO,MS,MT,NC,ND,NE,NH,NJ,NM,NV,NY,OH,OK,OR,PA,RI,SC,SD,TN,TX,UT,VA,VT,WA,WI,WV,WY.

Quick
Summary

1. Thursday, May 13, 2010 - 4:16 PM

This so-called Bank of the Internet has rates now more comparable to bricks and mortar banks.

Anonymous963 posts since
May 9, 2010
Rep Points: 1,819

2. Thursday, May 13, 2010 - 10:40 PM

Bank of snail-mail. This bank does not wish to offer customer generated ACH debit/credit services. Bank of "stone-age"? Get a real internet based bank--go elsewhere!

Anonymous963 posts since
May 9, 2010
Rep Points: 1,819

3. Friday, May 14, 2010 - 3:30 PM

I've had a Bank of Internet account for a few years but some time ago reduced my balance to one dollar. When I get around to it, I'll close the account. This bank is a joke. Worst customer service among online banks I've used. Very backwards technology and lacking modern log-in security measures--more circa Bank of Dialup Modem than Bank of Broadband.

Check out what this bank still has posted today in its "Savings Rate" section. Uh, needs an update, little bank:

"The average savings rates of other banks pay a measly 0.46% APY¹. At Bank of Internet, all of our savings accounts pay over four times that amount. With our savings accounts, you will have savings rates that are among the highest in the country with all the features and security you deserve.

"Without the overhead of traditional banks, we are able to pass the savings to the customer, which is why we offer some of the most competitive savings rates in the country. Open a savings account today and start saving time and money.

1. Source: MSN Money as of 10/09/2008."

Anonymous963 posts since
May 9, 2010
Rep Points: 1,819