Featured Savings Rates
Featured Accounts
Overview / Commentary
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 DepositAccounts.com 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.

Related Posts

Bank of Internet USA Rewards Checking $50 Bonus (Nationwide) - 11/18/2015

Bank of Internet USA has a $50 bonus when a new Rewards Checking Account (1.25% APY up to $150K) is opened. Valid through 1/16/2016. Minimum opening deposit is $100.

View all posts from:

11/20/12 - Another UFB Direct MMA Rate Cut - Future of BofI's Rewards Checking?
11/1/12 - Bank Of Internet's Success And Future Plans
7/5/12 - One Year Anniversary of Bank of Internet USA's Rewards Checking
5/22/12 - Competitive Business Checking Accounts at BofI Federal Bank
5/8/12 - Why Some Checking Accounts Have Higher Rates Than Savings Accounts
5/4/12 - Offer For ASA Members
8/15/11 - Bank Of Internet Launches A New Payment Service
8/4/11 - Bank of Internet's New Airline Miles Rewards Savings & Checking Accounts
7/18/11 - New Higher CD Rates at Bank of Internet - Available Nationwide
7/12/11 - The New Free Rewards Checking Account at Bank of Internet
7/7/11 - Competitive 1-Year CD Rate at Bank of Internet USA - Available Nationwide
11/11/10 - Bank Of Internet's New Fee Schedule; Changes To Online Banking
7/6/10 - CD and Anniversary Review of Bank of Internet USA
6/3/10 - The Best CD Rate is Not Always the Best Deal
5/13/10 - More Big Rate Cuts at Bank of Internet USA
5/4/10 - Bank of Internet Cuts Savings and Money Market Rates
4/9/10 - Rate Changes at Bank of Internet: Savings Account Rates Down, CD Rates Up
3/25/10 - Bank of Internet Cuts Savings and Checking Rates
11/11/09 - 2.02% 12-Month CD at Bank of Internet USA - Available Nationwide
7/7/09 - Bank of Internet's New Advantage Savings Account with a 2.50% APY - Nationally Available
12/17/08 - Bank of Internet's High Yield Savings Account - New Higher Yield
7/2/08 - Checking Account Changes at Bank of Internet USA
3/12/08 - 4.20% 60-Month CD at Bank of Internet USA
2/28/08 - High Yield Checking and Money Market Accounts at Bank of Internet USA
3/9/07 - 5.48% 24 and 36-Month CDs at Bank of Internet USA
7/12/06 - Inside Look at Bank of Internet

My Thoughts on Bank of Internet USA

Posted by: Seraphim | Aug 16, 2016

I have been using this bank for about 2 years now. I like using this bank a lot since I can direct deposit my earnings from my job with ease. If I ever have issues, their customer service agents are always friendly and very helpful. Their website is simple and very easy to use. Their rates are great. I really enjoy using this bank, and I do not plan on using any other bank any time soon.

My Experience

Posted by: jaided | Jun 18, 2013

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.



Would you call this an online bank?

Posted by: Brandy2 | Aug 29, 2014

At first I thought this bank was going to be different from the other's I have tried. The bank sent everything to me in the mail without me even depositing a dollar in the account. Then the trouble started, They had me make very strange usernames and codes just to get into my account, I spent along time on the phone with customer service trying to fix this but they just don't get it, they were very rude and unsympathetic. I even tried hanging up and calling back hoping to get someone nice but it seemed all the good understanding nice people had off of work that day. Good Luck with online banking!

Fudged Reviews

I dont know who is leaving these amazing reviews but they are likely fortified by the bank or employees. We just moved to this bank and are leaving after less than a month because of the non stop issues. They wanted $35 just to get me a letter confirming my account and routing number.

Their back end system looks like its from 15 years ago and is totally dysfunctional compared to what you would expect from main stream banks. I would not recommend this bank to any businesses looking to move.



Health Grade Components

FDIC Certificate #35546
Year Established2000
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD2.13%
Return on Equity - YTD25.23%
Annual Interest Income$86.0MM
Assets and Liabilities
AssetsQ1 2016vs Q1 2015$7.70B$5.52B
LoansQ1 2016vs Q1 2015$6.14B$4.75B
DepositsQ1 2016vs Q1 2015$6.13B$4.38B
Equity CapitalQ1 2016vs Q1 2015$625.5MM$489.4MM
Loan Loss AllowanceQ1 2016vs Q1 2015$36.9MM$25.5MM
Unbacked Noncurrent LoansQ1 2016vs Q1 2015$24.0MM$33.7MM
Real Estate OwnedQ1 2016vs Q1 2015$207.00K$2.2MM
Report an Issue

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 cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Bank of Internet USA Savings Account Rates

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%$5k-Platinum Checking
0.20%-$100kGolden Checking

Bank of Internet USA CD Rates

1.50%$1k-60 Month CD
1.40%$1k-48 Month CD
1.30%$1k-36 Month CD
1.20%$1k-24 Month CD
1.00%$1k-12 Month CD
0.75%$1k-6 Month CD
0.55%$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